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Disclosure & Copyrights: Image material created as part of a free collaboration with Shutterstock. Text originally from: “The after-work startup: starting a risk-free business alongside your job” (2017}, published by Münchener Verlagsgruppe (MVG), reprinted with the kind permission of the publisher.
By Eric Renk (More) • Last updated on October 02.12.2023, XNUMX • First published on 05.10.2020/XNUMX/XNUMX • So far 5267 readers, 3095 social media shares Likes & Reviews (5 / 5) • Read & write comments
An after-hours startup is the last legal adventure. And fundamental to his Success is the right business model. 6 tips for taking off.
For a long time I underestimated how important it is to develop a creative and innovative business concept. If I could turn back time, I would look at it from the start focus, Because Objective shouldn't be long term IM Companies to work, but to work and shape the AM company from the start.
For financial reasons I did many things myself for years. The important thing is that this is not the long-term Motivation is. It's not just for Startups to develop a viable business concept with growth capital and dynamic teams. Quite the opposite: Even an after-work startup needs this Concept. Make it a priority to develop one.
The competition among the existing business concepts is immense, which means low profits and tough distribution battles. Most of the time, startups or start-ups do not survive in the environment of established players. The niche should be big enough to have a good one growth possible, but at the same time too small to be of interest to established companies on the market.
Let's say you want to start buying tickets on the side merchandise. Your competitors not only include local sales outlets, but also established providers such as Eventim or Eventbrite. But what if you concentrate exclusively on tickets for selected satirical events? With this specialization you have the chance to occupy a niche and to be perceived as a provider by your target group.
The complete Communication knows only one topic: live satire. Since the market is small, there is no need to fear competition from Eventim or Eventbrite: The profit is not enough to sustain a large company. An after-work startup, on the other hand, could live excellently on a profit of 150.000 euros.
It's an excellent one Strategy, if you grow out of a niche with simple but creative business ideas. Peter Thiel, PayPalFounders, initial investor at Facebook and Uber, preferred. He describes them in his book “Zero to One. How Innovation and our Society saves”.
Don't make the same mistake I did and start making the first ones right away ideas implement. Rather take the time to critically question your business concept with others People discussing it, adapting it and testing it again and again.
If you internalize this, you can save yourself years of unsuccessful work. I understand a business concept as a specific sequence of processes that has to be designed. How is this represented exactly?
Ask yourself whether you want to become an entrepreneur or whether you simply want to be self-employed. If you choose the latter path, you always will Money exchange for time. Let's take classic self-employed people such as lawyers, notaries and tax consultants who charge certain hourly rates. The Income stops flowing the moment these people are ill, on vacation, or simply not at all Lust have to work.
Self-employment is difficult to scale because we all only have 24 hours a day and our energy reserves are limited. Scaling means the means of production and that Capital to adapt to demand. If the business model is not scalable, the increasing demand cannot be served, and the Turnover slips through your fingers.
Maybe a competitor is building one Organization on, which scales better and drives you out of the market. In addition, one must not neglect the main job. If you try to exchange money for time with a limited time budget, it is very likely that the results will be sobering.
By the way, most startups give up because the earning potential turns out to be worse than expected. As a self-employed person, you can ask for more money through further training and specializations. As a result, notaries and auditors sometimes achieve considerable hourly rates. But even if you are a notary and a beautiful Office you probably don't see your mission in life as being there every day reading contracts. Apart from that, the probability of becoming a notary is extremely low and depends on many factors that cannot be influenced.
There are a number of business models that you as a founder should be aware of. Here is an overview:
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Erik Renk is a serial entrepreneur. He is the founder of the Diamond Academy and from Einfachstartup.de, who started his first company at the age of 19. Since then, he has gained a lot of experience by founding various start-ups as well as his blog for everyone who are planning a start-up, further.-ups and buying and selling companies. He gives this through his company All texts by Erik Renk.
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