If you have an entrepreneurial spirit, you might be eager to start your own small business. Doing so gives you complete freedom over your financial destiny. With a failure rate of roughly 50 percent by four years, however, you shouldn’t quit your day job just yet. Thankfully, there are plenty of small businesses you can run while working at your day job.
#1) Online Tutoring
There’s strong demand for professional tutoring services. When someone needs help in academic studies, they’ll hire an online tutor. You can check out TheSpruce for a list of the top online tutoring marketplaces. Keep in mind that many of these marketplaces require teaching experience and certification. Nonetheless, it’s an excellent way to make money while keeping your job if you meet the necessary criteria.
#2) Drive for Uber
You’ve seen them shuttling passengers around your city, so why not work for them? As an Uber driver, you can set your own hours and choose which passengers you want to pick up. Assuming your personal car is 2001 or newer and passes the company’s vehicle inspection, you won’t have to buy or rent a separate car.
While some drivers have complained about low pay, most make a decent change working for the ridesharing service. According to Business Insider, the average Uber driver earns $19 per hour. Of course, some drivers make more and others make less. In New York, for instance, Uber drivers bring in more than $30 per hour. Even working just part time, you’ll make decent money as an Uber driver.
#3) Property Manager
You can also start a property management business. Basically, this involves buying real estate and renting or leasing it to tenants. As a property manager, you’re responsible for collecting rent, maintaining the property and dealing with complaints. When everything goes smoothly, you can sit back and collect rent. When problems arise, however, you must address them in a timely manner. According to Salary.com, property managers in the United States earn an average of $92,173 per year.
#4) MLM Distributor
Another type of small business you can start while keeping your day job is a multi-level marketing (MLM) distributor. This involves promoting and selling products on behalf of another company while also recruiting other like-minded entrepreneurs to do the same. The latter part is where you can really make some extra money. As a distributor for LipSense, for example, you can sell products to customers, or you can recruit other distributors to sell them. When another distributor signs up under you, you’ll earn a commission for every sale he or she makes.
#5) Start an Online Store
The way in which we shop is slowly changing. According to BigCommerce, 67 percent of millennials prefer to shop online. If you’re looking to start a small business, you can use this to your advantage by launching an online store. Whether you sell on eBay, Etsy, Amazon or your own website, an online store is an excellent money-making business idea.
Finally, you can make money on the side by babysitting. According to Statista, 42 percent of U.S. households in 2016 had children under age 18. Many of these families need professional babysitting services so the parents can work. As a babysitter, you can fill this need while earning cash in the process.
According to Care.com, babysitters in the United States earn an average of $13.44 per hour. That’s up from $10.50 in 2009, attesting to the strong demand for this profession.
Any of these business ideas are perfect for individuals who aren’t ready to quit their day job. After getting your feet wet, however, you may want to make the transition. Just remember to prepare a financial nest egg beforehand.
by: Mark Palmer