You may have been in the working world prior to the pandemic or maybe you are fortunate enough to be able to still work. You may also in the past been musing with the idea of starting a part-time business. One that you could work on the side. Now however you are thinking there is no chance of this, at least not in the near future. But, it just may be that now is the right time to take this step. It is going to depend on a few factors and questions you need to ask yourself.
Are You Ready To Start A Business?
This relates to both having the time for it, as well as your mental outlook. If you are thinking of starting a sideline business out of desperation then you may not be ready for it. Success with a sideline business whether online or as a brick and mortar establishment is not something that happens overnight. It takes time and commitment, as well as patience.
Is It Going To Be An Online Business?
With the business situation that has been created as a result of the pandemic starting a brick and mortar business now may not be the right time. It is going to be several months before the vaccines have had a chance to make a difference. Unless you can financially afford to wait it out until you can grow your business it may be better to consider an online option. There are a lot of additional advantages to this that fit in perfectly with the current circumstances.
Do You Have The Time?
If you are not familiar with online business there is a lot of learning ahead of you. This will mean learning how to set up a website and how to market it. Marketing for this type of business is done on many different platforms. To use these to the best of your advantage you will need to learn each of them.
Do You Have The Patience?
Launching a business on the website doesn’t mean that as soon as it’s open for business that the traffic is going to flock to it. It is an ongoing process of driving traffic to your business site, then closing the deals.
Do You Have The Finances?
In many ways starting a business online is far less expensive than an on land business. You are not going to have the same overhead costs. But, there will be some expenses. However, the more that you can do yourself the less money you will have to put out.
Do You Have Something People Want?
This is an important question. You need to know that you are offering a product or service that people will want. Its okay if you have competition but you need to know that you have a target market and who they are.
Business Skills
You don’t need a master’s degree in business to have your own company. But, you do need to know the basics of running a business. As the business owner especially as a sole proprietor, you will be wearing many different hats. You will be the salesperson, the administrator, bookkeeper and customer service rep. and probably the operations manager. You will need to develop the proper skills for each of these tasks.
One Task You Don’t Need To Be Responsible For
You are responsible for making sure that your yearly taxes are completed and filed. However, you do have an option of using the services of a professional to assist you with this. If this is a service you would like to take advantage of I as a professional chartered accountant specializing in personal and small business taxes would be happy to assist you.
