Starting a project on the side is something employees look into. To many, the main incentive is to build an extra stream of income to supplement their 9 to 5. Others want to follow their passion and turn out extra dollars per week doing something they love.
Whatever your need is, becoming your own boss has never been easier than in the digital age for several reasons.
Think of the advent of online banking and online lending. It is now easier than ever to access small business financing at favorable terms to get your side hustle off the ground. The days when you had to know angel investors or fulfil tough conditions from the banks to qualify for a loan are fading fast!
Then, the rise of eCommerce! The proliferation of eCommerce marketplaces has made starting a business a breeze. Today, it is possible to start a side hustle from the comfort of your house.
Why It’s a Good Idea To Keep a Regular 9 to 5 job, But Also Have a Side Hustle
Maintain a Steady Flow of Income
Few businesses go viral on day one, and your’s will take time to mature. That’s why having a steady paycheck is vital while building your side hustle. That is what you get from your “day job.” This helps you meet your immediate financial responsibilities as your new business grows. Never let your passion as an entrepreneur cloud your judgment. Always remember that you have a family to support, and bills won’t stop coming.
Supplement Your Income
Are you struggling to make ends meet with your salary? A side hustle alongside your paycheck is a great way to make extra money during your spare time to uplift your lifestyle and meet your financial goals faster.
Throw those extra dollars into building your retirement nest egg, emergency fund, saving for college or your dream vacation, as well as paying off student or credit card debt. All these are important to reaching financial independence.
Turning Your Passion Into a Full-Time Job
Have you ever heard of an exit plan? Keeping your routine while still running a new company on the side is a great way to ensure a smooth career transition. Maybe, you are currently employed as an accountant, but your passion and dream have always been to build your own business and be your boss.
Your work and business should co-exist until your business can fully pay for its operational expenses and generate decent profits. This will require a great deal of effort, and you will need money to fund your business expenses. This is where accessing financing can help.
Have Something to Retire To
What do you want to do after your career comes to an end? The time to prepare for retirement is now. It is not just enough to retire from something, but also have something to retire to. Starting a company in the direction of what you want to do after 62 while still working is a better way to prepare for retirement.
Don’t wait until retirement to get started. Most of your energy will be gone, and obtaining the much-needed loans may prove difficult at that age. Banks may consider you a bad risk if you don’t have assets to your name.
Best businesses to start that don’t require too much time and effort
Balancing your 9 to 5 and your side hustle can be energy-sapping and stress-inducing. It requires a great deal of effort, and you will hit roadblocks! To avoid sinking into depression, consider a side hustle that doesn’t require much time and effort.
Here a rundown of a few:
Start a Blog
Once there is traffic on your site, you can earn money through affiliate marketing and display advertising. This can be a great exit plan or side project.
Teaching platforms like VIPKid and gogoKid allow you to earn money teaching English as a second language to kids overseas.
Run an eCommerce Store
You can start a store right from your house, sourcing goods from manufacturers and suppliers and then reselling them online for a profit through platforms like Amazon, eBay, Shopify, Facebook Marketplace, among others.
Yes, you will have to brace the upfront cost of building your website and sourcing your initial inventory, but you can easily do that with a loan.
From freelance writing and graphic design to voice-over acting and animation, there is no shortage of opportunities for freelancers on sites like Upwork and Fivver.
Deliver food and Groceries
DoorDash, Instacart, UberEats, and Postmates are your go-to platforms if you want to build a small business delivering food and groceries.
Why a Loan is a Great Way To Finance a Business
According to Global Entrepreneurship Report, half of the businesses fail because they lack financial funding or profits. Never underestimate the initial cost of funding a small business startup. Raising initial capital out of pocket can be difficult.
Luckily, you can find the lowest-priced loans for small business financing to get your side hustle off the ground and keep it running smoothly.
Keeping your steady job and having a side hustle helps maintain a steady paycheck, supplement your income, and ensure a smooth career transition.
If you are looking to start a small business on the side, it is easier than ever. Online lending and eCommerce have made it hassle-free. Just obtain a loan for small business financing and get your startup off the ground and keep it going!