A year after the government-imposed lockdown, COVID-19 is still here. Some people are lucky to still have their jobs, after the Enhanced Community Quarantine. But still, there is no assurance that many can still make both ends meet. Some firms have cut back on the hours that employees are required to work, which means a pay cut for workers.
But the pandemic has also moved many to start with their own side hustles. You don’t need to quit your day job to start a business. Now is the perfect time to start a side business that you can run outside of your full-time work hours. Since more people have started working remotely from home, this new business can be much easier to pursue.
Starting a side business is a smart move. With an unstable economy, you need income diversity. No one should entirely rely on their 9-5 job because it is kind of risky right now. Even if you think that you have a secure position in your company, having a side business is a great source of extra income.
What Kind of Side Business Should You Launch?
For some, starting a business can be overwhelming. But, the key to get started is to choose something that is close to your heart or something that you know that you are capable of doing.
A simple guide would be to ask: What do people ask of me that I consistently do and make others happy about? For example, your friends may unanimously agree how you have a great eye for arts and crafts that they always ask you to help them arrange simple events for them.
Checking on your talents, skills, and capabilities can point you in the right direction. You will likely feel more motivated to pursue a side business if it is something that you are good at, you enjoy, and if there is a great demand for it.
It is also important to consider how much time and money you are willing to invest in your side business. Doing freelance work in your chosen field may not take much of your time. Choosing a business that may require inventory may cost you more than those that don’t. Therefore, carefully check your options and tick the best that you are sure to commit.
If you choose to offer a professional service, consider posting an ad on various social media sites and actively participate with groups that can help you learn new things about your business and build a network to spread out the word about your business.
However, if you choose to start with a product-based business, consider having an e-commerce store and placing it in online selling sites such as eBay, Lazada, or Shopee. With this, you might want to start with just a few products to test which ones will be in-demand. Create a very visible online presence on social media to help promote these products so you can receive feedback.
How Much Capital Do You Need?
If your side business involves freelancing, then this would not cost you as much. You will just need a computer and a phone, which nowadays, almost everyone has.
But with the product-based business, depending on the kind of products, variety, and quantity that you would start with, probably, it would be safe to start with a minimum of P50k to P100k.
Consider the expenses that you may need to get the word out about your business. Having a website is essential these days. Along with it is you need to pay for your ads so that your business reaches more people and not just confined within your town or city.
Getting Started With Your Side Business
It’s unlikely that the company you are working for will disallow you from earning extra, as long as you do your side business outside the office hours and it does not go against any company policies.
Most side businesses these days use the home as their office. And this just means having less to worry about having to pay the rent, utilities, etc.
Make a checklist that you need to have before launching the business.
Take into account your budget. More than just a computer and a phone, you may need some other things like office equipment, computer, phone, preliminary marketing expenses, software, etc.
Create a simple system to track down the progress of your business.
Open a separate account for your business. This should be solely dedicated to expenses related to the business.
Starting a side business, the goal should not be just to thrive for a few months but should be considered as your way of someday having it as a full-time job for you. You can start saving up for your retirement!
Sticking with your day job and asking for a raise may not be possible, especially these days. But, having a side-hustle can surely help you during the rainy days!
For more information, you may contact Armando “Butz” Bartolome
by email: [email protected]
FB Page: Butz Bartolome