Many people have started part-time businesses on the side while working full time. In some cases, the part-time businesses quickly developed into a full-time business, while in most cases part-time businesses allow people to gain an additional source of income to support their lifestyle or even monetize a hobby.
The appeal of having an extra income source or eventually gaining financial freedom by running your own business can be very lucrative, but most people shy away from starting their own business for various reasons. For instance, they might not have a lot of capital to launch the business, or they might be worried about being left with a lot of debt if everything doesn’t go to plan and the business isn’t a success.
For most people, though the lack of money to start the business is the main barrier to entry, but thanks to the internet and the new “gig” economy, it’s now a whole lot easier to start a “side hustle” that can truly be a success.
The internet also means that your potential customer market is no longer limited just to the people who are located near you, and finding customers who are in need of your products or services has never been easier.
Some people have even built their passion into wildly successful million dollar empires, take PewDiePie’s Youtube Channel for example, in 2017 he made $12 Million despite a huge controversy that threatened his whole career. Mark Williams AKA Mr. Linkedin is another person who springs to mind, while working as a full time recruitment consultant he mastered everything Linkedin related, started training people on how to use the professional social media platform and now has a full-time business teaching social selling to companies around the world. Before you know it, with a bit of hard work and some great content, you could be the owner of the most popular blog on the internet
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Starting a part-time business could be a lot easier and more rewarding than you think, and in this post, we are going to cover everything you need to know to get started on that path.
We’ll cover different businesses that can be straightforward to set up both in terms of cost and in terms of the time required, to learn the skills to sell your product or service.
In some cases maybe you can offer both a product and a service. For instance, you could start a company that creates customized gift certificates. The certificates themselves would be the product and you could upsell custom design at an extra cost as an additional service.
As well as types of businesses you can start, we’ll show you tools that you can master in no time and use to create a service offering. We’ll even show you marketplaces where people are actively looking to buy different services, meaning you can acquire your first customer within minutes of setting up your new venture.
We’ll talk about all of this and more in the ultimate guide to starting a part-time business online.
If you’ve started a successful part-time business or think we’ve missed anything that would have made this post even better, be sure to tell us about it in the comments below.
- Chapter1Part Time Businesses You Can Start With Very Little Capital
- Chapter2How To Research If There Is A Market
- Chapter3Budgeting & Deciding How Much To Charge Your Customers
- Chapter4Tools To Help You Build A Part Time Empire
- Chapter5Courses and Resources To Improve Your Skills
- Chapter6How To Close Your First Client
- Chapter7Give Your Part Time Business A Head Start With These Marketplaces
- Chapter8Setting And Measuring Milestones
- Chapter9Side Hustle Blogs That Will Keep You Up To Date
- Chapter10Side Hustle Podcasts You Need To Listen To
The first and most important question you need to ask yourself is what kind of business you want to start. You’d be surprised on how much opportunities there are when it comes to the amount of startup capital needed to get going.
It obviously depends to some degree on the skills and talent you have, but we’ve tried to narrow the list down to industries where you can learn the basics in a short period of time, then become more advanced as time goes by.
We’ve also included some part-time business ideas where you require very little skills or training to get going, or your existing skill set can easily be transferred across. The amount of opportunities is endless, so we came up with a list of ideas that you can use as a starting point. All of these should have a relatively low barrier to entry into the marketplace.
Need more ideas? Check out 101 side business ideas to start while working full time
Now that you’ve figured out which type of part-time business you want to start, you should probably do some research to make sure there is a gap in the market that you can fill!
In simple terms, If there is no gap in the market or if the market is oversaturated, there won’t be any money for you to make, and in the end this should be a goal of any business, even a part-time one.
We found some great posts that break down market research for starting a part time business. Follow their advice and you will find out in no time if you will be able to get your side hustle off the ground.
You know which part time business you want to start and you’ve determined there is a market for your product or service. So what now? It is crucial that you make an overview of your startup costs and what the projected expenses for your business will be, even though they might be quite low.
