Click here to get this post as a PDF and read it later!
During the lockdown, we have a lot of free time. We’re by no means completely jailed in our homes or in the places we have to stay, but an awful lot of things in life have been limited. That means we have to come up with new ways to keep occupied. While it may feel as though this is very draining, we can all still be super productive with the twenty-four hours we have each day. A lot of people have decided to boost their income during this time. The problems we’re having right now have taken a huge toll on people’s incomes, so it’s certainly a necessary task in a lot of households. It’s also something that everyone can do if they put the effort in.
Creating a business or starting up some kind of extra job can seem like quite a large and scary situation, but it’s something that can be controlled as long as you know about some pretty fundamental aspects. You don’t need to know everything – no business owner knows it all right from the get-go. Here are a few points you should probably ponder, though, if you’re looking to create a new venture while you’re stuck at home:
Have You Covered All Points In Your Business Plan?
Your business plan needs to be completely airtight and devoid of any worries. Before you even think about committing to anything practically, you need to know what steps you must take. Actually making the moves feels like entering parts unknown, but when you have a roadmap alongside you, it makes things a lot easier. Every single aspect of the business will need to be covered – no shortcuts.
Where Will You Receive Your Parts From?
If you’re looking to sell items of clothing or you’re looking to create a particular device, then you’ll need to have certain raw materials and/or parts to allow this to happen. For instance, if you want to create a product that requires many electronic pieces to make up the invention, then this electronic parts supplier could get you whatever you need. With thousands of different parts, you’re likely to find the right piece(s). Your supplier is pretty vital as they’ll be the one(s) that keep everything moving swiftly.
Where Are You Going To Raise The Capital From?
You can’t just expect a business to rise from the ruins and present itself in front of you – it’s up to you to bring it to life using the money from your pocket (and the money you’ve saved). Money is necessary in order to make more money in this world, so you have to get that capital from somewhere. As we’ve just touched on, you can use money you’ve saved off your own back. You could also use angel investors, crowdfunding, and other investment from people closer in your life. It’s widely suggested that you raise up to six months’ worth of bills before you begin anything significant – this is collectively seen as a good number and a great safety net should things ever go badly.