Relying on a single income is a bad idea financially. And working for the rest of your life isn’t a great idea either. So, you’ve decided to start your own side business that will give you an additional income stream and a chance to become your own boss.
Before you take that big leap, ask yourself these questions first:
What are you willing to sacrifice?
You have a full-time job and you want to start a side business. It means you are going to spend a significant amount of time in creating and developing your side business outside your 9-to-5 daily grind. It also means sacrificing some of the things that you’ve been doing before like dining out with your friends, spending more time with your family, or even taking some time for yourself.
Are you willing to sacrifice some of these things so you can start building your own side business?
Do you sincerely feel deeply about this business or are you here only for the money?
Starting a business is hard, let alone doing it outside your regular job. Money as your sole motivator won’t be enough to help you overcome business challenges and problems. Eventually, if you are starting a side business just for the money, you will run out of gas once you’ve encountered a series of hardships along the way.
So, are you truly passionate about the side business that you are planning to build?
What resources are needed to make this a reality?
Starting a business requires time, effort, focus, and money. You need to create a list of the things that you need in order to start your side business. How much time do you need to spend daily? How much effort and focus do you need to exert daily? How much money do you need to buy the things your side business needs?
Do you have all of the resources needed for your side business?
Who are your customers?
The last thing that you want to happen is to build a business selling a product or service nobody wants or needs. In order to avoid this from happening, you need to know who are your ideal customers. List down their traits, their characteristics, their location, their income level, and other factors that describe your ideal customers.
The better you know your ideal customers, the more chances you have of finding them.
What problem do you actually solve?
A business is a tool, a solution to a problem. A business is not as simple as a money-making machine. So you need to ask yourself what problems are you solving through your business. Are you solving a unique problem? Or are you solving a problem that multiple businesses are already solving?
Who are your competitors?
It’s good to start a business where there is a healthy competition. It means that a good number of customers are already using the products or services your business is offering. However, you also need to study your competition. Why are they successful? What are they doing that their customers love and appreciate? What things can your business do better? What products or services can you offer that your competitors are not yet offering to their customers?
Can you really sustain this lifestyle for a very long time?
Building a business is a marathon, not a sprint. Most businesses see positive results and return on their investments after a few years. Running and managing a business isn’t a walk in the park either. It takes a massive amount of time, effort, focus, money, and energy. Can you really sustain this kind of lifestyle for years?
The goal of asking yourself these questions is to determine if you are truly ready to start a side business along with your regular day job. The last thing that you want is to put your regular job at risk because of your side business. If you discover that you are truly ready to start a side business, do it with passion and enjoy the ride!