Being able to make some extra cash through either a side hustle or by starting a small business is a goal for many. Money to supplement your income can be pretty important. Especially if you’ve got some spare time on your hands but are in the need of some extra funds. Everyone has different ideas and separate skill sets from which they can make some cash. Some will be great in business, while others excel going freelance. Finding your own niche is really important because if you get it wrong you might end up quitting or wasting cash. Here are some top ideas to get you started, good luck!
Think About Dropshipping
It’s a great little business if you can get into it. Fairly simple to set up too. You just need to look pretty professional. Think of a swanky physical address and a top notch website. All you do is sell the product, and the supplier ships from their warehouse directly to the customer. All you’re doing is advertising it and selling it on. Sell it high, buy it low. Again, you really need to spend some time with your website to get it looking great. Think about super quality photographs for your products, ones which are completely unique to your own website.
Look At What People Are Buying Into
If you’re not sure about what you want to get into, simply tapping into current trends is a great way to get into business. Looking at how powerful certain social social media applications are you can see how businesses thrive off them. It might be using Facebook or Instagram to promote your business from a starting point, or using the following to drive traffic to a website for adsense revenue. Another hot topic at the moment is that of subscription boxes, likely driven by people being stuck at home due to coronavirus. It’s something you can put together at home, you just need to acquire items of a similar theme, package them up into a box and send it out. Focusing on trend is a great way to see where buyer intent is, meaning you know your business will have a powerful start.
Piggy Back Off A Reputable Brand
So say you’ve created a great product, or have found a supplier who makes a product you think would do great in an untapped location, how do you get people to buy? Do you spend ages trying to build a website and a store so that you can sell from it, or do you utilize another successful one. Amazon is a key example here. Or maybe etsy. Some people mix them, or use places like AliBaba to get things rolling. The issue here is that it’ll cost more in the long run, due to the fees and administration costs. Sure, you’ll save on having to pump cash into a website storefront, but once that money is invested, adding products is pretty easy. There are other issues like looking to rank higher than similar products on a third party site, but if it’s only for a small side hustle it’s certainly worth considering.
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