How to Set Up Your Very Own Side Business | Hugecount

The world is your oyster. No, really, avoid the natural desire to be pessimistic and this is totally true! In 2019, the number of people moving to work for themselves or remotely is growing every day. Millions of solopreneurs are now out there doing their own thing; not shackled by the confines of the 9 to 5 life. And why shouldn’t they? The current climate is one of opportunity and growth, so taking advantage of that is only the right thing to do.

With that in mind, here is the best advice which you will need in order to set up your very own side business in 2019.

Decide to Do It

The first step to starting any venture, side or not, is to decide to do it in the first place. Deep breathes, this can be a hard step.

Of course, deciding to do your side business and actually committing to it seriously can be too very different things. A pipe dream, something which you often talk about but don’t actually commit to can be great. But, it won’t actually get your home business up and running. A solid decision and commitment are needed to actually achieve this.

So, put on your bravest face and take the first step to decide to do the impossible; start your side hustle today. You probably won’t regret it.

Put Together a List of “Necessaries”

The thing to really remember when it comes to starting a business, even a small business, is the fact that you will have some ‘necessary’ things that you need to sort before starting the business properly. Obvious things like a computer, an internet connection, corporate solicitors, etc., we trust you know already. So this will only be in relation to your specific business needs.

If you’re planning to sell something, then make sure you have the necessary inventory or materials needed to create in bulk. And there’s also the double-sided coin of not buying too much and having more than you can possibly sell in a given time frame.

Create a Plan

Every business needs a business plan, even one which you only intend to do in your spare time or on a limited budget. The actual thought of creating a fully-fledged business plan can be quite a scary one. But, there’s no reason why it can’t be an overall simple process.

Your business plan–no matter how short–should include the purpose of your side gig, your sales and marketing plans, and in-depth market analysis of your proposed niche. This covers all of the bases you will likely need in order to set up a successful home business or side gig.

Of course, you don’t need an official business plan in order for your business to be a success. At least when it is on such a small scale. Yet, it doesn’t hurt to have a few set goals, a bullet-point plan and similar in place in order to do well. That way you can be more secure in your plans to start your side hustle if nothing else.

Set Yourself Goals

Having a goal can be a great thing, in both your own business and your typical day to day work life. Which means that giving yourself achievable goals during the process of setting up your own business can be a great way to ensure you keep progressing. It’s doubly important to ensure that any goals that you do set are completely realistic.

One goal is obviously “to make money”. But, after that, you may find yourself needing something a little more specific than that to bolster your efforts.

Reach Them Before Quitting

Ensure that you reach any and all goals before actually quitting your real job. Otherwise, you may find yourself without the right resources or money in order to support yourself. If this is the case you find yourself waiting a long time before your business actually makes enough money to support you.

Even when your business is doing well, it may not be quite ready for you to quit your full-time job. The market may fluctuate and your business could flip, doing much worse than you expected.

Tip - Don’t Create a Competitor Business

One thing you need to keep in mind–and avoid at all costs–is that you shouldn’t be setting up a competitor company to your current job. Not only can it cause friction, but you will likely lose your job. Unless your place of employment has a very large gap in their employment contracts. Which is unlikely.

Final Thoughts

At the end of the day, starting your own small business at home can be a great side hustle. And it doesn’t necessarily have to be a big enterprise in order to do it well in addition to your regular day job. It’s perfectly possible to start a small side hustle/business which can support you for years to come.

Source: https://hugecount.com/business/how-to-set-up-your-very-own-side-business/