Creating a side business, albeit, is easier said than done. If done incorrectly, you may end up with a liability rather than an asset. Here are five tips on how to do just that:
Mine With Your Skills
A side business built around your skillset is relatively low cost and quick to start. Identify a skill that you can market to others as a service. For instance, a service business, Bridesmaid for Hire, was launched by Jen Glantz in which she would serve as a bridesmaid for clients’ weddings. The $250 side hustle turned into a six-figure business for the young entrepreneur.
What activities do you enjoy doing or are good at? When your circle of people come to you for help, what is it usually about? Answers to these questions can give you an idea of what skill set you may be able to turn into a service-oriented side business.
Go the Extra Mile By Making Your Service Personal
Adding a personal touch to your business costs practically nothing but can have a powerful impact on your bottom line.
For example, if your side business is walking dogs, you could add a personal touch by asking for client-specific questions, such as what food the dog is allergic to, how he/she behaves off-leash, what special treats the dog might like while being walked, what training commands you could reinforce during the walks, etcetera.
Asking your clients these questions does two things – it makes you sound like a professional and it shows that you genuinely care about their pets. This results in a higher client retention rate, which helps minimize advertising costs.
Leverage Technology
There is essentially a piece of tech for everything nowadays. From ride-hailing apps to website builders, the tools at your fingertip is the envy of every entrepreneur in the past.
You can use social media platforms to establish brand presence and drive traffic at zero cost by participating in group conversations and posting informative and engaging content. Another way you can use technology is to learn tech-related skills, such as a front-end programming language or a cloud-based platform, and then build products and services using said skills.
Although this could be repeating what was already discussed in the first tip, tech-related skills may deserve its own space for how well-paid and large-scale the industry is. Independent contractors in this particular field can make six figures each year, depending on their rate, years of experience, and skill range.
Consider Rental Assets
Rental assets include, but are not limited to, vending machines, photo booths, washer/dryer units, etcetera. For aspiring entrepreneurs who are strapped for cash, rental assets are a good fit since you have the option to buy a single unit, make money off of it, and then use those generated profits to buy another unit.
You can slowly scale your side business without high capital requirements or the inherent risk of going all-in on a bulk order. Buy a photo booth, for instance, and then set up shop at social events. Depending on how big the event is, you can make anywhere between $500 to $1,000.
other valuable tips from our business blog (new win):
Keep Operations Small
At least until you get more market interest or funding, you should keep operations to a minimum. If you can run your side business solo, you should not have anyone on your payroll.
Only start to scale once your brand gets traction, such as when your sales are consistently growing month after month. If you can avoid renting a physical office space and just setting up shop in your parents’ garage, choose the garage. Being frugal will help you avoid debt, which allows you to fully concentrate on growing the business.
A side business is something every person should consider building. Relying solely on your full-time day job puts you at risk of being financially insolvent in the unfortunate event that you lose said job. Moreover, having a side business instills a myriad of good habits and values, such as financial independence, accountability, creative and strategic thinking, and so on.
Image Credit: creating a side business by envato.com
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