There's no need to tell you that most businesses these days don't look like the brick and mortar stores of days gone by. There's more opportunity to make money in alternative and unconventional ways than ever before. It seems everyone's got a side hustle.
What many people don't realize is that they may already have the skills or expertise needed to open a side business to begin bringing in additional income!
The Incorporators Ltd. has helped all types of businesses form corporations or LLCs so we thought we'd share some business ideas based on some of the side hustle turned businesses we've seen over the years.
1. Open an Etsy Shop
Are you especially crafty? Do you enjoy creating handmade items? Then opening an Etsy shop might be an option for you! Many Etsy shop owners view their shops as a hobby but it's also a chance to make a little side income.
This is one instance where incorporating or forming an LLC might be a good idea to do sooner than some other side hustles.
With a business that creates a tangible product, it's incredibly helpful to be able to clearly delineate between business expenses and personal expenses. That trip to the fabric store? Business expense. The gas to get there? Business expense. Forming an LLC or corporation might make tax time much easier for many Etsy shop owners.
2. Explore Network Marketing
If you're unsure what product you would create or what skills you have, you could take a look at network marketing (MLMs). This removes the guesswork of deciding what to create or offer and sell.
Network Marketing companies create the product and you sell it. Some common types of network marketing products include makeup, shakes, nutrition programs, and clothing.
Before joining, take a close look at the company's ethics and compensation plan. Know what you are getting in to. Most importantly, make sure that whatever business you join is a good fit for you.
3. Become an Amazon Seller
It's easier than ever to become an Amazon seller. If you already own a business that sells a physical product, making that product available on Amazon could be a game-changer for your business.
It is also common for people to buy products in bulk from online wholesale markets and make those products available on Amazon.
If you're new to the world of selling on Amazon, it may take some time and education to learn how to go about it and decide what to sell. That said, there is plenty of income potential here.
4. Start a Blog
If you're a niche blogger, mommy blogger, fashion blogger, or book blogger, there's a good chance you've figured out how to throw some ads up on your site. Between passive ads or bigger sponsored posts and partnerships, a blog can be more than just a blog. It can turn in to a legitimate business.
This one is a slow process to build a following and any income you make will generally be delayed, particularly ad revenue.
5. Offer Freelance Writing Services
There are so many submission based websites these days that it's more common than ever for the writers among us to make some side income by submitting articles to sites like Buzzfeed, the Huffington Post, Thought Catalog, or Bustle.
There are also many businesses who need content creators for their own websites and existing blogs. To find freelance jobs like these, we'd recommend taking a look at online freelancer marketplaces like Upwork or Freelancer to see what other writers are offering and to set appropriate pricing for your services. You can then create a profile to offer your services.
6. Start a Youtube Channel
Youtube has only been around since 2005! That's it! Yet so many of us can't imagine our world without it. Almost 5 billion videos are watched on YouTube every day. That's a lot of income potential!
Youtube itself has ads that content creators can add to their videos but many content creators also work with businesses to get free products or make affiliate sales by recommending specific products on their channels.
7. Start a Podcast
Podcasts are a fairly new media phenomenon which is especially funny considering they're basically a throwback to old radio shows.
Podcasts that become popular are often offered sponsorships or ad placements. If you are passionate about a subject and like to talk, podcasting may be the medium for you.
8. Grow Your Social Media
Ah, influencers. The ultimate buzzword these days. A decade ago a "social media influencer" wasn't even a job. Today, celebrities and social media influencers can make money by promoting products to their followers.
Think there isn't real money in this? Think again. It's been reported that Kim Kardashian makes as much as $500,000 per Instagram post.
You're probably not Kim Kardashian but there are plenty of companies who work with "micro-influencers" i.e. people with smaller but dedicated followings to do product placements or sponsorships.
9. Airbnb Your Home
Have you considered turning your second home into an Airbnb? Maybe you're open to renting your home on weekends? Or even renting a room in your home?
You could easily be making side income on an Airbnb (or similar service like Homeaway or VRBO) by renting your home to travelers when you are away.
10. Offer a Dog Walking Service
Starting a side hustle of walking other people's pups is probably one of the fastest ideas on this list. With a quick website (created using a service like Wix, Squarespace, or Wordpress) and some neighborhood flyers, you could have your first client by the end of the week!
11. Improve Your Photography Skills
Many photographers start out as hobby photographers. As their skills improve, some begin shooting the occasional family portrait or even wedding. Your photography hobby, with a little marketing and polish, could start making you money!
These are just some examples of hobbies or small businesses that, with the right skillset and dedication, could be turned into businesses.
Many of these businesses would either immediately or eventually benefit from forming an LLC or a corporation. The liability protection afforded to you by forming an LLC or corporation may be especially important for some of these endeavors, while others may benefit most at tax time.
If you have questions about whether it is the right time to form your LLC or corporation, contact your attorney or accountant. If you are ready to form a Delaware LLC or start a Delaware corporation, The Incorporators would be happy to assist you!
DISCLAIMER: The Incorporators LTD. is a business formation service company only.
All content on this site is for informational purposes only and should not be construed as legal, taxation or financial advice or services.