Treat your business finances like your personal finances. You should be creating and sticking to a budget for both, allowing you to make your money work best for you. It's also important during this time to sock away as much extra money in savings as you can, to prepare for the transition from your full-time corporate job, to working for yourself. This is probably the biggest mistake I made, as I quit work in a huffy with only $3k in savings.
If you already have expertise in the technical and artistic sides of web development from your day job, then picking up extra clients on the side is a relatively easy way to start earning extra cash. Since everyone from large corporations to small-time freelancers need websites these days, web designer services are in hot demand. According to the Bureau of Labor Statistics, 28,500 web developer positions will need to be filled by 2022.
Now that I've been blogging for almost seven (!!!!) years, built the blog into my full-time job, worked for myself for two years, then went back to work, I can look back on the whole process and pinpoint what I did right and where I went wrong. This makes me the perfect person to tell you the biggest things you need to know when considering this kind of transition.
If you’re offering a service, do you need to be licensed and registered for it? Research the product or service you’re going to offer to determine exactly what you’ll need to do according to state law. If you’re going to help people with their taxes, for example, you’ll not only need to be licensed, registered, and bonded in some states, but you’ll also need to carry errors and omissions insurance.
If you've got the attitude (and look), there should be a product or service out there on the hunt for the right model to promote their brand as a side business idea. You can sign up with a large agency, find a freelance agent, or look for your own modeling gigs as an independent talent. Since modeling is a complex field, get all the advice you need before jumping right in and find a mentor who can guide you through some of the early challenges it'll take to establish your brand. Depending on your preference, you can specialize in a single media format such as video or still images, to build a compelling portfolio and grow this into a business idea that has the potential to scale.
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.
If your mastery of another language is good enough to have the grammar and spelling down, translating is a great side business idea to set up for yourself and can even be done remotely. Flexjobs has literally hundreds of freelance, remote translator jobs available right now and if you're looking to land more remote work on the side of your other pursuits, check out my guide—how to get a remote job (this weekend).
I’ve heard this (okay, I’ve been that person) so many times. There is so much mythology and complexity around what it takes to go from idea to income. In the world of entrepreneurship, the lore has become, “you’ve gotta be all-in, all the time” if you want to succeed. Truth is, that’s a complete fiction. And, what if you don’t so much want to built the next mega-company, but instead would love to just do something you enjoy on the side that also happens to generate a nice bit of extra cash?
Last year the online learning industry hit $107 billion dollars. That’s billion with a B. Tons of 9-5ers are realizing they have unique skills sets that other people want to learn. Getting started is simple too, all you need is a copy of Powerpoint, a pair of headphones with a mic and some screen recording software. Then you can either drop your course on Udemy or you can build your own site and save the royalty fees!
If you have a way with words and know how to make the keyword-friendly, beautifully designed, SEO-optimized landing pages, why not charge other companies for your services and turn it into a money-making side business idea? Even a short landing page is worth a couple hundred bucks in most cases, and so much more if you know how to pitch your prospects well. If you want to get started with your business idea of becoming a landing page specialist or freelance copywriter, check out Len Smith and Sean Kaye's awesome course on Udemy, Copywriting Secrets: How to Write Copy That Sells.
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.
A test prep business often helps prepare customers for tests such as the SAT, ACT, GRE, MCAT, and LSAT. The business may also help customers prepare for other tests. You may instruct clients by themselves or as part of a group. Your business may be located in a separate office, or you may visit clients; alternately, you may conduct lessons entirely online via services such as Skype.
If you’re forced to disclose the fact, it might make your employer suspicious of your on-site activities and cause them to watch you more closely. On the other hand, it may make them see you in a new light and open opportunities for you with the company. Either way, you’ll have to carefully consider whether or not your employer has the right to know what you’re doing, and what, if anything, is at risk if you don’t tell.
I remember staying up until 2am to start my blog on a work night (and I am in bed at 9pm normally!). I was so excited, I couldn’t help myself but go all in and start. This is the type of enthusiasm that works really well with starting a side hustle. The more excited, committed, and focused you are, the more likely you’ll be disciplined and therefore, successful.
A social media marketer provides ideas and content for their clients. Some owners may specialize in a particular type of platform (e.g., Facebook only), but most work with all platforms to create a cohesive strategy for a business. Owners may work with one particular type of business (e.g., social media for real estate only) or with a variety of businesses or causes.
A resume writing service will assist job seekers by creating a resume that clearly communicates a candidate’s skills. Those who perform this service will have to interview candidates, and construct resumes that positively catch the attention of those reviewing the candidate’s resume. This service can include cover letters or thank-you letters to potential employers.
A recent Bentley University study found that over 66% of millennials want to start their own businesses. Yet, as of 2013, only 3.6% of businesses in the U.S. were owned by those under the age of 30. Clearly, there’s a large disparity between the number of young people wanting to be their own bosses, and those who are actually managing to pull it off. Many young people are naturally entrepreneurial, but without a steady flow of income it could prove challenging to jump into starting a new venture. There’s where side hustles come in.
A side hustle is more than just another stream of income, it’s also the new job security. When you receive paychecks from different sources, it allows you to take more chances in your “regular” career. More income means more options. More options equals freedom. You don’t need entrepreneurial experience to launch a profitable side hustle. You don’t have to have an MBA, or know how to code, or be an expert marketer. You don’t need employees or investors. With Chris as a guide, anyone can make more money, pursue a passion, and enjoy greater security – without quitting their day job.
Those with a thirst for knowledge and who are passionate about helping others will excel in this profession. Your team’s primary focus will be to get to know these young adults on a personal level, using this knowledge to identify their strengths and weaknesses. Once you’ve tapped into this, you’re equipped to assist them in determining what schools are best for them and how best to proceed from there. Since colleges consistently change their admissions process, you must be committed to keeping up with these changes. A love of traveling is also important, as you’ll want to spend a portion of your time visiting college campuses, building relationships with individuals in the admissions office.
Now for the completely strange and unexpected: Jon Colgan, founder and CEO of fintech startup CellBreaker, used his background in sustainability to help finance his business. “I also studied sustainability in school and became enamored of using worms to compost. As a third revenue source, I sell worms,” he says. “I discovered that happy worm populations double every 90 days. My worms are always happy. So, I started selling worms and vermicompost on Craigslist and by word-of-mouth.”
If you enjoy writing, find a topic you’re passionate about and start a website dedicated to covering that topic and anything else interesting you want to talk about. All you need is a computer, some time, and some energy to consistently write. It can start as a hobby and turn into a business over time. And blog hosting can cost less than $12 per month.