In the last number,I have discussed about the need to increase your revenue by
opening a side business. This time, we will discuss about what you need to consider if you want to open a side business.
1. KIND OF BUSINESS
Decide first, what kind of business you want to run. Do you want to run a small restaurant business? Do you want to open a business stitches? Or you are interested in opening a small retail store? You can also open a service business like making cakes or drinks.. What about souvenir business? You can open a small store that sells trinkets such funny glasses or something. In principle, all businesses can be divided into:
Line of Business are still rare or no one has started.
Some of you may hesitate if you want to start a business that does not exist or is still rarely done. But that does not mean you will not succeed. Look Aqua. When first introduced, many people doubt whether Aqua can succeed in the market, but never before have entrepreneurs who sell bottled water. Even many who sneer at first: what would anyone want to buy water at a price more expensive than gasoline? Moreover, we can cook their own drinking water at home.
In fact Aqua has a huge success. One proof of this now Aqua keeps popping up as bottled water brand than others. One time I ever came into a restaurant and order a drink of water in a restaurant. I asked the waitress, "There are Aqua, would you prefer?" Waitress immediately replied: "What kind of Aqua, sir?" The conclusions, start type of business that are still scarce or altogether new is not a taboo. There have been many successful examples.
Lines of business that has been done
You can also start the business sectors that have been made. If it was a lot of people hesitate to start a new business field, but on the other hand there are many people who hesitate to start a business that has a lot of running. For example, many housewives who hesitate to open a sewing business, as in the surrounding area has much to do.
Actually, even if you're just standing seam effort, but if you have excess or characteristic than your competitors, there is always a chance to succeed. Not to mention the factor of good service, then your efforts despite the many competitors who first stood still be successful.
2. LOCATION
Where do you want to open your business location? At home? Or you want to rent a small place on the roadside? Or you want to rent a shop?
Do not forget that in some types of business, location plays a fairly important. For example, you may decide to open a business selling spring rolls. Well, you can rent a small booth at the mall and sell your spring rolls in it. Here, you must determine where the exact location of your businesses.
Or you want to open a shop that sells all daily necessities such as detergent, soap, rice, cigarettes, and others. You can open a shop like this at your home. There have been many examples of stalls set up in houses and quite popular.
3. CUSTOMER
How do you get your customers? Or if the service business, how do you get clients? Are you going to start to promote it by word of mouth? Or are you going to make flyers and pass it from house to house?
Some people I know promote their business by placing signs in front of his place of business. There is also promoting his business by placing small ads in the newspaper.
The important thing here is you've got to know in advance about how do you want to getting customers or clients of your business. If no customers, there will be no sales. If no sales, then your efforts are not successful enough. Simple as that.
4. LABOR
How many people would you hire? Is it only your own work there? Are you also employ a number of people in your business? Maybe it is better if you start with the amount of labor a bit low first. Later when growing your business, you probably will need a number of additional people you can employ.
There is good when you also employ members of your family, as your child (if they are old enough of course), or maybe your husband. By hiring them, then it implies that they also will have a sense of ownership in the enterprise. With a sense of belonging of the members of the family, the support given to you to run the business could be bigger.
Many businesses went bankrupt due to run out of cash. Because it is important for you to take into capital that you should have to be able to run your business. It would be nice if that capital expenditure could be sufficient to pay the company for twelve months. In addition to initial capital, what you should do is to create a cash flow forecast for the next 12 months. Estimated cash flow is a calculation that describes how the estimated cash flows in and out of your efforts. Just as capital, then it would be nice if you have cash flow forecasts for the next 12 months. Thus, in the year ahead, your efforts will not be expected to go bankrupt just because running out of cash.
In addition to the above matters, there are other things you need to consider in connection with your trading style. There is a saying that good people will have happy life. But in the fields of business, too kind create a number of obstacles. And indeed many small business owners who are too "good" in the operations, such as:
They too succumbed to partners or customers
They set a price just above mediocre products and services it sells
They were too good-hearted and less firmly against subordinates
They felt that something was wrong, dirty or immoral if they get the money, profit or opportunity.
Therefore, avoid things like that. A good businessman does not apply either, but to be fair. Fair to the partners or customers, fair to the price of goods and services it sells, fair to his subordinates, and of course fair to himself.