Have you reached a point in your career where you don’t necessarily want to leave your job and start fresh on a new path, but at the same time want to boost your income?
Maybe you have thought about it, but are put off the idea because you thought it would cost too much, or it was too high a risk to take at this stage in your life.
If you have a passion or talent that might not necessarily result in a full time job, it may be the very reason you should start a side business.
Here are some steps to follow when considering your options:
- Be realistic. It is one thing to have a great idea, but another to turn this into a thriving business so don’t get too ahead of yourself. The time may come when this side business turns into a profitable empire, but until then keep your day job and allocate some free time weekly to your new venture to eliminate unnecessary mistakes and financial pressure.
- Plan ahead. Create a one page summary of your business idea, key unique points and goals. It is a good idea to share this with your accountant to ensure you have minimised any unnecessary financial risks.
- Test the market. In other words, try to sell your product and work out if there is enough demand in the market you are targeting, or if you need to make adjustments. Set a weekly goal for how many sales you would like to achieve, and slowly build on it until you reach a revenue that results in a break even on expenses and you begin to make a profit.
- Discuss a strategy with your accountant to begin to increase your revenue, while managing your expenses and where possible decreasing them. You need to be aware of what your tax obligations are and what deductions your business may be eligible for.
- Finance. Once your business reaches a steady level of sales, you may want to invest more money into it to grow it or to hire staff to run it for you. Depending on the business performance and tenure, you may be eligible for a business bank loan, but alternate funding options such as angel investment, crowdfunding or personal loans may be an option.
CAAA Commercial Concierge offer a business planning service that could help you get your dream business starts with professional advice and in-house business banker. Talk to our team today.