by Victor Cherubim
As we approach a new year our aspirations and our dreams are a conflict between ideology and identity. However,
Have you ever
thought of ditching your nine to five job or work less hours in favour of
making a part time hobby, a full time business?
Starting a
new year back to work is never fun. How about taking a day off work and working
at home?
Many firms all
now want people to work flexi-time. Besides, this is a reality for people who
want to start or run their own small business from home. In fact the choice of
not wanting to work until you are 60 or even 65 may have run across your mind
at some time?
We often may
contemplate turning our home into a business or even work from home.
Any bright ideas?
As we get
older we want more freedom of choice. We know of many opportunities to turn our
hobby into a business, but we run scared because the word “business” is not
part of our upbringing. We are weaned on a government job, a job for life and
find it hard to turn our talents and/or our aptitude, to doing what we like to
do. We hardly think of a risk assessment but continue carry on in a “dead pan”
job for as long as we can or until circumstances force us otherwise.
Have you ever
thought of adding value to your home, turning your home or at least a room or
two in your home during the vacation period, as a holiday let? The days are
gone when tourists want to spend their full holiday in Sri Lanka in and out of
a hotel. Why not consider a make-over of your home and think of seasonal let?
You would be surprised the way holiday ventures start?
I found
during a recent holiday abroad that tourists long to spend at least a day or
two of their holiday living with the locals to see how locals live and dine.
A business
idea which may start small is to cater to providing special cuisine and delicacies
to local tourist hotels.
A further
idea is to start a small business selling traditional Sri Lanka spice boxes
filled with a variety of natural Sri Lankan spices online. You can list a Spice
Box on line to see if there would be any interest even abroad?
Of course, it
is just the start, becoming a small business entrepreneur. The main novelty of
this trade is not necessarily the spices, but the package it attracts
attention. Making fancy boxes that will catch the interest of tourists, or even
direct selling to tourist shops and in holiday resorts, is another idea.
Buy the
spices direct from the producers, grind it hygienically at home, is a novel way
of attracting interest. Set up a website to offer your innovative packs and
you’ll be surprised or may even be blown away by the success of your small
business.
If you want
to make it more eye catching, cut up a piece of “batik” and wrap it around the
spice tins for decoration. Everyone wanting to buy your Spices will also want
to buy your batik fabric, which you could sew as “sarongs” or as Table Mats.
You will need
not one item but many ideas to start up in business.
You may not
be profitable at the start, allowing for start up costs, but over time people
will come to know your wares. Ten years down the line you can envisage a
thriving small factory for your production and sell your goods through
supermarkets.
What you should not do?
Do not go
into business just to make money, make it as a hobby for a start? The general
advice to those who want to make the leap is to look at the bigger picture and
not get stressed by the small things. I am sure you are going to say where do I
get my finance? Don’t even think of “crowd funding” or a big bank loan. Start
small, take a long term approach and make sure you are putting yourself out
there. You need to scale up in order to make it?
Another route to success
Another
slightly different route to success is providing a service? How many of you
have thought of making money out of a Philatelic service. You will be surprised
how many stamp collectors are abroad who want a personalised service. People
abroad want to buy “Special Franked” First Day Covers of Sri Lankan stamp
issues. If you can get these envelopes autographed by a dignitary or a
personality, it seems a sure step moving from being an amateur stamp collector
to the beginning of a small business. You will be surprised how much to learn
and so much to enjoy?
The key to
turning a hobby into a full time business is being “very, very steady, stubborn
and focussed and just “keep going”.
What about the finance?
Of course,
you need start up finance. Don’t go to money lenders or “Wonga Wonga”. First,
try to save up for your hobby to turn it into a business. Go to the Bank of Mum
and Dad. Give them your start up plans, your spreadsheet of anticipated income
and expenditure over the short, medium and long term. Always, think of the
hidden costs, which need to be accounted for, including start up costs.
The three key
ingredients- being a good service, a good product, and at a fair price?
Make sure
people will buy what you want to sell? Do your market research beforehand. Many
young people begin a small business by working on it in their spare time and at
weekends. Always have a fall back. This is easily done if you are working full
time.
What is more important than cash?
Set up your
website; get a write up of your product. One of the early mistakes is thinking
you have to get a promoter to do advertise your product or service. That was
then, now you are your best promoter if you are in a niche market and have done
your market research. Spending money on something that does not work out is the
first lesson you will learn in your start up in business.
Those wanting
to make the leap into starting a small business are not to take massive risks
but to take the kind of small risks, which are not disasters.
Never rent an
office to start your business. Start from home, or your garage. Keep your
overheads at a minimum.
What is more
important than cash is your cash flow.
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