If you want to start a business but aren’t ready to take the risk of going full-time, consider starting a business you can run in your spare time. Side businesses that can be set up with automated processes and that require minimal input from you are the best choice if you’re currently working full-time. You can increase your income significantly by starting a side business that doesn’t take much time to run.
Here are 10 side businesses you can start in your spare time. Some can be started from home to serve customers anywhere in the world and some are local business ideas that involve selling products or services to people in your region.
10 Side Businesses You Can Start in Your Spare Time
1. Rent out your car
Renting your car to others is a simple way to earn extra money without much effort. Do a Google search for sites that connect you with renters, and look for companies like Turo that insure all vehicles for at least $1 million and pre-screen all drivers. You can make your car available to be rented any time you’re not expecting to use it and earn passive income in the meantime.
2. Become a notary
Notaries validate and serve as a witness of the signing of legal documents. Notaries validate documents like deeds, wills, affidavits, oaths, estates, powers-of-attorney, and some business agreements. Working as a notary in your spare time is a great way to provide people with a needed service while earning extra income. If you travel to your clients, you’ll likely get more business. You must meet a few requirements to become a notary public. Google ‘notary public requirements’ to find the steps you’ll need to take to start earning money.
3. Buy a website
Website names that don’t currently seem like anything valuable can soon be in demand when a company wants to purchase it for their startup. Think about it – would you look at a list of domains for sale and think ‘Facebook.com’ would be a valuable domain one day? You can get in on the ground floor by browsing websites for sale and buying those that seem promising and likely to generate a profit when you sell it in the future. Websites like Flipping Enterprises and Flippa have good resources for learning how to start buying and selling websites.
4. Invest some of your money
Does the money you’re saving earn more money for you, or does it just sit in the account? You can start “putting your money to work for you” by investing it in the stock market. Risk is a very real thing when it comes to investing your money, but if you do plenty of research beforehand and consider hiring a consultant to help you get started, you can earn a relatively passive income with the money you’ve already managed to save. The stock market can provide amazing returns with the right input.
5. Start a drop-shipping business
Running a retail business does take a considerable amount of hands-on time, but starting a drop-shipping business is a little different from your average retail business. A drop-shipping company never touches the products they’re selling to customers. Instead, the company purchases items from manufacturers or wholesalers and has them ship the products directly to the customers’ home. You can start this business relatively quickly. You’ll just need to decide what types of products you’ll sell, to who, through what means, and then find a manufacturer to order the products from.
6. Write an eBook
Publishing a book has never been easier than it is today, with potentially lucrative programs through Amazon and other eBook retailers making it possible for anyone to write an eBook and sell it to a huge audience. Writing eBooks is only the first part of the business, though. You must also be able to market the eBook in order to get it in front of enough people to make a profit. Alternatively, if you’re in the planning stages of starting your own business, you can use your eBook as a means to collect lots of leads by making it free and keeping track of the email addresses of those who download the book. Write your eBook about something you already know to save time on research. It can help you become known as an expert in your field.
7. Subcontract some of your work
If you’re a freelancer who is finding success, you’re probably having to turn away clients more and more often. That’s a normal problem faced in connection with growth. If you’ve got more clients than you have time to take, subcontract some of your projects to other freelancers who work at a lower rate than you. This simple tactic will help you increase the amount of work you’re able to take on without skimping or cutting corners in your work. You’ll earn more as a freelancer than ever before using this technique.
8. Become a stock photographer
Do you take a lot of pictures or would you like to start? Some photography lovers start side businesses by selling stock photography images to photo companies like iStockPhoto and ShutterStock. If a company buys your image, you’ll earn royalties anytime someone downloads your image and purchases the license. It’s easy income and the pictures don’t need to be professional to get accepted – think basic, like images of pencils on a desk or autumn leaves on the ground. Stock photography royalties can add up!
9. Earn money as a freelance translator
Are you bilingual or multilingual? You possess a skill that can earn you lots of extra money in your spare time! Translating text, recordings, or documents in another language is a task that even the most advanced translating software and programs cannot complete 100% accurately. Human beings understand diction, intonation, pauses, different pronunciations much better than computers do, and for that reason, real translators are still in great demand. Check sites like Indeed and FlexJobs for freelance translator work.
10. Rent one of your rooms on Airbnb
Airbnb gives you a safe and risk-free way to rent a room in your home to someone who is staying in the area. If you have an extra room in your house or apartment, why not make some extra money on the side by letting others rent the room from you at a rate you come up with? You’ll be able to meet lots of new people and make friends in the process. Some Airbnb hosts go above and beyond and take their guests on tours around town, introduce them to friends, visit popular restaurants and bars in the area, and provide special amenities around the house. You don’t have to go that far, but if you start to enjoy it, you might consider opening up a bed and breakfast!