If you’re looking to start your own business on the side, there are certain considerations to best prepare you for this monumental taking. Here are some steps to get you started.
1. Ask Yourself Why. Before you begin, you want to think of important reasons to pursue this goal. Are you looking to increase revenue, or are you looking to pay off debt? Are you trying to transition out of a job you don’t like? Maybe you feel like in your current job you’re feeling stagnant and you want more challenges. Perhaps you just want to pursue some new goals.
Whatever is the reason for you to want to start a side business, you need to have a good frame of mind on why exactly that you want to do this.
2. Carving Out More Time. Do you have sufficient time to start your side business? I recommend setting a schedule for about the same time for the week. For myself that was 5 am to 7 am most weekdays, and Sunday mornings because that’s the only time I really had available working a full-time job as a doctor.
You want to make sure that the time you’re carving out is free of any distractions; turning off your cell phone, focus specifically on working on your side business. I encourage you to set milestones and have a regular schedule. You’re going to be much more successful if you block out a specific amount of time exclusively for your side business.
3. Carving Out More Cash. How much money do you want to devote to your project? And often times, it’s more than you actually anticipate. At minimum, allocating just $1,000 just to get is sufficient to get started on a low overhead online business. Of course, if you’re involved in a business that involves buying products, inventory, your financial commitment can be much, much more.
4. Keep Your Loved Ones in the Loop. You will want to alert your significant others on any under taking on why you want to start your own business. .. I’ve seen a few entrepreneurs who got caught up doing this secretly, not letting their spouse know that they’re actually running a side business and it often ends up in frustration. Have them involved. Say why you’re doing this, is it’s for financial reasons, how it’ll bring some income and how you will both benefit. Have them on board at the beginning rather than finding out later.
5. Be Mentally and Financially Prepared. Starting a side business can be very stressful. If you’re a fan of immediate gratification, this might not be the type of task you want to take on. But with stress comes rewards. Building a successful business and give you continuing dividends, that in the future can be very attractive. But you’re probably not going to have income for several weeks, or perhaps, several months and if you need to make any changes in your job because of it, then make sure you prepare for this.
6. Determine Your Proper Legal Entity. Starting a side business is not just simply just having a PayPal account or posting a shopping cart online. You need to do this the right way, have a business entity. At the very least you should open a sole proprietorship. But with a sole proprietorship also comes the risk of liability and if you’re a professional you definitely need to separate your business from, your personal assets. I recommend a corporation or an LLC.
There are websites such as Legalzoom that can help with the business and corporation of this as well for a pretty cheap cost. Now, I’m not an attorney and you want to consult an attorney with this if you have no experience with this.
7. Forage Relationships. Being an entrepreneur can be a lonely business and it’s much helpful if there are people who have done this in the past or maybe wanting to start their own businesses. unfortunately, your own physician colleagues might not be the best avenue for you to pursue in this. A few years ago, we started a physician mastermind and it was very helpful bouncing and sharing ideas with fellow colleagues who understood the rigors of medicine and running a business.
If this is not an option, there are many local business groups such as on Meetup where you can find like-minded individuals. Networking and connecting with the right people can be a key component to a successful business.