Let’s face it. The way we work has changed drastically over the past decade or two. Thanks to the Internet, we can start and run businesses from just about anywhere. And everyday people can create side gigs to make money without formal education or training. If you’re exploring extra income ideas, this article covers some easy ways to make money on the side. With some discipline, you can build a business with one, or a combination of some of these profitable business ideas.
We’ll highlight some profitable side gigs to make money and discuss why you should form a Limited Liability Company (LLC) to protect your personal assets. Discover ideas to make money and find all the help you need to start and run a successful business.
Traditional businesses can cost anywhere from tens of thousands to millions of dollars to start. But that’s not the case for many startups. In fact, our company started in an apartment with less than $1,000. It may be a challenge to start with no money, but you don’t have to break the bank if you’re willing to do your own research and legwork.
The Internet is loaded with “free” business formation services, but there’s really no such thing. Each state charges fees to establish a business, so you will need some cash to file the paperwork. But you may already have enough in your personal savings, or you could sell off stuff around the house to cover the costs. Believe it or not, many startups are funded with gifts or loans from friends and family.
Obviously, the amount of money you’ll need varies by business type. Below are 12 ideas to make money without a huge initial investment.
If you’re a pet lover, you can cash in on a variety of niche ideas. Pet owners in the US spent well over 100 billion dollars on their furry friends, just in 2021. The industry continues to grow, and people are taking advantage of dog walking, mobile grooming, and other services to care for their pets while they’re working or on vacation.
Food delivery giants Uber Eats, Grubhub, and DoorDash have grown steadily over the past few years. We used to be able to order from a handful of eateries, but now you can order from many major restaurants, fast food joints, and even grocery stores. If you like to drive, you can make some serious cash with a food delivery business.
People and packages need delivery services too! Lyft and Uber have generated a ton of side income for drivers, and new partners sign up on a daily basis. Courier services are also in high demand, usually in bigger cities. But that doesn’t mean you can’t start your own business in your town. You can make extra cash by delivering packages, laundry, medical equipment, and anything else that provides convenience to customers.
You’ve probably heard of Airbnb, VRBO, or other vacation rental platforms. If you have extra space at home, you can turn a bedroom, garage, or casita into a cash machine by starting a vacation rental gig. Some folks will even rent out their entire house, which can bring in some serious money with the right location and amenities.
These days, it’s pretty easy to start an eCommerce website to sell online. All you need is a computer and an internet connection to open a store and start peddling your wares. Amazon and Etsy are two platforms that have helped people make money selling handmade items. You can also start your own online store and use all three platforms to reach the most customers as quickly as possible.
Candle manufacturing has grown into a $2.8 billion industry in the US. Sales have cooled slightly as of 2022, but there’s still plenty of opportunity to make money selling candles. If you love wicks, wax, and fragrances, you may be able to launch a candle shop from your home. You can sell them at pop-up stores, farmers’ markets, local stores, and even online.
Small businesses need help getting the word out about products and services. But they may not know where to begin or think they can’t afford to advertise. If you’re willing to build a marketing gig from scratch, you could cater to local and regional businesses and cross-promote products and services to interested buyers.
If you’re an expert in a particular area, you can start a consulting gig to help businesses solve problems and improve their bottom line. Entrepreneurs reach out to consultants for a variety of needs, from business development to Human Resources, to creating funding campaigns, and anything else you’d need to know to run a successful company.
A bakery business can be a great way to generate at-home income without renting space. Each state has different regulations for home bakeries, but you may be able to build a successful side hustle with the right tools, equipment, and an eCommerce site. You can also sell your goodies at local restaurants, farmers’ markets, and catered events.
Both residential and commercial cleaning services can be great ways to make money on the side, or full-time. The residential cleaning industry tends to increase by almost 20% each year, so there’s plenty of opportunity to build clientele and make money with a cleaning business.
If you’re into fashion, a unique clothing shop is a great idea to make money on the side. If you don’t want to rent a whole store, you can work with local businesses to set up pop-up stores or special events to show off new or used apparel. An online store would also be a great place to display clothing and accessories without a huge initial investment. Set up shops on Amazon and Etsy to get noticed by the largest crowd of interested buyers.
If you’re a shutterbug, both offline and online photography businesses do very well with the right marketing and strategy. People pay big bucks to photograph weddings, parties, special events, and products for sale. And, since you set your hours, a photo gig can work as a great part-time or full-time business.
Vending machines are used to dispense toys, snacks, drinks, and personal care items. You can even buy cell phone chargers and cords from vending machines. If you have a truck and can service your machines frequently, vending machines make a considerable amount of cash for their owners. You’ll need to research your area to decide on which products to sell. But once you have the right offerings, you can approach local stores, restaurants, hotels, and other meeting places to install machines where consumers will see your products.
You don’t have to register a company to start doing business. But the minute you make a sale, the IRS considers you to be in business as a Sole Proprietor. This means you’re responsible for reporting expenses and profits as a business. It also means that if a customer or vendor decides to sue you, you are personally liable for the payment of those legal claims. A judge can force you to sell personal assets and cash out personal savings to satisfy a judgment, which can wipe out all your finances.
The only way to prevent losing your personal assets is to register a company. Most entrepreneurs start a Limited Liability Company or LLC because it’s easier to manage and costs less in taxes than a traditional corporation. When you register an LLC, it becomes its own entity. Instead of doing business as “Joe Smith” for instance, you work under your LLC name. The purpose is to do business and collect income as the LLC, so your personal assets can’t be seized in the event of a lawsuit.
Whether you’re running one or multiple side gigs, forming an LLC will protect you from being personally wiped out. You can form your LLC with one of our startup packages to save time and money. Our LLC formation service comes with a free account dashboard where you can track your order progress in real-time. You’ll also get access to partners and solutions for banking, business planning, and loads of free resources to start and grow your business.
We’ve covered how much business has changed over the past couple of decades, and how to start side hustles to make money while doing work you enjoy. The business ideas mentioned in this article are just a few ways to generate income on the side or to build a full-time business. With some discipline and the right plan, you can build a business to earn extra cash or replace your job altogether.
The one mistake you don’t want to make is working without liability protection. People get sued for all kinds of reasons, but you don’t have to risk losing your personal assets. Registering a Limited Liability Company, or LLC separates all your business and personal assets. If you suffer a lawsuit, only your business assets can be considered to pay off legal judgments, but your personal assets are protected. The only way to protect yourself from being wiped out in a lawsuit is to form a company.
Ready to start? We can help you form a Limited Liability Company, usually in as little as one business day. Still have questions? Our support page is available 24/7 and our expert team is available during regular business hours to answer questions and walk you through the startup process. Read our reviews and latest comparison to see why tens of thousands of small businesses start with MyCompanyWorks. From best pricing to comprehensive packages, we’re here to help you start and grow your business every step of the way. Find answers on our FAQ page to help you start your side hustle today.
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This entry was posted on Tuesday, November 8th, 2022 at 11:13 am and is filed under Starting A Business, New Business Ideas. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.