Side businesses are of interest to most of us and are becoming quite popular even among employs or job holders with high salaries. For example software engineers, doctors, people at manager level jobs who draw high salaries also think of money making on the side.
For some it is a hobby for instance, you might have noticed many software engineers building some games or iPhone apps in their free time for sale online. Some do it for money, like doctors open up nursing homes by employing other doctors beside to treat more patients. While others want to diversify their income, i.e. they have made enough money from one source and now think of putting it in another source for sake of safety in-case regular business fails.
So, side business ideas are interesting but not everyone can be successful in them. Some even end up bankrupt or with heavy debts which they have to struggle to pay latter.
“Hence one should consider some factor in selecting side business.”
A Good Side Business Ideas should be:
a) Non-risky: i.e. should not involve heavy investments as there can be chances of losses.
b) Part time based: Should be able to carry out his side business with minimal time investment.
c) Less tiresome: The person should not be required to do heavy mental or physical work as it will be difficult to concentrate on his regular job or business.
d) Be Within reach: The side business should be within reach i.e. around his place of residence. This saves time and also gives easy access to go through in case there is some need.
This I say because, I know a person who along with his wife works as a lecturer in some college and he runs frequently a distant region where he maintains a tourist hotel. Though it is a good income source he has to travel long hours on weekends sacrificing his valuable time available to spend with his family.
e) Be of interest to you: Enjoyable or interesting one: This is a crucial factor as it drives you to succeed in side business. If you enjoy catering, you can open up a fast food center or a small restaurant. If you like marketing, you can take up some products sale. If you are a good speaker or love lecturing, you can give some guest lectures for some payment. If you love any subject like maths, science etc. you can open a tuition service. So always the side business ideas should be related to your interests.
Possible Side business ideas include:
1. Marketing: Like Amway products or any other products including opening a shop. Even making insurance policies can be an option.
2. Share business: This is quite easy and one need not invest heavy amount at once. Buying shares every month or so with small amount can lead to large investment in a span of 3 years or more If one has a regular watch on market behavior, he can make better profits by selecting shares with better chances of growth in value.
3. Broker for lands and homes: This might not be easy for one who is reserved but a person with good social interaction can do well. This can be like either buying land or flats with own money and selling them at higher price or just help buyer to buy from seller.
4. Tuition/ coaching institute: If one has good command and interest in any subject like science, maths etc he can can act as tutor or open his own tuition institute. These institutes run during non-school hours like in the evenings after 5 pm to late night or in the early morning from 4 Am to 7 or 8 Am. So this won’t disturb regular job or business hours.
5. Blogging or other online income sources; Many techies and students take up this option as side business. It is quite time taking and highly competitive option.
6. Hotel business. This is a good side business option if one has interest in food or cooking. This is also a ever green income option if one build a good reputation in the town.
7. Transport services (small scale): Owning a few cars or small utility vehicles, then they can be rented for tourists or other visitors visiting the city. This is a good side business in pilgrim places or big cities. But also one need to have some network of friends to find customers daily.