Are you getting ready to become a working entrepreneur? That’s a person who keeps their day job and starts a small business on the side. If you’re ready to give it a try, you probably spent at least a few sleepless nights wondering whether you’ll succeed where many others have not. Wouldn’t it be nice to have a cheat sheet of sorts, a short-list of solutions to the most common problems new business owners face?
What exactly do those who venture into uncharted waters encounter? Of the hundreds of small and large challenges, a few of the most frequent fears include figuring out which services or goods to sell, knowing how to deal with inevitable financial emergencies, understanding where to find buyers, and more. Here are details about the four most common hurdles you’re likely to come across, along with simple solutions.
Deciding What to Sell
Perhaps you still haven’t chosen a product or service. No worries, because there are thousands of ways to go. The trick is selecting either a service you can offer online, like tax preparation or reselling goods that you buy wholesale from a manufacturer, like knives or jewelry. If you have craft skills, consider making your own items and placing them in a web-based store. Spend a few days making this decision and try to hone in on just one thing that you’d enjoy selling and already know a little bit about.
Handling a Financial Emergency
As you move through the business-building process, remember that you can always fall back on your regular job for financial support. That’s the beauty of running a side business. Still, if life throws you a financial emergency, like unexpected medical bills or auto repairs, a payday loan can quickly and easily resolve the dilemma. Applying is super-fast because all you need to do is verify employment and income. Funds go into your account in a matter of minutes, and it’s simple enough to find the best payday loan deals online.
Finding Buyers
Take time to research your market. One effective way to do this is to check out the competition and see who’s buying from them. For instance, if you sell home-made jewelry, spend a few hours viewing other sellers’ sites, reading product reviews, and checking price levels. After that, it’s easy to create a reliable list of who’s buying what. Are most reviewers’ women, men, young, old, students, young couples, or other niche groups? Read the ad copy your competitors use on their main pages and determine who the intended audience is. Studying your future competitors is the single best way to find out who’s buying the product or service you intend to sell.
Knowing How to Outsource
As a solo, part-time business owner, you can’t do everything yourself. At some point, you’ll need help with tasks like preparing a business tax return, advertising, website building, and building a mailing list. The good news is that you can outsource all those jobs without spending a lot of money. Check the major freelance and gig sites to find people who can do any of the tasks you don’t have time to do. In the long run, what you spend will potentially come back to you many times over as profit.
