7 Advice You Need to Know About Part-Time Entrepreneurship

By Mihaela Stamenova and Luis Colasante

You already have a job! but you enjoy the idea of becoming a part-time entrepreneur. If the adventure seems appealing, expect to find sceptic people around you, who would like to warn you that it’s not possible.

Some experts say, that it is impossible to create a viable business without giving it a 100 percent of your time. However, many of us do not necessarily have a capital to invest or develop their own business, not to mention that maybe you will have a house or student loan and a family to feed.

If you like to create extraordinary value, a good exercise is to create a prototype and test it with your ideal customer.

I want to share with you seven key advice, that will help you reconcile professional life and your business.

Advice # 1

Stand out from your competitors with a new business model.

The important point is to have an innovative approach that you can develop and scale at your rhythm.

Human beings are wired for stories, and your job is to tell a better story. That is what will differentiate you from your competition and give you the winning edge, not the number of leads you get or the way you optimize your conversion rate.

Advice # 2

You must create an extraordinary value for your customers, and storytelling is and always will be the #1 way to create the attention and emotional connection to your audience – and that’s what drives them to purchase your services.

Advice # 3

Find a person to help you manage your business.

You can be a co-founder with another person to develop your firm. This person needs to be in line with your values.

You must have complete confidence in each other. Also, it’s important that the two co-founders know how to lead the business.

Being two, you will be more motivated to achieve your business goals.

Advice # 4

Put in place a rigorous schedule and follow it. Creating a business is easy but to manage and develop it, is a little more complicated.

You need to have a certain discipline. This disciple will be not only a must but will help you to scale your business.

One error that you must avoid is to work randomly. For this reason, you have to organize a solid schedule where you will allocate certain days of the month to your business - for meetings, administrative tasks and development.

You are the heart and soul of your brand.

Advice # 5

You must learn to say “NO” to those around you. Managing your schedule is no easy task. So, knowing how to say "no" to your friends or relatives is essential.

Keep your priorities in mind and move forward.

Advice # 6

Set achievable goals and stick to them.

Don’t look for excuses.

You can use the Pareto Principle, also known as 80/20 law, to boost your productivity and efficiency: 20 percent of your investment must generate 80 percent of positive return.

Advice # 7

Arm yourself with patience before tasting success. Even if you invest all of your time in your business, it is estimated that it takes an average of 6 to 10 years to succeed.

By knowing this, motivate yourself and always keep going.

Don't give up.

Edited: Luis Colasante Academy