Executing The Side Business Ideas in India
Dream Big, Start Small, Act Little, I believe you might have come to hear this line often whenever you are searching for new ideas to do anything new.
Well, this line is quite true and applicable for all the people who want a big change in their life, in terms of anything, it may be a career, relationship, financial goals, study, or any other aspect.
Almost every high ambitious person seeks a great idea to execute and create a different identity for him, and most people look in terms of establishing a new big startup.
Many people want to quit the job and start their own business where they are not supposed to report to anyone, and they are their own boss, well, it’s a nice approach, but they also are supposed to hold the proper chain about executing the new business ideas in India.
It’s not necessary to quit a job to start a new business, you have to focus on other aspects like Business Selection, Time Management, Business Management along with the current job.
In this article, we are going to explore the various ways of how you can start a side business with the current job and can switch on the full time later on after making it sustainable.
Why Side Business is Advised?
Business is not an easy deal especially when you are going to bid your money, efforts, energy, concentration, and time on starting up a business.
When we are not millionaire people, it’s not quite advisable to quit the job and start up a new business idea, well, your business idea can be great, but you will not get an instant income from the second day like a job.
While doing a job, your money is secured which is going to be credited to your bank account at a certain date of every month.
In regards to maintaining the financial condition, the legendary business experts always advise start up a side business idea first and then quitting a job after making it sustainable and trustable.
When you start a side business in India, or anywhere with doing a current job, your finance management does not get disturbed.
Here, I am sharing my own experience, I had done this mistake in my life of switching the job with Vegetable home delivery business, which was my first business setup which got failed in a starting phase.
I was put in a fix regarding financial management, and then I suffered a lot, I learned many things from my mistakes and I am also mixing up my own experience in my blogs so that I can educate people about what they should not do while executing the business idea.
Side Business Reflects You Relief
A side business passes you the relief, because none of the businesses in the world that returns you the profit from the first day or first month, are you agree with me?
Side business stands for running the business by keeping connected with the current profession from which you are getting the regular monthly income.
The second benefit of running a side business in India, that you will not have to borrow more from anyone to sustain your business, because you can manage it from your regular income.
Plan Big – Start Small
There is not a problem with a single penny if you want to build a business of $100 Billion, and currently, you are living a middle-class life.
It doesn’t matter what you are today, and where you are today, it matters what you are thinking to be and how you execute it.
Abhay Dubey, the Owner of Chai Sutta Bar is turning over around Rs. 100 Crores now, but do you know that the establishment of his business was on a very small scale with only one small tea and coffee outlet.
Not only chai sutta bar, but there is also Abhay Hanjura, owner of Licious Company, and there are many startups that were started on a very small scale and today there are tuning over in Millions of Dollars.
If you are thirsty for building up a great business idea in India, you have to plan it from zero to end, but start from a very small module.
Don’t jump on to the middle step of the business directly, if you want to open a digital marketing company, start as a freelancing first, make some small clients, then register a private firm, and move on step by step with tethering the full experience of each module.
Do not ever quit the current job to start a new business, start a business as a side business along with continuing with the current job, divide some of the focus on the business strategies, work parallelly.
If I tell you in a nutshell if you want to build a fruit export company with a turnover of Millions of Dollars, start it as a side business by opening a very small fruit shop.
Make the shop business sustained first, then take the next step of outsourcing the fruits to the other cities, then other states, and then execute a big idea of exporting it to the outside countries.
Set The Deadline in Terms of Years (Not Months)
Starting a side business can not have full involvement in it, and hence, the growth speed of the business can not be as high and fast as a full-time business.
You are supposed to set up a deadline for your goal along with setting up modules and their deadlines.
Let me explain to you with the reference of my business plan, currently, I am owning 4 Blogs along with this blog, my goal is to establish a company of Digital Marketing, Affiliate Marketing, and Content Creation Providing service.
I have set up a deadline for years from 2021, hence it will be completed in 2025, and at the end of 2025, I have to set up all things which I mentioned above.
