Just revisited this post after it was mentioned on the Fizzle show. And man, I’ve found that #6 is SOOO true. There are still plenty of “gurus” who say, “Even just dedicating 15 minutes per day to your new business will get you going.” While I suppose that’s literally true, fact is, I’ve found that while I’m working my full-time gig I still need to spend no less than 2 hours per day (and preferably 4+ hours per day), 7 days per week to get a useful amount of work done. Launching a business while holding down a full-time job can certainly be done (and I’m doing it), but I think too many of the IM advice-givers sugarcoat the amount of time that actually needs to be invested. Perhaps that’s why so many people “fizzle” after a few months. They start something, then realize “Oh no…this is actually real work that takes real time!”
Define your product or service. Starting an online business gives you the benefit of having access to millions of customers, but you also have a lot more competition. No matter what you're trying to sell, you can bet that hundreds more online retailers have a similar idea. What differentiates your product from other similar products? To help your product stand apart from the rest, you'll need to find a niche.
1) Very little risk – Starting a home-based internet business doesn’t require the high costs of a traditional brick and mortar business. You don’t have to dive into your savings. Get Business Lines Of Credit or borrow from friends and family. You can get started right away without breaking the bank. Whether you decide to operate from a spare bedroom or a garage, your new business can be up and running quickly and with very little risk. According to FranchiseHelp.com, 70% of home-based businesses survive at least three years, compared to just 29% of non-home based ventures.
Kelly Lester, a stay-at home Mom from California, had an interest in bento - the Japanese art of food packing. She also had an annoying problem every day: how to quickly and efficiently pack healthy lunches for her kids to bring to school. Her goal was to feed her kids without boring them to tears or relying on prepackaged options that were more expensive and not as healthy.
From the inside looking out, I want to see the world as clearly as possible. And so do a lot of homeowners and particularly office managers. Now that creates a demand for window cleaners to step into this business idea, especially if you can land a contract cleaning windows for an office building. If you want to try it out as a side business idea, here’s a step-by-step guide on how to start a window-washing business at home.
Alex Ikonn and his wife Mimi launched Luxyhair.com after they realized how hard it was to find great hair extensions in the marketplace. This hair extensions ecommerce retailer has built their business on the fan audience they’ve attracted through YouTube tutorial videos. They have a serious following, which is exactly what has enabled them to grow their business to seven figures since 2010!
Pet sitting usually involves going to someone else’s house to take care of furry loved ones. Pet sitting could even involve living in someone’s house while the client is away. You have to think about the types of services you’ll provide and the types of animals you’ll take care of, but generally pet sitting is a low-cost, high-pleasure business idea.
The whole “building an audience” is challenging for me. I’m not much of a blog subscriber myself, and so I’m really not quite sure what makes a blog tasty enough for someone to subscribe to. I solve more of a technical business problem… one of those things that if you need it, you REALLY need it now. And if you don’t need it, then you’re not really interested in getting weekly updates talking about it (I would imagine).
The antique market is not as lively as it used to be. But there’s still money to be had from the industry if you love rare old stuff and possess the skill of restoring them to their former glory. To start an antique refurbishing business at home, you’ll likely need a few thousand dollars to build out a basic workshop and stock it with all of the right treatments and materials in order to truly excel with this side business idea. Start small by borrowing around what you can, and learning the basics of the trade as a side hustle before investing in a ton of equipment.
Packaging your skills and knowledge into a downloadable eBook that delivers value to those seeking to learn a skill, advance in their careers, or start their own businesses, makes for a strong value proposition if you target the right audience. Check out Leslie Samuel's great guide to selling eBooks online and start building your strategy around this side business idea. This class with Tara Gentile on CreativeLive will also show you how to use your existing body of work to write an eBook within the next week. Put in some serious work with your eBook, build an audience and you'll have a platform to pitch traditional publishers on landing a book deal—then you can write one of the best business books and really build your personal brand.
Instead of spending hours playing with accounting software, dreaming up potential expense and income categories, and creating fancy reports with no data, spend that time generating revenue. As long as you record everything you do now, creating a more formal system later will be fairly easy. It will also be more fun, because then you'll have real data to enter.
42. Cash-out refinance: Because there are no “use of proceeds” requirements, these loans are typically amortized over 30 years, and because rates are near an all-time low, this can be a very attractive option. Note: Cashing out home equity through a refinance does mean that you pay interest on the entire amount regardless of whether you use it right away.
Like recycling, this side business idea requires the willingness to get your hands a little dirty. If you enjoy working outdoors, then you can make a pretty good side income cleaning up litter outside retail, office and industrial properties—especially for businesses that have large parking lots that need regular cleaning. Property management companies need their properties maintained litter free and you can do so with an on-foot service using inexpensive equipment like this cheap pick-up tool and a broom. Charge for your time at $35 - $50 per hour and bill your clients the same contract price each month. For even more on how to get started with a litter removal side business idea, check out Cleanlots.
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."
If you're ready to be in charge of your own destiny, but don’t have the capital to buy a franchise or open up a storefront, consider starting an online business. When your store is online, you can reach millions of customers instead of whoever happens to wander in - plus, you don't have to pay for retail space. However, like with any business, you'll need an excellent product and a solid marketing plan. See Step 1 to learn what it takes to start your business online.
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.
If you have a fondness for taking pictures of smiling families or laughing children blowing bubbles, consider becoming a stock photographer and selling your images to a stock photo company like Unsplash, ShutterStock and iStockPhoto as a side business idea. You’ll get royalties every time someone licenses an image you’ve submitted. To really be successful, build your own photography website to be able to showcase your portfolio and start getting higher-paid private corporate work.
Many small companies simply don't have the time or staff to properly run their billing operations. That's where entrepreneurs who want to offer invoicing, bookkeeping, human resources and other clerical services to business owners on a contractual or part-time basis come in. With just a laptop and a few clients, you can get the ball rolling from home.