Starting a Side Business: Are the Entrepreneurial Waters Right for You?
Reading Time: 5 minutes Regardless of whether you are looking for a manner to earn something extra or slowly ease into your own business, starting a side business parallel to your full-time one can be both challenging and lucrative. What you have to keep in mind is that you would need to set aside some time for that additional business, as well as some initial capital to get you running. This is the reason why it’s important for the decision what the second occupation will be is not only based on the most profitable idea but also on something that inspires you. If you are still uncertain about it, here are a few suggestions for you to consider.
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Swim in the waters of tutoring
Regardless of whether you are good at English or crocheting, if you have patience, a computer and decent internet speed, you can offer to teach other people what you know. The simplest way would be to work via Skype, advertise through your social media profiles and if your tutoring business develops, you can consider doing it full-time. The best thing is that you can share your knowledge and skills with people from the comfort of your own home.
If you apply to teach at one of the existing online schools which specifies in that skill, they might have their own software which you would have to install. If you opt for the schools, you would find students easier but if you wish for that to become your full-time job, perhaps it is better to start on your own and build your business slowly, especially since you will keep your regular job for some time.
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Dive into wedding planning
If you secretly dreamed about being Jennifer Lopez in the “The Wedding Planner”, and if weddings make you hyped, why not go with it? Many brides and grooms find the whole business of wedding planning to be highly stressful because they feel pressured for everything to be perfect for the people who will be attending. This is where the wedding planner comes in handy, to remind them that it is first and foremost about them, and not other people.
If you are a complete novice, you can begin by helping with a friend’s wedding, just to see how it goes and then you start building a network by way of recommendations and slowly invest in advertising. Networking is vital in this business and besides clients, it is also applied to suppliers, photographers, caterers, florists, and other service providers. As your network grows, your business will as well, and you might find yourself becoming a full-time wedding planner in a not so distant future.
Dip your toes in real estate
The real estate business provides many opportunities, depending on the time you have at hand, your interests, budget, and experience. You can get involved in house flipping and purchase properties under their value and quickly re-selling it at a larger price, with or without renovation. Also, you can purchase a property to rent it and if you are a responsible landlord, at some point you can build a network of rentals.
When it comes to real estate in general, besides knowing your budget and its limitations, you also need some background knowledge of the neighborhood and your legal rights and obligations. If you are a novice, you should consider consulting with a respectable real estate consulting firm to learn about what the next up-and-coming neighborhoods are, and to get help on the legal conundrum. So, although experience in real estate is useful, you can still dive in without it if you do enough research and if you consult with experts.
Sale the seas of blogging
If you enjoy expressing your opinion about miscellaneous topics in writing or reviewing products, you could start your own blog. A business like this will not be tiring but pleasurable because you would be doing something creative and most importantly, something that you love. You can, of course, write about many things but perhaps it would be best to choose a niche and having in mind your experience, your current job might be the source of inspiration.
You can decide the tempo the texts would be posted on the internet and it is always best to be practical when it comes to the choice of topics, such as reviewing gadgets, makeup, clothing, food, etc. so you could partner up with some company. If you do, they will sponsor you, and your blog might turn into a lucrative venture which will allow you to dedicate your time to writing full-time.
Surf the online surveys
Online surveys are one of the fastest-growing trends and for a reason. The idea behind is that many companies don’t have the personnel or the time to research the market and the data that they obtain from such research are priceless when it comes to positioning on the market, concocting the optimal marketing strategy or making the decision about the right time to market a product.
How it goes is that you research survey sites and apply to those that seem reliable to you, you then fill in surveys they send you after which you get paid. The amount you can earn, the frequency of payouts, as well as the number of surveys you would be filling depends mostly on the survey site you sign up to, so it is vital you make an informed decision about the choice of the survey website. This side job usually isn’t demanding in terms of time and you can still earn some extra money.
The side business that you opt for will take up additional time and additional money from you but if you choose wisely and organize well, it can become very profitable and even a game-changer in terms of your career. So, instead of just dreaming of another job or more money, be brave and go for it!
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