In the end, this determines if you can afford to start the business and how much money you need to have, to not only get it off the ground, but also to ensure it’s survival in the early days. Not only will you need to ensure that you’ve budgeted enough for running costs, you’ll also need to ensure that you are charging enough to keep your business going.
The following articles show you how to create an effective budget, and also show you how to determine what you should charge for your product or service.
A master tradesman will have a box of trusty tools and your part time business will have a better chance of succeeding if you have the right tools. In this chapter, we will show you some tools that will support some of the aspects of starting your business.
We’ve included a mix of tools you can leverage and base your entire business on, as well as tools that can save you time and help you better manage your business. You will appreciate these tools, especially the ones that solve a problem outside of your area of expertise. So for example, just because you haven’t mastered web development yet, doesn’t mean you can’t sell web design as a service, because tools like Squarespace and Wix allow you to create professional standard websites without coding experience with their drag and drop tools.
In this chapter, we’ll introduce you to some of the tools that may help you based on chapter 1, but there are a lot more options than these, so be sure to explore all possibilities.
When starting your business you might realize that you need to obtain or improve certain skills. After all, the better you are able to perform a service, the more likely it will be that your client will be happy.
You’ll also find that if you are highly skilled in an area, you will be able to charge more. As well as that, you could avoid outsourcing a task in your business by learning it yourself which could save you a lot of money in the early stages of your business. These tasks can range from simple design work all the way to website coding.
Also, it could be directly linked to your business or regard a supporting process. In any of the cases, these courses are some that we have hand-picked that can help you go from beginner to pro in no time at all.
You can have the greatest product or service, but if you don’t know how to sell it you won’t get far. If you start a new business, you will need to know how to market it, but that’s only half the battle, because once you get a new lead you need to know how to turn them into a raving customer.
It might be scary to approach your first customer in the beginning but there are ways you can prepare yourself for it. In this chapter, we will show you some great resources to learn the basics of sales and be perfectly prepared for your first sales contact.
Online marketplaces can be ideal in making the search for your first client a lot easier. Why should you try to acquire each customer with hard labour, if there are websites that have tons of customers who need help and are ready to order. These sites vary from sites that offer low skill, one off gigs all the way up to high skilled ongoing work.
These marketplaces can be competitive and often times you are competing against other freelancers, and part time business owners who need the work just as much as you do, but if you do great work and get great reviews, you can quickly gain a reputation and have potential clients approaching you. These are some of the marketplaces we are familiar with but with enough searching I’m sure you can find.
One key factor for the success of your business is setting achievable milestones. These milestones will measure your progress and hold you accountable for your goals. They also mark important steps in the life of your company and can be a great motivator for you if you implement them correctly.
There are a few things to consider when setting these up, so we compiled a list of useful resources that teach you everything you need to know about setting and measuring milestones.
Don’t know where to start? Do you need some extra motivation to get going? Or do you simply need some inspiration to get you motivated?
These side hustle blogs will keep you up to date with everything you need to know about creating and growing a part time business.
They are some of the highest quality blogs for people looking to make money outside of their business and no matter which type of side business you have decided to create, you will find use in all of these:
Blogs can be great, but if you are looking to make use of dead time then Podcasts are perfect, because you can listen to them while driving, running, cleaning or any other activity that require you to keep your eyes facing forward. Or maybe you just don’t like reading at all and just prefer to listen to advice, stories and tips about people who have created successful side hustles, these podcasts are your go-to place for everything side hustle related.
They address many topics that could benefit you and your new part-time business. The hosts and the guests they speak to are usually people who started and successfully built a side business and often even converted this into their full-time occupation. Another advantage is that you can listen to them during your commute or while doing your chores. Here are our top choices:
Now that you know everything you need to start your own part-time business, it’s time to stop waiting and start doing. Go out there and get your feet wet! If you don’t succeed at first, don’t worry, Rome wasn’t built in a day and you’ve still got your job as your main source of income. So fail fast and fail often. It’s all part of the learning experience on your way to success.
What do you think of our ultimate guide? Did we miss out on anything important? Do you have a question about it?
Either way, let us know by tweeting to us @getdesignwizard