Starting a Side Business?

Side Business Advice

Are you currently working a full-time job, but have an entrepreneurial spirit and have always wanted to start a business of your own? You are not alone.  Today, more and more people pursue opportunities outside of their nine to five job.  From business consulting, website design or blogging, the possibilities for side business opportunities are endless. The truth is, having a side business can provide a sense of financial independence during times of uncertainties, allow you to discover your strengths and weaknesses, and if successful your side business could end up being your full-time job.  Of course, like anything in life worth pursuing, there can be obstacles on the road to starting your own business. However, doing so can be a rewarding and allow you to live out your entrepreneurial dreams.  So, if you have been considering starting your own business but now sure what to consider or how to get started, take a moment to consider the below information.

What is your passion?

Stick with your passion and do something you are great at.  Preferably something you do better than most, as this will make sure you stand out among others in your industry.  Avoid focusing on just the money aspect of the business.  In the long run doing what you love will drive you and you are more likely to follow through.  When you encounter struggles, because there will be some from time to time, you are more likely to continue giving your all if you truly love what you are doing.   There is a lot of truth in the saying “do what you love, and you will never work a day in your life.” In addition, pursuing a passion will give you credibility. If you are good at what you do and have a passion for it, you will get buy in from potential clients.  Explore your strengths, skills, hobbies and within those you may find what is the start of your entrepreneurial journey.

Be committed

Once you decide what you want to do, make a commitment to stick with it.  Make sure to allocate the time that will be required to get the job done.  It can sometimes be difficult to find the time when you have a full-time job and are starting a side business, but it is possible – you just have to get creative.   Maybe waking up a little earlier or giving up a few hours of your weekend to allow for dedicated time to spend on your side business is what will set you apart.  Since you are now your own boss, you have to hold yourself accountable as any other boss would.  Yes, there may be some sacrifices, but they are well worth the reward of starting something you can call your own.  Consistency is also key.  Just as you would expect consistency from any business you seek services or product from, the same would be expected of you.   Without that consistency and commitment, you will lose momentum and are more likely to fail.

Seek Help

Surround yourself with people who can help you succeed.  Seek advice from a mentor, or respected person in the industry you are looking to enter.  You will want to get a different perspective and someone who can look at your business objectively.  There may also come a time as you are developing your business where you discover tasks that are unrelated to your passion but necessary to run your business.  You may also find that you are not very good at completing some of those tasks and should not be the one doing them because you don’t have the necessary skills to do them.  If you get to this place and if it is possible for you to do so, you may want to outsource.  There is someone out there that can help you complete those tasks more effectively and allow you to focus on your passion.  There is nothing wrong with asking for help.  In doing so, you can be helping someone else work on what is their passion and the quicker you can accomplish your goals. This is often where we come in as tax professionals. For example, a plumber usually starts a business because he is an amazing plumber, not a great businessman. We help bridge that gap by setting the stage with bookkeeping and tax preparation. Hire out your weaknesses.

Vison

To be successful in any aspect in life, you need to have a clear vison and plan to know get you would like to be.  Create a business plan!  Research the market you are looking to enter, identify your target audience, what makes you stand out from the rest, identify what you and your business values, and set goals.  Just as important you will want to document this as this is the backbone of your company.  Not only is documentation important for you to have a reminder of your business plan and vison but also for clients to know what you and your business are all about.  Even if your side business involves just you, you will want to make sure you do this before starting.  You will never know what you can achieve if you don’t clearly map it out.

Act

Last, but not least, do not be afraid to take action.  The truth is you should probably start before you are ready.  If you wait for everything to be perfect, you may never decide to take the plunge because the truth is you will things will never be perfectly as you envision them to be.  If you have a passion, have researched and created a plan for how you want to run your business all that is left to do is do.  Do not be afraid to take a chance.  Be confident in your passion.  If you have something to offer others and you are great at it, success will follow.

If you already have a side business or are looking to start one, give us a call for a consultation appointment. We would love to help you get started with your best foot forward.

Griselle Mejia
Operations Manager

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

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