You don’t have to give up your full-time job to pursue your entrepreneurial spirit. There are a number of reasons why you might be considering starting a business on the side:
There are many different side business ideas with varying degrees of flexibility when it comes to picking your own hours. If your passion is dogs, you may choose to start a dog grooming business in the evenings. If you are a photographer, you could take pictures at events on the weekends. Some more flexible options include ridesharing or grocery and food delivery.
Owning and operating a small business takes a lot of dedication and hard work, especially if you are doing it in addition to a full-time job. You may have to put in long hours at night and on the weekends to reach your desired level of success. Our side hustle checklist can help make sure you have everything you need to get started.
Check With Your Full-Time Employer
If maintaining your full-time job is the priority, you will want to make sure they are okay with your new business venture before you get too far into the process. If your business is a conflict of interest with the company or if they are concerned with your side business getting in the way of your work, they may not be okay with you taking on this business venture.
Find Out How To Pay for It
Some side businesses require very little investment upfront. For example, if you’re starting a dropshipping store online, you won’t need to make an upfront investment in inventory and your store will be entirely online. If you need equipment to operate your business, however, you may need explore financing options.
Connect With the Experts
No matter the size of the business you want to start, you will need to make sure you are doing everything right so that you can be successful and keep everything above board. The best thing you can do is work closely with a team of experts, including:
Start Networking
The most important piece of any business is the customers. You can start with your close friends, family and acquaintances, but if you want your side hustle to grow, you will want to branch out. Here are some ideas for getting your products and services in front of new eyes:
Your commercial banker can help you make sure you have everything you need on the financial side. They can set you up with business bank accounts to keep separate from your personal accounts. If you have a business partner, they can turn it into a joint account so you both have access.
Read more: Why you should keep your personal and small business bank accounts separate
Northwest Bank has a checking account for businesses of every size. We can start you off with a simple account and then grow your account with new features as your business grows.
When it comes to financing any startup costs, we can help you make the right choice. If your startup investment is small, like leashes or dog shampoo for a grooming business, or a new camera for a photography business, we may just recommend a business credit card to get you started. Or if your startup costs are higher, such as needing a new vehicle for a delivery business, we can help you get set with the right small business loan.
If you’re ready to take your first step toward turning your passions into a side hustle and need some friendly advice on how to get started, contact a commercial banker at a Northwest Bank branch near you today!
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