Make sure your intended market is broad enough to sustain the business. Many new business owners mistakenly offer a product or service that only a select few want, without specifically targeting that market. Especially with a side business, it helps to have a broad audience. But even if your market is niche, make sure it’s large enough to sustain your business. Remember, your marketing efforts may be limited and you’ll need to reach more people with less effort.
While this is not technically “at home,” you can still earn great money without ever getting on the phone using your personal car, bike, or scooter to deliver food, give people rides, and even picking up groceries. The great thing about these companies is that it's also very flexible work. No one is telling you when to start and stop. You just do as much work as you can, when you can.
If you love baking and are able to keep your hand out of the proverbial cookie jar, making gourmet cookies is a great side hustle with plenty of long-term potential. Start by learning how to execute unique and tasty gourmet cookie recipes, then seal the deal by creating or purchasing professional-looking packaging. Sell your cookies online or to people in your local community.
You want to gain business, but investing in large marketing efforts could have two negative effects: You could waste a lot of money on a campaign that produced very little business or it could produce so much business that you don't have the time to handle all of the orders. Instead, focus on word-of-mouth advertising and let the business grow debt free.
Before we go here, just wanted to share with you a great mindset to get into to help motivate your side hustlin’ even more. I call it the “Gigs For Goals” mindset and the idea behind it is that you attach all gigs of yours to a specific bill or a future want/need. If you can match them up to break even, you’re golden! If you fall short, you need to re-arrange your wants and/or start bringing in higher income streams to match ’em. It looks like this:
These could include candles, tablecloths, center pieces, napkins, balloons- really anything you can come up with to make the perfect wedding day. Think of it as all of the last minute supplies that the happy couple dreads having to get after all their planning. That’s where you come in as a one-stop-shop. You can combine shipping or offer specials on certain products at various times of the year.
My events are seasonal (May-December here in Massachusetts) and some vendor fees need to be paid months ahead of time to secure a space in a well attended show. This is a great opportunity for peer to peer lending! My best fairs cost between $125 to $250 to get in, but I can make $1200 or more at those shows. My 2 sisters invest in my biz early in the year so I can pay those vendor fees during my slow season (Jan-May) when I don’t have much income from my biz. I pay 10% interest on their investment, which is usually about $1500, and pay them back by the end of December. 10% is much more than they would get leaving that money in their bank account. If I had the funding, I would go to farmers markets and fairs and talk to the crafters/vendors about my peer to peer lending services because most of the vendors I know struggle with paying those fees which are due during their slow season.
To market yourself as a consultant, you will, of course, have to be an expert in something. But, as Brett rightly says, “most people starting a business are.” What are you good at? What skills from your career can translate over into a viable consulting business? Think about your previous duties and areas in which you have excelled, and go from there.
Obviously some of these small business ideas have more earning potential than others, but what they all share in common are relatively low barriers to entry and the flexibility to work at them for a limited amount of time per week. I also tried to focus on side business ideas that have some sort of online component to them, since that's what I love most.
According to a report published by the Minister of Agriculture and Agri-Food in Canada, the jam and preserve industry in the United States brings in over $1 billion annually. Most impressively, it’s grown steadily -- even through the Great Recession. The market for jams, jellies, and preserves is strong, growing, and has many opportunities for new start-ups.
The good news about starting a side hustle online is there’s no age cut off, no employment reference check, no having to get dressed for a job interview, no having to ask for a raise, no having to work around people, no having to get dressed for work, and you can take as many breaks as you desire all while still getting paid. Only thing is, you have to put away your own money for retirement (if you do decide to later on), pay your own healthcare, and money for additional costs.
If you love to create art of any kind, you could be making a little side-income with your talent. Custom, one-of-a-kind paintings are popular decorations, and many people are willing to pay for unique works. This side business idea is great, because it takes something you love (and would probably be doing anyway) and turns it into a source of income.
If you're operating your business as a sole proprietorship in the United States, you don't technically need an EIN for the business – you can file taxes for your business along with your personal taxes. However, you may want one if you want to open a bank account for your business, or if you don't want your Social Security number to appear on business documents.
I surprisingly get a lot of people asking to detail their car. I never intend to make a business of it, but I love doing it to my cars and people ask me to do it to theirs. All it takes is a cheap orbital buffer (mines a used craftsman) and a shop vac. I normally get easily $100 for a basic wash/wax/vac, or $200 to remove scratches and polish then wax the car.