Many people who have full-time employment prefer to run a side business to boost their productivity and revenue. Here are things they should do to run their side-business effectively:
- Rent a separate place: It is could be a bad idea to use PO Box or home address. There’s a stigma associated with PO Box and this could cause our side business to look rather unprofessional. Home address is also a sign that we are not yet fully established in the market. We don’t have the opportunity to explain why we operate our business through PO Box or home address. We shouldn’t let people think that we are fly-by-night business that could leave their money at the drop of a hat. We may need to rent a small office within specific geographic areas to reach target consumers. Lenders will trust us more and clients will know that we won’t run away with their money.
- Don’t skimp on professional helps: When running a side business, it is quite likely that we will need plenty of professional helps, especially because we may not be able to work full-time. This is especially true if the business has just taken off and we need to generate some real revenue. It is crucial to know when to and when not to DIY. As an example, we shouldn’t try to be our own lawyer. Free legal forms won’t provide us with the needed legal protection and we will get exactly what we pay for. We also shouldn’t try to be our own accountant. Bookkeeping is a serious task and many business owners don’t have the expertise, experience and time to devote fully to it. When it comes to preparing tax return documents, we need to deal with corporate tax returns, sales tax, payroll and others. Deadline may nearly arrive and we should stay current on tax law changes. It is a good idea to choose a CPA who specializes in small business taxation and accounting. We also shouldn’t try to be a marketing director of our side business, if we don’t have the true gift and time. We have seen many postcards, flyers and other marketing materials that look as if they are made by children. Between boring text, black&white images, typos, poor grammar and lack of call-to-action, we could waste every cent we invest on marketing effort. People will immediately dismiss our marketing messages and throw away our marketing materials. In fact, poorly implemented marketing campaign can do more harm than good. People could begin to correlate our business with annoying and forgettable marketing messages.
- Build a network: Networking is hands down the single most effective and efficient marketing technique. In fact, a well-established network can generate more sales than $2,000 print and radio ads. By networking, we are able to meet potential customers and clients, while getting our company’s name out there. We can join free networking events during the weekend and we should be able to participate around our full time jobs.