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. Andrea Szell, Founder of Spare Desk shares some insights on the positive impact that sharing a workspace can have on our mental health. The lowdown on Oxford Quantum Circuits, the innovative Reading-based startup that's on a mission to make quantum computing accessible to all. Sodexo Live! and L Marks open call for applications from innovative startups and scaleups to join their inaugural North America Innovation Lab.
Startups founded by students and recent graduates from the University of Edinburgh secure SMART:SCOTLAND grants to help support their ambitious and innovative projects.
Lydia Kothmeier, VP of Operations at Storyblok shares insights on the processes and policies that every startup should have in place in order to make remote working work. The lowdown on HoloToyz, the Irish startup and its products for kids that can come to life through the power of augmented reality. Inbound Investors 2022 providing NI businesses with the opportunity to pitch directly to leading UK investors over the course of one day. Enterprise CMS Storyblok launches Storyblok V2 in a bid to further empower teams to create and scale standout audience experiences. The lowdown on Nothing, the London-based startup that's creating innovative connected products "to make tech fun again." The lowdown on Athos, the Spanish startup that has created a customized climbing shoe that's been made with 3D printing technology.
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Oxford Quantum Circuits - building a quantum-enabled future
Sodexo Live! And L Marks Seeking Startups and Scaleups for first ever North America Innovation Lab
Innovative University-supported startups secure £500,000 in grant funding awards
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HoloToyz - inspiring creativity and imagination in children.
Registrations Open for Inbound Investors 2022
Storyblok Launches New CMS Experience to Shape the Future of Digital Storytelling
Nothing - removing barriers between people and technology
Athos - innovation in climbing shoes
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- Sodexo Live! And L Marks Seeking Startups and Scaleups for first ever North America Innovation Lab 5th Aug 2022 Sodexo Live! and L Marks open call for applications from innovative startups and scaleups to join their inaugural North America Innovation Lab.
- Innovative University-supported startups secure £500,000 in grant funding awards 4th Aug 2022 Startups founded by students and recent graduates from the University of Edinburgh secure SMART:SCOTLAND grants to help support their ambitious and innovative projects.
- Registrations Open for Inbound Investors 2022 2nd Aug 2022 Inbound Investors 2022 providing NI businesses with the opportunity to pitch directly to leading UK investors over the course of one day.
- Storyblok Launches New CMS Experience to Shape the Future of Digital Storytelling 1st Aug 2022 Enterprise CMS Storyblok launches Storyblok V2 in a bid to further empower teams to create and scale standout audience experiences.