I have divided the goal into different modules, I will establish a very small company of only 2 employees in mid of 2022, and till the time I will work as a freelancer.
Because according to my business plan, I must have clients before establishing my company, so that I would not have to survive without profit at the expense of marketing.
But I started with a very small business idea of providing the content writing, ads making services at a very small level, and reserved my five years delicately for this business model.
For example, If you want to start up a franchise model business, where you want to provide the franchises of your business, you should start that business at a small level and set a long time deadline, like 5 years, 7 years, according to your business niche.
Manage The Time Shcedule Properly
The activities of a bunch of the days decide the outcome of a week, week bunch activities decide the outcome of the Month, and every month’s execution results reflect the result of the year.
The actions of each day build the future of years, while starting a side business idea, you are supposed to manage the time per day.
It’s not recommendable that you skip any day by excusing that you could not have enough time to complete the order.
Because if you would not prevent yourself to be slothful today, tomorrow it will dominate you and then the sloth will become your friend, which is your biggest enemy in actuality.
Generally, Job consumes 10 days per day overall, so you have to fix how many you will be working on your idea of side business per day, and you have to perform the business responsibilities dedicatedly per day.
Again I am giving you the reference of my business plan, currently, I am doing a business of content writing for the clients, but I work for clients for 9 hours, and I do work on my business plan for 6 hours every day.
I don’t allow myself to work for 5.9 hours per day for my business project because I have to accomplish my business strategy in 4 years, right?
You have to schedule the dedicated hours per day to your side business idea, which is the key to execute successful business ideas in India or anywhere.
Keep Increasing The Clients
When you are running a side business along with the job, you can focus on making clients without any burden, the speed of increasing clients will not affect your business model.
Concentrate on increasing the number of regular clients for your business until you convert the part time business into full time business.
For example, if your plan is to establish a business of garment wholesaling, according to the first step, you should start as a retail garment business without shop, by selling clothes online.
With the development of business, you should focus on increasing the clients, of retail and wholesale both.
At the deadline of your goal, you will be having numerous clients, and when you will established a decided wholesale warehouse or unit, you would not have to wait for clients or would not have to spend extra money for marketing your business.
Let’s suppose, you want to switch your job to business in 2023, so you will start the garment selling business in 2021, and start making the clients.
Your blueprint must be making at least 2 new clients (don’t expect much more) per month, from 2021 to 2023, in almost 20 months, you would have 40 wholesale clients, which is enough for a full time garment wholesale reselling business.
Create a Goodwill For Your Business
While running a business model as a side business, you have a good chance to stand up the goodwill of your business and branding of you in the market.
A small scale business can afford to offer the products on credit to the clients, by which the clients will prefer you to make any big deal for their business.
Side business doesn’t need to adjust more or huge recurring expenses from the profit, and that’s why it can afford to sell the product at a lower rate than the market rate with the best quality.
Starting up a side business has one more benefit that you will not have to arrange money from other sources to expand the business, you can add the profit of the side business in it to expand it.
The reason behind it is that you are already earning a good amount from your current job, so it will not disturb your routine financial management.
Make The Team to Handle The Business
You might be thinking about why we need to create a team to handle the side business, but it is a very advisable step, let me explain to you.
After applying the above-mentioned strategies, after a certain time, your business will become unmanageable for you, if you will keep approach handling it single-handed, you have two options.
Either you have to quit the job and handle the business full time or else you can spoil the built business till the date.
So the better option to sustain the side business with your current job or profession is to build a team until you leave the job and move on to the business for full time.
Summary of Discussion
Every step of your business must be verified before you take it because a little wrong step has enough potential to ruin your whole business in a very few duration.
Second thing, if you are a middle-class person, not having a very strong financial backup then each step of business must be verified, and it’s not necessary that you would be taking only the right decisions forever for your business idea.
So, you should start your business as a side business, make it trustable and sustainable that can make you strong to survive your responsibilities on the basis of income of the only business.
Once you get assured that the income of the side business is exceeding your current job income and your business model is too strong to survive in the market between the competitors, then you can take certain decisions.