One way to get an additional income for ourselves is to start a side business. There are a lot of advantages to doing this but often people think that its not possible to create a business while still maintaining a job. Nothing could be further from the truth. In fact, in this highly connected world we live in now, its extremely easy to start your own sideline business.
Here are 6 tips to help you get started on your own sideline business to start earning income today.
1. Turn your hobby into a business
What do you enjoy doing? Do you like to bake? Are you creative and have a product you like to make? One of my friends who lost her job had a small side business baking. Once she lost her job, she put things into high gear and began baking full time. Now is earning more from her baking business than she was at her old job and loving what she is going.
What about you? What is your passion? Can you turn that into a product others would want to buy?
2. Focus on a product(s), not services
Many think the first way to go is to setup a services related product. But if you do that, you sort of create a trap for yourself. If you aren’t selling your time, you aren’t making money. With a product, you can set it up so that it will make money even if you’re not actually working. Think of a web site selling a product. Whenever you are trapped into selling your time, you will find that you are limited by how much time you have.
Find a product you can develop and sell. Maybe its baking, maybe its an information product, or maybe its selling top up. Another idea is to sell clothing on Facebook.
3. Don’t work in your business, work on it
This is tied to number 2 above. The ideal business is one that will work without you having to be involved with it directly on a daily basis. this may involve creating posts on Facebook advertising new products or responding to customer emails. Regardless, set aside time each day to do it so your new income will grow.
4. Dedicate time each day to work on your business
If you want a business to grow, you have to feed it with time. Make sure you set aside time each day to work on something related to your new startup. The more you work on it, the stronger it will get. What often happens is that we take that attitude of that this is just a sideline and we can’t always put the time into it that it needs. But once you start thinking that way, it won’t take long for the company to die off. You have to be willing to work on your business every day.
5. Use technology wisely
This includes the obvious of using devices such as smart phones and tablets. But it also includes using tech you may not have thought of. Using PayPal or DragonPay to accept payments from customers. Another idea is to use sites like Fiverr, Gumroad, Elance to market yourself or your products. Yes, a lot of these sites are focused around performing services and that may violate rule 2 above, but you can also sell products as well. But in the event that the only thing you can come up with to do is s service business, well, income is income. A service business is better than nothing at all so grab it and run.
Don’t forget to leverage social media when promoting your new business. Your social circle on Facebook is an invaluable place to start. Its also a good place to sell products.
You could also consider teaching English online as a way to make a quick side income.
6. Build a good team
At some point, you will need to begin involving others in your new company. This is a very critical step because one wrong hire can destroy a new company. Be sure you involve quality people that bring something of value to you and your business.