Side Business Ideas You Can Set Up on a Shoestring

You may be thinking about setting up a business to run in your spare time. It can be a good way of making some extra money. Don’t let the costs involved stop you, as there are many things you can do with very little outlay. Read on to find out about some side business ideas you can set up on a shoestring.

Online or Offline

The first thing you need to do is decide if you want an offline business or an online business. Whichever you opt for, you will need a web presence to let people know about your new startup; this can also be achieved with social media if you manage it effectively.

Social media takes time and commitment but once you have a business page on various platforms and regularly post about what you are doing, you will soon build a following to help launch your new venture. The beauty of this type of marketing is that the only cost is your time.

Pinterest is also a highly effective platform, pins can be automatically posted using a scheduler like Tailwind.

Offline Businesses

If you want an offline business to run alongside your lifestyle there are many options to choose from.

Catering for special events or private parties can be a good way of making yourself some extra money and it could even turn into something big, as can offering a bookkeeping service or being a financial advisor, or even a crafter as many of the sellers at Etsy would suggest.

All of these require some level of skill in their respective fields, but if you don’t already have it, there are plenty of affordable courses on sites like Udemy to help you learn something new or refresh your existing skills

Online Businesses

You may think this would be easier, but with millions of businesses already operating online, the competition is huge. Whatever business idea you have, you need to make sure there is a reason your brand stands out from the rest. If not, you will just end up as one of the many online startups that fail every year.

There are plenty of options. You could offer your services as a virtual assistant or run tutorials for a skill you have. You can also earn money by completing online surveys, testing and reviewing products, or selling items on Vinted, where listing is free.

Earn Money While You Sleep

A prominent businessman once said that unless you can make money while you sleep you will have to work hard for the rest of your working life.

One way to achieve this is to start a blog or video channel that accrues lots of followers. Once you have enough of a following, companies will want to advertise on your site. You are usually paid per click on their advert, and that happens 24 hours a day.

Another option is to start a blog and include affiliate links. When a visitor clicks a link and makes a purchase, you earn a commission.

You could also consider publishing low-content books on Amazon KDP. Once created, these books can generate a steady monthly income.

Starting With No Money

The ideas above are just a starting point; there are countless businesses you can launch with very little investment. Even if your idea needs some upfront costs, asking for a deposit from customers means you will not have to spend your own money.

Many people begin part-time businesses for a little extra income, and some grow them into something so successful that they can leave their full-time jobs.

The important thing is to take the first step. Even if your idea stays a side project, you may discover a new passion, and who knows, it could lead to opportunities you never imagined.