7 Steps to Launch Your Side Business

What is a side business?

A side business is another job or endeavour separate from your full-time career that generates extra income. It’s a smart way to either make more money or pursue a passion your full-time career does not allow you to explore. Your side business could even become your full-time job if it becomes successful. If you want to launch a successful side business, you need a smart strategy.

Steps to starting a successful side business

Here are 7 steps to launching a successful side business:

1. Audit your skills and interests

What do you enjoy doing? What skills do you have? These are questions you need to answer when getting started. A side business should be something that is enjoyable and equally rewarding. If you do not enjoy it or have a passion for it, you might not stay committed to it. You must choose something that interests you because you’ll be investing a lot of time outside of your full-time job.

Next, do an audit of your skills, experience, and strengths. What skills do you have that can provide value to other people? Can you bake? Is there a demand or market for pastries and confectionaries you can cater to? Depending on the skill or talent, you might need to get a certification to get started.

2. Research your business idea

First, understand your full-time employer’s rules and policy regarding employees starting a side business. Also, if your side business bears some semblance to your full-time job, be sure that there isn’t an issue of conflict of interest.

Afterward, research if there is a market for your idea. This step is crucial to the success of your side business. However impressive an idea is, it must cater to a market or audience. The product or service you are offering should solve a particular problem or cater to a specific need. A clear picture of the demographic of your customers informs your marketing strategy.

3. Set practical goals

Don’t just think about your business idea, figure out how you will execute it. To do that, ask yourself: to what end? Is this for extra income? Or do you intend to make this a full-time career?

Next, draw up a realistic schedule. Consider how many hours you already put into your full-time job. How many hours can you really spare to develop your side business, that wouldn’t hurt your full-time job, your mental health, and your relationships?

It might seem daunting at the beginning, but planning your time is a great way to ease the stress. Also, determine your budget for the side business. But ensure you spend smartly until you figure out how to start generating impressive returns.

4. Outsource

There’s only so much you can do by yourself. And there are only so many hours in a day. If you must balance your side business with your full-time job and still have time for yourself and your family while remaining productive, you must learn to outsource.

Break down your duties and see what tasks you can outsource. If some parts of running the business pose a bit of a challenge, outsource them. If there are aspects of your personal life that do not necessarily require you to handle them, outsource. That way, you have more time to focus and be productive.

5. Get your first customer

Now that your business idea is underway make a list of potential customers. It could be family or friends to start with. But if you’re to build a sustainable business, research potential customers according to your target market. Collect their contact information; LinkedIn is always a good place to start.

Reach out to them and introduce yourself and your service or product. Get them to subscribe to further correspondence with you, and remember to follow up with them to answer any questions they may have.

6. Feedback

Tracking your performance is essential. It helps you measure your progress and understand what areas need improvement. A happy customer is important to having a successful side business. If you want to keep your customers happy, hear from them. You can get feedback from them by creating surveys or having conversations with them.

What they have to say can offer insight into what you’re doing right and what you could be doing better. Also, ask your customers to provide testimonials. Including testimonials in your advertisements lends legitimacy to your brand and helps cultivate trust. Other people are more likely to patronise a brand when they see positive reviews.

7. Evaluate your performance

While your side business can offer you extra income, whether or not it becomes your main source of income depends on its success. Do not quit your full-time job until your side business has become profitable and the results are sustainable.

Do a review of your business each quarter. Evaluate your performance, and begin transitioning your side business into your full-time job when you’re absolutely sure the time is right.