There are all sorts of reasons why you might not be earning the salary you wish you were at this stage in your life. Family responsibilities, personal problems, ill health, and lack of focus are just a few examples of the life events that can cause delays in achieving your life goals. Whatever has caused you to be where you are now, there is always an opportunity to make up ground and get yourself back on track. One such way is setting up your own part-time business, or side hustle as it’s commonly known.
The Benefits of Having a Business On The Side
It’s a major undertaking to start a new business and devote yourself to it full time. If you have a family and rent or a mortgage to pay you might feel that leaving the relative security of a regular job is too risky, because if your business fails you’ll be taking on potentially crippling debts that could have a serious impact on your family and your own wellbeing. The advantage of starting your business part-time while still employed is that you have a safety net in the form of your regular salary, so the risk factor is far lower. You can test the market, refine your business model, and perfect your marketing skills without inflicting undue pressure on your personal situation. If the business starts to develop and needs more time spent on it, then you can make a decision on whether to carry on as you are, or go into the enterprise full-time.
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Finding Your Ideal Part-Time Business
If you’re something of an entrepreneur, you could well have a business idea already in mind. If you don’t, there are several options for you to consider:
- Franchising: It’s the large franchise businesses like fast food outlets that spring to mind when the word franchise is mentioned, but there are less high-profile part-time opportunities with a similar concept. Party planning and home catalog sales are one of the most popular, as they are well-established models with proven track records. In addition to the traditional products like Tupperware and cosmetics, there are part-time sales roles available in a range of diverse niches, including children’s books, lingerie, jewelry, and home cooking. You could pay very little for the franchise, or in some cases work on a commission basis, so you earn a set percentage for each item sold, and the company employing you takes the rest. If you are a sociable person with good communication skills, this could be ideal for you.
- Trading on the stock market: If you have a head for figures and aren’t averse to the high-stress stakes of buying and selling shares, this could be your perfect match. With the increasing availability of low-cost online trading platforms, you can make your own trades in a variety of markets from the comfort of your home. You will need to do your research to ensure you understand how each market operates and the balance of risk to reward for long-term and short-term investments. It’s a good idea to start with a focus on one aspect of trading at a time, to develop your skills and find where you have the most For example, the criteria for a long-term investment will be quite different from the most successful day trading strategies. Start off with a modest investment, and keep a careful track of how much overall profit you are making. Like gambling, it’s tempting to remember the big wins and shrug off the losses, but if you want to make this a profitable business, you do need to check the balance between the two to ensure you’re staying ahead.
- Freelancing: If you have a talent for writing, coding, website design, or anything that can be done remotely, there is a massive market for your skills. Each sector has its own pathway to achieving the best results, but in general, you would start by researching the specifics of your chosen field to ensure you know what is required of you, followed by signing up for newsletters, job boards, and employment agency listings relevant to your niche. Learning how to make pitches is an essential skill, but there are plenty of resources online that can provide you with sound advice on all aspects of freelancing. There are also freelance websites that bring providers and clients together and charge a fee or a commission for the service, some of which can be excellent stepping stones, particularly for a part-time venture.
- eCommerce: selling online has become far more accessible, and no matter how specialist or unusual your products you will find a suitable outlet. If you make your own handicraft items or produce artworks or photography, you’ll find there are specialist websites and online agencies which you can use to sell your products. You’ll pay a commission or fee to use the service, but you don’t have to worry about marketing and running the admin yourself, which can make the fees worth paying.
When you’re looking for information on setting up your own side business, you’re bound to come across adverts, links and infomercials trying to sell you on a moneymaking scheme that will guarantee you sizeable profits. Unfortunately, a great many of these are just income generators for the creator of the site, so you need to be wary of anyone claiming they have an easy, sure-fire way that you can make huge amounts of money. Make sure there is substance behind any claims, and don’t pay for courses, books, or webinars that promise the earth without proving they can deliver. You do need to find out as much as you can about your chosen business, but there are plenty of free resources to help you, as well as legitimately helpful materials and paid-for services. If you choose the best fit for your skills and resources, you could do very well out of a side business, so why not start thinking about the possibilities and making plans for a brighter future.