While the pandemic situation going on around us is blocking productivity in a range of different industries, many of us have a lot more time on our hands during the day thanks to self-isolation and working from home. There are plenty of business opportunities in the online space, if you know where to look and what you’re looking for.
Inspired, and want to start your own online business as a side hustle in 2020? Here are the steps you should take in order to achieve a sustainable home business strategy.
Do your research and come up with a plan
It’s all well and good coming up with the idea to hatch an online business and start making money as a side hustle right away, but if you haven’t got a solid plan then you probably won’t get very far. Do some research surrounding the idea that you have, see how in-demand it is, and also what your competitors are doing, and how you could potentially do better.
Once you’ve come up with your business idea, you also need to think about how you’re going to get it out there, and start getting noticed. Sure, with a lot of people stuck in their homes at the moment it might be a little bit easier to be spotted, but you still should look into some different advertising methods, to stop yourself from just putting your stuff out there into the void. Look at some different innovative social media ads, such as promoted posts on Instagram, Facebook and Twitter. Remember, depending on the platform the content will vary in format and style, so you can’t just post the same image in the same size to all social platforms.
Tip – Worried about putting money into a business venture that you’re not sure will actually be sustainable, and simply want to dip your toes in the proverbial water? Not to worry, there are a ton of different ways that you can set up a business/service page without much cost to you at all. If you’ve got a for-hire skill, for example, such as copywriting or graphic design, you could set up an online portfolio/website for free using one of the many different free browser softwares out there.
Invest your money, and reinvest and profits that you make
Once you start making a bit of money from your business project, it’s important that you think about saving some of the profits, investing them, or spending them productively with some thought as to what might help your business to flourish and grow even further.
Tip – As a side note, if investing is something that you’ve thought about in the past, but perhaps haven’t considered or properly looked into due to time constraints or a busy schedule, it might be worth looking up some guides or videos when you have a few minutes to spare. There is a wealth of online content, guides and videos out there on different types of investment and how to get involved. For example, RWinvest, a property investment company with offerings in burgeoning areas throughout the UK, offer a series of different podcasts that give the latest on the best areas, and what sorts of things to consider if you want to be successful in an investment endeavour in the long-term. A buy to let property in particular might be something that you consider as a full-on business strategy, since you can make a consistent secondary income stream.
Leverage your skills
This one goes without saying, but it’s certainly worth the reminder: If you have a certain digital skill or talent, such as writing, editing, filmmaking, graphic design etc, leverage it as much as possible, and use it as a stand out point of your business. If you can do something better than anyone else then you might as well use this to your advantage, as it will make your product/service stand out better than anyone else’s online. If you’re knowledgeable in a certain skill you might also decide to put out an ebook on the subject, or even give courses online. Ultimately, think about ways that your skill can make more money for you, and start opening as many income streams as possible for yourself!