Starting your own business on the side is one of the most powerful ways to take control of your life and make extra money month after month. But taking this leap can be scary. That’s why I’m going to show exactly how to start your own business in just 5 steps.
You can start your own business on the side with just a few hours a week and no experience, even if you have a full-time job. And best of all, you get to choose your hours, pick projects you find exciting, and meet interesting people.
And getting started isn’t hard. You don’t need an LLC, a fancy storefront, or employees. You just need the right system.
ALLOCATE RIGHT AMOUNT OF TIME TO START YOUR BUSINESS
Having sufficient time is one of the biggest stumbling blocks for many people who want to start their own business. One of the most important skills you need when balancing a day job with running a small side business is good time management skills.
Learning to prioritize tasks is difficult, but if you fail to do so, you may end up alienating customers and vendors that you need to work with. Learn to take care of jobs that must be done immediately, and delay doing the projects that you know can wait.
Prioritizing business tasks is key, but it doesn’t stop there. Prioritize personal tasks as well to make sure you can carve out sufficient time in your busy day to devote to your startup.
DO ENOUGH RESEARCH TO STUDY YOUR BUSINESS
An idea doesn’t need to be unique to be profitable as long as there’s sufficient demand for your product. In fact, a unique idea won’t necessarily translate into big sales. There’s often a reason nobody sells a product like yours, and that reason may be that nobody wants one.
However, researching and developing your business idea is only the first step, you need to do additional research to find out how to make your idea a reality.
Can you sell your product or service online, do you want to start investing a property, or do you need a physical retail location? If so, you may want to rent booth space at farmers’ markets, craft fairs, antique stores, or festivals. This is a low-cost and low-risk approach, as well as a great way to get feedback from real people regarding your product and what you could change or add to make it more appealing.
DO YOUR PASSION AND WHAT SETS YOUR HEART ON FIRE
Starting and running a business can provide a lot of satisfaction, but it’s not for everyone. It can be expensive and time-consuming, and many people don’t understand the vast amount of effort that it takes to create and maintain a successful enterprise. Furthermore, enthusiasm for your product and a willingness to sell can’t be bought or learned.
However, if you’re up to the task, you may find years of joy and monetary gains by launching your own small business. There are a number of ways you can do this, including performing general Google searches, speaking to people already working in your target industry, reading books by people from your industry, researching key people, reading relevant news sites and industry magazines and taking a class or two.