until your last breath

The idea of working until your last breath is not uppermost in our minds when we start out on that exciting roller coaster ride known as “entrepreneurship.”  But if you aren’t already planning a more graceful exit, you may come out on the short end of the stick.

There’s good news for entrepreneurs who need help but aren’t ready to hire full-time employees.  Between January and July 2004, the ranks of part-time workers grew from 24.3 million to 25.5 million according to the Bureau of Labor Statistics.  It was also learned that from June to July the increase came from people who wanted to work part-time and not because they couldn’t find full-time employment.

It seems that 1.7 million part-timers hold two or more part-time jobs, and do this by choice.  Such workers will be harder to convert to full-time employees because they like the diversity of different jobs.

This all translates into benefits for the entrepreneur who needs help but can’t hire full-time employees.  The employment gurus don’t expect this part-time preference to pass anytime soon.  It seems that the appeal of a reduced schedule is strong both for seniors and baby boomers nearing retirement. Parents who have interrupted careers to care for their children but still want to work may also explain the boom.

Entrepreneurs should eagerly look to this pool of workers and eagerly employ part-time help.  A big reason is that employer-paid health insurance and other benefits add costs equal to more than 50 percent of the average employee’s gross earnings. A part-time employer can get by with a low-cost factor, and still find somebody reliable and efficient.

Looking at the boom of part-timers seems like a win-win situation for entrepreneurs and workers alike.  Check the prospect out with your accountant and you may find that you come out a winner and less stressed.