5 Steps to Take Before You Launch Your Small Business

Small business owners have a number of perks. They usually work for themselves doing something they love and enjoy. They have the ability to set their own hours based on a schedule that is convenient for them. They also can work their job on the side until it’s solvent enough to become a full-time enterprise. 

A side job that eventually becomes a full-time job is one of the best ways to grow your wealth, if you do it correctly.

If you’re thinking of launching your own business on the side, here are some steps you’ll want to take before you get your first customer:

1. Pick something you love. No one wants to work at a job that feels like drudgery. While your 9 to 5 job may feel that way, make sure your side job doesn’t. Find something to do that you are passionate about.

2. Make sure you’re filling an unmet need. The best way to watch your business grow is to fill an unmet need. Do people NEED your product? If they don’t or if someone else already has the same kind of business, you’ll have a hard time growing your business. If you are doing the same thing as someone else, make sure some aspect of your business is different. That can give you the edge to help your business prosper.

3. Determine how you’ll accept payment. A drawback to being a small business owner, unfortunately, is that clients don’t always make timely payments. Most small businesses accept checks or PayPal, which can speed up the speed at which you get paid.

4. Make a marketing plan. No matter how good your business is, you’ll have trouble attracting clients without a marketing plan. Keep in mind you don’t need to have a lot of money to market. Pinterest and Facebook as well as Twitter are great, free, marketing tools. Also remember that marketing will be easier once you have your first few satisfied clients who can offer word-of-mouth referrals.

5. Determine your budget. If you’re starting up a business on the side to make extra money, the last thing you want to do is dump a lot of money in the business, especially in the beginning. After all, what happens if the business doesn’t succeed? You don’t want your money making venture to cost you money. That’s why it’s important right from the beginning to establish an amount that you feel comfortable spending. As tempted as you may be, don’t go above this amount until your business starts making money.

Follow these simple steps, and you’ll likely be on your way to making a nice side income that you can use to grow your wealth. If you plan it carefully, your side business might even grow into your full-time career.

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