The hunt for funding has been the bane of an entrepreneur’s existence from times of yore. Many abandon their dream to build, create, and innovate in the face of this difficult struggle without realising that a good business idea will eventually pool in the bounty-full once it has secured a place in the market.
This side business idea isn’t for most, but consider Kia Silverbrock who has been granted over 4,665 US Patents in his lifetime (so far). You don’t have to invent the wheel to make good money from your patented concepts—just make sure that your idea can be produced affordably, or it will never stand up against a lawsuit in the future.
Approach friends and relatives. People who know you for a long time are most likely to have faith in your ability and intentions. These are also the people who are likely to stand by you if the going gets tough in the initial stages of your venture or you need to raise more money. However, make it clear the money is intended as risk capital and they might lose it completely or may not be returned in the short term.
If you want to bring it on to the next level you can take the Real Estate Broker License Examination. You just need to learn first the ins and outs of the real estate business before you can actually dive in to the game.
Meghna Nayak, Founder of LataSita, a fashion brand that up-cycles old saris into beautiful unique and ethnic pieces, states, “I felt inspired and confident enough to start LataSita in India where we already have a long history of upcycling and jugaad woven into the culture-I wanted to update it and infuse it with some style and snazz!” (As stated by Vagabomb). While most of her fixed budget was spent on material for her designs, the concept of recycling saris helped defeat that splurge. Her primary investment went into maintaining a studio space and paying her two tailors.
Don’t be tempted to start a retail store just because you find a cute, affordable space to rent. Location means everything in retail, and a good location usually costs a lot of money. I would spend several days sitting in front of a potential retail location with a counting device, counting cars and pedestrians walking by, before I’d even think about signing a retail lease. Then if you do get a great location, take full advantage of it with great signage and an enticing storefront.
What I might personally get more excited about would be just offering a bartending service. This option sounds like a lot less work than offering a full-service meal! Bartending services are in particularly strong demand on the weekends – perfect for allowing you to keep your day job as you build your clientele!
On the other hand, if you want to market your own t-shirts you might have more upside potential but the downside is greater too! The brothers who started “Life is Good” t-shirt business for example, lived out of their van for several years until their business finally gained momentum.
Have a meticulous eye for detail and love to get things gleaming clean? Auto detailing is probably a perfect side business for you. In essence, your job is to make cars sparkle inside and out – and many people are quite happy to pay well for this service.
You could run this as a seasonal camp during the summer. But I find it’s tougher to make lots of money at seasonal businesses, so instead I would first consider offering a creative arts day camp after school or on weekends. I suggest doing surveys to find out what age groups of kids and what specific art activities have the most appeal.
If you live in a bustling area, chances are local businesses could use a local courier service. Unlike the big name services, you can offer more flexible pick-up and drop off times, which can be a godsend to many small businesses. According to About.com, half of couriers earn in the $17,000 to $27,000 range.
A lot of car repairs don’t require a car lift and you can do them at the customer’s location. Not only does it eliminate the cost of owning a service bay, but it saves your customer the time to drive and wait at a service station.
Arranging for shipping, especially overseas, is complex and the rates can vary widely, even for nearby truck shipments. A shipping or freight forwarding service can find the best shipper for you, arrange the paperwork and a lot more. This can be a great business, with long term customers and steady work, but it can take a while to build up a large clientele.
Assuming that you intend to take up professional photography, you may already are in possession of a high-definition camera. Without taking the latter’s cost into consideration, as an aspiring photographer looking to take on independent projects, the only investment you need to make is your time in building your profile online.
If you’re somebody who go to office everyday, a loading business can be a good sideline. There are a lot of employees in the company who can be your target market. Good thing about the loading business is your product doesn’t spoil unlike foods.
If you have experience cutting hair and giving manicures, opening up shop from your home is an excellent way to start your own salon. Make sure that you follow all of your state’s requirements for doing salon care in a home, as they can be stringent. Median salary: $22,500.
The second part of the equation is consistency, as you can’t build a strong social media following without consistency. While you can post onto your preferred social media platform manually, it can end up becoming a real chore.
Keep it professional. It’s well-worth a small monetary investment to make sure your logo looks legit. People are much more trusting of businesses that have a professional aesthetic. It doesn’t have to cost hundreds of dollars, though — there are plenty of talented designers on Fiverr who’ll create your logo for as little as $5.
Hey Will, a site on page 3 might as well not exist in terms of search, but it can still get people to visit your site if it is on your truck opr any other place where people can see it. We will have videos not only about organic ranking but also getting into the Google snack pack, ranking videos and how to pay for traffic on Facebook + Adwords without losing your shirt.
Everyone wants to feel special now and then. If you can create the right setting, you could make your customers feel great and be happy to pay top dollar for a sophisticated beverage! Get everything just so–the name, the furniture, the wall coverings, servers’ attire, the lighting, and the background music. If you get all the details right, this could be a really fun and highly profitable endeavor.
I’m actually sad of the current situation of the Filipino web developers here in Philippines. A lot of web developers are getting low salaries because of poor negotiation skills. What happens is we get low rates for the services we provide. I’m also a web developer myself so I know how this business works in general.
If you want to maintain full control over your business, seeking an angel investor may not be the right route, since oftentimes they’ll want partial control of the company. If you don’t have any high-value assets you can part with, selling assets to fund your business wouldn’t be the right fit for you.
The best way to hold onto your competitive edge is to protect your trade secrets. A trade secret is that information that isn’t known to others that gives you a competitive advantage in the market. There are many kinds of trade secrets, and trade secrets receive legal protection as long as their owners take steps to keep them secret. Those steps could be anything from marking confidential documents to requiring partners and employees to sign nondisclosure agreements.
While there are all kinds of training that corporations will pay for, I am focusing on sales training because the demand is so widespread. It is an absolutely critical function, even for small businesses. If you don’t have great contacts at larger companies I would suggest you target smaller firms, such as those with sales forces of 6 to 20 people. Small enough so that everyone isn’t trying to sell them training, but large enough that they are likely to be willing to pay for it.
Not only is Airbnb a great way to make money by renting out your spare bedroom or living room couch as a legitimate home-based business idea, but you also have the benefit of meeting new people and making new friends if that’s your kind of thing. You can even rent out an entirely new apartment just to manage as an Airbnb side business idea, but don’t make the mistake of thinking this will be a passive source of income—you’re on call whenever you have a guest and you’ll always need to keep the place clean for incoming visitors. On top of just renting on Airbnb, you can take this business idea to the next level by offering your guests add-on and personalized experiences for an extra charge. Take Lauren Gheysens’ Airbnb-based side business idea, Royal Day Out in London, England for example—where she gives visiting tourists a local’s only tour of the city, complete with bespoke 18th century costumes.
You can; however first you have to make sure you have the right legal permissions in case you have to build, and some others are needed to own a hotel. You might want to check with a lawyer before starting. At the same time building an hotel or buying one requires a huge amount of money, since you have to build the building, hire people that will work for you, and do different jobs according to how big the place is. You will most likely need to start small and build your business to be larger.