Whether you’re working full-time, part-time or in school, starting your own business is a great way to earn a little money on the side. With the right business idea, you can increase your income substantially and you can focus on an area you enjoy. In time, your side business could become your full-time job if you want it to.
Of course, finding out more details and choosing the right type of business is crucial to success. As well as incorporating your natural talents into your role, you’ll need to find a business opportunity with fits into your existing schedule and one which can be carried out in the time you have available.
If you’re unsure what type of side business could be right for you, take a look at these great ideas for a second income stream…
1. Become an online coach
If you already have expertise or skills in a particular area, why not share them and earn a little money? One-to-one sessions are an ideal way to start and online coaching can easily be a side business for as long as you need it to be. Schedule sessions around your existing commitments and connect with clients in a way that suits you both for maximum flexibility.
2. Launch a blog
Getting your readership up to a high level can take a little time but blogs are still a lucrative source of income for many people. One of the key benefits of monetizing a blog is that you can focus on any subject you like and they’ll be other people out there who are interested. Of course, writing, editing and promoting your content can easily be done around your existing job, so it’s a fantastic opportunity to launch a side business.
3. Be an English tutor
If you speak English fluently, your skills are already in high demand. There are millions of people who want to learn English as a second language and, as a result, there are plenty of teaching opportunities available. Tutoring your students remotely means you can work from any location and you can select the hours you work as well. Either set up on your own or join an existing network of tutors if you want to take advantage of an existing client base.
4. Promote your consultancy skills
Almost every company seeks external support from time to time, so consultancy can be a very viable side business. If you have professional experience in a particular area, this could be the basis of your new consultancy enterprise. Work with local business face-to-face and liaise with companies online to maximize your reach and gain new clients.
5. Develop an app
If you’ve got app development skills, creating the next mobile craze might be a walk in the park. However, you can develop a profitable app even without these skills. There are plenty of online courses which provide step-by-step guides to app development, as well as software which will help you to create your app. In addition to this, you can pull in outside help from development professionals if you have the idea but lack the time or the expertise to develop the app yourself.
With so many fantastic opportunities to launch a side business, it can be hard to know where to start. Reselling goods on marketplaces, such as Amazon, eBay or Etsy, is ideal for budding retailers, offering web design services may be viable for people with some existing knowledge of online design protocols, whilst music instruction could be right for you if you’re already able to play an instrument.
Starting a successful side business gives you the chance to hone your skills or develop new expertise. For many people, building a second business which focuses on your existing talents is the most efficient way to get started but there’s nothing stopping you starting from scratch and learning something new as well.
Once you’ve decided which area you want to focus on, collaborate with others. By joining existing networks and communicating with others, you can pick up some great tips and get more details about the potential pitfalls. More formal networks may even offer marketing strategies and shared client bases, so you can get up and running more quickly than you may have imagined.
Whatever area you choose to focus on, getting your name out there is crucial to gaining customers. If you’re unable to carry out marketing tasks yourself, working with professionals, such as online marketing specialists, SEO experts and social media managers, is an ideal way to promote your business and engage with potential clients.
With so many opportunities to start a profitable and lucrative side business, why wait?