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. The startup that is on a mission to empower cyclists everywhere by providing the world’s largest cycle route collection in its innovative app Black Young Professional Network, aka BYP Network will hit and surpass their Seedrs £500k funding round target. Planning to hire an accountant for your startup? Here are a few of the things you should consider before you do just that... Sustainable reward scheme Bagboard, a first-of-its-kind advertising platform for planet-friendly brands launches £600k funding round The Manchester-based startup that's created an app to enable hospitality businesses to maintain social distancing while still taking customer orders quickly The lowdown on Bubo AI, the Yorkshire-based startup that's using AI to create value-based pricing for wholesale and distribution businesses The London-based startup that's disrupting the insurance industry by its collective-based model for cycling insurance More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions. Eppik is a smart family photo sharing platform that helps families reconnect through their shared photo heritage
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