5 Tips to Launching Your Side Business

Many entrepreneurs quit their day jobs to start a side business or to make their side business their main business. Sometimes I have individuals come to me because they fear the stability of their job.

Side businesses aren’t started necessarily because someone hates their job. At the end of the day, it’s about money and stability. When either one is shaky, people tend to start a side business. Then what they find is they enjoy their dream business so much more than they do their job.

If you find yourself in either position, I want to share with you 5 Tips for launching your dream business.

1. Business Model: Figure out what you have to offer. You know that thing you do, your gift that you’re going to share with the world. But you also need to decide if it’ll be a service or a product. What information are you going to share? How do you plan to deliver it to your customers? Don’t skip this step.

2. Pricing: How much are you going to charge? Over the years, I’ve heard so many versions of charge what you’re worth or get paid for your time. I suggest when starting out you need to know the value you bring and the about of time it will take to get them the results. You can also consider what the industry is charging. Remember think value, time, and industry. Now set your prices.

3. Time: Time is a valuable resource that we can’t get back once it’s spent or used. With having a day job, it’s going to be very important that you manage your time. And that starts with knowing how much time its going to take for you to deliver the goods along with marketing, sales, and everything else that goes a long with being an entrepreneur. The time you spend commuting back and forth to work and at work you already know what that is. So you can see how much time you actually have to work on your business. A plan is important here. Schedule the time you will spend on your business.

4. Who do you serve: This one thing can make or break you and your business. I can’t tell you how difficult it was for me to select the group I would serve. For me, I didn’t want to leave anybody out. I didn’t know which group would actually pay for my services. I can tell you that once I selected who I would serve it made everything so much easier, especially marketing, writing copy, and sells. Who is your ideal client that you have the solution to their problem? I know this is difficult, but spend some time and figure this one out, fast.

5. Technology: Whether you consider yourself a techie person or not, you’re going to need to know about technology at least to the point of what you’ll need. Do your homework here to see what you’ll need to deliver your product or service. You’ll also want to consider what you’ll need for marketing, capturing new leads, etc. A word to the wise, you don’t have to spend a fortune on technology. Just get what you need and what you’ll use right now.

As you’re launching your business, make sure you spend some time in each of these areas to assure you’re setting the foundation for a solid business. Even if you’ve already launched your business, make sure the foundation is set in each of these areas. If you see a weakness in one of these areas, go back and spend some time setting that particular are up for success.