Great entrepreneurs are always looking for their next project, whether they want to gain valuable new experiences or diversify their streams of revenue. In this day and age, there are multiple avenues you can take to start your journey towards entrepreneurship.
However, starting a business is no easy task, even for the most seasoned entrepreneurs. Hard work and dedication definitely go a long way, but at the end of the day, you need to be realistic about what you can take on. Maybe you’re not financially ready to build a business from the ground up. Maybe you’re already working a demanding job that doesn’t allow for a lot of flexibility.
If you find yourself in either of these scenarios, you’re probably wondering, “Should I start a side business?” In the same vein, you’re likely wondering what other questions you should ask yourself, so you’re fully prepared.
To help entrepreneurs across all levels decide whether they should start a side business, SimplifyLLC created a comprehensive flow chart outlining the important questions to ask before getting the ball rolling. Likewise, they included 16 profitable yet low-cost ideas for different experience levels.
Side businesses you can start
Wanting to start a side business but not sure what some viable options are? If you put in the work, the following ideas can add a hefty amount to your monthly income.
If you have the ability to teach yourself a new skill, becoming an app developer or a web designer on the side can be a great side hustle to undertake. There are many online platforms like Udemy where you can teach yourself the necessary skills. Living in the digital age, there’s a strong demand for these skills.
If you have a home or an apartment you’re looking to rent out short-term, you could consider becoming an Airbnb host. Provide some enticing amenities like pet accommodations and free Wi-Fi. Keep a good rapport with renters by avoiding cancellations and accepting reservations to get yourself started.
Freelancing sites like Upwork and Fiverr are also great options to get a side business going. If you have strong writing skills and a background in blogging or content creation, you can work as a freelancer as your side business.
Maybe you’d like to combine physical activity and entrepreneurship. An option for you would be to become a yoga instructor. Many studios offer courses with varying time commitments to become certified. Once you complete your training, you’re ready to start teaching classes and earning that extra income.
Pros and cons of starting a side business
There are many benefits to starting a side business. Firstly, you’ll be able to have multiple sources of income, a key aspect of building financial security. You’ll also have the ability to pour into a creative outlet for yourself as well as grow your professional network. If you really hustle, you have the potential to shift into your side business full time.
Despite many clear benefits, starting a side business is not meant for everyone. As mentioned earlier, you’ll have to be realistic as to how much time you can dedicate to your potential new side hustle. If you plan to keep working full time, you’ll have to be able to set concrete boundaries between work and leisure to keep a balance.
Many side businesses allow the flexibility of getting started without legally registering your business. You’ll need to do thorough research to discern whether you need to register, and the process itself can be lengthy. If you have an extensive professional network, you can also reach out to trusted entrepreneurs in your circle for advice on how to get through this process.
Once tax season rolls around, you’ll have to set aside a good chunk of time to pay out the necessary amounts and fill out the appropriate paperwork since this won’t happen through an employer. Unless you’re already a tax expert or happen to know one, this is a very time-consuming project to take on.
Is a side business right for you?
Aside from the technical skills needed for someone to start a business, entrepreneurship requires dedication, perseverance, ingenuity, and initiative. If you’re willing to do extensive research, create a solid business plan, stay on top of your finances, and become knowledgeable on taxes and laws, you’re on your way to being a successful side business owner.
Remember, every big-name entrepreneur didn’t start somewhere and got themselves to where they are with hard work and dedication.