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An idea is only as good as your ability to bring it to fruition. From the moment you get your first ideas for your side business, you need to realistically assess what you're capable of doing yourself so you know what kind of help you'll need. If you haven't yet decided what you want to do, or if you have several ideas in mind, knowing your own strengths can help you choose the right one for you. For example, if you enjoy working with kids, you might consider offering a babysitting or tutoring service. One of the benefits of this side business is that you can do it with little to no monetary investment, and it typically won't conflict in any way with your day job. Identifying your strengths is only half of the picture. You also need to brainstorm any possible problems or difficulties you might have with a particular side business. For example, you may have an extra room that you're thinking about renting out to tourists or business guests in your town. However, if you have a strong desire for privacy or if you are an introverted person who needs ample time alone to recharge, this might not be the best fit for you. Many side businesses don't require a lot to start, while others will demand a substantial investment. When calculating your start-up costs, you also need to assume your side business isn't going to turn any profits for the first few months. Consider whether you'll need to lease office or retail space, or whether you can operate your business from your home. If you're thinking of running your side business out of your home (whether long-term or just at first), you need to check the zoning regulations in your city or county and make sure home-based businesses are permitted. This may be a problem particularly if you plan to invite customers or clients into your home on a regular basis. If you need to lease space, you'll need to factor that into your start-up costs, along with any expenditures you'll want to make for starting inventory, supplies, and advertising. As you plan your budget and evaluate start-up costs, it's often a good idea to go ahead and create a full-scale business plan. This step is especially important if you anticipate you'll need a loan to cover some or all of your start-up expenses. Starting a side business can be trickier if you also need to raise money to cover start-up costs. Work on a business plan so you can figure out how much you'll need to start as well as how you'll handle growth. If you intend to grow your side business to the point that you can one day quit your day job, you also want to look at the potential costs associated with scaling your business as it grows. For example, you may plan to start your business in your house, then lease office space once your client base grows to the point that you need to hire one or more full-time office employees. In that case, the cost to lease an office as well as the salary for an employee would need to be figured into your budget. If your idea is more along the lines of a small home-based side business and you only need a few thousand dollars to start, you might consider crowd-sourcing your start-up on the internet, or asking close friends or family members for a small loan. Seek advice from a professional before you take more drastic measures such as taking out a second mortgage on your house or cashing in a retirement account. There may be significant tax consequences that you didn't take into account that could change your decision. Once you start a side job, you'll have little if any time to devote to other activities. Make a list of everything in which you're currently involved and understand how you spend your time so you'll have a better idea of how you can fit your side business into your normal routine. Include the frequency of events so you can make a better decision on whether you'll have to get rid of activities or whether you can fit them in even with a side business. The easiest activities to eliminate will be the ones in which you have the least amount of involvement or responsibility. You may want to keep activities for which you have a significant amount of involvement, or which are relatively prestigious positions for you to have. For example, you might want to eliminate a community organization if you only participate sporadically, but keep the group in which you've just been elected treasurer. Write down exactly how much time these activities take each day or each week, and be honest. A community organization that only meets once a month for an hour may be a different sort of commitment if you're expected to make a presentation at each of those monthly meetings that takes you approximately four hours to prepare. Making an inventory of the way you spend your time will help you understand how much time you can make available each week to devote to your side business. This in turn can also help you narrow down a list of possible options so you choose the side business that best fits your schedule and the level of commitment you can realistically make.
Identify your strengths. Budget your start-up costs. Assess your resources. Be realistic about your schedule.