What is Best Side Business: Starting your own business can feel like a daunting prospect, especially if you’ve never done it before. Luckily, plenty of other entrepreneurs have done this, and you can benefit from the wisdom they gleaned from their successes and their business mistakes.
What is Best Side Business?
This guide on how to start a business, whether it’s your first or your 10th, will help you with everything from finding and validating your money-making idea to figuring out your shipping strategy to finally launching your product or service.
Understand Why You Want to Work From Home
Before you can decide which side business to start, it’s important to understand why you want to work from home. Is flexibility what you’re after, or do you need a complete career change? You might be ready for a side gig because you’re currently out of work and just need something until you get back on your feet. Or maybe your current role no longer provides that something special that got you excited about going to work every day.
Whatever the reason, make sure it lines up with your ultimate goal before starting a business from home. For example, if you want more time with family but aren’t looking to leave your job altogether, consider finding an online opportunity that allows you to set your own hours. If you really want to quit cold turkey but don’t have any other skills or experience under your belt.
Consider launching a startup instead of working for yourself in an industry where there are already established players who may not welcome newcomers so easily. It doesn’t matter if you’re looking for small-scale income generation as a stay-at-home parent or looking to build a million-dollar company—it’s all about aligning yourself with what will bring you happiness and fulfillment in life.
Assess your Current Work Situation
Start by sitting down and listing out what you like about your current work environment, then compare that list to what you don’t like. You may find that many of your negative feelings are due to circumstances beyond your control at work. In some cases, however, it may be time to consider other career opportunities.
After all, an ideal side business should meet several criteria: It allows you complete creative freedom; it involves work that you truly enjoy, and it pays enough money so that you can ditch your main job altogether if need be. If your current full-time gig fails on one or more of these points, why not take matters into your own hands by starting a side business?
Brainstorm the Potential SolutionsWhen you’re first starting to brainstorm potential solutions, it’s a good idea to think big picture: What can you do that would help people in a substantial way and potentially make them happier, healthier, or more successful? You could come up with dozens of side business ideas if you were to focus on how your business can make people’s lives better.
Here are just a few examples of Check-in services for doctors and patients (like Sittercity) Language learning software for travel companies (like Rosetta Stone) Educational programs for retirement communities (like many LTC facilities offer) Social media management tools for businesses (like Hootsuite) Learning games designed to boost children’s academic performance (like Brain Quest)
See if the Business is Viable
The first thing you need to figure out when starting a business is whether or not it’s viable. You may have an idea that can make you rich, but if nobody buys it, there won’t be much of a market for your product. See if there are competitors in your area and try to research how popular similar products are in other markets. Some ideas might be totally new, but others might just be duplicates of what’s already out there.
It can take some time and research to figure out which businesses will thrive as side gigs and which ones won’t attract any customers—and that goes double for an idea you really want to pursue full-time. For example, if you love makeup artistry and want to start a makeup business on YouTube, check out what’s currently being done by people who do makeup tutorials on YouTube.
If they aren’t making money from their videos, chances are good that someone who does something similar isn’t either. Make sure there’s enough interest in your industry before moving forward with a new business venture.
Create an Action Plan
How do you plan to turn your idea into a business? There’s no right or wrong way to get started, but without a plan, it can be tough to stay on track. One of my favorite tools for developing action plans is Covey’s 7 Habits of Highly Effective People. While his best-selling book has been around since 1989, its advice is just as applicable today as it was back then. Don’t know where to start with your new business idea? Pick up a copy of 7 Habits—it will help you identify which parts of your vision are realistic and which might need some work.
From there, develop an action plan that will help you execute your idea. A detailed roadmap can keep you focused and on track when things get hard (and they inevitably will). And if all else fails, take a cue from Benjamin Franklin: If at first, you don’t succeed, try again. The road to success isn’t always straight. And sometimes all it takes is one more shot before success finds its way into your life.
Get Support from Family and Friends
A lot of people start small businesses with help from family and friends. If you’re lucky enough to have people in your corner, use them! These folks can help validate your business idea, provide legal advice or even lend a hand when it comes to product creation or marketing. This can be especially helpful if you’re trying to go into business for yourself but haven’t quite made up your mind about what that business should be.
Or if you’re thinking about starting a side hustle but aren’t sure how to make it work yet—talk it over with people who love and support you. They just might have an idea that helps you unlock your next big move.
While it’s wonderful to be able to tap into your social network for help, there are times when you need specialized expertise that only an outsider can offer. It’s not hard to find lawyers, accountants, and other professionals who cater specifically to budding entrepreneurs (many cities will have their own startup scenes as well).
But remember: Just because someone has a degree behind their name doesn’t mean they understand your particular field. Before hiring any sort of advisor, think about whether they really understand what you do on a daily basis or if they can bring anything specific and valuable to the table. You don’t want advice coming from someone who won’t understand all aspects of your business – that could lead to costly mistakes down the road.
Develop Good Working Habits
As an entrepreneur, you’ll need to be at your best and most efficient at all times. But that doesn’t mean you have to work 24/7 or give up time with friends and family. Your business should actually support your life, not consume it. Good habits help you get more done in less time so you can enjoy what matters most.
Start by planning each day in advance, maintaining a to-do list, rewarding yourself for hitting goals, using time-saving tools like virtual assistants and automation software, and more. Once good habits are ingrained, it’s much easier to be productive on a consistent basis—and ultimately grow your side business into a full-time gig.
Keep Track of Your Time and Expenses
Another benefit of maintaining your own side business is that you’ll have a better understanding of how much time you’re dedicating to it and what you’re spending money on. It’s a good idea to track these figures from the beginning so that you can make adjustments as necessary.
For example, if your side business requires many one-on-one meetings or in-person meetings, perhaps it would be best for you to meet with clients at a local cafe rather than traveling to their office or home every time. This will save time and money in transit expenses, which can add up quickly over time.
Evaluate Your Progress Every Month
In some ways, business is much like sports. To succeed, you need to practice regularly and carefully monitor your progress so that you’re making steady improvements. Do that, and you’ll build skills that can help you succeed long after your side business becomes a full-time one. When evaluating your side business each month, here are some areas to think about What has worked in terms of reaching new customers? How have sales performed compared with previous months?
How many more times did you get people to sign up for your email list or follow you on social media? And how have expenses been tracked—do they seem reasonable given what kind of growth you’ve experienced? Be honest with yourself and try not to be too hard on yourself when analyzing these numbers.
Asking friends or family members who know nothing about your business can also be helpful because they won’t bring any preconceived notions into their feedback. A successful side business will be something that feels rewarding both personally and financially.
Also Read: Can a Govt Employees Wife Do Business?
Starting a business on the side can be just as lucrative and exciting as starting a business full-time. And sometimes it might even be more so! It all depends on what you want out of your business and how much work you’re willing to put in.
Having a side income affords you the flexibility that most full-time entrepreneurs don’t have—you don’t have to devote every waking moment to your company if you don’t want to—which means there are benefits beyond just making money.
As I mentioned earlier, working from home was something I was initially wary of but now love. If I can show up to my own dinner party in sweatpants, I feel like success has truly arrived.