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
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!
Anthony recommends the following next steps:
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:
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:
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: