How many of us are thinking of having our own businesses when we are no longer working in the future?
The truth is, one does not need to quit his or her day job to start a side business. There are many employees out there who have succeeded in building their business or working part-time in their spare time. Check out some tips from those who have been running their own business successfully.
1. Identify problem
The easiest way to start a business is by solving a problem that we face every day. At its very core, every problem leads to an opportunity. You can start by asking yourself about something that you need but has not been provided by anyone.
See one example from Dina, 34, who started her birthday party organizing business after realizing how difficult it was to find a suitable vendor for her son’s 5th birthday party.
“Most vendors offered parties with mainstream themes, such as cartoon characters. We wanted an elegant yet fun party. My husband and I finally decided to do all the work ourselves; from conceptualizing and designing, down to the smallest of details. As it turned out, we were not the only ones satisfied with the result; our guests were also impressed by the party,” explains Dina, a mother who works full time as a secretary to the director at a local automotive company.
2. Conduct a research on market demand
The next step after identifying the problem is understanding the market demand. This can be done by conducting a simple survey, i.e. asking directly to the right target market, observing the market behavior and needs.
That was exactly what Dina did. She listens to market demand and implemented her idea as their side business.
“Many guests who came to Dio’s birthday party asked for our help in designing a party that would meet their demand. We finally managed the business seriously as our side job. The business is very profitable,” she says.
According to Dina, she and her husband listen to every demand from client, while also giving suggestion based on what is trending and their own experience.