Everyone wants to live a sophisticated life but being a 9-6 employee your dream is a mere dream you can’t strike any big deal in your full-time day job you know it better than me.
Daydreamers accept the fact and lead the normal life but few hard workers follow their beat and try to get out of their full-time job which is not satisfying him financially and mentally.
Out of these few hard workers half want to jump out and start their full-time business and rest want to do some side businesses like blogging, freelancing, trading and selling on online marketplaces like Amazon, Flipkart, Ebay etc.,
The real intention behind side business is they want to secure their full-time job and earn some extra income which will help them to get out of their job in near future.
But when they kick start their side business again they fail in managing it being a full-time employer. Actually, you can run a successful side business when you plan properly and dedicate enough time for your business.
Here I am jotting down five notes on How to manage your side business successfully.
Building a sustainable side business is not a joke you need to work smart and hard. Spending at least 3 hours a day could accelerate your business turnovers.
A day got 24 hours, let’s keep 10 hours for your full-time job, 7 hours to sleep, 4 hours for miscellaneous activities and remaining 3 hours you can productively spend on your business.
Maintain a clear timetable and stick to it, if you are dedicating 7pm-10pm for your business don’t involve in any other thing just stick to it keep your phone, even family away for these 3 hours. Stop watching Netflix or Youtube if you want to spend quality time with all these things in future then you should abandon everything for 3 hours in a day.
If you cannot work late in the night join 5 am club and start your work in the early morning. When you wake up early in the morning you get more time, you will feel like that day got 26 hours.
If you find difficult to wake up early in the morning, think of your full-time job which you don’t like to continue then even without alarm you wake up earlier.
Your business growth depends on how productively you are using your weekends, it’s your choice either to party on weekends or work on your ideas and do the party every day in future.
Office goers spending most of the time in traveling but being an entrepreneur you should avoid this. Try to stay closer to your workplace this may cost you more than normal but cut down the cost by sharing the space with your friends.
It was found in a study that the average commuting time in
|Place||Average Commuting time one way(minutes)|
Prefer your own two-wheeler to cab or office bus so that you can reach home earlier amidst heavy traffic.
Taking railways than roadways is knowledgeable to exponentially reduce the commuting time but again if you are from Mumbai traveling in local is also cumbersome.
The idea behind reducing your travel time is to reduce fatigue and increase the quality time to spend on your side business so do travel less.
To manage your side business you need not do all the work manually you can automate as much as possible.
For example .If you are writing a blog use free social media management tools to automate marketing.
If you are selling on online marketplaces choosing Amazon FBA is advisable but you need VAT and CST certificate to list your store here, on the other hand, you can start selling on Ebay without VAT and CST but no fulfillment service you need to take care of logistics.
A lot of freemium software are available in the market for everything right from project management to marketing suitable for small business , independent owners, and bloggers.
3.Rope in your family
Since you are building a side business you cannot make a contract with your friends as a partner for equity to work in your business but you can rope in your family members to support your business.
Tell them what you are doing, teach them how to perform and assign them small tasks like you can request your sister who is doing college or school to manage your social Medias and answering your customer’s queries.
You can request your brother to do some logistics work which was done by you. Request your wife or husband to write some articles to publish on your blog or to prepare contents for content marketing.
You know your family well, I am 100% sure they will say no when you request them but be smart in assigning a right task for right people.
Roping in your family will considerably reduce your extra loads, cost and time you need to invest.
4.Get external help
Accept the fact that you are lacking some required skill to run a business like designing a website, digital marketing, posters designing or whatever you and your family lack.
Don’t invest your time in learning those things right from basic it will cost your time and decreases your business operation efficiency rather than doing everything on your own, invest few bucks and hire a freelancer on demand basis.
You can find freelancers on aggregator websites like Freelancer.in,Upwork.com and Fiverr.com other than these sites you can make a post on social media groups to connect with right people there you can bargain more.
This is very crucial to expanding your business in future. When you generate profits from the small investment you made don’t take the profit out of the business to celebrate your first sale rather invest the profit again increase your sale get more profit and repeat it.
Even if you are starting an online business with 10,000/- and you made a profit of Rs.2000/- in the first month don’t take it out put it again and rotate the money so slowly you can grow your turnover.
Nothing wrong in celebrating your first sale but spend from your full-time job salary. The amount you invested in the business is one time don’t take it out till it grows big.
This what Warren Buffet did in his early stage he invested again.
I hope these 5 tips could help you to manage or think of starting a side business if you feel the same please do share this work with your entrepreneurial friends.