Cover photo from Pexels.com
Today I have a post for you about starting your own business that has been contributed from others specialising in “the side hustle”. In my 7-day money make-over challenge, I talk about making extra money, and your own business may be something you’ve always wanted to do. I agree with this wholeheartedly, and I have started on a business venture myself. All the frugality in the world may not be enough to have the kind of lifestyle you crave for yourself and your family, or you may just want to pay off your debts faster! Extra income gives you choice and freedom if you do it properly and don’t overwhelm yourself.
If you have ever had a dream to work for yourself, then what’s stopping you?? So many people talk themselves out of doing something like this for all sorts of reasons – not enough money, not enough time, kids are too young, feeling too old/young. The list is endless. Have you ever stopped to think though that this might be just fear holding you back and that your brain is giving you all the excuses that you don’t need to listen to?!
Before you do anything though, be ultra-careful about your decision making, and speak to someone who is further along than you in what you’re hoping to achieve. Don’t take unnecessary risks or debt.
Anyway, enjoy! I would love to hear about your start-up business dreams in the comments below! If you want some more inspiration, why not take a read of the nuttysquirrel.co.uk’s journey?
For a lot of people, there are few ideas more tempting than that of being able to break away from normal employment and start their own business. It’s a pretty understandable goal. After all, who wouldn’t want to earn money while in total control of the direction of their career and be able to call the shots, rather than constantly taking orders from someone else? However, far too many people end up jumping into a new career path as a business owner without pausing to make sure that they fully understand exactly what goes into it. The truth of running any business is that it can be incredibly difficult and incredibly stressful. With that in mind, here are some ways that you can more effectively navigate some of the challenges that you may come across when setting up your own business.
Make sure that you have the capital that you need
Even if it’s not the driving force behind every business decision that you make, the reality of any business is that money is going to be an incredibly important part of day-to-day life. Your business needs capital in order to function, and you need to be sure that you have access to the funds that you need. Some small business owners choose to fund the business through personal finances; others use services like smallbusinessloans.co to get a hold of the money that they need. You may even want to consider services like Kickstart to crowdfund the money that your business needs directly from your customers.
Plan your time carefully
If you don’t make an effort to plan your time as carefully as possible, then you’re almost certainly going to end up in a position where you’re scrambling to get everything done as you fall further and further behind. Time is the most valuable resource to your business since it’s the one that you can never get back, so you need to be sure that you’re using it as wisely as possible and that you know exactly how you’re using it at all times.
Try apps like Toggl and Life Cycle to track your time from your phone, and then make realistic adjustments that suit your lifestyle. You may have to get up a bit earlier than usual and factor in some time at weekends for example.
From now on, the phrase “I’m too busy” is banned from your vocabulary!
Know when to ask for help
It’s true that the idea of being able to run a business entirely on your own is more of a reality now than it has ever been before, but that doesn’t mean that you shouldn’t feel the need to ask for help from time to time. This can take a number of different forms, from outsourcing certain tasks to hiring employees to work alongside you.
No matter what you choose, it’s incredibly important that you recognise when handing certain parts of your business over to other people can be the best thing for it. The book “The E-Myth Revisited” can be a useful for ideas in this area.
Despite needing to be cautious, the barrier to entry for many small businesses really has never been lower than it is right now. Sure, it might still be a big challenge that can be very stressful, but never before has it been possible to set up a business with little more than an internet connection, a great idea, and the drive to turn that idea into something real.
I hope you enjoyed the article and found it useful. I wish you the best of luck working on your “side-hustle” – just remember consistency and tenacity will take you a long way in achieving your dreams.
Until next time,
Come and Join the Money-Medics!
Every week I'll send you something inspiring, useful and fun related to our favourite m-word.....MONEY! I look forward to "meeting" you. Love, Dr Nikki x