Are you working full or part-time and have dreams of running your own business? Not sure that you can stop working while you get your dream business off the ground? There is a way that you can set up your own business while looking after your family and continuing to work.
In this video, I discuss how to start a side business while working full time
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The best original ideas in business, have never gone from 0 to 100. They’ve always taken a quite linear line from a small unknown startup to a high-flying multinational company. If you’re one of the lucky people who knows and believes that you have an original idea, then you must take the same route. Thankfully, it’s been fleshed-out, and many of the ins and outs are well-known. If your idea is worth the money, investors will not hesitate to pour their own hard-earned money into it. You’ll also impress banks and various financial institutions, and they will come on the side to give you their bails of cash too. However, this can only happen if you give your idea an initial push. This inevitably means you’ll need to fund the first couple of years yourself and follow a plan of sustainable and consistent growth.
Betting your house on it
Look back throughout history, and you’ll find hundreds of thousands of people have all done the same thing. In order to give their business an initial push up the mountain of success, they’ve bet their house. So many people around the world, gain a massive boost in funds right at the beginning of their business, due to a secured loan. You might be asking, what is a secured loan? This type of loan hitches itself to an asset which is used as collateral should the payments not be made. This gives loan companies a lot of confidence and therefore, they’re more likely to give you a large loan. You could borrow five-figure loans or even six-figure loans. It all depends on the value of your home but usually, by putting it up as collateral, you could receive a loan up to 75-80% of the price. However, be forewarned, you must be prepared to accept the consequences should you not be able to make monthly payments. Make sure you have a plan that makes sense and has shown some kind of promise such as impressing potential investors at an industry event.
The second round
Hopefully, that initial large loan will last you a couple of years and help you to make real gains in product and or services development. After 2-3 years, your business should be showing signs of great reward and thus be ready to move onto the second stage of funding. Do a thorough inspection of the business’ performance. Every little detail matters. How many products do you sell, types, buyer demographics, locations, and what kind of customer feedback you received, etc. When you have compiled all the relevant facts and figures, you should make an investment opportunity report. For your second round of funding, target venture capital investment companies. By bringing your business to the public this way, you can net yourself a number of private investors. All kinds of people of varying wealth look to invest in businesses that show promise. Normal people with no investment background and professional investors alike will be taking a look at the opportunities you offer.
By now, your business will be around 4-5 years old. You’re still just a baby, but if you have shown consistent financial growth, then it’s time to join the other kids in the playground. Industry partnerships are an excellent way to bring about the third round of investment. This is one of the most crucial incremental stages of expansion as you’re working with another business. It’s entirely correct, to act as a lesser supplier and or provider for a larger business. Go around the world or nationally, to various industry events and look for someone to team up with or act as a sidekick. A large business usually has a handful of suppliers, whether it be for materials, accounting, logistics support, customer service professionals and or delivery. By offering your services and products to other businesses exclusively, you can become a part of a much larger entity for the time being. Using their vehicle, you can increase sales and public awareness.
Heading towards maturity
Congratulations, you’ve made it thus far. By now, you should be around 6-7 years of age. It’s been quite the journey but it’s about to get serious. At this stage, one of the best ways to achieve large-scale funding is to go public. An IPO is a fantastic way to gain rapid funding as millions of people have the opportunity to buy your stock. As more is learned about your business and the performance reports you release to the public are studied, more and more investment will trickle in.
Every large business you see arose due to incremental funding. If your business can show consistent growth as the years go by, you won’t have any problems moving from one round of funding to the next.
These days, it’s even easier than ever for anyone to be able to launch their own business. With the internet boom, a business can be set up in no time at all. So, it’s safe to say that it’s a smart time for people to launch their own company. However, if you want it to really work out and become something, there are things that you’re going to want to put in place, particularly within the first year. Some of these things are skills, and some of them are a different measure that will help you to run a business. Either way, it’s handy to know beforehand what it takes, so you have the best chance at success.
To start with, you’re going to find that the best thing you can do within your first year is to develop grit. You’re going to go through ups and downs, and you have to persevere even when you feel like giving up. Grit can really help you to succeed.
They can seem really boring when you’re hoping that the secret to success is sexy and fun, but systems really do help you to stay on track. When you have systems for all of the little things you need to get done, it’s easier to keep everything organized. Working with a fleet management company, managing your staff, and even keeping track of sales can be hard to do. But when you bring in the right systems and software or even outsource, it can be so much easier for you.
From here, one of the things that you’re really going to find can help you, is for you to be as authentic as possible. It’s easy to think that you need to do what big businesses do or whatever is trendy, but the thing that will help you to stand out and find success is sticking to what’s right for you. That way, you will find your tribe and be able to build a community around your company.
