Guest blogger Ariana Pierce, CEO, fashionista and member of ChicExecs, offers advice on how to become your own boss with a side business.
1. Do your homework. When starting a side business, it’s important to research the industry you want to go into. Learn about what it takes to be in it, what the work is like and how long it usually takes to start seeing profits in your business. Many times, when you research your industry, you find out that it may be something you’ll really enjoy or not enjoy. You want to be sure that you love the business, because there will be days when you get tired but you have to push through those tough times to see your business succeed.
2. Save money to jump start your side business. Contrary to popular belief, many people think that it takes a lot of money to start a business. That could be true depending on the industry you want to get into, but you can always start somewhere. Saving at least 20 percent of your income per week can help you build capital to start your business. It’s all about planning out your success and asking yourself how bad you really want it.
3. Start small. A word of wisdom for those starting a product line: Begin with a small quantity and sell those items. Once you start to make money from them, use that income to buy more products to sell.
4. Don’t rush it. Patience is key when it comes to entrepreneurship. When you are doing a side business, it’s important not to rush, because it may take longer to grow. You can’t look at someone doing full-time business and compare yourself or your results. That’s how you begin to wear down your motivation and get off track. Whenever you are building something from the ground up, it takes time, lots of energy and plenty of hustle.
5. Find a business coach. Finding a business coach is one of the most important ways to succeed in your business. A side business can take longer to grow, but with a business coach, you can see more results in less time. A coach will show you how to avoid mistakes that come with being a new entrepreneur. They will give you ideas, marketing strategies and concepts that can catapult your business. Success is much easier when you have a leader that will push you in the right direction and cheers you on while you are building your brand. Plus, a good coach keeps you accountable, and accountability is an important key to producing more.