Article Contributed by Mark Palmer
Business ownership can be a rewarding and lucrative career path. However, the start up phase can be frustrating and challenging and requires a ton of commitment and risk. In fact, recent studies show that over 50 percent of startups fail within the first four years.
This daunting statistic can be attributed to a number of factors, but a lack of capital is often an issue for a new business. The entrepreneur must often balance personal needs with the ability to advance the business and it can be difficult to make ends meet. Luckily, there are a number of side jobs that can help fund your startup and move your business forward. Here are a few of the more popular gigs:
- Set Up an Etsy Shop
Etsy is one of the more popular online modules on the market these days. It’s relatively simple to set up a store online and begin selling your product. The site is geared towards handcrafted, unique products. If you’re exceptionally good at design or have a knack for something crafty, Etsy may be just the place for you. Etsy is a great option because you can work from home and determine your own supply costs.
- Freelance
Freelancing is a great way to make use of existing skills. Many companies look to contract with freelancers for skills like writing, graphic design, photography, SEO or social media management. Some companies are willing to pay a hefty price per assignment to avoid the costs associated with a full-time employee. You can find freelancing work on sites like Odesk and Elance which are specifically designed for freelance work. Overall, freelancing is a great income supplement because of its flexibility and high dollars. You won’t find many second jobs that allow you to set your own hours and income levels.
- Drive for Uber
If you have a car, Uber has transformed the public transit industry and is a great supplemental income option. You just need a valid driver’s license and the ability to pass a background screening. From there, you can pick up rides at your convenience. You can pick and choose your hours with Uber and will enjoy meeting new people along the way.
- Become a Distributor
One of the more popular business opportunities on the market includes serving as a distributor. A distributor sells products for a company and earns a cut of all products sold. Many beauty and skin care companies use this partnership model to expand their market and reach more consumers. A freelance lipsense distributor is one of many great examples of this business model. As a distributor, you can set your own sales goals and work at your own pace. Many distributor relationships will also give you a discount on the product, so you can save money on some of your favorite products along the way!
- Rent Your Space
Believe it or not, renting your space is one of the quickest and easiest ways to up your income. Sites like Airbnb and FlipKey are revolutionizing the travel industry and inviting local consumers to join in the fun. You can advertise your space online and offer it up for the weekend or extended stays. You can set your rate as well as cleaning and maintenance fees and enjoy entertaining your new guests!
These are just a few of the many options for additional income to fund your startup. Each of them offers a level of flexibility that is great for a rising entrepreneur. You’ll need to review the initial setup costs as you consider these options, but overall these income sources are steady and reliable.