This list offers some great ideas and inspiration for folks looking to increase their income. There’s really no reason that anyone with some ambition, a good work ethic, and “people skills” can’t earn some extra money (or a full-time income) pursuing some of these self-employment ideas. I’ve done a little research, myself, to compile a list of small business ideas, and stumbled upon a few possibilities which you didn’t cover:
But that was 2007, and quite a bit has changed since then. Where a side business was once a novel idea, it has since become much more mainstream. According to the Bureau of Labor Statistics, freelancers now make up around 15% of the workforce, compared to only 7% in 1995. And the trend isn’t expected to stop here. The BLS reports that freelancers and self-employed individuals may comprise 20% of the workforce by 2020.
I made this mistake in the beginning of blogging. I didn’t have a six-month goal, let alone an end-goal, so I made a lot of choices that led me down the “popularity” path (more of an influencer) instead of the “profitability” path (specifically for making money blogging). I could’ve saved over a year of time if I focused on the end goal of profitability from the beginning. It’s really easy to get distracted when you start a blog (something I talk about in my blogging course) – something I learned the hard way!
If you have the gift of gab, public speaking is a worthwhile side business idea for you to pursue. Many authors, medical practitioners, scientists, artisans, politicians, and other subject matter experts earn extra income by delivering speeches, seminars, and presentations. Professional motivational speakers earn an average annual salary of around $90,000 with just that portion of their income, making this a very realistic side business idea while you continue practicing your craft.
Car flipping can be a fun way to turn your love for cars into a quick side business idea if you have the capital and a stomach for the inherent risk. Buying and selling cars is similar to other “buy low, sell high” business models, but the profit potential per hour invested can be very high. According to Jeremy Fisher at 3HourFlip.com, the trick is to learn how to make car deals come to you, so you can minimize your time invested and maximize your profit on each flip with this side business idea.
Firewood!!! I live in a semi-rural area about 1/2 hour North of Newcastle, Australia (houses on normal blocks, 1/2 acres blocks, “lifestyle” type blocks). A few people here will deliver a trailer load of cut up firewood for various amounts of money locally and into the more residential areas in the city. If you have the room to store firewood to season and a log splitter, its a good side income (for winter). I also know a lady who was struggling to find work after moving here. She started doing before and after school care and earns more doing that, than she did working full time in an office previously.