Is your business slowing down and giving you sleepless nights? You’re not alone. Many small business owners like you have experienced countless slumps in their lifetimes.
And in these trying times, the stakes are even high. The best thing to do is jump into overdrive and double down on your marketing efforts. Better yet, start a side hustle.
You can earn enough income to navigate sales slumps and financial downturns with a good side hustle. The money you make can also help you revamp your business.
If a side hustle seems like something you need right now, below are several profitable ventures you should consider diving into.
- 1 1. Try Forex Trading
- 2 2. Participate In Peer-to-Peer Lending
- 3 Supplement Your Business Income Today
1. Try Forex Trading
Currently, millions of people are trying their hands in forex trading. This venture’s rising popularity can be attributed to its easy accessibility and the forex market, which is open 24/7.
If you’d like to dive into something that offers uncapped opportunities to profit all day long, this is it.
The other notable reason to consider forex trading is you can do it from anywhere using a smartphone or computer.
If you decide to become a trader, you can exploit the market and profit while tending to your business.
But before diving into the market, ask yourself this fundamental question: what is forex trading?
If you don’t know the answer, especially the basics, educate yourself first to avoid making detrimental mistakes that could lead to severe losses.
2. Participate In Peer-to-Peer Lending
The peer-to-peer lending market is growing at a phenomenal rate. Investors in droves favor it because it offers a higher rate of return than other conventional alternatives. Plus, online P2P platforms have made this activity easy and convenient.
As a small business owner, you can venture into P2P lending, help people who need loans urgently, and make some money when they pay you back.
But beware. Many P2P lenders have lost significant sums to defaulters. So, there’s no guarantee of profiting from your investment.
3. Buy And Sell Digital Products
People across the globe consume digital products like music videos, eBooks, plug-ins, and art in large numbers. That makes dealing with such items very profitable.
So, consider sourcing them from platforms like stock photo sites and selling them to interested parties.
Many reasons make this side-hustle ideal for small business owners. For starters, it doesn’t require holding inventory, which translates into low overhead costs.
But the downside is that, while selling digital products, you will often have to compete with free online content.
4. Open An E-Commerce Store
Suppose you have a brick-and-mortar store. In that case, you should have an ecommerce website for vending your wares to customers on the Internet.
That is crucial because around 5.6 million Australian households shop online every month. You don’t want this golden opportunity to pass you by.
Besides using an ecommerce store to sell your goods and services, you can use it to sell items from other companies and revenue.
That will make you a middleman and allow you to profit without needing an additional storefront.
5. Develop Mobile App
Billions of people across the globe use smartphones to browse the Internet, engage on social media, make calls, share photos and videos, etc. That is why the mobile industry is growing at a phenomenal rate.
To benefit from this trend, consider developing popular apps like expense management, drone service, wealth management, and e-learning applications.
You can turn any app idea into a reality and use it to earn passive income while running your business. But note that this venture demands strong coding and programming skills.
If you don’t have them, take the required courses and soak in everything needed to develop successful mobile apps.
6. Start A Blog
Blogging is one of the easiest side hustles to start today. With a good blog, you can tap into the massive number of internet users in Australia and turn their engagement into revenue.
The best thing about blogging is you can do it at your leisure without compromising your business. Plus, once your blog is up and running, it’ll give you passive income without demanding excess attention.
To get the most out of blogging, choose a profitable niche, like pet food, baby products, sports, and fitness. Additionally, create engaging, relevant content that resonates with your audience.
7. Become An Affiliate Marketer
Affiliate marketing is a lucrative side hustle worth considering. As an affiliate marketer, you partner with a company, promote its products or services, and earn a commission.
For instance, you can dive into insurance affiliate marketing and profit every time a person joins using a referral link on your niche blog or website and buys lifetime insurance.
But for affiliate marketing to provide a reliable source of passive income, you must be a pro in what you’re selling.
For instance, if you want to market online trading products, you should be a forex guru with sufficient market knowledge.
Additionally, you should have access to vital tools like an active blog or social media page with a considerable following.
8. Rent Out Household Items
Do you have household items you rarely use, like an old lawnmower, paint sprayers, a pressure washing machine, or snow blowers? You can rent them out and earn money.
Then, you can use the returns from your venture to grow your business by investing in crucial aspects like paid advertising.
And if you don’t have any items to rent but have room to spare in your home, consider letting the space.
9. Write An E-Book
Do you believe you can spin words into gold? If yes, write an E-book in your spare time or when your business slumps.
It may contain short stories, revolve around self-help and personal development, or focus on children.
Or, if you are an established business owner and would like to share tips with newbies, you may write business guides. Once your e-book is ready, sell it on a platform like Amazon.
Supplement Your Business Income Today
As a small business owner, having a side hustle like selling e-books or lending on P2P platforms should be on your bucket list.
It will provide a perfect opportunity to earn additional income and cushion for business growth.
But without a side hustle, you may end up spending all the profits you make from your venture, making growing impossible.
So, while choosing a side hustle to venture into, prioritize flexibility to earn extra income without sacrificing your current business.