People with full-time jobs might be happy with the work they do, but often, there are other passions that they would like to pursue. This could be something like baking, reviewing tech products, or creating an app to solve a problem for the people around them. One can transform such a passion into a profitable side business with the proper steps. If you have googled “side business ideas with a job” or “side business with a job,” you can try out these ideas for a profitable side enterprise.
Top 10 Side Business Ideas To Try This Year
1. Selling your expertise as services
When it comes to side business ideas, the easiest one to start is selling one’s expertise as a service. While this may sound daunting initially, considering the limited time available in a day, one can use existing skillsets to make money.
For example, a graphic designer can work on logos required for businesses or design websites as part of an independent design consultancy. Photographers can photograph private events over the weekends to generate additional income.
2. Curating items online for sale
For people who have a keen interest in certain product categories such as electronics or fashion items, an online boutique for such items can generate significant income as a side business idea.
The advantage of product curation is that the need for inventory is sometimes eliminated. Here people can source products directly from the manufacturers, apply personal branding and sell the same on an online platform such as Shopify.
3. Monetizing social media audiences
The days of big corporations snagging the media limelight are gone, and the age of the influencer is here! People who can capture the attention of a large audience and focus it on their passion can command generous sponsorships, marketing deals, and much more. This is a part of a set of small side business ideas which require the least investment and yield the highest results.
If a foodie films videos of delicious food being prepared and uploads them on Instagram, garnering a massive following, it will capture the attention of food brands globally. Brand deals and sponsorships can be leveraged using a large follower base on any social media, making this one of the best side business ideas. There are also platforms such as Patreon that can help the audience directly fund your passion online on Twitter, YouTube, Instagram, and so on.
4. Ghost kitchen
The best side business idea for people who are passionate about the culinary arts is to start a ghost kitchen. Unlike a restaurant business, ghost or cloud kitchens deal exclusively with delivery or take-away food orders. The resources used for in-person dining can be applied to prepare food faster and better, along with personal branding. Although the initial setup cost here is higher than in other cases, in the long run, it has the potential to replace your full-time job!
5. App creation
Most engineers these days know how to write code, which is often a part of their job description, whether it is development or testing. For engineers who enjoy problem-solving and love building tech with code, building an application to address a problem can help them turn their passion into a profit-making enterprise.
It can be a ticketing solution for buses, a booking solution for travel abroad, or a simple mobile game with in-game purchases. The benefit of app development is that it will be intrinsically rewarding and has the potential for massive profits. The investment here will be only the personal time spent coding and any remuneration offered to coders who help build the app.
6. Digital marketing
Companies gain a lot from online visibility in today’s digital marketplace, making digital marketing and brand management for businesses of all sizes a priority. This small side business idea can be a perfect fit for people working in content creation and marketing.
Most enterprises are progressively working on enriching their website and blogs with content and updated designs. Social media marketing campaigns are also implemented throughout the year to boost product sales and get the word out about the company. This is where people with digital marketing skills can step in to add value. Digital marketers can either run social media campaigns, redesign blogs, or add digital resources to help marketing operations.
7. Selling items on sites (Facebook Marketplace, eBay, etc.)
Another great side business idea that people can consider for generating additional income is to sell items on online platforms. People can seek out wholesale marketplaces, purchase items at a bargain price and sell the same for significant profits. The same service can also be offered to people who are moving or want to dispose of old items for a small fee.
Facebook marketplace, Craig’s list, and eBay are the online platforms that one can use to sell items that can be sourced from the methods stated above.
8. Affiliate sales and marketing
The best side business for people who already run a blog or a website as a hobby is to engage in affiliate sales and marketing. One can leverage a website with a significant amount of consistent traffic to generate profit from affiliate sales commissions.
The Amazon affiliate program is a great example of what bloggers can do to monetise their blog or website through affiliate marketing and sales. There are several other similar tools and affiliate networks that help people make money on the side.
9. Podcasting
When podcasting started, people never expected it to gain the popularity it has, especially when competing with other social media that requires much shorter attention spans. However, podcasting is now a staple of social media, with people tuning in regularly to listen to opinions and reviews about every topic and domain imaginable.
The initial setup cost here is low, with the podcaster only being required to buy a high-quality mike, make space for a recording studio at home, and have some lighting and cameras. Sponsorships and brand deals are the way to monetise a podcast – this usually depends upon the number of downloads each podcast receives.
10. Freelance writing
Content writers and editors working in the content creation space can easily channel their spare time into freelance writing and editing. Most startups are open to established writers that can freelance for them and set up their websites and blogs. This way, the company can make use of the writer’s experience while paying only on a contractual or per assignment basis, saving on employee benefits. The writer, on the other hand, will benefit from granular amounts of work that will fit into their schedule that is already packed with their full-time job.
Conclusion
The key to realising a side business idea is to pick something that you are interested in and in which you are highly skilled. Once you match your interest and skillset with the opportunities available, the only thing in your way will be persistence and investment in terms of time and money.
An important step in realising the dream of having a successful small side business is to approach a well-established banking institution to secure funding for your awesome idea. Tata Capital is a financial and investment service provider that offers loans for every requirement. A part of the powerhouse of the Tata group of companies, Tata Capital will help you realise your business dreams with their business loans.
27 November 2023
7 mins read
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