Side businesses have helped millions and billions of people to generate an extra income. Therefore, you must know how to start a side business.
Above all, it is never an expense but an investment for a better future.
Let’s take an example of the current situation that has made most of the people lost their jobs. As a result, they have no source of income.
How good would it be if they know how to start a side business. It can probably be a new source of income.
Therefore, here is how you can start a side business:
6 Steps to Start a Side Business
Step 1: Find the Business Idea
To choose a business, you must firstly analyse a few things:
- Things are you good at doing?
- What are the skills that people may need?
- Something you can do that person will pay for it
However, if nothing strikes, you can choose from these ideas:
- Graphic Designing
- Logo Designing
- On-demand Printing
- Online Tutoring
- Sunday Special Courses
- Cooking/Baking Classes
- Writing and Selling eBooks
- Digital Marketing
- Amazon Reselling Business
- Affiliate Marketing
- Digital Marketing
- Catering Business
Choose the business that you will enjoy doing. So, go for something you like to do. It can be a dancing class or a singing class. Also, if you are a good listener and advisor, you can even go for consultation business.
Step 2: Register your Business
The next moment as you decide the business, go for company registration online and get your business registered to avoid any legal conflicts.
But, if you are doing a job, it is advisable to look into your contract if they have any restrictions for starting a side business.
After that, you can register your business under the following structure:
- Private Limited Company
- Sole Proprietorship
The choice depends on the scale of business, investment and partners.
To know more about the best structure for your business, you can contact StartEazy.in and get a free consultation.
Step 3: Set up your Business
Now, when you know how to start a side business, it is time to set it up.
Set up your business both offline and online.
For Online, make a website and acquire a domain name, create social media and WhatsApp. Also, make sure you have a separate id and number for your company.
Set up your physical store for offline business so that people can visit you formally.
Step 4: Open a Business Bank Account
Every business must have a separate bank account. It helps in having the right evaluation of the expenses and profits.
Therefore, it is advisable to open a current bank account for this purpose.
Step 5: Hire (Optional)
You can even hire freelancers to delegate your work later. It is a feasible and budget-friendly option.
Also, it will lessen your burden and allow you to focus on more crucial aspects.
Step 6: Set Goals and Start a Side Business
Now set realistic and achievable goals and start your business. With this in mind, work hard, do more if needed and achieve what you have always dreamed of from the start.
Investment Required to start a Side Business
You don’t need to have pre-planned investments to start a side business. So, just make sure to have enough to start. Therefore, you may require Rs. 50,000 – Rs. 80,000 if doing on a small scale.
You can slowly invest more while earning from your job and profits.
If you focus on building your empire in your 20’s you can live the life you desire in your furthers.
Do not wait any more and learn how to start a side business and become financially independent till your 30’s.