Are you ready to launch a side business and earn extra income?
Before you start, it is important to understand WHY you want to launch a side business, WHAT you want to get out of it, HOW MUCH you are willing to risk, and WHO you need to involve. Here are seven tips to get you started:
- Consider what your end game is for your side business. Do you want more money to afford retirement? Or looking to turn a hobby or side passion into extra income? Do you want to be ACTIVE in your business, or do you want it to do the work FOR YOU?
- Think about how much FREE TIME you have to spend on your new business. Can you invest time after the kids go to sleep? In the mornings before work? On Sundays? Does the business need you to spend several solid hours at a stretch working on it, or is 20 minutes here and there enough to keep your business thriving?
- Think about how much RISK you want to take on. A lot of that risk is tied up with MONEY, but don’t forget that you’re also risking time, energy, and even your relationships in the success or failure of your business. How much risk do you need to put into it in order to be successful?
- Think about how you’re going to FUND your business. Can you start it with zero funds? If you need to raise capital, where is it going to come from – is it YOUR money or OTHER people’s money? Is it coming from your bank account, your friends, a lending bank, or special investors? There are rules for how your business can get money and how you have to pay it back. Do you know those rules?
- Find a MENTOR. If you’re thinking about (for example) doing wedding photography on the side, who do you know who is already living your dream? This person can help you in many ways. They can tell you the fastest and easiest way to break into the business, what mistakes to avoid (that have caused others to fail), and how much risk you’re REALLY taking on. Even better, you can check back in with them again and again to make sure you’re on the right track and get more timely advice.
- Do you have the SUPPORT of those closest to you? Your support system is MORE than just a mentor. It’s everyone around you who has a stake in your success. Is your partner on board with your plans? What about your family? Your friends and colleagues?
- Consider if you want to go out on your own, or as a TEAM. Do you prefer to work independently, or could you gain from surrounding yourself with like-minded individuals who want to build on your success?
If you are looking for a potential side business, check out the Banker’s Code home study course to see if private lending is a fit for you. You’ll learn how to build a side business that will make MONEY just like the banks do, with a TEAM that will help you succeed, and a schedule that gives you more TIME to spend how you want it.