Starting a side venture is a great idea but you should know contrary to the belief of many to start a side venture you need lots of time, quitting your day job, sacrificing family time and taking a big personal and financial risk on a dream that may not succeed and could burden you with large amounts of debt.
I disagree, many business owners start their businesses as side ventures. They don’t quit their day jobs but instead use the skills they’ve learned to start that side business. They aren’t expecting these businesses to pay the bills, but they don’t limit themselves on growth either. Starting small keeps the startup costs low. If it does fail, they have lost very little. How do you start a side business? Here are a few tips.
Make It Scaleable
So you love to sew or you have eyes for colours or great design prints? You could start a fashion business as a stylist, designer or tailor that will not take a full-time commitment and a lot of money — or you could start by nurturing your online audience with pictures or videos. Did you know you don’t know that you do not need to own a machine or a store before you can start out? With N2000 at 360 Creative hub, you will have access to all necessary equipment internet and 24hrs power supply. A business, where you provide small services on your own schedule, can grow as much or as little as your time allows. Look for those opportunities while you’re starting out.
Limit the Formal Marketing
You want to gain business, you should necessary not invest in a large amount of marketing, investing in large marketing efforts could have two negative effects: You could waste a lot of money on a campaign that produced very little business or it could produce so much business that you don’t have the time, resource or even manpower to handle all of the orders. Instead, focus on word-of-mouth advertising and let the business grow debt-free.
If you’re going to keep your day job, try not to mix the two businesses. The job that pays the bills and offers health insurance and a retirement package deserves the bulk of your time and energy, even if you’ve lost some of the passion for that position. After work, when you get back home, concentrate on your side business.
Don’t Expect It to Be Easy
Before starting your side business, consider your expectations. If it’s going to be a part-time effort, expecting to rival your full-time competitors in the first few years is unrealistic. You don’t have to be the biggest to find fulfilment. Expecting to do something you enjoy while making a little extra money is a healthy and appropriate goal.
If you dream of starting a business, don’t fall for the misconception that you have to quit your job and put all of your time and money into your idea. Instead, start small and see where the business takes you. Launching a business for the enjoyment of doing what you love is just as noble as being a Silicon Valley entrepreneur starting a dotcom.