Many of those who lose their jobs during a recession will find it tough to find another job and may start to think about investing in their own business with whatever redundancy pay they may have received. It’s much easier for everyone to perform their core businesses well and prosper when they don’t waste time and energy “reinventing the wheel” on housekeeping. Marketing & Sales: How you plan to reach your ideal customer and build a reputation for your brand. After you’ve decided on the legal structure for your company, the next step to discuss in our how to start a business” guide is registering your business.
Only by factoring your customers into your system can you turn your dream or passion into a real business that’ll make you money. Determine the potential tax responsibilities of the new business on the federal, state, and local level. EatWith is a great way to test the waters as a chef for your side business idea, and if you have enough rave reviews you might be able to turn your knife skills into a full-time endeavor where you’re leveraging your network to book catering events.
Creating a marketing plan that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. If this is the case, you can skip ahead to the section discussing market research—even if you think you have an excellent business idea, you need to do adequate market research to make sure your target audience feels the same way.
In between Automated Insights and my current startup Spiffy, I built Teaching Startup with $10,000 out of my own pocket, 60 hours a week of sweat equity, and a few hours a week from some others who were totally sold into the idea. After all this, you should have a good understanding of what to look for when starting a business.
Many small companies and startups now outsource jobs that aren’t part of their core business (such as HR, admin, and accounting), which makes this skill set a great opportunity for starting a side business idea that engages your number prowess. That will give you a thing that can become a business, once you take the time to actually plan, consider your goals, and do the work.