Who doesn’t love making some extra money on the side? Side hustles and part-time business ideas broadens your own personal income streams and open doors to new opportunities that you could never imagine. But it’s no easy feat. In fact, we found out that it’s taken more than 100 hours for entrepreneurs in our network to do research on starting a business. That’s why we’re here to make sure you’re setting yourself up for success in a nick of time.
1. Figure out the nitty gritty details
This is perhaps the most crucial question you need to ask yourself. But that’s a big question, we think so too. So let’s break it down to make it easier to make sure your business idea is good from all fronts. If you haven’t heard of it already, we recommend using a Business Model Canvas.
This method helps visualize and critically assess the practicality of your idea. The canvas takes you through fundamental components of starting a business, such as revenue streams, customer segments, key activities and more. All of the components ultimately answer three main guiding areas: feasibility, desirability, and viability.
2. Do your market research
Saying it louder for the back: Not all industries, sectors, and markets are the same. Coupled with the fact that innovation is booming more than ever, competition within each market, sector, or industry is fierce. Which is why it’s imperative that you do your market research.
What is your idea up against in the market? What’s the unique selling proposition (USP) of your idea? These are important questions to answer. Use both primary and secondary research to achieve a holistic perspective of how your business idea fits into the wider market. We’ve got a few recommended strategies such as SWOT analysis, BDC’s Competitor Analysis guide, and additional secondary research methods.
3. Test your idea with others
You’ve done your research and all things check out. Now it’s actually time to put theory into practice. Testing and validation methods are a core component of helping consolidate your business idea (this is especially helpful during early-stage funding rounds!) Some of the most common methods include prototyping, focus group interviews, beta testing, and more.
This is just the first step. Your part-time business idea could become your full-time career! The entrepreneurial journey is a long and winding road—and we’re here with you at every step of the way. You can find more help or learn what the next step is through our Business Owner’s Toolbox (BOT). This is our free online roadmap that takes you step by step through what is needed to set up and grow a business. Create a free account today and gain access to an exclusive hub of special support and partner discounts at the click of a button.