The next thing that will really help you within your first year of business is to have really cool and smart marketing ideas. As a new business, you want to stand out and be noticed. But that’s not always easy. You have to really try to cut through the noise. However, when you start to play around with your marketing, you should find that it’s much easier for you to get in front of your audience and really wow them.
But then also, one of the most important things you can do within your first year of business is to stay patient. You might find that you want to give up when you face adversity, but you have to be patient. Because things will happen for you when you keep going. If you’re not consistent, it will take longer. But putting the work in can really allow you to get results, but it takes time. So, the more patient you are, the better.
Have you been thinking about taking the plunge and starting up a new business? There is a lot to consider when it comes to taking the step from being an employee to being your own boss.
It makes sense that you should put your new enthusiasm to work to find out exactly what setting up on your own entails. Do some digging first and make sure you are going into this with your eyes open. Of course, each business is different and depending on the sector you are setting up in, you will need to make sure you are planning and preparing for what lies ahead.
So what exactly should you consider when it comes to starting up your own business? The best place to start is to check out how much you will need to get yourself up and running.
Did you know it is recommended that all businesses who employ staff have enough funds to cover wages for the first 12 months? This ensures you can pay your staff without having to rely on making a profit from day one.
How Much Money Will You Need?
Many startups these days can be done on a shoestring budget. But not all of them. Whether you are looking at turning your hobby into a work from home business, you need to set up an office and recruit staff, or you need to source merchandise to sell. Do your research and find out exactly how much you will need to get started.
There can be many options to consider when it comes to financing your new venture. From using your savings to taking out loans, making sure you know what you will need to hit the ground running before you start or apply for funding is essential.
If you need to apply for funding, you need to come up with a solid business plan so you can show how you plan to build your business and what the market is like for what you are offering.
What Will you Need to Buy?
Look at materials you will need, any wages you will have to pay, rents, or rentals for machinery or vehicles. If you need a car to get around from client to client or from home to a place of work, then you can look at Vauxhall SUV models at Drive Vauxhall to find something that will not only match your professionalism but also help you get from A to B when you need to.
Factor in costs for bills such as electric, water rates, and all the equipment you need to buy to be able to do your job and run your business. Things such as stationery supplies and any staff training courses you will need to enrol on.
Don’t forget about any insurances you will need, especially if employing staff members or you have a physical building, either an office or a shop, which accepts customers or clients onto the property.
As long as you do your homework and you know what to expect when it comes to how much your new company will cost, you will be able to start as you mean to go on with no nasty surprises.
As you already know, working from is rewarding. It’s one of the most amazing ways to become more accomplished at what you are doing for your career as well as what you are doing in life. Working remotely is turning out to be one of the biggest trends in business, but the biggest worries for the companies that are still behind the times when it comes to remote working is whether it will be efficient enough. Fortunately for you, you don’t have a boss: you’re your own boss, and you have chosen to have a home business.
Efficiency is still a big flashing light above your head, though, and you do need to be as efficient a possible to ensure that you are offering a balanced service. You work from home, but that means that you must keep your home and business life separate while they’re in the same space. Still, there are ways and means to ensure that your business is running smoothly, and we’ve put together four ways to be efficient:
This is possibly the most difficult thing to do when you are working from home. You have a blurred line between work and life when you work from home, and interruptions can be a problem. So, you need to create a limit and enforce it. When you are working, do so in an office separate from the rest of the family so that you can work quietly and calmly without the distractions of the family. Plan your work around those at home, and you can limit the distractions and make sure that you can keep up with your working day without a problem.
Invest In Software
Efficiency comes down to working as quickly and smoothly as possible, and that means investing correctly in the right software. Whether this is cloud computing or survey software that you need, you should invest wisely. The better the software, the more efficient you can be in your business. Software and technology are big spends as part of your budget, and you shouldn’t skimp on these to save a buck or two.
Set The Scene
The setting of your office is so important for you to be able to work quickly and efficiently. Your desk and set-up should be conducive to a positive working environment. It’s not always possible to have an office space that works away from the rest of the family, but you can still establish it as YOUR space. Your scene should also include things that you do as part of your morning ritual; so, if you always get a coffee and water before work, keep doing that to be consistent and ready for your day.
You may not go further than the bottom floor of the house for work, but you still must create a “commute” to be able to clear your head and get ready for the day. So, get to your workspace and give yourself ten minutes to think and plan your day, or listen to music, or stretch. Get ready for your day and you’ll work far better than if you skipped this step!
Starting your first business is an adventure that takes you to a new level. Whether you’ve been offering your expertise as a company employee in the past or you’re turning your passion into a side hustle business, solo entrepreneurs understand the importance of doing almost everything themselves. Ultimately, then you’re new in the business world, you don’t have a team to support your progress. Therefore, it’s easy to understand why most new entrepreneurs take a DIY approach to building their business. However, you need to be realistic. Nobody can be an expert at everything. It’s fair to say that there may be many things about running a business that you don’t know. While there’s nothing wrong about learning new skills, you should also be realistic. You can’t always make it work all by yourself. Defining how much DIY is safe for your solo enterprise is a delicate balancing act.
