And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value. Answered 5 years ago.
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Putting yourself in a situation where you have to scramble to survive while starting a business is a terrible strategy. And if you are already looking for shortcuts "quick ways to make money" you might not be ready for the challenges that come with starting and building a business. Even when you bootstrap a business it's wise to have either years worth of personal expenses saved or an income stream that meets your financial needs and allows for the time freedom needed to get your business up and running.
With that said - I'm sure someone is going to tell you what you want to hear That you CAN build a successful business in your spare time and that there ARE ways to make quick cash while you do it. They're going to tell you that THEY did it and you can too. One of the real secrets to business success is doing everything you can to start with the odds as much in your favor as possible.
When it comes to business "well begun is half done. That's why many new entrepreneurs seek out mentors and coaches - Because the investment made with a coach saves time and money avoiding mistakes and the wisdom they learn helps them increase their odds of success ten-fold or more. Two years ago, I quit my full time job as a digital strategist at an advertising agency to focus on a startup. The startup was consuming the majority of my time but prior to quitting my job, I bought a new home.
To suggest that money was tight would be an understatement. Either way, I had to do it and I was going all in for this new business. That said, I had to ensure the house didn't get taken from us before we got into it. I decided that I would leverage my knowledge in consulting and bring that to the market. For me, I think consulting is an effective way for any entrepreneur to make some cash on the side. Whether you're a developer, designer or marketer - selling your services is a great way to generate side income.
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In fact, the majority of the revenue I made from consulting was put right back into the business. A few things that you should keep in mind when taking this approach:. Don't offer ongoing, loosey goosey consulting agreements. You don't want your clients to expect that they can call you any time of the day to have you run and put out a fire.
Remember, C. Ensure that your clients are aware of your time commitment and other obligations. Don't be afraid to say no.
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You might get to a point where your consulting business is booming and your startup is slow at growth. Instead of turning your focus entirely to the service side, remember the long-term goal and limit yourself to taking on enough projects to cover your basis. Never, ever sell your services on Fiverr. Hope this helps - If you have any questions about the consulting thing and how you can do it effectively while running your business - Give me a shout! There are multiple approaches you could take here.
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The problem is that finding something which is "quick money" but also good money. Here's my experience:. If your core expertise and career goal is a knowledge worker you're a great strategy consultant or web developer then most revenue opportunities will need a little time to ramp up. Writing a book, or getting consulting gigs and getting paid all takes weeks or months.
This is because you either need to create the product and create the marketing buzz and audience around it or you need to invest time to build up a portfolio, reputation, testimonials, networks and contacts. So writing just 1 book, or doing just a couple days a month, could be the difference between survival or not. A bill came up. The credit card was maxed. Whatever - life said "Hey, you messed up cashflow this month! Cash paid, there and then, money was in my pocket. I also have a friend who's on a sweet salary, university educated, gets great consulting work So yeah, I guess I'm trying to say explore how to monetize and productize your expertise.
But if you need something fast and short term, there are many legal ways to make "quick cash" that usually require nothing more than swallowing some pride and focussing on the end goal to get you through. That is a good avenue for recurring monthly revenue.
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You charge monthly for social media strategy once it takes off. Recurring revenue. You can move into reputation management so you respond back to customer complaints on behalf of hotels provide them with a weekly report with what people had to say. This is your marketing tool.
Seeing is believing. Make sure you have a polished website. Make sure you bid on the lower end of things so you have a great chance of winning projects and build credibility in the ecosystem. A lot of people are suggesting the consulting route and that is fine. I suggest taking a job that is simple and monotonous which does not require much thinking at all on the job.
Assembly line work, event staff, security guard, truck driving, etc can all work for this strategy. I wrote an internet security patent while working on an assembly line. Assembly line work is boring and thoughtless. Perfect for thinking about something else while on the job. I had a lot of time to think about the patent all day. Then I would come home and write down stuff that I thought about all day and added it to the patent. In this way I was "paid" to write a complicated patent which would have taken the same amount of thought and time if I wrote the patent on my couch at home getting paid nothing.
A solid business needs thoughtful planning anyways so why not get paid for it? Get as close to the money as possible for me this was B2B tech sales and look for big pain points that you can solve. Typically the bigger pain points are around things that are costing these companies lots of money, either directly or indirectly with opportunity costs. Hourly consulting can be "quick money," but at least for me one offs aren't really worth it. You often spend as much time or more with small clients for little gigs as you would with bigger reoccurring clients that you understand more and more over time, making you even more invaluable to them.
If you can't get your foot in the door with a client any other way than a few hours of consulting, then do it, but relying on little consulting gigs to eat gets stressful fast.
It's not magic and it takes a lot of hard work, but if you're going to work hard you should also work smart. I am a serial entrepreneur, and ultimately built a multimillion dollar business. However, it took me several tries before I got my 1st business that would support me without working another job.
My 1st recommendation is the opposite of what most people are told these days. Many people believe that a real entrepreneur trusts their vision so much, that they quit their job to work on a full-time.
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Personally, I feel that is too risky. To be frank, the odds are that your very 1st try will not be successful, and even if it is, you're probably going to have to pivot numerous times to make it successful. If you don't have a source of income, you're going to put an enormous amount of pressure on yourself that you don't need.go site