Whether you work full time and want to earn some extra money on the side or just want to start a part time business before jumping into entrepreneurship, finding the right business idea is tough. Most of us have diverse skill sets and interests that make it difficult to decide what we’ll do when we go into business.
Sometimes, the most lucrative part time business ideas are the ones you’d never think of. As you read through the list below, you’ll see innovative, clever, and tried-and-true business ideas that can be run part time and still net a profit.
Here are 5 lucrative part time business ideas that can help you start saving more money and increase your earning potential.
5 Lucrative Part Time Business Ideas
1. Start Peer to Peer lending
If you have some cash to invest, consider Peer to Peer, or P2P, lending. P2P lending is defined on Wikipedia as “the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers.” Of all the part time business ideas listed here, this one has the highest potential returns. The trick is having capital that is ready to invest.
P2P companies operate entirely online, which translates into less overhead and higher returns for lenders. You might hear P2P lending called “crowdlending” sometimes. Most P2P loans are personal loans, though the largest P2P loans are business loans. You can make great returns on your capital – just make sure you choose a trustworthy company!
2. Organize networking events for professionals
This might sound more like an item on your to-do list than a part time business idea, but it can be quite lucrative if you’re into building connections. Organizing networking events for professionals gives you two awesome benefits: You get to meet professionals that could boost your own career, and you’ll get paid handsomely for doing it.
What’s involved: You’ll find venues where networking events could be held, market the events to professionals in your area, and plan the speakers, sponsors, activities, and refreshments for the events. Those in the industry say the intangible benefits – the connections you’ll make – are just as valuable as the cash you’ll earn.
3. Become a freelance ____
Have you considered freelancing? Whatever skill is strongest in your skill set could be a great service to offer to clients on a freelance or contract basis. As long as you are prudent with your time, create clear expectations with clients, and don’t fall behind on your full-time job, you can successfully freelance part time to supplement your income and start building your personal brand.
Say your full-time job is in marketing. Take those skills you already use daily and start getting paid more for them by offering marketing consultations, training, or management to clients. This works with many jobs – graphic design, cake decoration, tax preparation, etc.
4. Offer electronic and cellphone repair
Are you a techie that can fix electronics and cell phones? It’s a great time to have a skill set like yours. Electronics an cell phones are cornerstones of most of our lives and they are notoriously fragile. That means a lot of devices break and require repairs.
Market yourself as the expert who fixes cell phones, the cracked screen savant, or the computer czar, and you’ll have yourself a profitable part time business. The best part? You can work as much or as little as your time allows from anywhere in the world.
5. Start a resume writing service
Do you have experience in HR or as a recruiter? Have you gotten lots of positive responses from your own resume? Consider starting a resume writing service. Many people struggle with writing their own resume and regularly hire professionals to help.
A great resume boosts the odds of getting a great position, while a bad resume can fail to highlight important skills and experience. Having existing connections or means to contact job seekers is particularly valuable here. You can run your part time resume writing business from home in your spare time. Bonus: It will help you keep your resume writing skills sharp should you find yourself looking for work again someday!