Always dreamt of starting your own business in your spare time to earn extra money? Here’s how you can go about it.
Have you always wanted to start your own business? Maybe you have, but you probably never got around to it since you didn’t want to risk your financial security by quitting your job and stepping into the business world.
When it comes to starting a business, the first thing you need to figure out is what you want to deal in. Starting a business doesn’t mean that you put your papers down as soon as you come up with a business idea. You need to plan things right and think long-term. After all, it’s about your career and financial security.
Additional Reading: How To Get A Business Loan
Here’s what you need to do before starting your own business:
- Give your likes and dislikes a thought. Pondering over your interests now will make it easier for you to choose a business line and what exactly you want to deal with.
- Now that you’re clear about your interests, it’s time to come up with a business plan. This should include everything from exploring your market to studying the buying patterns of your prospective customers.
- Analysing your strengths and weaknesses is an essential step. You need to know what you can manage on your own and what you need training for. In case you need assistance, you could either consult an expert or look for some free online training programmes (according to your requirement).
- Run a quick check on your finances. Starting a business isn’t all about making huge profits. Before taking this life-changing step, you need to see if your finances are in place or not. The initial investment is generally high.
However, if you have already invested in the right places, we’re sure you’ll be set financially. This is when opening a Fixed Deposit at the right time or investing in SIPs will prove to be the best decision of your life. You can also apply for a Small Business Loan to sort things out for you.
- Explore information about state and local taxes.
- Think of a name for your business. You need to keep one important factor in mind. It has to be unique. Finding a unique name can help you get a domain name easily and quickly. That’s become quite a task these days. So, before finalising on anything, don’t forget to check the availability of the domain.
- Find out everything about licences and permits that you need to apply for.
Additional Reading: 8 Steps To Start Your Own Business
All set to take over the world with your business skills? Great! We know you hate putting your finances in danger, which is why we have some kickass business ideas for you. Check them out:
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Pet training
Do you love pets? What are you waiting for then? Pet training is a great way to make a few extra bucks. If you already have a furry friend at home, you may already be an expert. That’s pretty much all you need to do! Apart from helping you earn more, it’s a great stress-buster as well!
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Food delivery
With so many restaurants and cafes going online, tying up with them and assisting them in delivery can be a great business option. With an increased number of people wanting to order food online, and more restaurants offering the option to order online, the need for delivery executives is rising too.
Tapping into this market could turn out to be a great plan. All you have to look for is a couple of delivery executives, some second-hand bikes and you’re done! Looking for a Two-wheeler Loan? We can help.
Additional Reading: Zoom Away With A Two-Wheeler Loan
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Babyproofing
With western concepts gradually picking up the pace in India, a lot of new concepts have recently become popular. Baby proofing is one of them. We obviously had ways of making our houses safer for new-borns before, but it was never a full-fledged business.
Now that it is, you need to market right and target new parents looking for ways to ensure their newborn is safe in and around the house. Baby proofing the house is an important part of that.
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Auctioning collectibles
Do antique items awaken the art collector in you? Great! Now’s the time to make money out of it. Vintage items sell like hot cakes. All you need to do is hunt these collectibles down, identify the right market and market well. Confused about where to find these? Don’t worry! Just start by digging deep in the old, local markets of your city. That’s where all the treasure is hidden.
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Apartment hunting
With people becoming lazier by the day, the number of possible business options is growing as well. One of these is assisting people in their apartment hunt. You could get to know their exact requirements and search for apartments accordingly. While you help them look for their dream house, they make your dreams of running a successful business come true.
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Wedding photography
Do you love to click pictures? Is candid photography your thing? Well, in that case, we have good news for you! The wedding photography market is booming these days with more and more couples trying to celebrate the biggest day of their life in grand ways.
The best part about starting this business is that you could either be a one-man army and handle the photography and videography on your own or get some extra helping hands on board. Let’s not forget that you’ll get to travel a lot and experience different cultures and traditions from up close. Sounds like fun, doesn’t it?
Additional Reading: Lights, Camera And A Whole Lot Of Action – Behind The Lens With Pritham D’Souza
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Teaching
This might require a fair amount of patience. But, since you’re building a business, you need to give it your best shot. If you have the knowledge, why not pass it on? Be it math, science, history or even music, you just need to have command over a subject. You can choose flexible timings and even teach from home. What could be better than that?
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Babysitting
If you have abundant reserves of patience and are good with kids, this could be the best business option for you. With the number of working parents increasing by the day, the demand for babysitters is rising as well. Make the most of this opportunity. That’s what differentiates a good businessperson from a mediocre one—the art of identifying the need for a particular product/service and then tapping into the right market.
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Web hosting services
An internet hosting service that lets you provide storage and website access services to individuals/organisations is called web hosting. We know it sounds slightly complicated. But providing tech support to your clients could be a cakewalk if you have the right set of technical wizards working with you.
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Blogging
Do you think you can write engaging blog content? Well, in that case, you could explore a ton of opportunities with brands and even in collaboration with other bloggers. You could curate content for the brands of your choice and earn a reputation for yourself. Whoever said ‘the pen is mightier than the sword’, said it right!
Additional Reading: 7 Unconventional Ways To Make Money
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Website designing
Love creating artsy things? It’s time to brush up your HTML and CSS skills and start creating awesome websites! If you’re already a pro at these languages, great! This might be a little time-consuming, but the end result will speak for itself.
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Personalised gifts
Although there are a couple of big players in the market, people these days prefer sending more on personalised gifts. If you love arts and crafts, this could be your thing. All you have to do is put your creative brain to work and churn out some excellent pieces of art.
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Party planning
Do you think you’re a great planner? You could start a party-planning business. Trust us, not everyone is great at planning. That can be your USP. Although you’ll have to coordinate a lot, the business could turn out to be a great success. There’s always a party happening somewhere. It’s time to take advantage of all those get-togethers.
Additional Reading: Planning A Frugal Halloween Party
These are just some of the business ideas that can help you make money in your spare time. Most of these don’t involve much time and effort. You might find it a bit difficult to manage in the start, but as time passes by, you’ll become a pro at it.
In case you get flooded by work, you can always regulate the number of clients you’re working for. Focusing on a lesser number of projects (at least at the start) can lift some of the burden off your shoulders. Let’s not forget that you have your ‘real’ job to focus on as well.
Additional Reading: 5 Ways To Raise Money For Your Business
Need more tips on money management and the best financial products around you? Don’t worry! We’re here!