Steps for part time business or 2nd income

1. Select a hobby

   Select a hobby you'd like to convert into a profitable business or a passion that you'd like to learn more about. That doesn't mean you won't have bad days if you're doing work you love. Everyone has days when they want to throw up their hands even though they love what they do. But if you don't love it and are just doing it for money, it won't last long.

2. Do your homework

   Research, research, research. Read books and talk to people who have worked in the industry you're considering. If you want to open an eBay store, talk to people who have successful eBay stores. Talk to people who have started similar businesses, read about the industry, and do some research.

3. Do some financial analysis

   Get a sense of how much income you can make in the first year or two, and what kind of financial investment and return you'll need to make. Start your business debt free with an emergency fund in place. It's easier if you can start part-time and get the kinks worked out while you still have other income. If you're going to quit your job and walk out, you definitely need substantial savings. You have to think about how long it will take from starting your business to the time money will start rolling in and plan accordingly. Never use credit cards for a business loan or to float you through hard times. It's a good way to cause your business to fail. Saving up for purchases is key—pay with cash. Make sure your business can pay its own way. Don't go out and purchase a bunch of new equipment and supplies in hopes that the business will succeed. Start off small.
   

4. Prepare a business plan

   Prepare a plan to determine how much money you will need to make before you can quit your job, and how long it will take you to reach that goal.

5. Be honest

   Be careful not to inappropriately use your employer's time and resources for your own business.

6. Don't show or tell

   Avoid telling your boss and friends before you are ready.

7. Take care of your current job seriously
   

   Keep your standards of performance up to protect your primary source of income.

8. Take care of your family

   Take an occasional break from your work and devote yourself fully to your spouse and family.

9. Set up a budget
   

   Budget money to help take care of your kids and housework, if you won't be available.