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Some of the most recognizable and successful businesses in the world today started out as side businesses with humble beginnings.
Steve Jobs worked nights at Atari while devoting his free time during the day to a project that would eventually become Apple. Facebook, Twitter and Instagram were side projects that quickly blossomed beyond the wildest imagination of their creators. During this time, other companies such as Spanx, Yankee Candle and Under Armor started as passionate projects that have grown into major global brands.
Of course, these successes have often been the exception rather than the rule. A big part of being successful with any type of business is identifying a product or service that is badly needed, figuring out how to fund the project, and then figuring out how to take the business forward.
Sometimes all of this has to be done, of course, while you are still in your main job. It can sometimes be maddening and exhausting trying to do a day job that pays the bills while devoting time and energy to a sideline that will hopefully one day become your main source of income. If you can survive double duty long enough and be successful with this side business, it can ultimately become your path to entrepreneurship, be your own boss, and if you’re lucky, achieve all of your goals.
Related: Now’s the Perfect Time to Launch Your Amazon Side Hustle
I can talk about it from experience. Personally, I’ve had more than one side crush – six of them, in fact. I’ve tried everything from vending machines in my parents’ restaurants, to a bankrupt clothing company, to my current full-time goal of helping businesses find the capital they need to grow.
Shortly after college, I worked for Bonobos and helped the company transition from an online-only business model to one of the first digitally-native brands to deploy a significant presence in the commerce of detail. While I was working there, a coworker directed me to online affiliate marketing. We marketed anything that would earn us a good commission, which ultimately led me to online lending and, more specifically, to order financing.
What started as my sideline eventually allowed me to make the transition to a career in finance that I had always been looking for. Even now, seven years later, I apply the same mindset and practices to my full-time job at Star Funding, Inc. With Star Funding, we help small businesses grow their businesses through custom financing and factoring.
My experience with a sideline has taught me valuable lessons. You need to make sure that you are working efficiently on your side due to the limited time you have available. The biggest key is to work smarter and use the best tools on the market to scale your business. Then let other people handle the things you can’t handle and you will be successful.
Related: Stop Calling It A Side Activity
Here are my five tips to help you manage your side business.
1. Use social media management tools
Social media is probably the best way to communicate with your customers and prospects today. Without the right social media management tools, you’ll have to spend hours every day posting, updating, and engaging. Loomly is a tool that I use to manage multiple social media platforms. It lets you sit down on a Sunday night, set up all of your social media content for the week, and then just push reading. It automatically updates Twitter, Facebook, and LinkedIn so you don’t have to worry about waking up in the morning before you go to work to update social media channels for your side activity. Remember, a big part of being successful with a sideline is working smarter, not harder.
2. Hire a public relations agency
It’s about finding someone who can help you create content and working to find the right outlets to get the word out so you don’t spend all week submitting posts and trying to find ways. to make your voice heard. You sit down with a business and it can help you strategize and then execute it. There are affordable and accessible options for start-ups who aren’t looking to spend tens of thousands of dollars on bigger PR firms.
3. Outsource, outsource, outsource
I cannot stress this one enough! Find reliable, project-based help with features you’re not good at. Upwork, for example, allows you to outsource just about any function of the work you want to do – from bookkeeping to bookkeeping, marketing, social media management, content creation, and marketing. web design. You can hire people to do this work on an hourly or per project basis. Or, as your business grows and you need someone to help you with customer service and answer emails during the day when you’re not around, you may find someone at a very reasonable cost on this platform without committing to long term employees until you need it. them.
4. Find the right funding partner
To be successful, you are going to need to find the right funding partner. This will allow you to grow your business without interfering with your personal cash flow. Getting started is important, and finding the right lenders for your business is essential, as they are the ones who can provide you with the capital you need to grow. That way, you can still live the lifestyle you want to live with your primary job, from 9 to 5. If you can, find a lender who will help you with financing your purchase orders and accounts receivable. to make sure that every transaction you get, no matter how small, will be supported. Purchase order financing is a great program for CEOs struggling because you don’t commit much to long-term loans or something that you have to worry about paying off weekly or monthly.
5. Use procurement agents
If you are selling a physical product, go to a sourcing agent to access their network. Their network, expertise and, most importantly, their experience in manufacturing, designing and importing products will be essential to the growth of your business. There are companies that can help you design products and find the right manufacturers. In some cases, they can help you find the right products for your business, find the right manufacturers, and help you manage the entire process.
Related: 5 Reasons You Must Be Sidelined (Unless You’re Happy To Live On Paycheck To Paycheck)
Good luck in finding success with your side business!