It is not uncommon these days to meet entrepreneurs that have multiple businesses. For the very busy and diversified business owner, we even have terms invented such as “Serial Entrepreneur”. Shows such as Shark Tank even more remind us how successful people own and manage multiple ventures.
Starting a business can already be a challenging process. How does a busy individual start again with a new venture? Or how do employees who have a job and work full-time start a side business?
There are really two schools of thought on this matter. One group’s opinion is that an individual has to quit current activities and employment and focus 100% on a single venture. The other group’s opinion is that an individual can begin a new venture or side business, while slowly growing the new venture on the side.
It is possible to start a side business and venture, while not being 100% invested into it. At some point, when it develops momentum, an entrepreneur can shift focus and dedicate more resources to the new venture. Here are 5 business tips when starting a side business and venture, to help out.
5 Business Tips When Starting A Side Business
1. Set aside time and resources and stick to the schedule.
When starting a side business, it is often easy to make excuses and not set aside time and resources or stick to the schedule. To be successful with a side business, an individual must make it a priority as well. For best results, schedule time to invest into the new venture and stick with it.
2. Properly work on the new venture without short cuts.
It is easy to try to take short cuts with side ventures and businesses. Busy with the primary occupation, little time is often left for additional projects. It is important to keep in mind that to be successful with a side business, one must properly work on it and not take short cuts. Execute requirements for the new venture as it was a real business. A side business is not a hobby.
3. Invest into the business basics to create structure.
Talking about a venture is simply not enough. To get started with a side business, individuals should invest into the business basics to create some structure and make it more real. Website, logo, business phone number, some marketing and so on to create momentum with the business.
4. Manage primary and side business in harmony.
This is sometimes easier said then done. Everyone can feel overwhelmed at times. Especially, the entrepreneurs who are managing multiple ventures often have crazy schedules. To succeed, individuals have to manage both primary and side business in harmony. This means dedicate enough time for both to be able to not jeopardize either one. At times, personal sacrifices have to be made to make room for the businesses.
5. Stay on good terms with everyone whenever possible.
This goes along that old saying, “Don’t Burn Your Bridges”. As one leaves his or her job to pursuit a dream with a startup, stay on good terms with everyone whenever possible. When leaving one company and starting another, keep relationships on positive terms.