COMMENT
How To Make Part-Time Money

I am amazed at how many people I know who run a part-time business in addition to their main jobs. When asked, some say they do it as a hedge against redundancy. A handful admits to being unsatisfied in their day job, while others confess to being under-used at work. Some do it simply because they love it! Whatever the reasons, part-time work can be a great way to exploit your hidden talents, and it can boost your income too.

Before embarking on any part-time venture, though, you should consider some of the following points first.

Is it reasonable?

If you have a family, then it's vital that other members at home are going to be supportive. After all, is it fair if you lock yourself away in your attic for hours as soon as you get home from work? Additionally, you may be well advised to ensure that your part-time work is not in the same area as your day job - otherwise your part-time job may turn out to be your only job!

Location, Location, Location

Often, many part-time pursuits, such as cake decorating, knitting and bookbinding, can be run from home because it saves time and money. However, you need immense self-discipline to do so, and possibly planning permission from your local council too. Frighteningly, if you're not very well organised, your house may quickly turn into an ad hoc workshop. So, it's worth remembering that a home should be just that – it's not a work place!

Sacrifices

If you plan to start a part-time business or job then it's more than likely that you will have to give up some, if not all, of your current activities. Are you prepared to forgo, say, mountain climbing in the Himalayas for tending to your bee hives? Clearly, there are only so many hours in a day, and something always has to give!

Is It Profitable?

You should also sit down and devise a proper business plan to see if it is viable. This needn't be an over elaborate electronic spreadsheet, but you should still be as honest with your forecasts as possible. Another area to explore is whether you can actually afford to earn extra money. There may be instances where additional income may immediately preclude you from certain state benefits and allowances. Finally, don't forget to consider tax and National Insurance in your calculations because the Inland Revenue will want their cut too!

More: Business Banking | Financing Your Money-Making Ideas | Four Steps To Starting A Home Business