Finance Friday | A part time business
Using your assets
If you own a car that’s one asset that you might be able to use to start your own business. Starting a business can be risky, but starting one part time is much less of a risk. You can always give up your day job when it becomes really successful. A business either has to provide goods or a service of some kind. The more sought after your product is, the better and higher the price can be.
You can base your business at home or from your car. You need to ask what services people and perhaps local businesses need. You might even be able to provide a product. A keen gardener could provide seedlings and plants as Spring arrives, for example and then move on to other things in summer. If you have a skill even expert advice can be the basis of a part time business.
I read about an idea where people with particular expertise make that known to their local community and if a local organisation need someone to talk on a particular subject; they call you! There is a lot of talk now about teaching kids about finance and that could be a role in schools for someone with financial expertise. I think schools would welcome the occasional lecture on financial management for the children; you could do a different school each week.
Look at where people gather and ask what they would buy while they are there. They might already be buying things, such as beer in a pub; but people still go around pubs selling seafood and other goods.
Think about your hobbies and interests, could one of those be turned into a part time business? Coin collectors have managed to become coin dealers in the past. If your interest is antique furniture then maybe you could restore and sell old furniture?
You could even start a website, like I have and make money from advertising and affiliate marketing? Don’t forget that a business will go up in value too and so it has potential value. If you look at this website there is a lot of empty space on the pages that could be filled by advertising and advertising can even be inserted in the content. The content can be sponsored too and that would make money.
You can also look at what people need done in their homes and gardens, could you provide a service based on those needs. Could you provide a product? Pot plants for the home and office perhaps?
People are into fashion, clothes and how they look, so if you can manicure nails, you can run a business. You do need to be fairly expert though and so your first step could be to take a course in providing such a service.
You will also need to publicise your business and be well organised. That might mean having leaflets or business cards printed. Whatever you decide to do you need to tell people about it. You will also need to keep proper accounts, control cash flow and make a profit.
If you can make a success of a part time business, you might be able to make it full time. A home based business means you don’t have to commute to work, you can take a little time off when you need it, your working hours are more flexible and you have a tolerant boss! You don’t have to take an hour for lunch, you decide what breaks to take. It can be difficult to motivate yourself, but once it becomes successful and you’re making money, it becomes easier.
Do you run a part time business or are you thinking about doing so? Please comment with your ideas; we’re trying to build up to a zillion!
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