Despite having a day job, you might want to start a side business of your own; something that brings in a little more money. As great and simple as the idea sounds, it involves a lot of brainstorming, hard work and time. A lot of home-run businesses fail within the first month from lack of appropriate attention and lack of strategic planning.
In order to keep your small business afloat for a long time and possibly grow it into something bigger, the following things should be put into consideration;
Which products or services do you intend to offer?
The first thing you should think about is which product or service to offer. There are a wide range of products and services which people are in need of. You could either come up with new ideas of selling pre-existing goods and services or invent new products based on the current market need.
Do you have enough space?
This is mostly applicable to those who intend to go into production. You need to consider how much space you have available at home. You might need to reshuffle. Use your kitchen space or your dining area, clear out a room, or use the storage area; either way you will be making space for your business so that you don’t end up over stuffing the house. This saves money that would be used for over-head cost.
What are your marketing plans or strategies?
There must be a marketing plan or strategy in place for any business to succeed. How do you intend to market your products or services? What means of networking do you intend to use? How to you intend to get customers? These are questions you should ask yourself before going into business especially when you’ll be running said business from home.
What are the most likely problems you may face?
It is always wise to anticipate problems that way you are able to prepare ahead of time. Don’t allow problems to surprise you because those problems that just pop up are the most disastrous ones in business. Stay ahead of the game by anticipating business problems and having a solution or preventative measure in place.
Who is the competition and how will you handle them?
Competition is healthy for every business. It drives you to put in more effort. Regardless, inability to positively and intentionally handle competition could have you closing shop in no time at all. You should study your potential competitors and have a plan in place on how to deal with them. This helps in business.
How much help do you need?
In as much as you are starting out small, you may need to hire help. You need to access how much help you need and how much helping hands you can afford. Running the business from home gives you an added advantage as you can employ the ‘free or cheap’ help from family members or friends.
How do you intend to manage your time?
Given the fact that you already have a job, there must be a plan in place with regards to how you’ll manage your time so you don’t end up losing your job before you are ready to quit. Time management is the greatest asset of every business man or woman. Plan to effectively manage your time such that neither your business nor your day job suffers at the end of the day.
Bottom line is that you need to figure out how to make it work. Strategically plan things out before you start. if need be, employ the services of professionals to advice and counsel you to avoid colossal mistakes. Answering the questions above is a great way to start. Best of luck on your venture.