Many small companies and startups now outsource jobs that aren’t part of their core business (such as HR, admin, and accounting), which makes this skill set a great opportunity for starting a side business idea that engages your number prowess. Because companies always need to track their cash flow, freelance accountants and bookkeepers can really benefit from the increasing demand for part-time help.
Who needs a nasty commute when you can make a decent buck but a few feet from your kitchen? Over half of all U.S. businesses are now based out of an owner's home, according to the U.S. Census Bureau. With the economy shedding jobs, the ranks of the self-employed may well keep swelling. Plenty more entrepreneurs may look to eliminate rent and fuel costs to pinch pennies.
Taxes become significantly more complicated with a home-based business. Self-employed persons are allowed to deduct business-related expenses—such as wages paid to others, the cost of professional services, shipping and postage charges, advertising costs, the cost of office supplies and equipment, professional dues and publications, insurance premiums, automobile expenses, and some entertainment and travel costs—from their income taxes, but are also required to pay self-employment taxes. People who work from their homes may be eligible for another tax deduction known as a home office deduction. The home office deduction allows individuals who meet certain criteria to deduct a portion of mortgage interest or rent, depreciation of the space used as an office, utility bills, home insurance costs, and cleaning, repairs, and security costs from their federal income taxes. Although the Internal Revenue Service (IRS) has set strict regulations about who qualifies for the deduction, about 1.6 million people claim the deduction each year. According to Gloria Gibbs Marullo in an article for Nation's Business, the savings can be considerable: a sole proprietor living in a $150,000 home stands to save about $2,500 in actual taxes annually.
For the musically gifted, offering lessons to others who want to learn an instrument can be a great source of extra income. Unless you're teaching piano, students can bring their own instruments to your home for hour-long lessons. Stock up on sheet music or songbooks in varying genres and aimed at various skill levels so you can offer a wide selection for your potential clients. Voice lessons can also bring in a lot of money if you market yourself to local high school and community theater groups.
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To get started, first you'll need approval from the Financial Industry Regulatory Authority. Required paperwork includes a business plan, a trial balance sheet and monthly projections of income and expenses. Registration fee: about $5,000, depending on the types of securities you deal with. If you haven't already bagged your broker's license, get ready to pass a series of exams, including the six-hour Series 7 Exam and perhaps the Series 63 or 66. One caveat: You can only take these exams after working for several months at a registered firm--and all of your employees must pass the same tests.
Without realizing it, I skipped over doing the good work of pinpointing my target market and ideal clients, defining my brand and my offer, figuring out my Why, etc. I studied audience-building and content marketing tactics and put a lot of work into growing a community from the start, but because I wasn’t clear myself on the purpose of my brand, I didn’t have a consistent message to share with that community to build trust and gain their interest in any kind of offers.
Think blogging is no longer a viable source of income? Think again. Tens of thousands of bloggers (including yours truly) are creating profitable content on topics as diverse as scrapbooking, home cooking, travel, film, lifestyle, business, personal finance and more. And we're growing our blogs into six-figure businesses thanks to a combination of email subscribers, affiliate marketing, blog sponsorships, and other revenue streams. Your first step with starting a blog is quickly getting the technical side of things handled (my free master course on blogging will show you how), and then both understanding what your audience craves and learning how to attract those readers online.
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.
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Before you get excited about starting your home based business idea, you first have to make sure you have the right tools in place. The main tool is a speedy Internet connection. Most home-based businesses will require some sort of Internet connection. With a good Internet connection, you can also take care of a phone and fax. Isn’t technology great?
If you have an eye for quirky stuff, maybe running a mystery object shop could help you combine the thirst for curious things with a steady source of income. TheSomethingStore and Muddy Creatures are nailing the concept of a surprise purchase that taps into the explorer instinct many of us possess. There’s no exact science or skill fueling this business idea – let your imagination go wild…
Today's world of taxidermy isn't exclusive to preserving real specimens. Taxidermy also refers to recreating a specimen using completely artificial materials. Taxidermy schools where you can learn the trade are located almost throughout the country, typically as courses over several weeks specializing in certain levels of expertise, from beginner to master's level. Like any enterprise, there are taxidermy conventions that you can attend and learn about the latest techniques and materials.
You make money with ad revenue. Your first step is to create a YouTube account and start uploading videos. Then you enable monetization on your YouTube settings. Basically, this gives Google the go-ahead to include short AdSense ads with your videos, which you've seen if you’ve watched a YouTube video. When viewers click on those ads, you get paid.
Consulting is good work, if you can get it. Consultants give guidance to companies looking for help with everything from marketing to environmental remediation--and for that they clock an average 10% operating margin. Many consultants can easily work from home when they're not with clients on site, and most charge on a per-project basis rather than by the hour. Two big challenges: marketing and pricing the service. For more on the first, check out "Twelve Innovative Marketing Techniques"; for more on pricing, try "How To Figure Out Your Daily Rate."
Wedding photographers command premium rates. After all, you are capturing one of a couple's most important life moments, making it a very lucrative side business idea. Many professional wedding photographers charge between $2,500 - $10,000 (or more) to shoot a wedding, so it's realistic that this side business idea could quickly blossom into becoming a full-time endeavor with the right happy clientele base that's willing to refer you to their friends and family. Check out the Complete Wedding Photography Experience over on CreativeLive to get up to speed on everything you need to launch a successful wedding photography business.
