Everyone has an idea of the kind of business they would like
to startup one day. The ideas are rich and hopeful. But
most of these ideas remain just that, ideas and dreams. It
takes courage to start up a business, especially if you already
have a day job.
Starting your business on the side means that it will grow more
slowly compared to when you go full-time. Time is a valuable
resource for every business and the more time you dedicate to
your business the faster it will grow.
As a side entrepreneur, your day-job income can be used to
invest in your side business. This means that your business
will have a steady source of finance when needed.
The Struggle
We often think of starting an “easy” business – easy in terms
of manufacturing, distributing and selling the product. We
compromise on the ideals we have about the products or services
we would like to offer. Compromising on the product results in
low commitment as you already know that the products you offer
are “easily” manufactured and sold.
Another challenge that all aspiring entrepreneurs face is
finding and making time for their side business. Making time is
especially difficult when you have a day-job. Your eCommerce
business will need your spare time and mostly occupy your
evenings and weekends. Making this sacrifice will payoff in the
long-term as your business will steadily grow in revenues.
Building your business on the side successfully
Your side business will grow steadily if you are dedicated and
committed to ensuring that the business grows. To achieve this
you must:
Focus
Most business startups have a particular goal and target, but
soon becomes blurred due to the challenges that the business
faces during the startup period. Unstable sales revenue, high
costs of producing and holding the products may deter the
entrepreneur from being focused on making the business
successful.
Work small towards the bigger picture
One big mistake that most entrepreneurs make when they are
starting the business is investing in so many products at the
startup level. It is important as a new business to startup
small and work towards the bigger picture or target.
Identifying the right product is key before diversifying the
business by offering numerous products or services.
If you are starting a business, focus on one line of product,
don’t be a jack of all trades, allow the product to grow in
terms of sales revenues.
Schedule Everything
Juggling a day-job and your side business can be very hard,
especially if the side business is demanding. It is therefore
important to establish a schedule of how you will be spending
your time. Ensure that you have scheduled for every single task
that your business needs. Having a time checklist enables you
to monitor your progress and easily identify the tasks that
consume much of your time.
Balance your Day job-Side business and Family
A major challenge that most side entrepreneurs face is
balancing their day-job, their side business and
family/friends. Though your side business can demand much of
your time, ensure that you have made time for your family and
friends. If you fail to balance your work, business and family
life, your social life is likely to suffer.
Complete tasks that will free up tomorrow’s Schedule
If you are able to complete tomorrow’s tasks a day or two
before, always complete them. Doing this will free up your
upcoming schedule and will allow to focus on other tasks that
help improve your business.
Do the things that matter and shed off those that don’t matter
Dedicating your free-time is key in ensuring that your
side-business is successful. If you usually love binge watching
your favorite TV series, cut down to only two episodes per
weekend. This will give you enough time to focus on your
side business.
Automate
If a task being performed manually can be automated, always
automate. This ensures that your tasks are completed accurately
and within a short period of time. This will help you focus on
the critical part of your business that require your
attention.
Outsource
If it is cheaper and will make your side business grow faster,
always outsource. Outsourcing allows you to hire professionals
who help you develop and maintain your e-commerce business.
Hiring a Web developer, Content Writer, Magento Expert and
Accountant to take care of aspects of your business that are
beyond your scope of expertise will help you develop a strong
foundation for your e-commerce business.