Turning a side hustle into a successful business
The pandemic may have had many negative consequences for the economy. But the statistics around business start ups actually paint a far more positive picture.
Statistics from Companies House show that the number of small businesses launched in 2020 increased by more than 40 per cent to 830,000. The largest number of new businesses were from people selling goods from their homes.
For some people, starting a business may have come as a necessity, for example if they had been made redundant or otherwise lost work. Others might have decided to take the plunge due to having more time on their hands in lockdown.
Here are some of the top considerations for starting a business, or turning a fledgling business into a main income stream, in a post-Covid world.
Make a commitment
If you decide to take the leap and make your side hustle into your living, it’s important to rethink the way you work. What may once have been a hobby will ultimately have to pay the bills, which means getting serious about the way you work and the way you present your business to the outside world. From developing a logo and carrying your company branding across all of your documents and communications, through to creating a dedicated workspace, doing things properly from the start will make it easier going forward.
Turning something you are skilled at into an income generating business is not as easy as many people think. Just because you have a talent for something, it doesn’t mean that you will also be talented at marketing your business, doing the accounts, keeping on top of admin and all the other tasks that come with running a small business. Whilst you will want to keep costs down initially, identifying the areas you are not good at sooner rather than later and outsourcing these will save a lot of mis-spent time in the long run, leaving you to get on with the bits you are good at.
Start off as you mean to go on
Many businesses will have found themselves on the back foot in the pandemic if they didn’t have digital capabilities in place. Setting up systems from the outset will help see you through as your business hopefully grows and expands. For example, an easy-to-use digital invoicing system and a user-friendly customer database will stand you in great stead. There may be an initial investment of time involved, but you will thank yourself in the future.
Define your business plan
Things don’t always go the way you planned, but having something set out in writing gives you an agenda to work to. The plan should have details about your goals and your targets. Think big and aim high! You can always revisit your plan periodically and make adjustments, but there’s no harm in being optimistic!
For further help and advice on starting your business or taking it to the next level, our business consultants are on hand. Get in touch with us.