Welcome back to the next part of how to start a side business without quitting your day job….
3. Be realistic about funding.
It may seem a bit premature to think about funding before narrowing down a business idea, however, much like time it’s important to be realistic about what money you have available to invest in your business. Knowing this early on will help you to eliminate business ideas that do not match what you are able to invest. Consider not only what funds you have to invest, but whether you want to include partners or get a bank loan. Answering these questions helps to narrow or broaden your business options. The great thing about being an entrepreneur is that it doesn’t matter how much or how little money you have to get started, you can still get started. When being realistic about your funds have a ballpark figure of what you can invest. You may not need as much money as you thought, but it’s good to have a general budget to start.
4. How do you determine business opportunities that work best for you?
We are building on the previous steps. At this point, you should have a list of things you are passionate about, you should know how much time you have to commit to your business, and how much you have available to invest. Looking at your list of passions make note of the ones in which business ideas can easily be developed. Remember my organizing friend? Her passion easily can be turned into a business. If you have not gotten your list together stop right here and complete your list.
Looking at your list of passions with business potential, make note of the time commitment involved on a scale of Read the rest of this entry »