In recent years, the sharing economy has really boomed, and more and more people are finding that it’s an easy way to start their own business and work for themselves. There are many different types of jobs within the sharing economy, including offering rideshare services, freelancing, or reselling clothing or jewelry, and most of these allow you to create your own hours and build up a business for yourself.
Of course, as with any venture, there are many things to take into consideration. Having a good plan so that you can grow your business successfully is essential, so you must do your homework before making any decisions. From choosing the right business for your needs and abilities to ensuring you have the right workspace, it’s imperative to make good choices so they won’t come back to haunt you later.
Keep reading for some great tips on how to grow your business in the sharing economy.
Choosing a Job
Some people choose their gig based on the hobbies they’re already interested in, such as making jewelry or finding vintage clothing to resell. While this is a good start, it’s important to remember that turning your hobby into a job could lead to burnout, meaning you won’t enjoy it as much once you have to do it. Others don’t take into account the amount of money they’ll need up front in order to get their business going, and while this varies from job to job, it’s imperative that you take this into consideration and do some research into what you’ll need in the beginning, as well as make sure you have some money in the savings as a cushion.
Create a Good Workspace
Creating a good at-home workspace is so important because you need a place of your own that is distraction-free and allows you to work efficiently.
Managing your own business takes a lot of organization and focus, and if you have a messy or loud work area, it will be so much more difficult to get things done. Keep things neat, and set work hours so you can make sure your family knows that your work time needs to be kept sacred. For some great tips on how to create the perfect work area, click here.
Keep Your Finances Separate
As with any small business, it’s important to keep your personal finances and your work finances separate. This will not only allow you to keep a handle on things more easily, it will be advantageous come tax time. All documents related to your business should be kept in organized folders with labels for easy access. It’s a good idea to look into opening up a business line of credit, as well, so you’ll have itemized statements for your expenses.
Check Out the Demand
All businesses must have a demand in order to succeed, and yours is no exception. Do some research beforehand to find out what sort of numbers you can expect. For example, you might use social media or some good old-fashioned online research to figure out how many people need your goods or services and what they are willing to pay. It’s also a good idea to look into figuring out a business plan and projection for the first year.
Starting your own business takes a lot of hard work, no matter what the job is. Ask for support from friends and family during this time, and remember to talk to other small business owners to get their advice and tips, especially ones that are in a similar line of work. With a solid plan, you can make your business a success.
Also published on Medium.