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 UK's first pay-by-mile insurance provider announces major £15m investment to help with its development and growth plans The online platform and wellness community enabling wellness practitioners and their clients to connect with each other Here is a list of courses that could enhance your team’s skills in today’s digital and fluctuating business market. As a rule, tights are produced, worn once and discarded. Step forward, Billi London who has launched the world’s 1st enhanced biodegradable tights. The startup that has created an online wholesale marketplace connecting independent retailers with unique, artisan brands Catalyst selects 18 Semi-finalists to progress to the next stage of Invent, Northern Ireland's leading innovation competition
A smartphone-based nature prescription for mental health called Nature Notes, is developed by University of Derby researchers and Go Jauntly Read on to learn why you need flexible working arrangements in your business.
Brytlyt, provider of the world’s fastest data analytics and visualisation technology, raises $4m in Series A funding UK businesses with fewer than 250 employees to avail of new coronavirus Statutory Sick Pay Scheme due to launch within the next week
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- By Miles raises £15m in Series B funding round 22nd May 2020 The UK's first pay-by-mile insurance provider announces major £15m investment to help with its development and growth plans
- Nature diary app launched to boost mental health 20th May 2020 A smartphone-based nature prescription for mental health called Nature Notes, is developed by University of Derby researchers and Go Jauntly
- Brytlyt raises $4m Series A to turbocharge real-time data analytics 20th May 2020 Brytlyt, provider of the world’s fastest data analytics and visualisation technology, raises $4m in Series A funding
- HMRC announce coronavirus Statutory Sick Pay Rebate Scheme 19th May 2020 UK businesses with fewer than 250 employees to avail of new coronavirus Statutory Sick Pay Scheme due to launch within the next week
