Entrepreneurship is now the oil Bloc that everyone wants to tap into, unlike in the time past when it’s was reserved only for core industrialists, top government officials In the past 8 years or so, the number of people who have started their own businesses has risen.
This is probably due to the fact that starting a business is much easier now than it was 10 or 15 years ago. It can also be a result of the demand for specialized products or services like social media management, coaching or consulting. A lot of entrepreneurs today started while they were working their 9-5 jobs.
Whatever the reason is the world now is filled with more entrepreneurs than ever before and the numbers will continue to skyrocket.
Here we will be looking at things you can do to kick start your entrepreneurial journey.
Decide if You Want a Side Business or a Side Hustle:
You have to choose between a side business or side hustle you cannot stand on the fence. One of the first steps you must take before starting a side business is deciding whether you actually want to start a side business or just have a side hustle to make some extra cash. The common problem people experience at the start is often mistaking side hustling for starting a business. But people often mistake side hustling for starting a business. Even though they may seem like the same thing, there are certain differences you need to understand before you take the leap and start a side business.
Side hustling, unlike business, is great for improving your standard of living. It provides you with extra cash to take a weekend trip, pay off some debts, or just save for a big purchase. Most people take on a side hustle if they have no intention of leaving their job.
With a side business, you can have some extra cash as well as have the upside possibility that the business you created will grow and expand. With that expansion, you have the choice to either stay in your job or leave to run the business full-time. Side businesses usually start because a person has an idea, skillset or talent that they can leverage to generate income.
A lot of people especially in Nigeria use Uber today as a side hustle. Which is great! However, Uber is still in charge of how much you can make and at any point in time can change the payment structure.
Also, you have to consider how much time and energy you want to invest in your side business. Ask yourself if it is something you want to do when it is convenient or whether you plan on dedicating long hours to it.
Assess Your Strengths:
To run a business requires a lot of hard work. Even a side business is no joke.
It takes talent, commitment and a set of necessary skills that’s the reason why it is important for you to assess yourself to make sure you are up to the task. You may have the talent to run your side business but you may lack the expertise to design a logo or build a website.
This is were self-development comes in; there are skills that can be developed with time and practice. While Other skills can be outsourced to freelancers using popular sites like Fiverr or Upwork.
Create a Clear Plan with Deadlines:
Never joke with deadlines if you want to own your business. It is important to create a plan and set a date for that goal. Otherwise, that idea will die. Like with any goal, the better the plan, the more likely the goal will be accomplished. Before you take the journey into entrepreneurship, you need to map out what steps need to be taken and assign deadlines to those steps.
Make Sure It’s Worth Your Time:
There are so many reasons why a business could fail. One of the obvious ones is the lack of money. This could mean a lack of money to keep the business running. Or it could be a lack of profits that makes the whole business not worth doing.
It’s important to assess everything before you start your side business in order to make sure it is worth your time.
Validate Your Idea:
Most business ideas sound good to the person who came up with them. Yet this does not work mean anyone wants to pay for it.
There are a number of ways to validate an idea. One of the best ways is to get feedback from friends and family and then ask them to buy. Some of your friends and family may tell you your idea will work, but they could just be trying to spare your feelings.
It is one thing for the people close to you to tell you that your business idea is great, but it is another thing for them to reach into their wallets and pay for what you have to offer. If enough people actually pay you for your product idea or service, you may have a viable business on your hands.
Set Work Hours:
It’s tiring to work long hours at work, even if you were born if for it You have to determine the amount of time you spend work. One of the biggest mistakes new entrepreneurs make is not treating it like a business. They treat it more like a hobby that they hope will pay them. In order for your side business to succeed you will need to treat it like a real business. That means you will have to choose your working hours.
One of the benefits of working for an employer is they tell you when to show up and when to leave. That may not seem like a good thing to you, but when you run a business, you have to figure out when the best time is to work.