TRICIA PHILLIPS

START A BIZ ON THE SIDE

More than nine out of 10 young people, aged 16-24 years old, want to run their own business, an Open University study reveals. And more than half the 2,000 youngsters surveyed already make an income from a side-hustle they run on social media. We’ve teamed up with the OU for tips on setting up a biz on the side:

RESEARCH Check there is a gap in the market for your idea. It doesn’t have to be new, you just need to know your unique selling point (USP) that will mean you stand out from the crowd. Watch industry trends and what competitors are doing.

PLAN Make a business plan. Clearly setting out your goals and how you intend to achieve them is vital for all new ventures.

SKILLS Do you have the skills you need? Or is it time to brush up or gain new ones? Consider short courses, diplomas and parttime degrees that could help you to run your business efficiently. The OU provides flexible online study arrangements.

FIT IN If you aim to stay in your current role while you get your business off the ground, ensure you fit your side-hustle around work. Don’t get caught doing personal stuff in work hours. In your own time you can focus fully on your new venture – that’s what you need to do for the chance of success.

CONFIDENCE Don’t be afraid to take that first step. Once you’ve established your business set yourself realistic goals to check off each week. And surround yourself with a solid support network of friends, family and professional mentors to keep you motivated and help celebrate your success.