Have you ever dreamed of having financial freedom and the power to control your destiny? Many people wish for a different kind of life, one where they don’t answer to a boss and can pursue their dreams. At one time, you would have had to put all your savings into a project, find investment, and commit to the enterprise full time to create a business of your own. But now you can dip your toe in the water without risking everything you have by setting up a part-time business or side hustle.
How do side businesses work? The beauty of a side business is that you can still earn from your day job while you’re getting established, and either carry on with it as a small-scale business or develop it into a full-time career. That means there is far less financial stress involved because you will be bringing money in independently of your business, giving you continued financial security until when you decide the business is sufficiently well-established to commit to it full-time. This makes it ideal for anyone with commitments that would make it hard to justify risking financial stability: for example, if you have children to support.
You need to enjoy hard work. The only drawback to side hustles is that you will have to devote a good chunk of your spare time to the project in addition to working your regular hours in your main job. That means time will become your most precious commodity, and you will need to be very well-organized to make this kind of lifestyle work. You can’t afford to neglect your side business because you’re tired at the end of the day. You still need to be putting all your effort into the business to ensure it succeeds, because no enterprise will flourish if it doesn’t receive a decent amount of attention.
You need to be dedicated and enthusiastic. In order to find the motivation to put enough effort into your side business, you’ll need to choose a niche that you either know a great deal about, have a genuine interest in, or preferably both. Many part-time entrepreneurs choose to sell arts and crafts that they have made themselves, or offer services in their area of expertise, for this very reason. It will be hard to find the motivation to work on your side business in the evenings if you find the tasks involved uninteresting; however, it won’t even feel like work if you love what you do.
Selecting the right side business. Bearing in mind that you need to have knowledge and understanding of your sector and be invested in your work, when you choose a side hustle, you should consider where your strengths lay and what businesses would suit your skillset and lifestyle. Almost anything can be developed into a side business, from selling your own products to offering consultancy services online, but your offer needs to be based on a product that people will be willing to spend money on. If you love making pottery cat and dog figures, then there could well be a market for them if they’re stylish and well-made, but if it looks like your three-year-old made them at pre-school, you won’t bring in many sales. If you don’t have an artistic leaning, then promoting yourself as an expert in your chosen field could be an alternative way to go. This could be through dealing with clients directly or using your knowledge to write web content or offer training courses.
Ideas for side businesses. There’s plenty of choices when it comes to running a side business, but here are a few examples of areas in which you could develop your idea:
- Finding a solution to a problem: Many entrepreneurs grow successful businesses based on the thoughts they’ve had in their day to day lives. For instance, you may have been asking yourself why you can’t get a certain product that would make your life easier. The answer could simply be that such a product doesn’t exist. If you could create something that would solve this problem, you would have the makings of a sound business idea. You need to check that there is indeed a demand for such a product and that it’s not just you that would use it.
- Spotting new trends and developing markets: Take vaping as an example. This is a relatively new business but one that is growing at an exponential rate. Taking advantage of the popularity of vaping and the range of devices and flavors available could prove to be highly profitable. You will need to check what regulatory requirements are in place for such a business to ensure you could achieve compliance, plus you want to use reputable and reliable wholesale suppliers for your products such as Vape In The Box. If you have experience of using vapes, you’ll have even more of an advantage, as you’ll be tuned in to what people want and what to recommend.
- Get creative: Selling your home-made items online has never been easier. There are websites that specialize in providing platforms for individuals and small businesses to sell their products online, which make the process far more straightforward and less time-consuming than setting up your own You could also try your hand at a writing career if you can craft well-written and researched web content.
- Freelancing: You could look for freelance work on any number of agency sites and job boards that help you find all manner of work such as admin, sales, website creation, marketing and many other jobs that can be carried out remotely.
To achieve true freedom and autonomy, you have to be prepared to work hard and devote your attention to your project when you’re not at work. It’s easy at this stage to start flagging in your enthusiasm, but if you are able to push on through and get all your work done, you’ll have proven to yourself that this is a good fit for you. Once you get into the swing of being a business owner, you’ll soon start reaping the rewards and enjoying your new lifestyle.