Because of the nature of any type of business, it’s understandable that being an entrepreneur means being financially unstable at times. While your company is still young and growing, it’s important not to give up, but to focus on the goal.
If you’re thinking of ways to bring in a secondary income to alleviate some of your business financial stress, then here are some opportunities that might help with your business expansion:
Rent out your pad. If you are a traveling businessman or have another apartment, leaving your house/room empty, then you can rent out the extra space. You can easily list them on Airbnb or VRBO to make money from your property since you’re not using it anyway.
Teach online courses. Everybody has something they’re good at. Being an entrepreneur means constantly learning new things for your business, gaining new clients, retaining customers, and getting leadership skills that isn’t normally thought in business schools. There are many online portals like Udemy that offers free course creation and tools to empower you to teach and make money.
Be a consultant. If you’re really good at what you’re doing, then you can turn that expertise into consulting and offer it as a part time gig to many local business owners in your niche. While earning income, it also helps you in other ways like making money offering your expert advice, building goodwill by sharing your expertise, getting important referrals from satisfied customers, and even getting more knowledgeable about your business. What’s not to like?
Sell on eBay. Selling your item is one way, but turning eBay into a side business is another. You can learn online how to run a re-sale business on eBay. This will teach you where to get your inventory, how to catalogue them, and finally, to sell them with a profit. You can do this part-time or in your free time.
Offer freelancing services. Many professionals have started and even made themselves a full-time freelancer because it has the potential to pay really well. Are you a techy person who knows web design, web development, SEO, or copywriting? Sites like Odesk and freelancer are awesome avenues where you can showcase your expertise and gain clients from all over the world.
Are there other alternatives? Doing side gigs aside from running a business is a good idea, but it won’t appeal to every business owner.
You can choose to get a business line of credit from alternative lenders. These lenders specialize in assisting new business owners to maximize their small business growth. Since they’re not banks, they won’t look in your past financial blunders if you have any.
How about eligibility?
Since alternative business line of credit lenders focus on your current business accomplishments, they’ll be able to grant you financial assistance as long as you have a turnover of more than $100k per annum. If you want to focus on your small business expansion instead of earning from side gigs, then this is a useful solution.
There you have it. Now that you know several gigs that you can use to sustain your business, it’s your choice to go through with it, or simply use an alternative lender to aid you financially. Best of luck!