If you aren’t worried about job loss, a side hustle can be a great source of extra income to pay down debt, save money and invest. It can also have tax advantages. If you make purchases for the business, you may be eligible for tax deductions. Not to mention a side business can be the best way to get a taste of a future career you might want to ramp up later.
You can also get professional advice for starting a side business via https://lifestylenow.biz/Side-business-ideas/.
There are many options: doing freelance projects in your main career, building an eCommerce store around one of your outside interests, providing personal service like home organizing, making birthday cakes for people in your community. Type side hustles into any search engine and you’ll find many lists of options.
It’s also important to consider how much time and money you’re willing to put into a side hustle. If you’ll be doing freelance work in your field, it may not take much time to ramp up, but if you’re venturing into a brand new field, or one that requires a credential, like personal fitness training, it will take longer to get going.
Businesses that require inventory will cost more to start than those that don’t. Checking out industry-specific market research reports can help you get a sense of the requirements.