Irrespective of how rewarding your job is, nothing can be more meaningful to own a business or work for yourself. Although it comes with a risk, once you start reaping the lifestyle benefits of your boss, the hard work will all have been worth it. Along with that the competition and urge to maintain and update the financial status always makes you worry as for almost 90% of the employees one stream of income is not enough. That’s why it is always recommended to diversify income while working full time.
One way to diversify income is by starting a side-business to make some extra bucks. Starting a new business while working a full-time job seems like a challenge as the full-time jobs can be so exhausting that we don’t even consider trying to find an alternative business. But it can be much easier than you can imagine as long as you are fully informed about the type of side business you want to pursue.
Find your strong reasons
It is impossible to start a great service if there is a lack of grit, determination, and genuine interest in providing best products and services to the customers and for determination, it is advised to think explicitly about why you want to do so. There could be plenty of powerful reasons to start a side business like earning more money for more financial security, or you have to buy something that is your dream like a dream house or car, or having a flexible schedule etc
Decide on your side business idea
It is not easy to choose the business you should do to diversify your money. It is recommended to choose one that you are most knowledgeable about or the one that fascinates you. Identify your skills and area of interest as passion and interest are the most important things to consider while choosing a business. It is advised never start a business because you friends say it’s a sure thing to do as everyone has different interests and mindset.
Differentiate yourself from competitors
Competition is an inevitable part of doing business unless you have launched a completely different product or service that is unique enough to get the customer’s attention. In any business competitors will try to outperform your product thus you have to secure your product value. Your competitive edge must differentiate your business from others and that can be anything like smart pricing, unmatched customer services, or strategic relationships.
Start with 30 minutes a day and then outsource
The time vs money value is one of the most important factors to be considered while running a successful business. It seems difficult to start a side hustle with an ongoing full-time job as there is always a shortage of time. It is recommended to set aside at least 30 minutes a day while starting a business and work with motivation and determination in this short time. Once your business is on track start outsourcing your work on platforms like Fiverr and Upwork and get your profit.
Here is the list of some side businesses that you can start with present occupation to have a meaningful life.
- Online Marketing
Platforms like Instagram, Facebook, WhatsApp and even E-commerce websites Amazon, Etsy are helpful where reaching your potential buyer is almost much easier than setting up an actual location or store to display your products. Regardless of the ups and downs of the economy people never stop buying and thanks to the internet displaying and selling products have become much easier.
It is recommended to choose items that sell out quickly because of their high demand in the market. For example some basic lifestyle essentials like clothing, shoes or computer accessories, phone, and electronics, etc. Make sure your marketing is proper and professional on whichever platform you have chosen to sell your products.
In freelancing instead of starting your own online business you are servicing other online businesses and these businesses will pay you for your time. Choose whatever interests you like writing, designing, web developing, marketing, and even voice-over artists and get paid for your services. Freelancing is becoming so popular because hiring a freelancer is much easier than hiring an employee. It does not need a lot of money to start as you can do this from your home; you can set your schedules and prices. Several websites can help you start like Fiverr, Upwork, and Guru, etc. You can also charge a lot higher per hour than if you were an employee.
- Graphic Designing
Organizations feel the need to communicate visually to pass their message to their target audience as quickly as possible hence the increasing demand for a graphic designer. Thus it is becoming a very popular side business especially for people who have a creative mindset. It becomes much easier to learn the foundations of graphic design due to the availability of software and websites like Adobe Illustrator, Canvas and Visme, etc. All you need is a bit of creativity and motivation to start it as a side business and earn from it.
- Amazon Reselling
Amazon offers opportunities to work with them as an Amazon FBA Seller and provides many benefits. It is not as difficult because you just have to find the inventory that can be resold. You can also shop from bargains, store your items on Amazon and after a sale, you collect the remaining profit. Amazon provides services like shipping and customer support on your products as well.
- Become an Online Tutor
If you have a command on your subject then you can earn a good income from home by training other people online who are willing to pay for your expertise. You must have the skill to teach your knowledge to students online. You can upload your services on platforms like Tutor.com, Wyzant, and TutorMe etc and get paid for it.
- Start a Blog
It is considered most convenient as you can start this side business with zero investment, you need to have thorough knowledge about the topic. Blogging involves sharing information that your target audience finds useful. It is recommended to prefer a highly monetizable topic or an area that you have an interest in. You can even choose a local interest blog as there is a lot of money in local advertising. Thus, if you enjoy taking pictures and have good content writing skills you should consider launching blogging as a side business. Once you develop a meaningful relationship with your audience, it becomes very easy to monetize your blog.
- Transport services
Transport services like Uber, Taxify, or other cab services are another good side business that doesn’t necessarily require your active presence to thrive. If you own a car and don’t know how to utilize it to get some extra bucks, consider signing up on Uber or any known transport services in your region. You can also hire a driver to run the business smoothly when you are not available. One advantage of using such known transport services is that they already have a larger customer base that is already availing their services and they only connect you to the passengers near you thus saving your fuel and stress.
Vlogging is when you make videos for YouTube or Facebook or anywhere on the internet so that you can build up an audience and get paid through advertising companies. It is also known as affiliate marketing i.e. when you promote somebody else’s products to your audience and you get paid a percentage of revenue for every sale that you bring.
- Web Development
- Buy an Existing E-Commerce Business
If you want to invest your savings to have a side hustle and diversify your earning, it is recommended to buy an established E-commerce business. Exchange is the well-known platform for buying and selling of e-commerce stores. Prices can vary depending upon several factors like profit potential, inventory, and total revenue generated. You can choose one that suits your budget, level of expertise, and needs.
We live in the era of opportunities and the internet has made our lives much easier than ever in that aspect as most of these businesses do not necessarily require a physical space not your presence to thrive well so with your present 9-5 pm job. You can still run your successful business thereby increasing your earnings and ultimately achieving your financial goals. It’s not always easy as it demands high levels of determination and hard work but it is achievable.