Is It Time To Start A Side Business? Here's What You Need To Know
Starting a side business
Doing a side hustle can be incredibly rewarding and allow you to explore new opportunities. Before diving in, however, it's important to make sure you have the right mindset and time commitment.
If you’re ready to take on a side hustle, here are some things to consider:
1. Set realistic expectations: Side businesses can be profitable, but don’t expect it to replace your full-time income right away. It may take time and effort to get things off the ground and make a profit.
2. Have a plan: Determine what type of side business you want to start, how much money you need to invest, and how much time you can commit.
3. Research your target market: Understand the needs of your potential customers and determine what products or services will meet those needs.
4. Find an online platform to sell your products: Etsy, eBay or Amazon—or create a website for your business.
5. Market your business: Utilize social media, SEO, and other means to get the word out about your side business and let people know what you offer.
6. Be prepared for obstacles: Side businesses can come with legal, financial and administrative challenges that can be difficult to navigate alone. Consider getting help from an attorney or accountant to ensure you’re taking the right steps.
7. Take advantage of resources: Government programs and services, such as Small Business Administration (SBA) loans, may be available—explore your options to find out which could benefit your business.
Ready to take on a side hustle? With the right attitude, planning and resources, you can make your side business a success.
Need help getting started? Checkout our startup branding services.
5 Reasons why your should start a side business hustle
1. Increase your income – A side business can provide additional income and help you move closer to financial independence.
2. Learn new skills - Running a business requires knowledge of different areas such as marketing, finance and operations. You’ll gain valuable experience that can be applied to other ventures in the future.
3. Pursue your passions - Having a side business will give you the opportunity to pursue something that interests you and make it profitable.
4. Develop relationships - Being an entrepreneur gives you the chance to interact with customers, suppliers and other entrepreneurs which can lead to valuable connections and build relationships in the community.
5. Do something meaningful - Starting a business that solves a problem or meets the needs of your community can be incredibly rewarding.
You don’t need to quit your day job to get started with a side hustle. With the right mindset, dedication and resources, you can make your side business dreams come true.
Looking for all the answers but don't know where to start?
How to choose a side business?
Here are some tips for choosing a side business:
1) Identify what you're good at. Think about all the skills or hobbies you enjoy, and then think about how they could be turned into a side hustle. Maybe you enjoy cooking or baking or have excellent social media skills and could start an Instagram account where people pay to advertise on it.
2) Decide what type of business would be easiest for you to start. There are many different types of businesses that people run as side hustles:
Online businesses (selling products or offering services)
Freelancing gigs (designing websites, writing blog posts)
Businesses that require little capital upfront (catering events, cleaning houses)
Source: Upwork
3) Research whether this type of business would work in your area. You don't want to start a business only to find out that there's no market for what you're selling.
For example, if you want to be an event planner, don't just assume there are plenty of people who will hire you for this type of service.
Instead, research local events and see how many people need help planning them—and then decide whether it's worth making the investment in your own side hustle business.
How do I get started?
Get The Right Equipment
To get started, you need all the equipment to help you run your side business smoothly. You might need office supplies such as stationery, printers, laptops, and more.
You also need inventory for your business, such as bookshelves or furniture for weddings or events.
This will be handy when starting your side hustle because running a business requires more than just ideas and passion!
Get The Right Resources
Many online resources can help with starting up your own small business, such as blogs, websites, etc.
However, nothing beats hands-on experience, so try talking with experts who know how to run businesses to guide you on running your own side business.
This can help immensely as they will be able to give you the right tools and advice needed to start up a successful business.
Find The Right Platform
One of the most important things you need to do is find the right platform to run your side business. You can start many different types of businesses, and each one will have its own requirements.
For example, if you want to sell physical products, you'll need a website or an eCommerce platform like Shopify or BigCommerce.
Check out this Shopify Guide for Small Businesses
If you want to offer services, you'll need a way to accept payments, or you could try freelancing sites such as Upwork or Fiverr.
If you’re a blogger, then it would make sense for you to create an online blog, as this is where most bloggers start out. It all depends on what kind of side hustle you're thinking about starting.
Starting a business is not easy
Starting a side business is a great way to generate extra income and diversify your portfolio. However, it's not always easy to get started.
You can start a side business in any industry and with practically any skill set, but there are a few things you need to consider before jumping in.
Don't be afraid to ask for help
If you're trying something new, don't be afraid to ask for help. If you want to start a small business but don't know where to begin, seek out someone who does know what they're doing.
If you want to write a book, but have never written one before, hire an editor and learn from them. If it's all new territory for you, get help from people who have been there before.
Be Prepared for Failure
Starting a side business is not easy, and there will be times when it seems like it won't work out at all.
In fact, most businesses fail within the first year or two, whether they're full-time or part-time ventures that moonlight on the side.
Don't let this discourage you, though — most successful people have failed many times before succeeding at something big.
For example, Elon Musk has gone through multiple bankruptcies and failures before becoming one of the wealthiest men in the world today with Tesla Motors and SpaceX.
How can I find customers for my side business?
First, you need to find customers. How can you do that? Here are some options:
Cold calling
Most people think of this when they hear "customer acquisition," but in today’s modern world, it is not as effective.
You'd be surprised how many people hang up on cold calls or send them straight to voicemail.
The best way to get customers for your side business is by word of mouth — from someone who already knows and trusts you.
Referral marketing
Referral marketing is where you offer incentives for customers to refer their friends, family members, neighbors, and colleagues to your business in exchange for discounts or other rewards.
For example, if someone refers a friend who buys a product from your store and pays with PayPal, then the referrer gets $10 off his next purchase (assuming you're using them as your payment processor).
Social Media Marketing
Suppose you want to get serious about building a successful side business online. In that case, I highly suggest using paid traffic sources like Facebook Ads or Google AdWords to reach new people who might be interested in what you're selling.
You can also use paid traffic to target your existing audience and get more website visitors, leads, and sales from them over time.
For example, if you have an eCommerce store that sells outdoor gear for dogs, then you could set up a Facebook ad to show your ad to people who displayed interest in outdoor gear for dogs or dogs in general.
Need help with customer acquisition? Get in a meeting with us and let’s see how we can help you!
Can I go full-time with my side business?
If you want to quit your day job, it's essential to ensure that you have enough income coming in from your side business to support yourself without having to go back to work at your full-time gig.
This means you should make enough money from your side gig to live comfortably without having to work a full-time job.
If this is something you want, make sure the numbers add up before taking the leap.
Do some research on how much others are making in similar fields and compare them with what you believe your earnings will be once you've built up some clients and customers.
If they're not close enough, then it's better if you stick with your day job and focus on building up your side business slowly until it becomes big enough for you to quit altogether.
A side business can be challenging but rewarding if you do it right
You may not be sure whether or not this is a step in the right direction for you, but it's hard to deny that starting your own side business can be extremely rewarding and lucrative.
However, starting one does take a lot of hard work, mainly if you're doing it from scratch.
Keep in mind that nothing worthwhile comes easily, and those who work put in the effort to start their own side business stand a chance at reaping the most profits.
If you can figure out a way to combine your passion with the skillset you possess, you could be well on your way to earning some extra income.
Need help starting your side business?
The Branded is a full-service digital marketing agency that provides strategy, design, and development services, among many others.
We’re able to help you with everything from constructing your marketing strategy to making sure you have consistent branding across all your media channels and much more!
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