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Good afternoon to you and welcome back to the Business Discussion board. The years 2020 and 2021 have brought about many changes in many aspects of all of our lives. One thing that changed was that a lot of people started side gigs that could be done from home. According to an article I read that was shared on the QuickBooks Resource Center, it's highly possible to turn your side gig into a successful business. Let's take a look...
There's probably a lot of reasons why people start their side hustle. Some of the top reported reasons are:
- needed additional source of income
- idea for new product or service
- opportunity presented itself with new market
If you're among the many that plan to start your own business, here are a few keep points to keep in mind:
Embrace the virtual reality
87% or more of small businesses that will open within the next 12 months will be online. With that being said being set up for online sales, having a nice up-to-date website, and establishing a strong social media presence are all critical to success.
Go remote
With the majority or your business taking place online, there's a good chance it can all take place remotely. The same applies to any team members you plan to hire. Many employers have even reported an increase of productivity when employees began working from home!
Focus on Safety
While we're making progress in keeping each other healthy, recent events have certainly heightened our awareness toward the topic. Be sure you're following CDC guidelines and doing everything you can to keep you and your customers safe.
Have a backup plan
Part of entrepreneurship is strategizing. Part of strategizing is having a backup plan, and a backup for your backup. The article mentions "coming up with a few worst-case scenarios—natural disasters, cash flow problems, and even supply chain disruptions—and consider how you might overcome them. It’s impossible to predict the future, but a plan can help you prepare."
There you go! If you're reading this and about to start a business I hope this sheds some light on some things you might not have thought about. If you're reading this and you're already a business owner, what would you add? We always love to hear your expertise!
