The business part time responding 2 needs: increase revenue or capital to shore up existing business; However, whatever the reason, the truth is that even this type of entrepreneurship requires a plan that reduces the risk of failure and leads the entrepreneur on the path to success .
If your goal is to earn extra money without giving up your current job or neglecting your duties, then put together a feasibility study and play it safe.
Unlike a business plan – much more complex and, why not say it, extensive – a feasibility study consists of 4 points . And although it is shorter, its value lies in that you will have more clarity about your idea, objectives, actions and results. The study must contain:
- Product and service
Ask among your acquaintances what they think of the product or service you want to sell, what needs it solves, how much they would be willing to pay and how often they would consume it. This will help you know if you are on the right track or should you think of another business idea . One more point to consider is how close you are to what you will sell, because a serious mistake is to start a business that you are not passionate about.
Investigate who are the suppliers, direct competition and potential clients that pull the strings of the industry in which you intend to participate, so you will know how many possibilities you have to position yourself and in how long. Also consider if the product or service you will be engaging with is just a fad or has future potential. Why? Simple: because if you require financing , you will be more clear about the periods in which you can cover the debt without pressure.
Remember that those involved in your business must cover a specific profile, according to the position they occupy, and they will be responsible for specific actions. In order for everyone to work in line with the company’s objectives, the recommendation is that you design an organization chart that specifies the role of all those involved and what are the goals they must achieve .
This is the most complicated section, but on which the success or failure of your business idea depends. Start by defining how much capital you need to start up and make a list that contains technical requirements, fixed expenses and human capital. Once you’ve got the quantity, stick with it and don’t be tempted to buy extra or fancy supplies .
Even if it is a business to complement the income that you already have insurance, you must establish a commitment to your business idea, give it quality time and take your role as an entrepreneur very seriously.…