Creating a side business – Your 5 step plan
Step 1: Brainstorm your ideas
With the wide range of remote work ideas out there to establish your side business, it’s crucial to take the time to think about which ideas appeal the most to you. Here are a few questions to think about as you brainstorm:
- Is my chosen business model something I enjoy?
- How much time do I have to invest each week?
- What skills do I have to offer?
- Is a passive income stream possible with my business model?
With a little creative thought, you can quickly come up with a list of potential ideas that you can turn into a side business. You don’t have to reinvent the wheel or design a spaceship, even something small-scale such as creating handmade models and figures can be sold through platforms like Etsy.
Step 2: Outline your objectives
The next step is to list the objectives you have for your side business idea, as well as what your offering will be. If you decide to take photos and upload them to a stock image platform to earn cash, what is the target amount of photos you want to take?
It’s also helpful to consider what makes your business model unique, are you the first person making Youtube videos about a certain subject? However, your idea doesn’t have to be groundbreaking, as there are many tried and tested methods to make passive income, such as writing a book.
Step 3: Gather your equipment
With a solid understanding of your business idea, goals, and offering, it’s time to gather your equipment. This may require an initial money investment, such as purchasing a microphone or camera, however with patience and determination, there’s no reason why you can’t earn this money back.
As you strive to create passive income and increase your cash flow, remember that the experience should be enjoyable. If researching the latest equipment required for your business excites you, chances are you are going to enjoy putting in the work.
Step 4: Research the competition
There’s no shame in learning from others, that’s one of the wonderful parts the internet has to offer. Your passive income idea may not be the first of its kind, however you can learn, through research, what makes for a successful business.
If you decide you want to create a course on a particular subject, look at other successful courses online and explore what makes them work so well. You’ll be learning as you establish your business, learn from others and you’ll cut down on potential mistakes.
Step 5: Create your dream business
With a broad amount of knowledge and a solid plan under your belt, it’s time to dive in and establish your small business. One secret to succeeding is to understand that it is all a process, success doesn’t usually come overnight.
You may make mistakes and that is all a part of the learning process. However, you will have created a way to earn more money doing what you enjoy. With the limitless passive income streams waiting out there, there’s never been a better time to get started.
7 side business passive income ideas
We’ve compiled a list of 7 popular side business ideas that can help you earn extra cash remotely.
1) Freelance graphic designer
Do you have an eye for the arts and flair when working on a computer? As a freelance graphic designer, you can channel your creativity into a market that is always seeking competent creators.
Whether you decide to create a set number of graphics and license them in an online store, or create them made to order, there are plenty of options out there for you to choose from.
2) Social media manager
With businesses across the globe predicted to spend more money than ever promoting their social media platforms over the coming years, it’s a great time to develop your skills as a social media manager. What’s more, depending on the scale of the business, you may only need to work a few hours per week.
3) Create a course
Creating a course is one of the most popular ways remote workers make passive income online. There’s a wide range of courses available on platforms such as Skillshare and Udemy – if you have a teachable skill, then creating a course is a viable passive income strategy.
If you speak more than one language, then your skills are in need by businesses across the globe. You can work with clients on a project-by-project basis, meaning that you can invest and spread out the hours you want to work.
If you’re handy with a camera, then starting a photography online business is a viable passive income method for you. You’re able to work with your local environment and take the number of photographs you want to.
6) Video making
Visual media, including the likes of videos, has never been more popular. Editing and creating videos for clients is a great way to earn money at a pace that suits you.
7) T-shirt designer
Starting a t-shirt small business is a prime example of making passive income. Once you have designed your own t-shirts, you can upload this template to t-shirt-making websites such as Teemill who host your online store.