What does it take to build a profitable side business?
James Fernando, CEO of shirt.ly, a risk-free t-shirt business platform that lets you submit designs and earn passive income through your online shop at their platform, shares with us three tips on how to build a profitable online business based on his experience from he his two successful shirt ventures, “I Am Bosco” for Don Bosconians and “Animo Nation” for DLSU students.
1) Minimize risk as much as possible.
“Don’t spend your day job earnings at your side business,” says James. This is one risky situation where you do not want to lose your earnings since the success of your business is not guaranteed yet.
Starting a shirt business, for example, takes about Php50,000 – Php100,00 capital to start. One can start his own business without any risk at Shirt.ly since there is no investment required and you can open up a virtual shop as soon as possible. Your time investment on making the designs will also not be wasted since their team members are top caliber professionals who can help you grow your t-shirt business.
2) Start small.
“Don’t aim to be the next Google on the first month of your business,” says James on realistic expectations on your business that is built over time.
Most people are paralyzed in starting their side business because they think they lack the skills or resources to make it happen. This is not the case since there are many ways to make your ideas come to life. All that one needs is a head start to accelerate growth.
Don’t worry if you would be a one-man team at the start. This can be an advantage since you would be able to experience hands-on operations which will be useful once you manage your own people.
3) Build a sustainable business through time.
Building a profitable business does not take overnight to do. It takes years of dedication to make the business profitable.
Think first if your business can be sustainable or if it’s seasonable, if you can maintain operations despite the lean months. Asses if you will have enough market share to make the business grow over time.
How can a person do this? There are 5 pillars to building a building a sustainable business.
These are just some tips that will help you to start your own profitable side business. With this and the determination to launch your product or service, this can make you start your next profitable business.