Preparation is key when starting a new business and it's done by PLANNING out your side gig before you start.
If you have already started your business and you skipped this step, it is never too late to go through this process. It will help you determine what things you've missed, what processes you can eliminate or add, and allow you to make the necessary shifts in your business.
People tend to look at the exercise of planning something as being a tedious process and it can be if you've never done it before. I can tell you that once you do it, you'll be glad that you did and I am going to share four reasons why planning is crucial to your side gig success.
1 - You will have a business idea that is certified GOLD.
Your business idea is a solution to someone's problem. When you have brainstormed, researched and validated your idea, you are now crystal clear on the problem, how your solution can make someone's life easier and if they will give you their hard-earned money to buy it.
You will be able to identify your ideal client and what type of solution is best for them, which will be a product, service or both. You will be able to determine your full offering, pricing, delivery of the solution and how to market it.
Take your time and complete this step. It will save you from headaches and heartaches.
2 - You will know what processes you will need to implement in your business, what weaknesses to address and what to outsource.
How will you create and market your brand? How will you create and deliver your product and service? How will you advertise your business? What software do you need to purchase to run your business?
This step will open your eyes to what you didn't know that you needed to know. This is the step that saves you from surprises and extra expenses that you could have incurred after you've launched that could have brought your business to a screeching halt.
You will identify what you need to outsource and who to hire to do this work for you and create a list of things you need to research further to help you deliver the solution with the least amount of expense and quickly.
Lastly, this will help you determine how much time you'll need to invest in your business and to help you create a time management plan for your personal life and business responsibilities.
3 - You will know what type of business foundation needs to be in place to protect you.
I'm talking about business entities, licenses, permits and/or business insurance you'll need to operate and to protect you. You should always keep your business separate from your personal affairs and establishing a sound business foundation will help you do this.
This includes setting up business bank accounts, book keeping and accounting processes, and establishing customer payment methods. Properly managing your financial matters is not difficult if you have appropriate processes or personnel in place to do this for you.
4 - You will have a realistic estimate of your startup costs.
How much you need and what you need is important. This will aid you in figuring out your financial goals, create a plan to raise your startup funding and/or the amount you need to add to your household budget. Most importantly this will help you set a launch date or if you need to table this idea to launch later.
Successful entrepreneurs PLAN! Once you go through this process for every business idea that you have, it will become easier to do. I enjoy this process because I often find hidden gems that I didn't find before. It's a valuable process of discovery and it aids in my growth as a business owner. The more that I learn, the more I can share with my clients and it helps them continue towards success.
Are you ready to plan out your side gig? Check out The Hustle Plan training here.
P.S. Whenever you’re ready, here are 3 ways my team and I can help you start your side gig this year: