Starting a side business? Here are some tips
MANILA, Philippines - The very idea of making money with your spare time can be enough to whet the appetite of those grinding their way at their full-time jobs.
But before diving head first, here are some tips to prevent you from falling flat on your face.
In a recent episode of ANC's "On the Money", Aaron Palileo, associate guru of Ace Center for Entrepreneurship, shared 5 key things to consider before you start your own sideline venture.
1. Know your strengths.
"It starts with competencies. What are the skills, the knowledge you have. It could be certain skills and knowledge pertaining to certain industries like IT or a particular hobby or collection that you do."
"Another part of strengths would include the people that you can work with...Look for those who can provide skills that the sideline business needs. Don't just partner with friends for the heck of it."
2. Is there a market for it?
"Ensure there is demand for what you're offering. Fads come and go. Rather than focusing on the trends in the market, focus on the strengths and skills that you possess."
3. Are you passionate about it?
"You might be good at it. There might be a market for it. But you might not be interested in it."
4. Align the sidelines with the main line.
"I make sure that everything I pursue are all integrative. All of these things that I'm doing are not in contradiction with one another because they compliment each other."
Sideline businesses are successful because of "the fact that they have defined their strengths in a very pointed and focused manner. You may have to come up with sidelines to help with your main business."
5. Set a grand vision.
"Paint a big picture idea of who you want to be in like 10 or 15 years from now. My personal vision is to practice left brain and right brain management and because of that, all of those things that I do are pointed to that end goal."