Continued from page 1
Maybe solution is to do EVERYTHING part-time.
Let's say you work full-time in paid employment and you run an online business in your spare (part-)time. Let's also say that your salary is low enough that, if you just had enough time to devote to it, you're pretty sure you could ramp up your online business to point that you were generating more profit from every hour you devote to it than if you spent that same time working in your paid job.
Now, some would decide that at that point they'd quit their day job and just work on their business full-time. That may be a good option. IF you can be sure that your business is going to succeed over longer term. But it ignores fact that you don't really know what's around corner and by giving up your day job you've also just given up your financial cushion (your "insurance" if you will).
And if you decide to do away with your business because you figure if you devote your time and energy into working even harder and longer hours for your employer you'll get a promotion and more money, if you lose your job you're screwed because you don't have financial cushion of your business as insurance.
THE "ONE PART-TIME PLUS ONE PART-TIME EQUALS ONE FULL-TIME" SOLUTION
So what's answer? Work both your job and your business part-time so that, together, they add up to full-time. If (and this is an important "if" if cash flow is tight) extra time you have to devote to your business will result in a commensurately greater financial return than would working same hours in your job (make sure you run numbers to be sure this is case - if not, start a more profitable business!) this can be a viable option. Even if it yields same return (or maybe even a little less) it may still be worth considering as sort of an insurance policy against being laid off.
Likewise, an employer that's struggling in a soft economy and facing having to lay off staff may well welcome option of converting you to a part-timer with resultant reduction in payroll and overheads.
Such a situation can be a win-win for all concerned. (And if you're a parent of young children, I hardly need to point out lifestyle advantages and reduction in child care costs.)
So, if you're still looking for The Answer, your Big Break, The One, STOP. Stop thinking in terms of "ones" and start thinking in terms of multiples. Multiple part-time ventures (and don't limit yourself to just one part-time job and one part-time business, best combination for you may be two part-time jobs and one part-time business - whatever works) which, when added together, bring in just as much or more income than your J.O.B. (Just Over Broke) and minimize your risk from vagaries of forces and events over which you have no control.
Just as investment advisers warn investors not to place all their eggs in one basket, so too you should avoid relying on just one golden goose. Get a flock of 'em!
Elena Fawkner is editor of A Home-Based Business Online ... practical home business ideas for the work-from-home entrepreneur. http://www.ahbbo.com