There are a number of ways that you can fund your startup or small business (some easy and straightforward, others less so). However, most of these methods come from external sources―like loans, crowdfunding, investor money etc.―which is a risk and puts you in financial debt.
Of course, the most ideal situation would be if you yourself could provide the necessary funding for your venture. There are a few ways that you can earn side income, so that you don’t have to depend on anyone financially. I’ve collected some helpful tips & advice from several great resources out there.
Etsy, Ebay and Shopify are great places to set up an online store. You can sell anything from handcrafted jewelry and vintage outfits, to homemade cakes and bonsai trees! These platforms are especially useful for creative people or those who have profitable hobbies.
Setting up a shop is simple and your hours are very flexible. These are established platforms, so browsers and buyers are constantly passing through. Plus, these stores will give you a taste of what it’s like to run your own business!
Freelancing & Consulting
I can personally recommend this because it works for me. Do you have skills in writing, marketing, design or coding? Are you an expert or authority in a certain specialized field? Then you’ll definitely be able to earn a decent income through various sites like oDesk, Elance or even your own website.
The best thing is that you choose the projects, you can work from anywhere, and all you need is a laptop and stable Internet connection. You’ll learn a lot; hone your talents; make great connections (which you can leverage when launching your main business); and earn extra income!
Blogging, Vlogging & Podcasting
Now these won’t work for everyone. Why? Because you have to be exceptionally good, unique enough to stand out from countless of others, have an established profile/platform, and know how to monetize it.
That being said, having a blog, vlog or podcast is a great way of turning something you’re passionate about into a money-making tool. This side business is best-suited to experienced (and/or remarkably talented) professionals.
Rent out your car or drive a taxi
This may not sound particularly appealing, but it does work for a lot of people. Companies like Uber let you use your own vehicle and own schedule to drive people to their destinations. It’s also a great networking opportunity (in the car). If you don’t use your car so much, then you can also rent it out to other drivers using companies like RelayRides and FlightCar.
Rent out your place
If you need your car but have room to spare at home, use a service like Airbnb to offer accommodation. It’s a great way to make new friends and connections. And if you’re away on vacation or business, you can turn your empty home into money-making property when you’re not using it.
Babysitting, Pet Sitting & Dog Walking
This is easy money… and fun if you like kids or animals. After all, people love their children and pets, and are willing to spend good money on them! If you’re just looking after a child or dog, you can bring work with you (while they nap). If you’re taking them out, you can count that as part of your daily exercise!
This is in-demand, well-paid and satisfying work. Not only will you sharpen your own skills and reinforce your knowledge, but you’ll be helping a child/student to succeed. Again―you choose the hours and how much you’re willing to work!
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Do you know of any other way to fund your main business? Let us know in the comments!