Make sure you are buying items that are highly sellable, meaning that you there is a large market so you won’t have to wait years to find a buyer. And be disciplined enough only to buy items that allow you plenty of markup for resale. Specialization, or at least having most of your products fit your specialization, is highly likely to increase your chances of success.
It is no secret that having an online presence is a great way of drumming up sales for a small business, and trading online will allow you to attract new customers. Unfortunately for many small businesses, the idea of e-commerce can be daunting. There is a myth that suggests trading online is expensive and that you really need to employ an agency to build and run a custom website. The reality is that you can build a successful online business from as little as £20 per month. I did.
Long term: Persistence. The idea of a business overnight success is as uncommon as the proverbial three-dollar bill. In reality, the latest craze or hot item is most often the result of years of hard work and perseverance. In the case of Johnny Goldberg and his Spinning exercise craze, it took more than five years from the time he developed the idea until Spinning broke onto the national scene in a big way. Johnny could have given up many times along the way, but he didn't, instead pushing his idea until it eventually caught on with the exercising public. You might have the greatest idea since sliced bread but, if you aren't willing or able to hang in with it for the long haul, then you'll potentially miss enjoying the gold at the end of your rainbow.
4. Work where you’re most productive, even if it’s outside of your home. “Sometimes home is not the right place and work is not the right place—even when they are the same place,” says Stephanie Staples, a personal coach and motivational speaker. “I need a third location. For example, a donut shop, library—somewhere that even though other things are going on, I don’t have to pay attention or care about it. It is the power of the third location; I think differently, work differently, act differently there, and it really helps me.”
There’s more to being a coach or personal trainer than just being fit and loving to exercise. Finding a specialization is important, and licenses might be required for certain types of coaching roles. For instance, a friend in Boston obtained US and European soccer-coaching licenses before opening a successful one-on-one soccer-instruction business.
78. Understand your own work habits and what tools will work best for you. “Get an egg timer or a digital stopwatch with a countdown function,” advises Laurence J. Stybel, founding partner and president of Stybel Peabody Lincolnshire. “Decide on the chunk of time that you are most productive. For example, I can be productive for 45 minutes at a time. After that, the law of diminishing returns starts to apply.”
If you're a person who loves leaving customer reviews on sites like Amazon, stop doing it for free. Word-of-mouth advertising is still a huge lead generator for many companies, and a lot of businesses are willing to share a portion of their profits with persuasive individuals who will promote their products to the public. If you have a personal website with a large following, this might be easier to accomplish (PR reps are always seeking out brand advocates they can send free samples to). Smart Passive Income breaks down three types of affiliate marketing and explains which one is most profitable.
If you have experience with marketing, SEO or a knack for getting people excited about the products and services you use on a regular basis, think about refining your skills and putting them to work as a small business marketing consultant in your region—especially if you can become a local SEO expert and can help local clients rank higher in their search results as your side business idea. Businesses of all sizes are in constant need of bringing in more customers, which is where you come in with your business idea. Start by pitching some of these small business marketing ideas by Brian Downard and you'll be sure to impress the first set of clients you begin working with in your area.
Remember: It can take up to seven points of contact to make a single sale, so you’ll want to begin collecting visitors’ contact information from day one using an opt-in form on your home page. Then send them e-mail messages to follow up and keep them thinking about your site. Need some ideas for e-mails you could send to follow up with your opt-in subscribers? Try these ideas:
One of the first things you need to do is visit every potential event location with which you plan to work. Work with the marketing manager to tour each site and learn what is available at each location. Start a database that will allow you to sort venues by varying features--the number of people each site holds, if there is AV equipment available on site, will you need to arrange for rental chairs, etc. Then when you are beginning to plan an event with a client, you can find out what the key parameters are for the event and easily pull up the three or four sites that meet the basic criteria. and engagement parties, etc.
From personal experience as a freelance content marketer, I can vouch for the profitability in this industry. I grew my side hustle into a $160,000/yr business before quitting my day job to pursue this business idea full-time; all you need is the right skills and experience to back it up. With startups, established brands, and even notable influencers needing to build credibility and grow their brands, professionals who can serve up compelling content enjoy a huge demand for their services. And, since brands will always need high quality content to bring in new customers, your skills will always remain an asset to invest in—especially since the nature of creating a content marketing strategy is an ever-evolving one. Start by tapping into your existing network with this business idea and begin tracking down local small business owners who could benefit from your marketing tactics, do a bang up job, ask for referrals and grow from there to the point where you're doing blogger outreach and spreading out to a wider market.
I realised I wasn’t going to have time to approach every online directory to get my company listed, so now I also use Yell’s Connect product, which is separate from the advert that I’ve put up and costs £25 a month. They create directory listings for your company in all of the directories they have access to, and every day their computer system checks it to make sure that nothing’s changed; Google favours companies who have no discrepancy between their listings online. Now I’m listed at number two for the Yell search ‘Vets in Finchley’.
Still, knowing something about how the flower business works is a good idea, and your online presence and photos of your work will be critical to your success. Remember, the business is all about visuals, so make yours as compelling as you can. Get started networking by contacting local wedding planners and funeral homes and letting them know you’re in business. From there, let your business bloom. A friend in Maine turned a flower-arranging business into a successful flower shop she later sold at a profit.
Market your talents to building contractors. People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Design some questionnaires for each major element and each major room in the house. Find out how the homeowner will use the home--are there children? Pets? Does the woman of the house wear high heels? Do the home's residents neglect to remove shoes? How will each room be used? Where might task lighting and ambient lighting be most appropriate?