Starting a side business is easy but managing it is challenging. While there is no simple formula for business success but listening to experts and following the best practices help improve conversions, sales, and ROI.
1. Firsthand communication with your customers
Jo Fairley, the founder of Green & Black’s, has one of the best tips for new side businesses.
It is hard to get the initial buzz around your business. Generating sales and convincing your customers in those early days is not easy. Businesses should, therefore, get in touch with their customers – directly.
Fairley outlines a simple yet effective approach to generate initial sales.
Talk to the customers. Get feedback about your brand. Use social media and your website to get instant feedback.
When you communicate directly with the customers, they feel empowered and are more likely to buy from you.
2. Stick to your hobby
Think of expanding your hobby into a side business, says Nicole Yingling, who is a leading content creator at Selz.
Do you love playing football? Do you love watching movies?
Ask yourself, what is your core interest? Stick to it. Convert it into a side business.
In other words, you just have to monetize your hobby. You can monetize any hobby in this world.
You can start an ecommerce store if you’re good at making something. You can start a YouTube channel to share your expertise in your field of interest. You can start a blog where you can publish guides and how-to articles related to your hobby.
There are several ways to convert your hobby into a side business. It doesn’t seem to be hard. The hardest part is finding what you love to do. These side businesses will provide you with several ideas as to what you’re capable of doing on the internet.
3. Brand personality can help
Rakesh Kumar, a digital marketer, shares a great tip for side businesses that have the best product to pitch.
Instead of finding the right marketing channel for your product launch, a better and successful approach is to build a brand personality.
It is your brand personality that develops an emotional connect with the target audience. Choose a personality for your brand and move from there.
A brand personality is a set of human characteristics that are attributed to a brand or a product. This, in return, helps your target audience connect with the brand since they can relate to it. The best brands are the ones that create a set of traits that represent certain groups in their target audience.
Make it easy for your target audience to relate to your business, brand, and products.
4. Target influencers
Influencer marketing is the free and the most effective marketing technique. It can do wonders for your side business. Daniel Abrahams, who is an entrepreneur, shares his best tip.
Find a few influencers in your industry, follow them, get in touch with them, introduce your product, and keep connected with them. Even if a single influencer likes your product and tweets about it or blogs about it, you will have the best launch ever.
Imagine Katy Perry tweeting about your music app. If this does not work, what else will?
Abrahams recommends building one-on-one relationships with your influencers, share details with them, and take them onboard. They might not be interested in any monetary benefit so you don’t have to spend a penny.
5. Focus customers
Joel Spolsky, who is a serial entrepreneur, emphasizes a customer-focused approach.
Your customers should be the focus of your side business.
Instead of sharing new business announcement posts and publishing blog posts about new hires, write about your customers, how your products help them, and how your business solves their problems.
Be where your customers are and make your product available to them on all the possible channels.
A customer-focused strategy has the power to create loyal customers who stay with your business for years.
These tips do not cover everything. There is still more to absorb.
Keep following experts, entrepreneurs, and startups. Every business offers a series of lessons. There is always something to learn from the failed and successful side businesses.