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Side Business Tips for Employees

Life For Techno - Side Business Tips for Employees, having a side business to increase income is perfectly fine, especially for an employee who is still in his productive period like you.

In addition, considering that during the pandemic, of course adding a side business is one way out to increase income.

Especially for those who experience income cuts from the company or even experience termination of employment or being laid off by their workplace.

Side Business Tips for Employees

Side Business Tips for Employees

But, before jumping right into choosing and working on that side business, there are a few things you should think about and consider first so that you don't make a wrong move and can anticipate things that can be difficult for you later on.

1. Think of Owned Capital

When it comes to capital, most people think that capital is money they have to start a particular business.

But, actually, capital is not only about money, you know, but also about time, resources, the location of the place of business, including the skills or expertise possessed.

The point is what an employee has to build a side business that will be undertaken so that it can run as expected.

If you are an employee who wants to open a new business on the side, have you prepared the capital in the form of the things mentioned above?

2. Type of Business Conducted

Starting a business is not easy. We must know what kind of business we will do. Is the business a buying and selling of goods or services.

What kind of products and or services will be marketed? How big is the scope of the market that we will reach?

In addition, who is the age range of our market? Is the range wide enough or is it only a small part of society in general that is the target market?

Identify and learn about the type of product or service being marketed. Does the product or service match the passion that you are going to market?

For example, if you are not a coffee lover, maybe you opened a coffee shop business while you are not very interested in the taste of coffee. Of course this will make it difficult for you to develop the business.

3. Network to Market Products/Services

Furthermore, before starting your side business, you need to know how to market it, whether online or offline by opening a real shop or stall.

This is certainly related to the marketing strategy that you will run to make your business known to the general public, not only those closest to you or the warm market.

Doing advertising must also be a strategy that is in your planning before actually getting into your business.

Take advantage of your network or social network. What are their needs. Maybe it could be a business idea that you can start.

Look for the problems they face in general, ready to know you can provide a solution which then becomes your business idea.

4. Hobby Can Be a Business Opportunity

What is your hobby? Is it keeping pets, or maybe you like repairing and tweaking electronics, making crafts, cooking, or maybe you like sewing?

Business ideas that are fun and productive are usually not far from what we like, such as hobbies that become our passion. If our hobby or pleasure can become a business opportunity, why don't we focus on it and start now?

A business that starts from a hobby will certainly provide a certain satisfaction, especially if the name of the business initially does not provide significant profits.

Of course we have to spend capital and sometimes even spend large enough capital to do branding and various business strategies.

But, if it's a hobby that we really like and become part of our job or side business, of course this won't be so burdensome on our minds, right?

5. Choosing the Right Business Partner

In running a business, we often need the hands and expertise of others to help us build a business.

Although there are people who can work alone in building their business, at one point, he needs a business partner to further develop the business he has started.

Maybe there are people who have qualified abilities in their fields who can help you develop your business, but not infrequently the character and nature or way of working is the opposite of the way you work so far.

Or for example, on the contrary, the personal and character or way of working of the prospective business partner matches your way of working but in terms of skills or abilities it is not yet qualified.

However, apart from these things, 2 is better than one, team work will be much more effective if done with mutually beneficial cooperation. So, choose a business partner that suits your way of working in building a business and its capabilities that match the field you need.

6. Business Legality and Profit Sharing

Talking about the development of a business that was built together with partners, such as with point 5, of course the next step you need to do is the legality.

Of the business you are running along with various regulations regarding the distribution of profits, rights and obligations of each section.

This is done in order to clearly divide each responsibility including all rights and obligations attached to each part. This will be very helpful if something unexpected happens such as a dispute or incompatibility between partners in the middle of the road.

Cooperation contracts or legality are a must if you are going to build a business that you predict will grow in the future.

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