BabyBoomersBlueprint

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 1 to 5 with 5 being the largest time commitment. I want you to do the same thing in regards to the funding needed to start that business. If you enjoy baking cakes, it may cost more to get started than to start a dog walking business. It’s understandable that you may not be aware of all of the costs and fees upfront, however start with the information you do know. This exercise is to help you narrow your business choices. In the end you’ll research just a few ideas and not all of them. This will save you lots of time and frustration.

For those future business owners with limited time try to select a business that can operate 24/7 without you. As mentioned previously businesses such as network marketing opportunities are businesses that function in this manner. Of course any business will require your time initially, but ongoing you don’t have to commit as much time for things to continue moving. The great thing about network marketing type businesses is that a model and plan have already been laid-out, tried, and perfected. You’ll be able to follow a system that you know can work for those who work it. Many years ago, when I started my network marketing business, my mentor who got me started was absolutely fabulous at marketing. She taught me the main ingredient for a successful network marketer is the love of people. She enjoyed meeting new people, sharing ideas and things she’d learned, all of which made her a phenomenal business woman. If you’ve got lots of time, then this area is not an issue for you and you can be available or not to work your business 24/7. But if you’re like most of us, time is limited.

5.    What skills are needed for my business idea(s)?

Has your list gotten a little smaller than when you first started? If so, you’re on the right track. As you go through this article you want to add and subtract ideas from your list accordingly. Now it’s time to consider what skills are needed for your business. Consider the skills you currently have and build from there. Make a list of skills you have today and then see how those skills can be applied to your business idea(s). You may see where you need to add to your skills or that you have the exact skills needed to get started. Your best asset are the skills you’ve used all of your life. The one thing I enjoy most about working my business is that I’m able to use all of my skill sets I developed while working in corporate America. Recycling is a good thing and it applies in business as well, so recycle the skills you’ve learned working your day jobs. In fact, if additional training is needed for your business, you may want to take a closer look at the training offered by your current employer. I once received an email from an exciting future business owner who wanted to get into graphic design. Her funds were limited and she did not qualify for loans so she took advantage of the training offered at her job on the Adobe Creative Suite. Not only was she able to apply what she’d learned for her current position, but she was also able to apply it to her new business. As a result of taking the initiative to participate in the training offered by her employer, she later received a raise due to her continued efforts to build her skills.

I wish you much success in determining what your new venture may be, and if I can be of any assistance, please don’t hesitate to reach out.

Come back again for Part 3!!

“Take control of your destiny or someone else will”