While working from home, you may have some newfound entrepreneurial passions. How do you know if your good idea is worth following or just a side hustle? Bold TV has a panel discussion about turning your side hustle into a legitimate business. Dr. Cortney Baker, founder of KidsCare Home Health, is an entrepreneur. She gives advice on knowing when your small idea is worth growing. And Andrea Sager offers more technical advice. She owns a law firm that deals with small businesses. Check out the conversation and see if you want to dive into entrepreneurship post-quarantine.
Be sure of your “because”
It’s important to know that your reason for starting a business isn’t desperation. You’ve heard the old saying: “know your why.” If you have a strong “why,” like making a difference in your community, you always have a “because.” If you are passionate about solving a problem, you may have the key to entrepreneurship. Then, once you know your motivation, you have to know your market. If you don’t have a competitive advantage, your side hustle won’t make it. Research the market conditions, your pricing structure and your key differentiator (what makes your business unique.) If you can’t stand out, you may not want to bank everything on the idea.
It’s still a good time for business
Don’t think that a global pandemic is the wrong time to start a business. Small businesses aren’t necessarily being hit the hardest. Sager’s firm is busier than ever with new business launches. The main reason for this surge is the internet. The thriving, local, brick-and-mortar stores are the ones that pivoted their business model online. Once you’re online, you become a national business. To give your side hustle legitimacy, you probably need legal help with trademarks and copyrights. And entrepreneurship isn’t a smooth ride, but planning ahead and seeking guidance makes the process easier.