Archives For start a business

Want to start a part-time business? All you need is a few hours of musing. Whenever your full-time job pulls out sometime during the weekdays, you can always give a few hours on the weekends to establish a virtuoso and make it as your part-time business. No need to quit your current full-time job or peril your life savings.

 

Everything leads to an invaluable experience. So if you are looking forward to starting a part-time business and in the long run extending it to a full-time business, the part-time business experience will help you while launching a larger business.

 

Confidence plays a vital role in all aspects of life. Wondering that you don’t have enough skills or knowledge to start a business and a side hustle, but there are multitudinous options to start a business that requires little expertise, little time, and plenty of confidence. 

 

Beginners can start off with online business. The e-commerce marketplaces have revolutionized the way of shopping. Paytm being the only of its kind in mobile e-commerce has gained huge popularity. Timely KYC is to be done in the nearby Paytm kyc center to continue to the services provided by Paytm.

 

 

  • Have a greater level of understanding your investment

 

 

Things work out best for those who make the best of how things work out.” – John Wooden

 

Figure out what part-time really means to you. If you are into a full-time job, how are you going to manage this new venture so that you do not burden yourself later working days and nights? Does part-time mean 20 hours per week? 30 hours? Depends on your definition of part-time. 

 

Create a success plan and annotate your expectations, objectives, and targets from the part-time business. Document your list to achieve milestones.  List out the documents needed to start the business. Figure out what you really want, and are you willing to invest your time and energy with 100% focus? List out things which it’s going to take and contemplate are you ready to do it.

 

GST registration procedure is mandatory If you are planning to start an online business. Starting an online business is trending these days and can be easily managed with a full-time job.

 

You need to understand the different taxes and state codes for GST. These taxes are applied automatically in the Invoices and all other details can be fetched with automation.

 

 

  • Time Management and resilience 

 

 

Time is not the main thing, it is the only thing–  Miles Davis

 

Time is the new money. Everyone has been given 24 hours. One of the major reasons for success in anything is how efficiently you manage the time. Discipline is an important aspect. So be extremely disciplined about your schedule. Do not procrastinate. Perhaps working for a part-time business is not a piece of cake.

Handling clients is a matter where you will have to work according to their timings. Responding to the expectations and deadlines in a timely manner requires dedication and time. There will be a time when you will be in your working hours, you won’t be able to take calls or respond to your part-time business client calls.

 

How would you manage this? There are ways around. You can opt for voice mails. Google Voice is an app that allows users to get messages. The voice messages are sent as messages/texts so that part-time business owners can respond to them asap. There are other ways – Virtual Answering Machines, charging a few monthly fees but have gained popularity among part-time business owners and entrepreneurs.

 

You must be resilient in all situations. Success comes to those who are resilient. The pressure in business is often draining. We have to manage priorities – work, business, family, passions, etc. Sometimes you may feel overwhelmed, but it is important to be resilient in such situations. Work on building a positive attitude and find out time to do things that you love or you are passionate about, in order to balance the stress.

 

  • Get yourself a coach

 

 

Part-time business reduces financial risks. But sets the risk of delay. Working on a full-time job, sometimes it may occur to you to delay your part-time business especially when you have not invested much. So this will make you lazy about your part-time business. The best way to overcome this is to have a person who can be accountable. This person can be anyone – your coach, friend, spouse, family member, or anyone.

 

So find someone who won’t let you derail. You can discuss anything and everything about your business. Get new small business ideas on increasing efficiency and productivity.  The right person will cancel out all the loopholes.

 

You can also follow a role model, be it anyone. Someone who inspires. Someone with whom you can share everything. Amidst in the loud noise, find someone who will offer you peace.

 

Still, confused about what to start with? Various easy part-time businesses you can start with.

 

 

  • Moral and Emotional support from Family and Friends

 

 

Moral support is more important than financial support.” – Anonymous 

 

Mental stability is very important. There can be no one better than friends and family to provide emotional support. There may be times when you won’t be able to handle the burden and will require moral and emotional support. In these times, you can either be self-motivated or have someone who may support you.

 

Have someone – a best friend, spouse, parents with whom you can share and release the burden. Also, you may not get time to spend with your loved ones due to a shortage of time. It may put strains between you and your family. Your family is the first reason for whom you might be doing this. So do not let that happen and manage the work-life balance.

 

In the beginning, sleepless nights and working endlessly on the weekends to fulfill the client’s demands. But, in such cases, we have often seen how the family members are encouraged.  You can also go for various support groups which have similar business as yours.

 

 

  • Enfold your non-success

 

Don’t think about your errors or failures; otherwise, you’ll never do a thing.” – Bill Murray

So ups and downs in any business are inextricable. Looking at the negatives, you cannot just give up.

 

Failure is a moment to learn. It is very important to embrace failures. You need to accept yourself and situations considering it as an opportunity to grow. Your failures or your current situation do not measure your self-worth but develop a mindset that keeps us pushing forward. It’s like falling down but bouncing back with double intensity and energy.

 

Take a look at the legendary people – Steve Jobs, resigned as the chairman of Apple, and exactly after 12 years ye joined back, making Apple the best. So part-time business will let you learn more from your failures than your success. So love and accept your failure to learn and gain experience.

 

So have a determined spirit, will you fail again? Likely. Will that stop you? Not at all!

 

Work With Sotiris

 

This is a complementary thing in life to choose between a job or a business. The war is ages old and everyone has to face this dilemma. This is a decision on which our future depends. But not every person is granted the privilege of choosing one, as to start a business, capital is needed and this is something that is not affordable to everyone.

