7 Simple Tips For Running A Successful Side Business
Do you feel like you are wasting your true potential working in your office job? Are you feeling bored and unfulfilled? Do you wish that you could do something more exciting, or be in control of your own fortunes? If so, running your own business could be an option. Sadly, most people can’t just set up a new business and quit their jobs. They need to have a stable income. Growing a side business, slowly, will let you find stability before you leave your current job.
So, how can you run a side business while simultaneously keeping your existing job? These tips will help you with exactly that!
1. Find Something That You Love
It is important that you enjoy what you do – especially if you are going to be putting a lot of your spare time and money into it in the short term. By working a job that you love you will be better equipped to take care of the business in many ways:
- You will be inspired to try new and innovative things.
- Working long hours won’t feel like work.
- It will be easier to stay motivated and put in extra effort.
- You will be motivated to try hard to overcome obstacles.
- Your achievements will be more fulfilling.
If you are working on something you are truly passionate about, then you will enjoy what you are doing instead of it feeling like an obligation. Don’t underestimate how important that small change in outlook can be.
There are some fields that are easier to go it alone in than others. With some research and planning you can find something that you enjoy and that you have a chance of running a competitive business in. Here are a few ideas for you to think about and to build upon.
Online Commerce: Reselling goods through ebay, Amazon and Shopify is something that requires low investment to get started with, and that can be quite profitable. Learn to buy low and sell high, and the profit is there for you right away. The trick is finding the right products to sell.
Maintenance and Repair: If you don’t mind getting your hands dirty, consider getting into landscape gardening, window cleaning, pool cleaning and other manual jobs. There is always demand for someone reliable who can do this sort of thing.
Modern Share Economy Jobs: Join TaskRabbit, Lyft, Uber or DogVacay and work part time doing small tasks for those companies. There are more and more such services on offer, and you can earn a good living with them if you are flexible.
If you have a highly specialised skill – for example if you are an accountant, writer or web developer, then there is the potential to earn good money from those things.
2. Define Good Goals
Getting a business off the ground is never easy, but doing so when you already have a job is even more challenging. It is important that you set realistic, achievable goals. They may need to be flexible, but if you have an idea of what income you need and when you will want to leave your existing job, that will help a lot. If you don’t set milestones, then you run the risk of missing them entirely because you have nothing to tell you how you are doing.
Good Goals are Specific, Measurable, practically Attainable, Realistic for your circumstances, and also Timely.
3. Make a Business Plan
You really do need a business plan – even if you are not going to show it to an investor or a lender, having a plan will help you to achieve your goals. The content of the plan doesn’t matter as much as the thought process that goes into achieving it.
Your Plan Should Include:
- A concise summary
- A description of the company
- The organisation’s structure (even if that is just you)
- A description of your target market
- Your promotional strategy
- Your operations strategy
- Funding requirements
- Financial projections
If this is your first time running your own business, or even if it isn’t, you should try to work with a mentor. A good mentor will help you to ask the right questions about how to run the business, and will make you be realistic about what you are trying to achieve. They have been there before, so can guide you through the whole process and put you in touch with people who can help you.
4. Form a Partnership
While some people really do work better alone, a lot of the time a business partner will benefit you massively. They will help you with the practical aspect of running a business. They may bring finances to the table, or skills that you do not possess. They will act as a sounding board, and will also keep you accountable when your motivation starts to fade. If you have the opportunity to work with a business partner that you can trust, take it.
5. Invest Time In The Business
Time is the most precious commodity for anyone who is trying to get a new business off the ground. You will need to invest a lot of time into market research, planning, networking and building the business up in the early days. This may require you getting up earlier or going to bed later. Be willing to create that extra time, otherwise you are setting yourself up for failure.
You might need to schedule time specifically for work, and head to a study or a private area to focus on your work. This is something that your friends and family might struggle to adapt to if they are used to you always being available, but it is very important. If you don’t devote time to the business then it will never grow.
6. Keep Good Accounts
Make sure you keep good records, and don’t forget quarterly taxes. Record keeping might sound boring, but there are benefits to being self employed if you are smart about your taxes.
7. Keep Learning
No matter what type of business you embark on it is always a good idea to improve your knowledge and keep learning. Whether it is keeping an eye on your competitors, reading the latest industry news, listening to podcast or studying online
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