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STARTING A MONEY-MAKING BUSINESS
Most professionals will find themselves at a career crossroads in life where they consider whether a business will be a profitable move. There is no denying that a successful business could make more money than a strategic promotion. Ultimately, you will always have more control over your wages and progress as an entrepreneur than as someone’s employee.
Yet, not all businesses can grow strong and healthy. Many new business owners are forced to shut down within a few years. So, if you are considering a business for money purposes, you want to make sure you understand the right choice for your needs.
While money is an important component of a career choice, the most common trigger for professionals is to find something that motivates and makes them happy. Indeed, job satisfaction is one of the key triggers to consider launching a new business, as it encourages you to create a company where you would love to work. But how to get started with building a successful money-making business?
1. The Side Hustle For Income
Does a business need to replace your existing career, or can it run alongside? If you don’t feel confident as a full-time business owner yet, you can start with small steps. A side hustle lets you experiment with running a business without putting your household income at risk.
Typically, side hustle ventures allow you to explore and monetise your passions. As a rule of thumb, most Brits make almost £5,000 with a side hustle, which is a nice addition to your household budget. Some ventures, such as blogging and vlogging, are more lucrative and can let you build an ever-growing presence online. But, if you choose to become a dog walker, you could still be looking at a generous side income plus the joy of spending time with dogs. When you are confident in your business know-how, you can gradually expand the side hustle.
2. Let Someone Else Do the Hard Work
A franchise opportunity is a great way of launching a business without making a huge investment. If you want to start a brand new business, you will need to consider equipment, marketing, and venue costs. But with a franchise, these costs and many others are already covered. You can benefit from the knowledge and expertise of the brand and build your own business presence. Where to find the right franchise opportunity for you? Places such as Franchise Direct provide an overview of all the recent franchise offers by industry type, location, and budget. A franchise can start from as little as £5,000 investment, which makes it more manageable to launch a business.
3. Do Your Research Before You Start
Writing a business plan is like creating a map of the best road to success. Your business plan will reflect on your skills and expertise. It also includes full market research to identify trends and needs that will be valuable for your business goal. Businesses that launch with a strong plan are more likely to attract investors and customers once they can establish the brand.
How long does it take for your business to earn money? A franchise business can be operable in a short time and will benefit from brand exposure to attract customers from Day One. A side hustle may need time to get noticed, but word-of-mouth will be highly effective for growth. A small and independent business will need to invest time and effort in its marketing strategy to be seen and trusted.
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