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How does one begin to look into starting a side business? What's the most important thing?

I know of people who effortlessly do side businesses to bring extra income, however I could never understood what factors play into being able to even begin thinking about what kind of business to do. #business-owner #business #business-development

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Anthony’s Answer

The most important aspect to any business is business development (sales). You could have the best process and a premier product/service but if nobody buys it - it doesn't matter. I'd go so far as to say, if you can't sell what you haven't made yet - then don't make it. Meaning, you should be able to sell (at least) a good-faith letter of intent to purchase off of the idea alone. "Mr. Customer, if my product/service did what you wanted (A,B,&C) would you buy it?" Use the customer's answers to define your product/service. Only sell what they tell you they'll buy.


Good luck out there!

Best,

~A

Anthony recommends the following next steps:

Spend $0 and test the market. Call friends and family - walk down to a local shop and just ask "if this existed - would you buy it?" and gain a real world understanding of whether or not your business has a chance.
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Ketan’s Answer

The most important thing when starting a new small business is establishing what your goals are, i.e what do you want to get out of it? Are you looking just for side income and plan to keep your job long term? Are you looking to create long term value for the business and then look for an exit?


It is a lot easier to achieve success when you have clearly defined goals in place. Once you've figured out what you are looking to get out of it, you can build an actionable plan to achieve that goal.


E-commerce is a great platform for new entrepreneurs looking for a "side business", which offers a lot of different ways to make a few bucks, but is essentially finding a product(s) and then marketing that product through an online platform (like eBay, Amazon, or starting your own web store on your own website).

Ketan recommends the following next steps:

Establish your business goals.
Create a basic business plan to achieve those goals. Be sure to have concrete action items that have a clearly defined start and stop point.
Start executing that plan, by staying committed to spending some time each day on working on an action item from your plan.
Once you have achieved what you intended, re-establish new goals, and keep the process going. This is how you will scale up your business.
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Raymond’s Answer

Sales is diffidently the main focus with any business. It doesn't matter if you are trying to save trees, build a giant sky scrapper, or sell pizzas, you have to get funding and keep the lights on. A key aspect of sales that many young people don't think about is that you are and always have been selling, so this might be the right time to start working on this skill. Sales isn't always about money, think about it this way, you are always trying to sell a product, that product can be an idea, like a start up that your are trying to "sell" to investors or it could be the "idea" of going to the movies on a Friday night that you are trying to "sell" a parent on.

Not only will this help you in business it is a great skill to have because there are always products that need to be sold.

Raymond recommends the following next steps:

Check out Sell or Be Sold: How to Get Your Way in Business and in Life by Grant Cardone it is an easy read and has a lot of good advice.
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Ari’s Answer

Make sure that whatever you're intending to do as part of a business, there's 1) Value to it, 2) You can Sell it for more than it costs to deliver (whether it's a good or a service), and 3) You can easily explain it and identify the people who are going to want it AND can ensure that those folks understand they need that service (i.e., create that awareness and readiness level).

Take some time to research it, and then dive in and adjust over time. However, if you don't have items 1-3 covered (someone values it and there are enough people entities who want it; it costs x and can sell for y; and the market is identified and can be approached), keep working until you are at YES for all 3.

Ari recommends the following next steps:

Figure out what you want to do for a business
Research it
Take a course or join a business club
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