Starting a Part-Time business - Things to do one month on...

by Startacus Admin
As ever, here at Startacus we’re all about helping you enterprising folks with a big (or small) idea to get up and do something with it!
That’s why in recent weeks we’ve been taking a closer look at the ins and outs (and the ups and downs) of starting a part-time business. So far in our explorations we have done noble battle with all things related to the concept and also delved into the finer points of what to consider as you approach the launch.
Now that your part-time business is up and running and (hopefully) well on its way to being a sweeping success, we reckon that this is a great opportunity to take some time to reflect on your progress so far, identify problems and make some plans for the new and long term future.
Review your progress
Do not let yourself fall into the all too common trap of assuming that because your business is only ‘part-time’ and your capital investment is low, reviewing its progress isn't necessary. Remember that you are investing something far more valuable than money into your business - your time - and as such, you must ensure that you regularly review your progress alongside your business plan, making amendments where possible and constantly seeking to improve your efficiency. This process becomes all the more critical if you happen to be running your part-time business alongside another job - these added pressures can cause you to focus solely on the day to day running of the business and neglect your long term plans. Here are a few tips to get your review underway:
Ask your customers for feedback - It sounds basic, but simply reaching out to your customers and asking for their opinion on your business can be an invaluable way of gauging an outside perspective of your business. Often when running a business you can become so close to a project that you find it hard to adopt an objective standpoint, so this feedback may shed light on issues you didnt even know existed. It’s vital that you view criticism as an opportunity to improve your business and not as a personal attack, after all there is no such thing as a perfect business.
Accept that your business plan was wrong - No matter how perfect you assumed that your business plan was when you first started out, now that you have a month’s experience of running your own venture you should be starting to identify flaws. Don’t be disheartened by this - you should embrace it, because it means that you are becoming increasingly engaged with your business and gaining better expertise about the industry in which you operate. Always remember that your business plan is an ever changing thing and should never be allowed to stagnate.
Set New Goals - Obviously this will vary from business to business but there are a few key points that if followed should help ensure that you reach them. Make sure that all goals you set are well considered, attainable, realistic and relevant to the progression and sustainability of your business.
Crunch some numbers -Ok, so it’s still early days, but taking a long hard look at the financials of the business at this stage can be a good idea. No one would expect you to have cleared your investment and be ‘in the black’ yet, but at least it might give you an indication of the direction in which things are moving. If you don't like what you see, then consider some steps you can take to help improve things in the future. Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry. Want to learn a new language? Weeve is an innovative startup that has created an innovative, creative and effective way to help you do just that. Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that. Want to increase visual engagement for your startup's Instagram account? These tips will help you do just that. Want to gain an edge over your business competitors? Listening to your audience is an absolute must. The Clothes Doctor mission to fight fast fashion continues as the innovative eco clothing care brand raises £1m to support further growth. If you plan on using social media to promote your brand, these simple rules will help, increasing both brand awareness and the number of consumers.
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- Vegan Dog Food Brand, Omni Smashes £400K Crowdfunding Target 1st Feb 2023 Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry.
- Raise Spring Accelerator programme seeking applications for next cohort 30th Jan 2023 Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
- Leading French Travel Co. Offers Mentoring to two UK startups on its prestigious two-month programme 23rd Jan 2023 High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
- Small businesses need new model for growth in recession 23rd Jan 2023 Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.