The commercials for Uber implore people to get their “side hustle on” as if it is a new idea, but people have been working side jobs for decades. But more people today aspire to turn their side hustles into startup companies. Even more common, these startups are created while an entrepreneur is working full-time.
While there are a number of pitfalls that await the unwary, this post will offer a few helpful tips.
Continually improve your network – Your initial network (family, friends and colleagues) will be the first to vet your idea, but you should aspire to build your network as your business evolves. This is important if your initial network doesn’t have access to funding or subject matter experts that can help your business grow.
Seek and evaluate incubators – Experimentation can lead to discoveries (and good results). So an appropriate business incubator can help you know what you don’t know and learn how to grow past temporary obstacles. A simple online search will reveal a number of different incubators that cater towards specific types of businesses or underrepresented entrepreneurs.
Be a voracious reader – Just like growing your network is important, growing your own knowledge base is essential. Reading about every aspect of your business including the target market you envision serving is critical to knowing how to best deliver your products or services.
If you have questions about the legal aspects of your new business, an experienced business law attorney can advise you.
The preceding is for informational purposes only and does not create an attorney-client relationship.