Not everyone is a full-time entrepreneur. But a side business is no less than a regular business. If anything it need double the determination and efficiency. Keeping multiple income streams is a great way to diversify and secure yourself when things don’t go to plan or your business goes through some lean years.
So, here are the top five side businesses you can start to supplement your income.
There’s a lot of ways to make money in property. Some are more labor-intensive than others. But there are more passive ways to make money through property. You can buy houses, repair them through a competent contractor and sell to buyers looking for a quick move now. Other ways are even more hands-off – Real Estate Investment Trusts or peer-to-peer mortgage lending. Once you’ve managed to create a stable property portfolio you’ll be able to supplement your income with regular rental income.
Drive an Uber
The best thing about ride-sharing apps like Uber and Lyft is the flexibility they offer. You can turn the app on only when heading back home from work and take advantage of higher prices during rush-hour traffic. It’s a great way to share your ride and add another source of income.
Rent out your house
Managing a portfolio of properties or house flipping is not the only way to make extra money on the side. Apps like Airbnb offer a more convenient solution for those looking to rent out part of their own flat or house. If you have a spare room or some extra space you can convert into a bedroom, consider renting it out on Airbnb for extra cash.
This is the most obvious way for an entrepreneur to make money on the side. If you’ve worked towards building a business in a certain industry, there’s a good chance you’ve developed some valuable skills along the way. You can use your expertise to offer consultations or freelance services online. This is another great side hustle.
Retail is the most simple business on the planet. You need to source quality goods from a trusted vendor and sell at the best prices you can. Setting up a store on eBay or Amazon is surprisingly straightforward, but you can also set up your own site and sell niche products directly.
There’s no reason you can’t make money on the side while you build a small business. Most of entrepreneurs need a regular source of income while the business gets set up and starts creating reasonable cash flows. With a bit of creativity and extra effort, you can apply your skills and create a source of income on the side.