So it is but natural that the only option that those people are left with is a job, but there is a saying that you are the one that can make or break you. If you wanted to start a business and at that time if your financial situation was not good, so what? You can take the harder road. i.e. you can earn the needed capital by yourself and then you can start your business.

Few businesses which you can go for with minimal requirements – start ecommerce business, sell on amazon etc.

But as good as this sounds, it’s as hard. There are advantages and disadvantages as well.

 

Advantages:

  1. You will feel more secure as you have your job and that is a source of permanent income for you.
  2. You will pursue something that you are passionate about and thus this factor will boost your productivity and you will enjoy whatever you are doing.
  3. Keeping the job will allow you to take advantage of the resources available at your job and will help you in expanding your professional network.

Disadvantages:

  1. You will have zero time for yourself. You have to work at your office and when you come back home, you have to work there too. Therefore no or less life until your business is fully set.
  2. You will consider your business as a hobby and thus this will make you less motivated to nurture it to fruition.

Here are some steps on how you can start your business while still working:

1.   Find motivation:

Nothing is possible if we do not have the right reason to do it. No one will be able to climb a mountain if they are not motivated enough. Opening a business while still working is going to be like climbing Mount Everest.

You have to work continuously. This will impact your social and personal life. Just remember that a dream will be a dream unless you decide to act on it. So if you want to make it real, you have to give it your all.

Make a list of what you do in a day along with the time taken and then you have to eliminate as many tasks as possible. You have to free as much time as you can so that you can devote the time to your business. You have to come up with a proper project planning if you want to turn your dream into reality.

 

2.   Point out your pluses and minuses:

Different businesses require different skill sets. Take a pen and paper or your laptop and list all the skills and abilities that you possess. Then you have to check whether these are the skills and abilities that are required for your business or not. If yes, you are good to proceed.

But, if the answer is no, this is the first hard decision that you have to make. Now you have two options. Either you have to learn all the necessary skills or you have to change your plan and business and you have to find a business that requires the skills and abilities that you have.

If you are a business minded person and If you already have a business setup, you can become a Shopclues seller, Flipkart seller, Snapdeal seller, Paytm seller with minimal efforts.

3.   Is your idea right?:

My friend left his job and started a startup with a product that can automatically water the plants that you have in your home. Using this you do not have to worry about watering your plants while you are at your home or you are out for a vacation. Sadly, the product failed as he was not aware that people love to water their plants and their gardens.

He neglected human nature and a full year of hard work was wasted, in fact, this is one of the main reasons why many products fail as the founders do not search properly if their product is needed in the market or not.

It doesn’t matter how useful your product is, what matters is whether it is needed in the market or not. The whole project scope depends on the demand for the product in the market.

4.   What is your advantage?:

You are new in the market and what you want the most is sales.

You have to find out if you have a competitive advantage or not?  You have to find out if your business will make more sales than the competition or not? Whether your margin will be higher or not? Is it possible to acquire and retain more customers or not? This is known as a competitive advantage.

At least you should be able to cover all your expenses.

5.   Set your goals:

You can reach nowhere if you do not know where you have to go. The same applies here. You have to set a realistic goal in order to achieve it and measure your success. I know your dream is big but in the beginning, you are not in the place to achieve big. Therefore, you should set some realistic goals so that you can achieve them and you can measure your success.

You must have heard that you should climb a ladder step by step. Therefore, set some achievable goals and do not forget to celebrate when you reach these goals. After all, if you reach your goals, this means your hard work is paying off.

You can start with easy and simple steps, someone who is interested in blogging must start with simple and evergreen topics such as how to use paytm.

6.   Create tasks:

Finding your goal and reaching it is entirely different. You have found your goal and now you have to find a way to reach your goal. Create a plan and set up tasks to reach your goal.

Make a detailed task list with deadlines so that you can have a timetable that you can follow to reach your goal.

7.   Outsourcing is a good idea:

Starting a business while working means that you have to work all the time. In such a case it is possible that you will find yourself stuck with boring and repetitive tasks that are hurting your productivity and are hindering your timeline. This can be bad for your business’s growth.

In such a case, you should outsource all the tasks that you can so that you can focus on all the main and important tasks. This will increase your productivity and will help you to reach your goals faster.

8.   Request for feedback:

To get the maximum sales you have to create a product that has the highest demand and to do so you have to seek feedback. By doing so, you can save yourself from creating something that no one wants.

This will improve your product as you can add all the features that people want, and to know what people want, you have to seek feedback.

9.   Reach critical mass before quitting your job:

The business has uncertainty and you don’t want to have it in your life. But, if you quit your job before reaching critical mass, you will have it in your life.

Don’t jump to any decision quickly. You should not leave your job unless you are sure that you can earn equal to or more than your salary. You have waited so long, so why can’t you wait till you have reached the critical point? Be patient and make only those decisions that do not lead to regret.

This post is a kind contribution from Mohit Sharma.

Author Bio:

Mohit is an ECommerce Enthusiast and Owner of MohitECommerce. He is Working With Many Vendors in Different Categories of Products Across Various Marketplaces. He is Very Good at Amazon Seller Training, Amazon FBA, Amazon Seller Registration, Amazon Brand Registry, Amazon Account Suspended (Making Plan of Action). He Likes To Help All Type of Businesses Mainly Small and Medium Businesses Which are eager to Step in Online Business.