With the economy still unsteady these days, many individuals are considering starting a side business to bring in extra funds. While this may be a good idea, there may also be some hesitation around the subject.
However, there is no reason to fear. Starting a side business is not as fearful as you may think. Moreover, there are ways to start a side business that will bring in some much-needed residual income.
1. Turn a Hobby into a Side Business
If you already have a hobby that you participate in, then you are half way home. A hobby comes from doing something that you love. When you do something that you are passionate about, chances are you will find a way to tap into that and create additional income.
What a great feeling to combine something you love with creating extra cash flow. Whether you love to cook, garden, or craft, you have a great chance at being successful at it simply because you are passionate.
2. Join a Network Marketing Company
Network marketing has been around for quite some time and many individuals find successful ways to manage this business endeavor. Network marketing consists of expending typically a few hundred dollars to purchase a sample kit to sell directly to those you know.
Moreover, network marketing may consist of recruiting individuals to join your downline and join in on the business venture. Compensation may come in the form of residuals from sales of products or commission for individuals you recruit. Network marketing is something you can definitely manage to bring into your spare time.
3. Use Your Current Expertise to Fill a Need
Perhaps you are a teacher and you could consider tutoring. Or, you may be a writer and can offer writing classes where you teach poetry writing or technical writing. Perhaps you are a social media marketer and can offer classes in how to reach an audience through social media.
4. Become a Virtual Assistant
Virtual assistants are now more popular than ever. A virtual assistant handles day to day operations remotely from home such as answering inquiries, setting appointments, and offering customer service. This is a wonderful way to earn residual income while working from home.
5. Sell In-Demand Items on eBay
eBay is and has been a steady way of earning residual income for many individuals. If you know what is hot and what is popular, you can make some nice residual income by buying and selling.
6. Write, Publish & Market a Book on Amazon
Just about anyone and everyone has always dreamed of writing a book. Self-publishing these days makes it easy. Write on what you know, what your experience is, and what you learned.
7. Create a Website for Local Businesses
If you are a techie, then good news for you – this is a perfect opportunity to create residual income doing something you already know and love. So many individuals, even if they know how, simply do not have the time to maintain their websites.
8. Build a Seasonal Business
Do you love to craft? Perhaps you can create holiday crafts once per year, say for example, during Christmas time. Or are you a lover of gardening? Sell your vegetables and herbs at local farmers markets.
9. Become a Ghostwriter
There are many individuals who have a message to get out, but do not have the time nor the expertise. Becoming a ghostwriter is an excellent source of extra cash.
10. Start a Side Business by Teaching a Skill
Are you a musician? Consider giving private music lessons. Maybe you are into holistic approaches to life and would be a perfect candidate to teach on the art of aromatherapy or reiki.
So, there you have it, ten great ways to start your own side business.
If you want to explore the idea of starting a side business a little bit more, then read this article on side business ideas.
Once you’ve have a couple of ideas of what type of business you’d like to start, the next step is to research the viability of that business. How do you do that? Easy, create a business plan for each model to properly evaluate it’s potential success and profitability. If you need some help, I have developed a step-by-step Business Plan Training Course that will help you accomplish this crucial first step to as you plan to start a side business.
Let me know if you’ve ever thought about starting a side business and which model stand out to you? Also, I’d be interesting in hearing about the challenges you had, if you have started a side business.
Your success is my business!