What to consider when starting your own side business

Consider what do you want from the business you want

Side business should be catered for individual needs and desired lifestyle. Here are a few things to consider when starting up your own side business:

• Does it compliment the lifestyle you want? Does it support your value?
• Does it compliment your main career?
• Is it passion related or not? Should passion be saved for hobbies?
• Is it prestige that you want? Does status makes you happy?
• Is having pride about this business the most important to you?
• Does it reflect your personality or resonate with you?
• Is it meaningful to you?
• Does it fulfil you?
• Is your priority to make a lot of money? Can you scale it up? Will it conflict with your time and lifestyle you want?
• Is your priority time and freedom? Are you willing to take a lost of profit for freedom & lifestyle
• Do you to be committed enough to build a long term Business? Or you want to be non-committed and work short term business until you reach your target.
• Do you want flexibility? Can you control and adjust the hours to suits you?
• How much do you aim to make? Are you willing to sacrifice your lifestyle, time or hobbies for it? If so, for how long and to what extend?

Consider the nature of the job:

Consider the nature of the job. Interaction? Consultancy type? Salesman type? Customer Service? Manual jobs? Online eCommerce? Production? Art & creativity? Teaching? Travelling a lot?

Learn to prioritised and eliminate

Now after considering these factors. I want you to prioritise what is important to you and eliminate up what is your least priority. The reason why is because a lot of these points to conflict with each other. For instance, if you want to focus on your passion or leisure, then it may not make you as rich as an business money driven entrepreneur type. There is always a trade off, so you should focus on what means the most to you. So people loves being productive and a workaholic, so they prefer challenges and pushing their business to it’s limit.

Consider your business model:

Make sure the business model suits what you prioritised as above.

Establishing committed Company: Normally involves office space, involves timely meeting, schedules and targets. Require to be there to handle telephone calls and queries. However, this does not mean you are office bound, you can of course hire assistant to be there, or get the landline connected to your mobile phone so there can be leeway where you work.

Flexible & Freelance Company: You have control over the hours of work you want to put in. There is no commitment if following up or maintaining your goods and services you provide. Examples are finance and business consultancy and sales agency.

Short term contract – Self Employed: There are jobs that requires you to only work for a short amount of time such as a 3 months contract. It is usually working for project of another company. You can be self employed and establish you company where you are a short term contract worker. It is usually construction sites, web developing, data admin or analyst.

Own brand production Company – Passive Income: This is usually for artist, musicians, author, App developer or other creative artisan who create their work and sell it under their own name or brand through mediums such as Esty, Redbubble and Amazon. They earn money though selling their own products. They can also outsource the production process where they pay other companies to deal with their advertisement, production, packaging, delivery and customer service. Doing this will enable them to have a form of passive income where they can focus their time and effort in developing their other work.

Online stores – eCommerce: Having a store where you sale products on website, Amazon and eBay. It involves a lot of strategies to promote or advertise the products you have in your stores

Quick Buck: Usually jobs that are normally high in demand and easy to do. For instance, Uber Driver or buying and selling in auctions.