How to Set up Your Side Business
Availability of technology and ease of configuration of websites can enable individuals to very quickly “set up shop”. There are however many factors to consider before you set up your side business. What are these factors and how do you navigate your way through them?
How do I get started?
Everyone has a different and unique situation with respect to their employment status. You may be employed full time, part time or have multiple jobs. In all cases, if you have an idea for a side business, you will need to understand the time you have available and steps required to convert your idea to a side business. It is important to start small and scale up based on how much time you have to create products, deliver services etc. So, how do you take your idea forward and set up a side business?
Main factors and actions
If you are employed, the first step is to check whether there are any restrictions in your employment contract. If there are restrictions, they will most likely disallow you setting up a business in competition to your employer. If your business idea is in direct competition with your employment, then think again!
If you are making a product or providing a service, then make sure you have enough time during your non-working hours/days to dedicate to the relevant activities to produce enough of the product or service. This exercise will also give you an indication of the volume of product/service you are capable of delivering.
Developing a business plan is always helpful since it makes you think of all the relevant items related to setting up your business: who are your customers, how will you find them and sell to them, what price will you charge for your service/product and who are you competing with. Be mindful of the fact that as a new business you will need to spend money initially on marketing, product materials etc. You need to estimate how much money is required to get your business up and running.
The administrative side of a business is not difficult, but can be time-consuming. Use tools such as accounting software, marketing tools, website development tools etc. to assist you and make the business processes easier to manage. You may need to invest time to learn the tools but it will save you lots of time in future.
If your business is becoming successful, think about scaling up and hiring people who can help you manage the growth.
Self-worth
My professor at university had said in a lecture “everyone should work for themselves at least once in their life”. Having done this myself, I realise that it is a truly rewarding experience, challenging you in different ways, helping you understand your capabilities and realising your self-worth. Your side business, no matter how big or small it may be, will help you learn new skills and develop a good understanding of the many aspects you need to consider to bring an idea to market.
The Jobjar App offers Job seekers to create a profile for free, this includes creation of a video statement. Job seekers can then “single click” apply for jobs posted on the Jobjar App without the need to email their CV’s. The App is free to download from App store or Google play. Visit Jobjar for Companies for further information.
You can find more advice for small businesses here: Recruitment through social media - A guide for small business recruitment