Be honest. You have an expensive lifestyle. You are probably spending more than you can afford and now, you’re at that point where you can’t sustain that kind of life anymore. You try to look for a job that pays more but of course, the hiring season takes time. It’s also not possible for you to leave your current job so that you can exhaust all your efforts in job hunting. So what to do if you’re in a pickle and you need money soon to pay for everything that you swiped your credit card on? Or it can also be a case of you just preparing for the future that you want more money to come in so that you are able to save up.
Here comes starting a side business as a viable option for you to grow your money.
You still need the security that your full-time job provides but you also want a business on the side for extra bucks, and if it flies, you can leave your current job and focus more on it. Not only will you be fattening your income, but you are also able to experience more.
So basically, a side business is your job on the side of your full-time career. It makes way for you to earn extra. You are able to pursue your passion or interest that is related to the business while still having that financial stability from your current full-time job. It sounds so fancy on paper but you need to strategize well in order for your side business to fly.
So what can you do? Here are some tips to make your side business a successful one.
1. Know what you are interested in and what you are good at.
Since this is something that you are doing on the side, your motivation must really come out strong. It must be something that makes your heart flutter and skip a beat. It’s something that ignites the fire in you to keep on going despite the many hurdles that you would face. It’s important that the side business is something that you will find joy in because it will take time, commitment, and effort from you on top of your 8 to 5 job.
Aside from your interests and passions, you must also be aware of your strengths and relevant experience. What have you worked on in the past that you excelled at and have extensive knowledge of? This is a business so expect that you would be in full control of the ropes. You would have to be an independent thinker in terms of making decisive actions. Know what your assets are and what industry you can tap into that you will most likely thrive in.
You should also research what skills and qualifications you need to have in your chosen line of business.
2. Do an extensive research on your business idea.
You would be using your money to start this side business so it shouldn’t be put to waste. Take the time to research before you jump into anything. First, know what the rules are in your current company in terms of having a side business. There should be no conflicts of interest or it might lead to your termination or the company even suing you.
Afterward, do a market research on the industry you will enter. Who are your target customers? What sells to your target customers? How are you going to market your products and services for your side business to be successful?
In your research, you will also discover if you still have a need in the market and if your business idea fulfills that. And it’s also important that you take note of who the big players and small fish are.
Describe your ideal customer and still be realistic based on your research. This will help you make a marketing campaign that can effectively target them.
3. Your goals must be SMART.
Adapting the SMART strategy, you should set goals that are specific, measurable, achievable, relevant and time-bound. There should be quantifiable metrics in place that will help you determine if you’ve achieved your goals. You are the only one who can say if you were successful in your venture, and to be able to do so, you need to have your goals set.
First off, you need to determine if your goal is to have a business on the side so that you can do something in your free time or if you eventually want to make this side business your main source of income. Knowing your one, the big ultimate goal would direct your actions and behavior to make it happen. Also, you must be realistic about how much you can shell out at the moment and how much time you can dedicate to your side business, given that you have a main job that takes up most of the hours in a day. Scheduling is key.
4. Tap people to help you.
You are not a superhero and you would need the help of others for your business to succeed. Aside from time, you also don’t have the skills for everything. In order for your side business to not be half-baked and to keep on going when you are busy at your main job, you should outsource people to help you. For example, you can hire a virtual assistant to do your logistics, make calls, and organize the team schedule. You can also hire a marketing team to come up with a strategy on how you can put your products out there. You can outsource a branding team who can help you develop your brand. When you know your strengths, you know what you can do for the company on your own. And then your weaknesses, you can outsource people to do it for you. You can also learn from them to add skills to your skillset. Plus, when you outsource, you have all the time to focus on your strength and manage the outsourced staff.
Regularly assess how your side business is going. You can ask the help of others to give you feedback. These regular evaluations will help you determine if you still want to continue your side business as a side business, you want to level it up as a full-time job for you or you want to drop out of it completely.
Tip: We hope you don’t forget to prioritize your health and work-life balance even if you have a side business. Invest in tools that will help make you more efficient and productive while also not taking for granted your health and rest. For instance, you may purchase ergonomic furniture to help boost your productivity, improve your efficiency, and protect your overall health and well-being.