Who doesn't need a little extra money? Consider starting a side business—it just may provide the additional income you need.
Who doesn't need a little extra money?
Consider starting a side business - it just may be the answer you're looking for.
According to a recent study, the average annual income from side businesses is $25,400.
The extra money can be great, but the desire to do something you’re passionate about is just as important.
When you create a side hustle, you can design a business around your passion and your lifestyle.
Related Article: Old Dog, New Tricks: What's the Best Age to Start a Business?
Gina Billings, from The Vintage Genie, sells antique and vintage clothing, jewelry and accessories online. Gina says “When my son became school aged I decided that I simply wasn't willing to make sacrifices for someone else's business anymore. I learn new things every day as I'm researching items, I get to connect with people all over the world who share my love for vintage jewelry and wares and best of all I can design a schedule around my life. Not only do I not miss special events and holidays but I can volunteer in my son's school and coach sports.”
With a few simple steps, you can create a small business around your passion and lifestyle, while making extra money.
Finding Your Passion
We’re all passionate about something. It’s your secret dream and your deepest desire. It doesn’t matter what kind of job you have right now. It’s the kind of job you wish you could have for the rest of your life.
There are generally three types of passions. Maybe you want to create something to share, like a book, art, or product. Or maybe you have something to say, like sharing your experiences or something important you have learned. Maybe you want to help, teach or serve in some way. It could be teaching a skill, or supporting a cause you feel is extremely important. All of these passions can turn into profitable businesses.
Whatever your true passion, there’s a way to make money from it. And don’t say anything about being a sell-out. Everybody needs to eat. So finding a way to get paid for your passion is not selling out – it’s the best way to living the life you’ve always dreamt of living.
Designing a Business to Fit Your Life
When starting a side hustle, you want to keep a few things in mind. The type of business model you choose will impact your lifestyle. If you want to keep things stress free, you have to design a business that fits into your life, not the other way around.
If you’re a working mom and have small kids, you probably don’t want a side-hustle that take a lot of your time. You want a flexible business model where you can work from home at your own pace. One great option is to create an online business.
Related Article: You Can Do It: How to Start a Business on a Shoestring
Here are a few examples:
Heidi, from Honeybear Lane, sells a wide variety of quilting patterns from her website. She uses a simple and easy eCommerce system from Selz to handle the entire sales process. And if you don’t have a website, you can easily set up your own Selz store. It’s a great choice if you’re new to online business as it’s simple and has great support.
Another option is to join a larger online marketplace. Gina sells from Ruby Lane, a marketplace for antiques and vintage items. By setting up shop at a niche marketplace, Gina can tap into an established market. It’s extremely easy and affordable to set up a shop on a platform like Ruby Lane or Etsy.
Your goal is to choose the best eCommerce platform for your new business. One that’s easy to manage and simple to use. One that lets you focus on building your side business, and fits into your lifestyle.
Spend Your Time Wisely
You don’t want to spend all your time handling the “business end” of your business. You want to focus on your passion. You don’t want your passion to turn into your stress – that’s what you’re trying to avoid!
On average, people spend 14.5 hours on their side business. But you can spend your time anyway you want. Start extremely small and try a few things out. Since this isn’t your main source of income, you won’t have a lot of financial stress over your head. Learn how to market your new business, get support if you need it, and take it one step at a time.
You don’t have to jump in feet first. Instead, build your business slowly. Maybe it will turn into a full-time job or maybe not. Either way, you’re investing time and energy into your passion, and having fun doing it!
Related Article: Too Legit to Quit: Is It Time To Take Your Side Gig Full-Time?
Your New Lifestyle Business
Maybe your new side hustle will be a huge success – and maybe not. But if it’s something you truly want to do, you don’t have to wait to turn your dream into a reality.
Sixty-six percent of people considering a side business say it’s because they want to do something they love. So focus on building your new business to fit your passion and your life. You can design it any way you want - you’re the boss!
Just remember that starting a business can be challenging, but it doesn’t have to be stressful. You’ll know you’re doing it right when it doesn’t feel like work - it just feels fun and exciting!