It can be difficult to start a successful side business, when you’re working full-time or you’ve a busy schedule. But how you manage your time and prioritize your goals can tell whether you can run a side business or not.
The hybrid method of earning money is becoming more attractive, whether for financial benefits or through a lack of fulfilment at a day job.
Many feel restricted at their traditional jobs with capped salaries, not even enough to cater for daily expenses. Now, they’re exploring the possibility of being entrepreneurs while holding on to their regular jobs.
So if you’re ready to take the plunge and consider the untapped possibilities in being a business owner, keep reading this article.
How can I run a successful side business?
Starting a side business is a risk, and having two heads carry the load should definitely be better than one. Remember that you have a day job that is eating you up day and night. So, a business partner will allow you to share the responsibilities and get tasks completed faster.
Another benefit is that, you will be accountable to your partner on your contribution and commitment to the side business. Your partner can be someone with experience in the industry, someone bringing in more capital or just someone with more free time than you.
You can also outsource this role to get some of the workload off you, or talk to your wife/husband or a trusted relative to support you build the side business. This gives you time to focus on more business priorities.
The idea for your side business seems viable and you’ve accessed funds to kick start. That’s okay. But there could be thousands of same business even before you thought of the idea. So you have to educate yourself about your side business to get ahead.
Reading the best business books or listening to audio books are some of the ways to learn from seasoned experts, and get actionable advice for your business success.
You must also be ready to fold up your sleeves and test things out yourself. Don’t be afraid to make mistakes or fail. If you make mistakes, don’t lose inspiration; get back on your feet and get your business going.
Running a side business can be fun, aside the freedom that it brings. But it may not pay as much as your day job in the beginning.
Even if you’re getting orders and completing sales, be sure that you’re making enough profit to sustain your business before quitting your regular job.
A simple side business can change your whole life and status. So, when you realize the business is growing and becoming profitable, it may be time to quit your job and run your business full-time.
Weekend is the good time to work on your side hustle. After getting burnout during the week days, you can relax on Friday nights and commit Saturdays and Sundays to your side business.
You can spend the weekend creating and building your business social media handles, sharing business flyers, taking and processing orders or answering customer queries.
Once you do it this way, it becomes easier to manage your time and workload during the workweek.
Having a full-time, nine-to-five office job and running a business on the side can be stressing and time consuming. To succeed at both, you need to divide your time according to tasks and organize your schedules properly.
Managing your time this way helps you to focus on priorities, and eliminate time wasters. You can adopt the 80/20 rule or the pomodoro technique to help you get the maximum results in running your side business.
Sometimes, the only way to run a successful side business is to make sacrifice, a lot of sacrifices I mean. You have to set goals and deadlines, and that demand you to be committed.
You may have to start sleeping less or waking up early to finish up a task. Side hustles sometimes mean that, you have less time for television or visits except for occasions like funerals, birthdays and the likes.
This can be challenging in the beginning, so you need to set your priorities right and stay focus.
There are a lot of sources for business financing, and side hustles require investment too. You need to save up, and invest in your hustle. If you have your day job on the go, you can leverage some of that income to get it started.
Business can get slow or sales can dry up for some time but if you’ve some money saved up; it can keep you afloat. You can also explore loan options but must be guided with the best ways to get a loan approval fast.
A goal without a deadline is a wish, and I agree. The flexibility that comes with side businesses can make you lazy. But setting S.M.A.R.T goals and firm deadlines force you to commit to your business and get things done.
Write down the goals you want to achieve and assign realistic deadlines to each of them. If you are not able to achieve all the goals within the timelines, at least it gives you the chance to track and measure your performance.
Try to set daily, weekly, and monthly goals and define what you need to do to achieve them. So stick to the goals and deadlines, and give no chance for distractions.
Google allows to create and verify your business online for free. This is an opportunity to get online customers with little or no stress at all.
Software like Sage Accounting, Tally or QuickBooks can help you track income and expenses and give you insights that will help you grow your side business.
Just as you spend 8 – 5 at your day job, your side business also needs some attention. However, never mingle the two whiles you at the office.
Your boss is paying you for the 8 hours you spend every day at the office. So you have to work hard as a sign of respect.
You can take advantage of lunch breaks to post an order to a client or finish up a writing side gig. You spend most of your time at the office, so to be successful at your side hustle whiles keeping your day job intact, you need to use any available time after work on your side business.
Never use office resources to run your business. Have your own computer for the side business. This way, you keep your employers’ trust and avoid any legal action.