How to Start Your Very Own Side Hustle Micro Business
Have you ever had the feeling that you’re worth so much more than your nine-to-five job?
You might even have had fleeting thoughts about leaving it altogether and starting up on your own. Deep down, you crave an opportunity to channel all your experience and skill-set into something you genuinely love.
If so, you could be one of the many start-up businesses that will be registered with HMRC this year. According to the government, the vast majority of these start-ups will be micro businesses.
I covered the concept and definition of a micro business in a previous blog post, but the upshot is that a micro business is very different from a small business.
Well, a micro business employs fewer than nine people, while a small business employs up to 50. In fact, over 80% of micro businesses employ two people or fewer – one!
Micro businesses accounted for a whopping £552 billion in sales throughout 2017 alone, and they make up a staggering 75% of all UK businesses. So, if you thought a one-person business couldn’t achieve all that much, it’s time to think again.
Whether you choose to work from a snazzy office, the local coffee shop, or even from your own bedroom in your trusty PJs, there has never been a better time to become your own boss.
Want to ditch the nine-to-five for good? Read on!
First, Be Prepared
Starting a micro business isn’t for the faint hearted – something I know from experience.
As the only person in charge, you will probably work far harder, far longer and for far less money, at least to begin with.
The vast upside is, however, that if you’re doing something you love and believe in, working for yourself can become truly addictive.
Not sure? Start a Side Hustle
You might have heard the term ‘Side Hustle’ before. It basically refers to a job or a project you can do whilst still working full-time.
If there’s something you’ve always longed to try, but you’re not sure about leaving your job just yet, why not test out some ideas and see if they work? A Side Hustle is a low-risk strategy that will ensure you can still earn money throughout.
Ultimately, you could use the five-to-nine – those hours when you’re not at work – to plan your escape from the nine-to-five!
Whether you’re considering a Side Hustle, or taking an unbridled leap into self-employment, here are few steps to consider first.
1. What do You Want to Do (and Will Others Want it Too?)
Whether you’re turning a hobby into a business, drawing on past experience, or taking up a franchise opportunity, you’re not the only one who has to love your idea.
Start by talking to the people you think are most likely to be your customers. You need to make sure you can create something people will actually be willing to pay for.
Don’t be shy: ask them how much they would be prepared to pay, too.
2. Get Planning
A lot of micro businesses come unstuck when it comes to planning and finance, yet they really are business essentials.
You need a full understanding of how your business will work, as well as how you intend to move from employee to entrepreneur. You need to know how best to spend the money you start out with, so that you can make even more.
This is why a business plan is one of the most important documents you will write.
Your plan doesn’t have to be complicated, but it should cover the basics of how your business will operate, how you will deliver your product or service, and set out any plans for future expansion.
Plan a cashflow forecast, too. If you’re going to make money, you’ll have to spend some first.
3. Devise a Marketing Strategy
How will people get to know about your business?
Create a plan that gets your marketing messages out to your ideal customers. You’ll need to include activities such as blogging, social media posts, videos and email marketing.
4. Testing, Testing (123…)
Now it’s time to test out your product or service.
Gather as much feedback as you can from your test customers. This will help you determine what parts of your idea are on the right track, and which may need tweaking.
5. Adjust Your Mindset
Starting a micro business means heading out on a potentially bumpy road, and nothing will truly prepare you for the vast difference between employee and entrepreneur.
Be aware that things may not go to plan, especially at first. You may overestimate how many clients you’ll need, or underestimate how tough it is, having to make all the decisions by yourself.
So stay positive, draft in your loved ones for moral support, and if you need any extra help, an experienced mentor will be able to guide you through.
The rest is up to you…and if you’re taking the plunge this year, I wish you the very best of luck!
Do you dream of leaving your job to become an entrepreneur? What are your concerns? Or have you made the leap into starting your own micro business? Share your story below.