The following guest post was promoted from the forums. It was written by Darrin who writes for thehappyfamily.net, and enjoys helping families achieve true happiness by applying biblical principles to their lives.
If you’re like me, part of your financial plan includes either the desire or maybe even the need for another source of income besides your day job. Maybe I’m just a workaholic but I can’t remember ever only working 40 hours a week. Maybe you’re trying to pay off debt or maybe you are just trying to boost your savings.
Whatever your reason for needing to make some money, the two most popular ways of doing so are 1. getting a part time job or, 2. starting a small business. There are pros and cons to each approach so I think it’s good to list some of those to help you make a decision as to which is best for you.
Part Time Job – Pros
Easy to start
Even in a tough economy there are always some businesses that are hiring. Both retail and the food industry are high turnover environments and are typically two of the first areas people look to when searching for a part time job. Managers are always looking for mature, responsible employees especially for evening and weekend shifts when they themselves may not be present. Also, these are normally jobs that don’t require a degree, so you aren’t likely to be limited by your education history.
Pay begins immediately
Your pay is agreed upon before you ever begin and you start earning money immediately. Usually you will get your first check within 2 to 3 weeks from your start date.
Minimal expenses
Getting a good pair of shoes (most retail and food jobs require more time on your feet) and the gas to get to work are about the only expenses that are necessary to maintain a part time job. Usually if a uniform is required the company you work for will provide it.
Hours worked
Unlike running your own small part time business, having a part time job means that when you are off, you’re off! You get to clock out and leave and let someone else worry about it. While this is usually the case, the opposite can be true if your not careful as I will explain later.
Part Time Job – Cons
Pay can be low
Unfortunately low pay is the nature of the beast when it comes to the retail world. The same is true for much of the food industry although there are some waiters/waitresses that cash in pretty good. There is an eternal struggle between competitors to be perceived as the “value leader” which means prices are kept low leaving less room for labor expenses. Often times the pay is barely better than minimum wage.
Stress
In my experience part time jobs can be very stressful. Often times you are dealing directly with the public while working other people who would rather not be there themselves. Dealing with all this after already having put in a full day’s work at your regular job can become very stressful.
Schedule
Earlier I mentioned that with a part time job, when you are off, you’re off. But that’s not always the case. One of the biggest challenges with these type jobs is that people are constantly either calling out “sick” or not showing up at all. This translates to the possibility of you being called in to work on a day you weren’t originally scheduled. It can be difficult to make plans under these circumstances.
Not much opportunity
Many times with a part time job there is very little chance of it ever turning into something more. Yes, your main goal was probably just to earn some extra cash, but nobody likes the feeling of working in a dead-end environment.
Work / family balance
Most part time jobs are basically customer service in some form or another and require that you work away from home as a result. When you couple that with the typically low pay, you end up having to spend a considerable amount of time away from home to make a decent paycheck.
Part Time Jobs – Summary
A part time job is easy to get and can start generating cash right away, but the pay is usually low, there’s not much room for growth, and the stress level can be high as a result of both the working environment and the time spent away from your family. If you just need some quick cash right away and this route seems best for you, then try to find something with the best ratio between the highest pay and the lowest stress. Think about the places where you have had the best customer experience and start applying at those places. Generally the better the customer experience, the better the working environment.
Tomorrow’s article will take a look at the pros and cons of starting a small business. But for now, what are your thoughts about getting a part-time job?
{ 9 comments… read them below or add one }
Good post, but I don’t understand why this is an “either/or” situation. Many of the people I know pick up part time work in the form of teaching or freelancing opportunities. (Not sure if the latter counts as a part time job or starting your own business? Or both?) The pay is better and the job is more in line with their skills and experience.
Also, sales opportunities like Pampered Chef or Tupperware offer a lot of flexibility and great discounts too. Part time work doesn’t have to mean retail or food services.
I landed an ideal part-time job a few months ago, after looking ONLY for part-time work for quite some time. For a while it seemed like it might be easier to find full-time vs. part-time work. However, I’m a stay-at-home dad, so working full-time (which my wife does and is paid well for doing so) was not an option. Also, I had to find something that paid better than the average retail or restaurant job, could only work weekends (or whatever time my wife was not at work), and I didn’t want to spring for a new “work” wardrobe. Needless to say, these criteria kept me from finding part-time work for a while. I now have a part-time gig that pays well (for what I do) and fits my family’s schedule beautifully. Between the commute, day care, lunches, and my need to work on web-based projects from home during the week – working full-time would make our financial and domestic situation (and my microscopic web enterprises) worse, not better. Thanks for the post.
@Elazibeth, you are right, it’s not an either/or situation. When I wrote this article I also listed the pros and cons of having a small part time business on the side like your examples of Pampered Chef or Tupperware. I believe that part will be published on a different post. I definately lean towards something like those examples becuase of the flexibility. Thank you for the comment!
Excellent points to consider. I think the last one is probably the most important. Your time is absolutely your most valuable resource, and working a part time job could result in less time with your family, time to fuel the entrepreneurial flames, and pursue a new passion. The work life balance is so important, I think it should be listed first.
Pat
Thanks Darrin, for the great post! You did a great job listing the pros and cons. This article provides a perfect model for any job choice, we are considering, and in this economy, there are definitely many of us looking to supplement our incomes. We would be wise to put the pros and cons down in writing, like you have done for us here. Can’t wait to see part two!
Good post and looking forward to part#2.
Dave Ramsey always talks about getting a job delivering pizzas. But this causes a lot of wear/tear on your car and if you tell your insurance company will make your rates go up. If you don’t tell the insurance and you have a wreck, you could be in big trouble. And if you don’t have a wreck, well, you’re basically lieing if you don’t tell the insurance company.
I actually just got a part-time job today providing child-care in a non-profit setting (not a daycare) and they are letting me bring my kids with me. Win-win. They get a well qualified person for not a lot of money and I get extra money without any childcare expense. Unusual yes, but glad that it’ll work!
One alternative to finding a part time job is DIY projects that save just as much money as what you would earn in a part time gig. Maintaining the home, building your own furniture, etc. can be great money savers. It also allows more time with your family and teaches your kids how to fend for themselves.
I’ve been working a part time job at a Grocery Store on Sundays and on some holidays for 3 years now. During the week, I work a full time Sales Rep position. I’m divorced, I rent an apartment (all I need), and my boys are grown and on their own so I do have some extra time.
After the extra withholding on my part time job (to my marginal rates so I don’t owe to the IRS and State because of it), gas, job clothing, etc., I’ve netted about $4200 a year from it which I’ve put into my Roth and for summer vacations. Over time, working 6 to 7 days a week is a lot different than working 5 to 6 days a week. I like the job but wonder how much the extra fatigue and wear and tear is doing to my health.