How to Determine Whether Your Interest Can Turn Into a Side Business [Great Stuff!]
Evaluate whether or not your passion has a potential
Information is essential as it helps frame and shape ideas.
These ideas can bear fruits in time when planted right. We will reap the benefits in due time if we do our part — which includes observing, evaluating, and adjusting to changes during its lifespan.
But not all ideas make a good fit into the ground. Its growth depends on the different elements that should be well-known from the very start. Ideas come in different sizes — and we need to have a close look if each of these ideas is worth pursuing or not.
Execution is straightforward
The goal is to get something up and running as soon as possible. Your endeavour should not take up too much of your time or effort. Regardless of whether you have other obligations, such as a day job, your project must fit well with your way of life.
If you have no idea whether your business plan would materially impact your daily life commitments, then you should use this guide before jumping into it.
Ability to visualize the process from beginning to end: You do not just come up with a money-making idea. You should be aware of the entire journey. Before people hand over to you their money, ask yourself the steps to observe to realize customer payments.
Capability to earn money: Yes, I know you are good at playing the piano — do not just do that thing alone. Offer to play during window hours inside the mall or as lesson tutorials to children studying at home. The important thing here is there is a simple manner for you to get paid by any interested party.
Get off the ground quickly: If you are dreaming of influencing the world — and it requires you more than two years to launch — If so, forget the idea and move on.
To execute as quickly as possible, we need to verify if we can see the big picture of how the process will unfold.
The resources to make it happen should be within reach or already in your possession. If the thought of executing each process step in your business cycle gives you a difficult time, then let go of the idea and proceed with other options in your list.
Greenlight indicators met
We have discussed the aspects of your interest — whether or not it is feasible to carry it out immediately. It is critical in determining whether or not a project is worth pursuing.
As an additional guide, you can go over these questions to assess if you should proceed with your passion project.
✅Do you have a paying customer for your product or service? If so, what is their profile, or who do you think they are?
✅What are the steps to bring the product or service to a saleable condition? Is it attainable?
✅Does bringing the product or service to a saleable condition require less amount of effort?
✅Will the suggested market price of your product or service allow you to profit given all of the costs involved?
✅Should a problem arise like issues with suppliers or shortage of people — can you provide remediation in no time?
✅Ask yourself these leading questions. Include some business-minded friends and ask them to support you in gathering information and responses.
If you answered yes to all of these self-assessment questions, then move on to the next step or procedure!
Actual stories that support your idea
My wife Jacky is a licensed accountant. After passing the board examinations and working for five years for one of the big four accounting firms and a global bank — she became a full-time homemaker year 2012 in preparation for giving birth to our firstborn child.
When she was in secondary school, she was part of the dancing ministry in the church. She obtained certifications in ballet and attended workshops locally and in Singapore with the hope be good in her craft while serving the Lord.
She had the ambition to be active again after a few years of motherhood, but not in the corporate world, but in the field of teaching dance to children as a part-time ballet teacher.
My wife claims that she is not a professional ballet dancer — but she has the skills to share because dancing is her ministry and passion. She knew that teaching is one part of the side hustle. She knew kids are her target clients but obviously, the ones who would pay for session fees would be their parents.
Jacky sent proposals to residential communities and schools nearby our place. Eventually, she received favorable responses. She was allowed to market it by placing posters and tarpaulins within the vicinity.
Community admin in group chat also helped in making announcements to spread the word about the workshops. She gathered a sufficient number of enrollees through several parent sign-ups, referrals, and inquiries.
She has the skills to deliver the sessions, and my wife understands what programs to teach for toddlers and beginners. Jacky tied up with a ballet school owner who allowed her to pool her students with others for graduation or recital. There are no issues regarding customized ballet shoes and apparel since there is already a network established.
The cost to deliver is free because it is her skills needed in this initiative. Communities sponsored the venue before the pandemic. Children may learn from home during this time. As long as they have a good internet connection and a dance floor, they are a-okay.
If she cannot teach on certain days, she can reach out to someone to back her up if she wanted to take time off or go to the beach!
Having a money-making idea isn’t the only factor to consider when pursuing and bringing your plan to fruition.
Before you put something to the test, think about it. Remember that the techniques for developing your concept must be easy to follow. If you can see yourself executing it from beginning to end, launching it swiftly, and most importantly, bringing money into your pocket, then waste no time and go ahead.
If you require more confirmation, go over each evaluation question again. If your board member friends approved of this project, don’t waste any time — Do it!
Contributed by Dennis De Silva
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