Any entrepreneur knows how hard it is to grow a business from scratch. It takes a monumental amount of time and effort to get up and running, and it could be a long time before you make any money.
Unless you have a huge stash of savings in the bank or an inheritance from a long-lost ancestor, you’ll need a source of income while your business is still in the early stages. But having a full-time job can consume all of your valuable time and sap your energy so at the end of the day you have nothing left to give to your business.
It’s a fine balancing act, as you want your side income to give you enough money to survive, but also enough freedom and flexibility that you can still focus on building your company. Many successful entrepreneurs start this way, and with the right job, it is possible to make it work. To help you realize your business vision, here are a few ways for budding entrepreneurs to make a side income.
Find flexible work
If you’re commuting into an office every day and working nine-to-five, by the time you get home your mind will be zapped and you’ll have no motivation to focus on your business. Over time, there’s a risk that it could slip away from you. What you need is a job that you can fit around your business, and not the other way round. There are loads of options for a career you can have on a part-time or freelance basis. Copywriting allows you to work from home and avoid any fixed hours, as long as you meet your deadlines. You could also become a delivery driver and use sites like Shiply to browse deliveries and pick any jobs that suit your schedule. If you want to block off your days for your personal project, try finding bar or restaurant work that lets you make money in the evenings. There are so many options, you just need to find the one that works best for you.
Get a passive income
The ideal scenario for any entrepreneur is to have money coming in without having to work for it. It may seem like a childish fantasy, but many people achieve it successfully. Investments are a common way to make a passive income, by putting your money into stocks, bonds, or currencies. Alternatively, you could buy property and rent it out to tenants as a landlord. If you have a spare room in your place you could even take on a lodger.
Sell your skills
If you’re creating your own business, you no doubt have a few skills that are in high demand. It might be creating websites, digital marketing, graphic design, accounting, or project management. Whatever your expertise, consider selling your skills to companies to make a bit of money on a freelance basis. Although this will take time away from your own business, the extra experience will help you to hone your skills and it may help you in the long run.
Hey, I'm Andrew. I moved to Lisbon, Portugal from Canada. Follow my journey here.
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