For many, a side gig involves taking a specific skill set or hobby and using it to earn some extra income. Having a backup plan is never a bad idea. A side gig is a terrific way to provide some financial security.
A side gig can be anything from a dog-walking service to a financial consulting firm. Many use their talents to create a product and sell online. Once you have decided on what type of business you'd like to start and thought through some logistics, follow these steps for creating an ideal side business:
1. Put a plan in place
The first step is to create your business plan and determine your “why”.
- Why are you starting your business?
- How will you measure what makes your side gig a success?
Within the plan, map out your goals for growth, ideas for investments, strategy for how the business will operate, and how you will market your new adventure. Not only will a plan remind you of where you want the business to go and help hold yourself accountable, but it will serve as a good overview of what you already have, in terms of personnel, equipment, resources, etc.
2. Proper certification
To be taken seriously by customers, and in order to be recognized by the government, a business must obtain some sort of official certification. Go to the Small Business Administration, or a city or state office, to obtain a business license or permit. Being officially licensed allows you to identify your business and gives you legal and safety protection from the law. Not being compliant with all the proper laws can leave any business, no matter how large or small it is, out on its own if something bad were to happen.
3. Create a budget
Before you can work on creating profit, it is important to figure out where the money will come from to start the business, and where the money will go when it is up and running. In many cases, speaking with a banker or investment expert can be useful. They can advise on topics such as business loans and financial planning. Especially if finances aren't your expertise, talking with a specialist in the field will be important to ensure your success.
4. Give it your all
Once you have determined your "why," which essentially serves as the driving force behind your actions, it becomes the fuel for your engine. If you decide to invest your time and effort into a side gig, ensuring it aligns with your passion is crucial. Your evenings and weekends will revolve around nurturing and growing this new venture.
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