In recent times it has become increasingly difficult to not only find gainful employment but to also make ends meet. The cost of living has risen to an alarming rate and many people are finding it hard to satisfy even their basic needs. As a result, they are now searching for new and innovative ways to provide for themselves and their families. Setting up a side business is an ideal way to do so.
A side business is any venture that provides someone with extra cash but does not serve as their main source of income. Many people who start side businesses do so while working a fulltime job. Becoming a successful entrepreneur requires time, dedication and persistence. There are a number of steps that must be taken now that you have decided to become an entrepreneur.
Firstly, you must decide what you are interested in. Any business venture that you start should be something that you are passionate about. This will keep you going when challenges arise. Is there a sport, language or skill that you excel in? Many people have transformed their hobbies into successful professions simply because of their passion for the field. A creative person may become a photographer, a linguist can become a language teacher, a writer may start his/ her own blog, a young woman with a love for children could decide to become a babysitter. A charismatic, persuasive individual may decide to become a salesperson.
Secondly, what is the market like for this product? While it is important that you work in a field that you are passionate about, it is equally important to assess the demand for that service or product. Successful entrepreneurs have identified problems or needs and they have created businesses that respond to those needs. For example, a woman who loves sewing may decide to become a professional seamstress but may fully utilize this business venture during peak times of the year in her country when there is a greater demand for seamstresses. For example, prior to the celebration of Independence, people usually commemorate the occasion by wearing clothing in the colors of the flag of their country. This places seamstresses in high demand at that time of the year.
Thirdly, what are your strengths? When exploring new interests, awareness of self is crucial. It is important to be aware of your strengths as this will be of great advantage to you as you develop your business. It is equally important to be aware of your limitations, so that throughout this journey you do not try to tackle more than you can manage.
Fourthly, ensure that your side business does not conflict with your current job. You need to understand your employer’s policies to ensure that your side operation is not a conflict of interest. Professionalism is key and you must not operate your side business within the organization you are working for as this is gross misconduct. The time dedicated to your side business must be allocated outside working hours.
After you have decided the sort of business you wish to invest in, you must register your business in the country where you reside. Here are three simple steps to registering a business:
- Select a name for your business and also ensure that it is not already taken by using the Business Name Search Process
- Collect and complete the Business Registration forms as well as the Statutory Declaration form at the relevant government agency in your country
- Submit all documents to the relevant agency along with any required application feesNow that your business is approved and has been registered, the bulk of your work begins. In order to be a successful entrepreneur, you must remain focused on your goals and adjust your expectations when necessary. Most importantly, ensure that you evolve with your business by using innovative means of enhancing your product/service and reinventing yourself when necessary to suit the needs and wants of the clientele that you serve.
