How to Start and Grow Side Businesses

Intro

It is becoming more and more common for people to start side businesses, whether for the extra income or just because it is a passion project. Very often, however, people are unsure of how to effectively start a side business, especially if they need to remain employed at their day job. Today, Gathy Faidoo gives us some tips and advice for starting and growing these businesses while staying fully employed.

Guest Bio

Gathy Faidoo is a self-described EmployeePrenuer. She defines this as an employee with a side business. She is an HR professional during the day, and in the evening, she runs an Afro-centric clothing business called Pauligath as the creative lead and marketing lead. Gathy also started Learn with Gathy, a place where she encourages women to live their full potential and look beyond their normal lives and the EmployePrenuer Africa Community for other people who run side businesses to network and support each other.

Point 1: Getting Started

Before even starting to practically move towards creating a side business, it is important to have the mindset of, ‘this is a business.’ There is something about thinking in this way that makes everything click together and helps you focus more.

The first tip Gathy shared was to put all of your idea on paper (or wherever else you keep your notes; notes on phones are common now). Once you have your thoughts out in front of you, prioritize what you want to launch with. It is very common to have multiple things you want to do, but if you try to do them all at once, then none of them will be done well. Choose one project to focus on first, and begin working on the others after your first business has a solid foundation.

Point 2: Talk to Other People

Another tip that Gathy shared is to talk to people who have already taken steps in side businesses, especially if they are in a similar business. It is not that they are going to change how you do your business, but there are things that you are able to make more efficient or problems you may not be able to see but someone on the outside can. 

There is a fear that working with other people will lead to giving others an advantage over you. Do not be afraid of competition. Everything is built off of something else. Learn what you can from others. And even if someone steals your idea, one idea is not your entire business. Your ideas are inborn in you, and other people cannot make your ideas work better than you. 

Point 3: Capital

You will need money to start a new business. It may not be a huge amount, but in order for a business to truly thrive, you will need some form of capital to set it in motion. Gathy recommended having two years of income saved up before truly launching a side business. The best way to start a business is to inject your own money and resources into it. Family and friends are also a potentially willing source of income.

Point 4: Three Mistakes to Avoid

In the course of starting her side businesses, Gathy made some mistakes that could have been avoided. She shared three of them with us.

1) Mentoring: The first mistake she made was that she didn’t talk to anyone about what business she wanted to start. It is important to know how much interest there is in your business idea so you can have an accurate sense of the demand you will have for your product. Do not spend more money than you can make back.

2) Another Source of Income: The second mistake was that she left her full-time job. Gathy did not have any income while she was getting her businesses going. That lead to her scrambling to find the capital to make it through the transition period. It is a good idea to keep working at your full-time job until your side business is in a position to pay your bills before making it your new full-time job.

3) Self-Care: The third mistake Gathy talked about was neglecting her self-care. Your side business cannot thrive if you are unhealthy, both physically and mentally. If you are sick or mentally fatigued, mistakes will get into the foundation of your side business, crippling it from the start.  Take care of yourself and your business is much more likely to succeed.

Point 5: Benefits of Having a Side Business

With all of the pitfalls and risks involved in starting a side business, why bother trying? Gathy shared several benefits with us. The first one is growth. You will acquire new skills as you grow and run a business, including communication skills and financial management. The ability to learn and grow is very fulfilling.

Another benefit is the social impact. Once you start a business you begin to model certain behaviors and are recognized in your community as someone who others can trust and rely upon. You are able to employ others and develop leadership skills, both in yourself and in those under you. 

The social impact will also increase economic growth, both in individuals and in the community. The extra income is the obvious draw to starting a side business. You are able to spend money, not just on yourself but on those around you, your family and friends. Life is much more about giving than receiving, and it is very fulfilling to have more to give back to others.

Summary

Whatever you are thinking about doing with your side business, just go for it! Take some practical steps today towards getting started. Put yourself out there and see how you can do. You can win in your career and your side business. It is possible to thrive in both areas at once.

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