Creative Strategies for Starting a Profitable Side Business

In my investment consulting work, I speak with many people who want to earn money from a side hustle to increase their savings or borrowing capacity and grow their investments.
 
Instead of hoping for a hefty salary increase, we look at starting a part-time business to bring in those extra bucks. 
 
I believe that helping yourself is the best course of action if you want to boost your income. While dedicating time to your day job may be crucial to taking care of bills, it pays to look for profitability elsewhere.
 
Following these creative strategies can put you in a better financial position:
 
Capitalise on your skillset.

You know what you're good at!

So how about applying your skillset and capitalising on prime earning opportunities? How can you get a business started using your natural abilities and as little financial capital as possible?

• Your first step is to write a list of all the things you're good at.
  
  
• Next, strike the ones off that may not present lucrative business opportunities.
  
  
• From your shortlist, come up with business ideas and start researching ways to get those businesses started.
  
  
• Finally, TAKE ACTION!
  
  

Fill supply gaps for local businesses.

Have one-on-one chats with local businesses and shop owners. Try to understand what they need but can't seem to find the time to do themselves. For example, a clothing shop may need someone to organise garment alterations each week. A café may need produce and baked goods sourced locally and delivered to their store.

Often businesses can benefit from someone taking important tasks off their hands without having to hire another employee.


Advertise via social media.

Design your Facebook Business page and provide information as well as promote products or services.

• For example start a yoga and gym page and share relevant articles. Advertise that you sell exercise mats and other accessories. These products are often available at wholesale prices from online providers.
  
  
• Promote your service business locally. You could offer gardening, delivery, moving, bookkeeping, IT services, cleaning or babysitting.
  
  
• What about teaching, coaching and consulting? Does your day job allow you enough time to see clients in the evenings or weekends? Again you can advertise on social media, letting people know you can help improve their skill. You could teach anything you are good at, from scrapbooking to graphic design. Or coach someone to improve their lawn bowls skills or up their spreadsheet game.

 
Take an investment risk.

Seek an investment worth your time and money.

• Maybe you can find a struggling business that you feel confident you can turn around.
  
  
• Perhaps your investment could be in creating a product that you know will fill a consumer need. Start by writing down 3 product ideas every day for inspiration. After a month or so, you will probably have at least one solid worth developing into a product. Remember, you don’t have to invent the next iPhone; Clips to hold dog treats just above your camera lens and faint-lined poster board were both multi-million dollar ideas.

 
Many successful money-making ventures have started with a simple idea and the determination to build a brighter future.
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If you need help mapping out your venture or marketing your service, feel free to reach out.

Schedule an appointment with me here to craft a plan.


Patrick Loke
Actual Impact Consulting