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Top 6 Small Business Ideas to Add More Money to Your Pocket

by | May 7, 2020 | FEATURES, CAREER, Career, LIFE, PRODUCTIVITY, Productivity, DIVERSITY, FINANCES, MEN OF COLOR BLOG

During this time of financial uncertainty, one of the best ways to improve your financial situation, pay off debts, and afford the things you want is to generate more income. Juggling between full-time employment and a part-time job may not be suitable for many people, especially those with a growing family to look after. However, where there’s a will, there’s a way. To be financially healthy, you must have an expanding financial mindset. Here are some other ideas to help you get some extra cash. Best of all, these new ways of getting paid don’t demand a fixed schedule, and it’s a great way to become your own boss.

Baking or Cooking Business

If you are good at cooking and all your friends know about it, why not make a business out of it? First, check the local regulations to make sure you comply with all the rules before getting started. Some places may require you to have access to an industrial kitchen. Once the legal part is sorted out, it’s time to get to work. If you are good at barbecuing, there are  many ways to sell it, including setting up a booth at a weekly street fair or farmers market. Restaurants and local supermarkets are interested in supporting local brands, so don’t be afraid to approach them. Hot food can be sold online through food delivery services such as DoorDash, GrubHub, or Uber Eats.

Flipping

Buying items at low prices and reselling them at higher prices is a business model many people adopt. The item can be brand-new or used. The most popular places to sell them are Amazon and eBay. People scout for low-priced items on auction on eBay and resell them on the same platform for a profit. To be profitable, you need to find the right items.

Virtual Assistant

Many business owners don’t have the time to maintain their website or keep up with their busy schedules. That’s when virtual assistants come in. From composing emails, making reservations, scraping the web for specific information, maintaining social media profiles, to basic data entry work, virtual assistant jobs mostly offer an hourly pay that averages $15 an hour.

Become an Uber Driver

If you have a car and know the area pretty well, why not use that knowledge to earn more income? Apply as an Uber or Lyft driver, download the app, and wait for ride opportunities to show up. Being a rideshare driver means you can work at your own hours, be it early morning or late in the evening. However, keep in mind that the income potential varies depending on the location and time of the day.

Online Tutoring

There are many companies that are hiring online tutors. If you are good at maths, science, drawing, or web design and have no communication problems, why not teach those skills to aspiring students? Tutor.com and Chegg are two of the largest online academic tutoring services, with tutors making an average of $20 per hour. English teaching is also in high demand. People who are native English speakers can get a TESOL certificate before starting working with foreign students from around the world.

Create a Consulting Business

If you have a specialty skill that may be helpful to other people, such as accounting, web development, graphic design, content creation, or social media management, a consulting business can give you a lucrative income that may eventually replace your day job. Don’t limit yourself by thinking about what you can’t do. Focus on exploring your skills and how to turn those skills into a profitable business. Don’t forget that having an effective marketing strategy is key to your success.

As you can see, there are many ways to earn added income, many of which require no upfront investment at all. Many people have taken a hit financially during the pandemic but here are just a few ways to supplement your income. Just try one idea and get started. The momentum will keep you going. If you work hard and don’t give up, one day your side gig may be big enough to replace your full-time employment.

Juan Chavez

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