If you’re looking way to launch a new career as an entrepreneur, but don’t have mountains of cash to invest, it makes sense to think about ways you can start generating income in your spare time.
Keeping the security of your regular paycheck is a smart move in these uncertain times, but there are plenty of side-hustles that you can get into. Some require a little effort to get them started, then they’ll generate income for you even while you’re sleeping.
Others need you to invest time on an ongoing basis, but they’re all scalable – so when the business takes off you can think about growing it to become a full-time, sustainable business. The golden rule is to choose an idea that really appeals to you, so it won’t even feel like you’re working!
Sell your social media expertise
Every small business owner knows that they need to be harnessing the power of social media to attract customers and generate revenue. But the fact is, most don’t have the time or skills to make the most of the various channels. Approaching local businesses to sell your expertise by creating not only posts but also targeted ads can bring in cash for you while you do something you find natural and are good at. If possible, select businesses that appeal to your demographic – this will give them confidence that you’ll be speaking in a way that their customers relate to.
The great thing about this is that, using Facebook and other analytics tools, you’ll be able to demonstrate the positive impact your work is having, which helps to motivate your client to continue using your services!
Re-selling
If you enjoy selling, then reselling items, new or used is something to consider. There are plenty of channels you can use: Amazon, eBay, Etsy, Facebook Marketplace, and others online.
Once you’ve found that this works for you, why not set up your own online store? Platforms such as Shopify and BigCommerce make it easy to sell your products
The key is to find items that you can buy at a low enough price to make it profitable to resell them. It’s also important to look for niche products so you’re not competing in an overcrowded market.
You could also approach small local manufacturers or food producers and offer to promote their goods online. This idea can be scaled as your schedule and budget allow. There’s no hassle about inventory or storage, so it’s perfect if you want to keep costs low.
Affiliate marketing
When visitors to your website or blog click on the link of an affiliate partner, you’ll make money, so this is a true ‘while you sleep’ business. Typically, you’ll gain a % of whatever the customer spends. There are plenty of affiliate programs, such as AdCrax, or ClickMagick which actually pay out daily.
Start a vending business
If you have a vehicle, and like the idea of a retail space, without the expense and hassle of renting premises, a vending machine business can be a great way to get started. You buy the products you want to sell, locate the machines in high-traffic areas which may be accessible when retail stores are closed, such as gyms, community centers and sports venues. Schools may also welcome vending machines stocked with healthy products. Your sales will be reported remotely. Simply re-stock with the same products when supplies run low, or change to new items. This is another scalable business which allows you to learn the ropes as you go along, with minimal risk.
Create and share video content
Whether it’s weight loss vlogs, ‘how-to’ tutorials, or masterclasses, Youtube can be a great way to earn passive income. Choose a subject you love, and that people are interested in, talk about it, demonstrate it! If you can invest in some professional camera work, that’s a bonus. But what people are most interested in is what they can learn from you. Once you reach 1000 followers, your channel can be monetized, so that the passive income you’re searching for can start rolling in. The video can stay online for years without you needing to do anything, or you can post additional content as and when you like. As a truly global platform, you’ll have access to millions of potential subscribers. Affiliate marketing opportunities are an added bonus!
Create social media posts for businesses
Businesses know that they should be participating in social media, but many – particularly local small business owners – don’t have the staff, know-how, or time to post to social media sites they could benefit from. If you enjoy social media and understand how to build a following, handling social media for businesses would be an excellent part-time home business for you to start. It’s a business you could start with no money. For clients, look to the local businesses and restaurants in your area to get this part-time business started.
Share your knowledge
Whether you’re helping young students with academic subjects or enabling adults to master a language or learn a new skill, tutoring can be a profitable part-time business, that doesn’t require a huge time investment. Make use of platforms such as TutorMe or Freelancer to get yourself out there.
While some niches are overcrowded, choosing the right subject and targeting the right demographic can bring in the cash. For example, seniors with time on their hands and some cash to spare are an untapped market, especially for the tech skills they didn’t learn when younger (because the tech didn’t exist then!).
Provide pet services
You’re an animal lover with some free time? Leverage the huge demand for pet services such as dog-walking, pet-sitting, pet transportation etc. Advertise your availability, prove your credentials with references from local pet owners, and you could find yourself in high demand. Once you’re established, set up your own website with plenty of high-quality pet-related content, and you’ll not only attract new clients but also find affiliate marketing opportunities – for pet foods and accessories etc. What’s not to love?
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