The pandemic has taught us many things and showed us what a difference having a side income can make in a job loss or being put on skeletal staff.
Many of us have also been furloughed and remain uncertain about the future. In the absence of a regular paycheck, some are forced to tap into their savings or use their retirement funds earlier than they intended to.
Those who continue to work from home have embraced telecommuting as the new normal. Considering the current situation, many work-from-home folks are hesitant to give up their current work setup after seeing that we can accomplish the same things working at home.
However, some organizations believe that it’s relatively safe to work onsite now. Despite the assurance, not all of us are eager to return to work onsite. Some are even contemplating leaving work if push comes to shove.
With that said, it’s time we create new opportunities for ourselves to ensure our financial safety, no matter what the future brings. Here are some ideas to inspire you to start your own business.
Franchise a Business
Franchising has become a solid option when wanting to start a business. One of the under-the-radar ideas is the property management franchise. Despite the obscurity, property management is a profitable franchise venture. Also, the investment cost is on the lower end, around $15,000 to $30,000.
There will be expenses, but it’s still relatively minimal compared to when you franchise a big name. You may need to rent an office to receive clients, contractors, and other visitors for the business. However, you still manage your own schedule and don’t have to be at your office every day.
You’ll definitely need office supplies, equipment, marketing essentials. Still, a property management franchise is certainly more accessible and on the lower side of how much you’ll need for a big brand franchise.
Monetize a Hobby
Hobbies aren’t typically associated with money. Instead, when we talk about hobbies, we think about things we do on weekends or during our free time. But hobbies can be monetized and become a source of income: cooking, baking, designing, and writing to name a few.
But before launching your business plans, you’ll have to consider two things: your level of expertise and your knowledge about the craft. If you feel that you aren’t at a level where you can perform the task at a professional level or aren’t comfortable enough with your knowledge about your craft, keep learning and set your learning goals.
When setting your goals, start planning with your end goal in mind. List down the steps that you need to take and set milestones to mark your progress. Give yourself a set amount of time to achieve each milestone; it’s much easier to scale your progress when working on a structured schedule. This will also prevent you from wandering away from your current goal and ensure the timely completion of each of your milestone sprints.
Hobbies can be a source of income and can be the foundation of your startup. The key is to keep learning to become an expert at what you love doing and be the best in the field.
Become a Consultant
Use your professional expertise and skills and become a self-employed consultant. There are plenty of benefits in running your own consulting business: flexibility in schedule and work location, as well as being able to tap into a wider professional network.
On top of that, you can continue being in your profession without dealing with the stressors that come with the regular nine-to-five shift. In this type of business, you must make sure that your skills are always up to date and that you are always aware of the latest business trends. This will ensure your authority and your referability as a consultant.
Put your skills to use and start your own online classes. You can teach dance, yoga, and even open programming classes for beginners.
Many dancers and fitness buffs miss being in the studio. Attending classes online is the best thing that we have right now, and honestly, these classes are more convenient. Students can save time and fuel expenses while learning the same dance syllabus by attending a virtual class.
Teaching online also gives you flexibility in time and work location. You can travel anytime and anywhere and bring your business with you; all you need are your lesson plan, mobile device, and a stable internet connection. It’s a fantastic way to make a living doing something that you love.
If there’s anything the pandemic has taught us, it’s that there are other ways to make things work other than what we were used to. Your full-time job may be your priority right now, but starting your own business will give you financial protection and can keep you afloat in times like this. When you invest in your talent, you’re investing your time in worthwhile activities. You will definitely benefit from it and reap more rewards in the future.