Your problem solving skills can plant the seeds for your enterprise.
Having multiple streams of income has become a new normal except you’re not human like me. Needs are as unforgiving as bills, and they are unrelenting. They keep mounting until they become unable to stand on their own and start crumbling around the bearer. To beat this pressure from all directions of needs and wants, everyone is learning to look for that extra income around, online and offline.
If you are one of those resilient persons, then this article is for you.
- Look for an opportunity – be a problem solver
An idea for a business often stems from challenges faced in life. Just look around you, every product and service is an answer to one challenge or the other. What problem do you see around you? What are your pain points? Are there products or services that can help resolve your pain points? Do you have an idea to make that happen? That may just be the seedling for that new side business. Is it something that people will be willing to pay for?
To get it right, plan to go into either an uncharted territory or go and scrutinize what’s already being done. If it is an already existing business idea, take a look at what your competitor is not doing right. Develop your own model and push it out as a solution. If you go into what’s already being done, but with a better service to offer, you have a better chance of making a success of it.
- Take two steps forward – Start the business
Once you have birthed the idea, start it. From anywhere. It doesn’t have to be big when you’re starting out. The most important thing is to start.
- Do a market validation
Once you begin, get someone to try the product/service. Be willing to listen to the feedback and modify accordingly. Check if people are interested to pay for what you are offering.
- Be financially disciplined
The key here is to not start the business when you have financial limitations. Pour what you make from the business back into it at least for the first two or three years after commencing. The breakeven period might take time to come. But if you continue to watch, listen, and reform your product/service there is only one way you can go – up.
- Finally, commit all the required energy into the business
Stay focused. Do not lose sight of the goals you have set. Plough through setbacks with what your objective is. Let no naysayer and nothing distract you from pursuing your dream. Before realizing it, you’d have gone far. See you at the top!
This article was carefully developed from Episode 52 of the Immigrant Life podcast. Listen here