How to start a side business in your spare time?
Many people these days are looking to become self-sufficient and have financial security a luxury not available with your traditional 9-to-5 five jobs. Whether you’re an only working parent or both, many people find that only holding down jobs isn’t the thing they’re looking for. This all makes sense considering the monetary strain that has befallen economies throughout the world. While many parents, especially moms, do consider this, they’re hesitant to do so because of the financial and the time implications involved. They don’t want to risk losing their jobs having been over-focused on running a separate business; however, there are many ways you can start your own business in your spare time without it having an impact on your day-to-day lives and jobs. Here is a small guide on how moms can start their side business in their spare time.
Committing to the business, you’re going to start
If it were easy, every mom would’ve been running their own business while also having a 9-to-5 job and fulfilling other commitments. You’ll need to make sure that you are prepared physically and mentally to the business venture you’re about to embark on, and that means cutting back on some activities and hobbies. To do that, you should create a list and list down all of your weekly activities and commitments and the time they consume, then work on the activities you can spend less time on and those which you can cut off completely. You’ll also need to cut back or eliminate your leisure activities, and once you do that, you’ll realize that you already had the time you need.
Prepare for the long haul
Preparing for the long haul also means that you’ll have to realize that this is a long-term venture and if you don’t see the result right away, you should not be demotivated. Tony Robins who is a businessman and a philanthropist once said that “business success is 80 percent psychology and 20 percent mechanics.” What he meant by that is no matter how great and credible your business idea is, it is doomed to fail if you lack the grit, determination and genuine interest towards the business. This also requires you to have funding options available for your side business which can include small business loans, bank loans, angel investors, etc.
Working on what you’re good at
The last thing you want to do is to pick up a business venture that you have no idea about. It is important that you pick the business idea that you’re already good at. This can range from day to day activities like baking or bookkeeping and try to make a business off of that.
Balancing your business and family life
If you’re a mother, chances are that you have several other things to attend to especially if you’re a mom to a toddler. The trick is to get the best of both worlds which means not to get completely lost in your business and still manage to find time for your family. Not only will this keep your relationship with your family healthy but will also refresh your mind so that you can focus better on your business.
In the case, you require capital for your business, here is a link that can be of great help. I hope it helps.
David Simmons is a financial analyst and accounting expert. He has in-depth knowledge about setting up small businesses as well as creating profitable investments. He regularly contributes articles related to business and loans at ebroker.