There’s a sense of excitement
Do you remember the days when you would make creatures and shapes out of Play-Doh and clay as a child? Of course, it was exciting! You could build your own world. Running your business taps into the same Pygmalion’s sensation. As such, it’s a wonderful experience and you, of course, want to be the one who makes it happen. With the right tools and tips, you can take control of your brand, such as by creating your designs. Indeed, not only can you ensure that your online presence remains professional – as you can manage every piece of content you share online –, but you get to give life to your ideas.
But excitement doesn’t replace expertise
Admittedly, excitement is no replacement for quality and know-how. While you are likely to get better, you can’t compete against professionals who have the appropriate equipment and training to build a business presence. You can’t build a professional presence online without the input of experts. Mass Appeal, a digital marketing agency, shares a clear message with potential clients; there is no company too small for professional services. More often than not, digital management is the key to secure your position on a crowded market.
When should you consult a pro?
When you’re at the beginning of your entrepreneurship journey, it can be challenging to figure out when you need to ask for support. After all, it is tempting to build your business alone. You’re not only in charge of what happens, but you can also make a tight budget work. However, the DIY approach can only save you money if you know what you’re doing. If you lack the necessary marketing skills, for instance, you’re unlikely to achieve any positive result. Additionally, failing to receive sufficient organic traffic or to drive your sales is a warning sign that you should invest in professional support.
Ok, but how bad is bad?
I’m new here; I don’t know how much traffic is good or bad. Launching a new business is not easy, especially if you don’t have any reference you can use for guidance. However, as a rule of thumb, a business that doesn’t grow is at risk of collapsing. A marketing agency can help you to build growth.
In conclusion, while it can be exciting to build your presence, solo-entrepreneurs need to recognise warning signs of poor DIY. Indeed, your enthusiasm doesn’t replace expert knowledge. As such, you need to be quick to react if you notice a lack of growth or a drop in your sales.
Thousands of thoughts and ideas for your new business, going through your mind. But unfortunately steaming ahead and rushing can lead to making mistakes, and some of those possible mistakes can be costly. In this video, I’m going to cover 3 mistakes to avoid when starting a business.
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A home business can be very pricey on your limited budget; if you’re running a company out of your own home, it’s because of the flexibility, and cost-effectiveness. But even then, things can easily go over budget if you’re not prepared or if you have the wrong idea about your finances.
But you don’t always have to be caught off guard. You deserve to walk into your new enterprise with your eyes wide open, and plenty of resources on your side. So, in order to help smooth this process through a little more, here are some questions to keep in mind while you do your research.
More Than You Expected?
Of course, it varies from business to business. Depending on the kind of company you want to set up, there’s going to be different kinds of fees and agents involved, and who knows how long you’ll be paying them off, damaging your bottom line.
You’ll have to register your business first of all, which could range from about £10 upwards. Sure, that doesn’t seem like much at all in the moment, but the ensuing costs can really add up – make sure you look into these as well. You might have to use a private office to do this, and that’s where the costs start to stack up.
More Than You’ve Gathered in Investments?
If you’re going to be running a business of your own, even out of your own home, it might be worth looking into capital (in the form of both venture capital and angel investors, etc.) to back you up. After all, if you can engage an investor’s interest, there’s a good chance your ideas will work well on the market.
But what should you ask for? When you’ve piqued someone’s interest, and they’re ready to open their chequebook, what figure should you quote? It all depends on how much you’re already worth, and what kind of company you’re running. You also have the option to try out a Fast Loan, if you fancy running a little more independently.
More Than is in Your Savings?
And finally, you’ve always got your own savings account to back you up. There’s always going to be a little bit of money in there, for a rainy day or otherwise, and you might be able to put it to good use here.
But how much? Try to keep at least a safety net of £3000 in there, if you have the money to do that, and use the rest of the money to fund your home business. Otherwise, you could always use a low-interest loan from a close source to help bridge the gap, and use what you have in your savings to make sure you can make the repayments down the line. You keep your savings for now and get more money on top which you know you’ll be able to deal with.
Prepare for your home business costs, because they do really add up.
Many people dream of starting a business, but let the fear of failure stop them turning their ideas into a business preferring to stay in a job they don’t enjoy or a job that offers no flexibility around their family rather than following their dreams and passions because fear holding them back.
In this video, we discuss ways to overcome and conquer fear.
So you are at the point where you have a business idea, but you’re not sure what to do next. I get it.
Life is hard, and it’s especially difficult when you feel stuck in a situation. Simply because you can’t decide what to do next.