Create a formal business structure. Even if you're just starting a side business that you don't think will ever grow large enough for you to quit your main job, you still need to treat it as a serious business and follow the necessary formalities to keep it separate from your personal income and assets. In the United States and many other countries, you have the option of organizing your side business as a corporation, a limited liability company (LLC), or a sole proprietorship.
As I’ve already covered with TeeSpring, the T-shirt retailing business is worth millions of dollars. But what if you want to do the manufacturing side of things? T-shirt printing turns out to be quite a rewarding business idea for many each year, but can quickly consume much of your side business idea time—so know what you're getting into before diving in. This multi-billion dollar industry counts big corporate factories as well as home-based part-time entrepreneurs.
If you have marketable skills as a developer, designer, or online marketer, there's an online audience who’d be willing to pay for your expertise, in order to become experts, too. Start by testing your way into the market on Udemy or Skillshare, where there’s already an existing audience for career-related courses. As you build your brand, aim for teaching on higher-visibility online education platforms like CreativeLive.
In the strictest situation, you may have signed a non-compete agreement that forbids you from opening a side business that would compete with your employer. Understand that "competition" can be construed fairly broadly by your employer, and may include businesses you think bear no direct relation to your job or your employer's business. This could turn into a legal issue.
There are at least three teenage entrepreneurs who’ve already earned astonishing amounts of money by launching hand-made jewelry business ideas: M3 Girl Designs’ Maddie Bradshaw, Bella Weems of Origami Owl, and the girl behind DesignedByLei. With the industry set to shine in the near term via a brisk annual growth rate of 5-6%, the market is ripe for new entrants to this business idea who can offer sparkling new takes on how to craft appealing handmade goods.
Most Instagram users find themselves using the app in their free time. When you get off work, the last thing on your mind is working more, but using Instagram feels more like fun than hard work. As you spend some time creating the perfect post, you could be earning some major coin from the business whose product/service you’re advertising, and it’ll take very little of your time to do.
An acting classes business provides group or one-on-one classes in acting for adults or children. As the owner of an acting classes business, you’ll provide training, coaching and support to those who are considering getting into the acting business or those already in the business who would like to improve their chances of landing a role. Most business owners in this field will want to find a niche. For instance, you might work with children, or with a career-oriented adult audience interested in stage acting, film, commercials, voice-over work or other areas of specialization.
This product has really exploded onto the market over the last few years, and new kinds are coming out all the time. This is an item that is popular with a huge portion of the population. The branding you use will depend on whether you sell your own product or partner with a larger company. Regardless of your choice, you will need an appealing storefront, which Selz can help you achieve.
I’m not saying that walking dogs for a few hundred extra bucks a month so you can invest isn’t worth doing. It definitely is and you don’t have to side hustle to scale – any additional money you make and invest will help you walk away sooner. I’m just saying that before you start side hustling or pick your next side hustle, just understand that you really can make a ton of money doing it with the right mindset and strategy.
For individuals who enjoy sewing or seamstress work, have some artistic talent, or have an eye for patterning and organizing ideas into a tangible object, quilting can be the perfect career. A background in sewing is preferable, although some quilters started because of a love or passion for creating and quickly found their niche in the quilting community.
Great list…a few are a bit humorous. Nevertheless, side money is still side money. An I am a firm believer that everyone should have something they do on the side. From my own personal experience, having something on the side helps takes the pressure of the main income source (both mentally and financially). If all you have is a single source of income, and if for whatever reason that source of income is threatened, the news is almost always devastating and life changing.
Of all the suggestions on our list, driving for Uber has unique perks: no time spent on your feet, and not all that intellectually challenging. There is a lot to be said for a side business that still enables you to focus your mental and physical energy into your dream startup, so if you are concerned that a side business like freelancing may stretch you to capacity, driving for Uber might be a good fit.
Grant, you’ve got a lot of info in here that I LOVE! I swear to god, if I read another blog post telling me about a side hustle and I read the word “fiverr” I’m going to implode. You bring up an AWESOME point about not trying to compete in market places where your only advantage is price; eventually you’re profit will be ground down to 0. I’ve heard of domain reselling before; there might be a course there for you… (I’d buy). Great post!
Hello and thank you for the great article. I have been reading where you can use side hustles to contribute to self-managed retirement plans (aka Self 401k). Many of these gigs seem cash based – anyone out there contributing to their own Self 401k/Sep/Easy accounts? If so, what documentation is required to support the connections between the side hustle and the contributions to the self managed retirement plan?
The items you are selling should have some type of certification or grade so customers know that they are the real deal. You will want to have a professional storefront, which you can easily put together using the Selz store builder. Reviews are also very important in this line of business, so don’t hesitate to ask previous customers to drop you a line with their thoughts.
People who love social media and marketing will thrive in this business. However, this love must extend beyond just checking Twitter and Facebook every 15 minutes. If you want to start your own social media marketing business, you should know how people interact with different platforms, where your target demographic is most likely to live, and what type of content will spark the most interest. You should also know how (and why) different platforms evolve over time.
This business is good for people who are both creative and practical. There are an infinite amount of design options for phone cases, but some will be more popular (and profitable) than others. A good business owner can both narrow down the choices, and predict trends to gain a market edge. Owners will also need some customer service and advertising experience as well.
Counted amongst the most valuable tech giants, Amazon is also a massive global market where virtually anyone can cash in on the rising tide of eCommerce if you have the right business idea. But, like everything else that involves money, you have to do quite a bit of work to earn it. In this case, you need to do tons of research (looking for generic products such as clocks, key chains and mugs to attach your brand to) as well as developing a sensible inside sales strategy that'll help you generate profits from your private label side business idea. For an incredible deep dive on how to launch this kind of business idea, check out how digital marketer Neil Patel recently did this as a public experiment right here on his blog.
Craft fairs are also a great side hustle. I do very well at high end, handmade only craft fairs and festivals. Its a marketplace that attracts people who prefer handmade and have the income to easily afford high end crafts. I am a baker/food crafter (not the same as a food vendor. Food crafts are jams, sauces, cookies, breads, toffee, honey, maple syrup, etc. – foods made at a kitchen and brought to the event, not prepared at the event like sandwiches and burgers, etc, made by food vendors). I make hand made baking mixes, an oatmeal bar cookie in 4 flavors and a gluten free truffle cookie in 3 flavors. As with farmers markets, craft fairs mean immediate cash. I accept credit cards, too. No waiting for a paycheck to come, as my hubbie is paid by-weekly.