Student loan debt is one of the number one causes of anxiety for today’s youth, and the sooner you pay it off, the sooner you can start saving for that dream vacation or the car you’ve always wanted. There are countless pros to starting your own business on the side, and paying off your student loans faster is only one of the benefits.
It’s 2018, and everyone’s pursuing that trendy entrepreneur lifestyle. When you own your own business on the side, and you’re able to grow it into a full-time gig, you’re your own boss and in complete control of your own job security. Nobody can micromanage you, fire you, demote you, or make your day-to-day a living hell. You’ll also get tax benefits, more independence, more freedom and limitless potential. Being your own boss is pretty awesome, and there’s no better feeling than being a self-made success. Plus, it’s easier than ever to become an entrepreneur these days. With current technologies and influencer platforms, it’s easier than ever to self-educate and self-promote across various digital channels.
When you start your own business, there are a few things to keep in mind if you want profit from it. You’ll want to come up with an idea that incorporates your knowledge, skills, talent and expertise while also being a business idea that will be likely to succeed with a low upfront costs and a low initial investment. Here are 5 types of potentially successful side-hustle businesses that are cheap and easy to start:
1. Resume and Cover Letter Services
Every single day, people are applying for jobs and wishing they had a better resume or a better cover letter. It’s extremely common for today’s youth to hire a professional cover letter writer and resume writer. Job-seekers understand that a resume with bad grammar, poor sentence structure, typos and bad formatting could make them look like an undesirable candidate. The importance of an attractive, well-formatted resume with perfect grammar and spelling is indisputable. It can make or break a job-seeker’s shot at being shortlisted. Similarly, a well-worded, convincing cover letter is equally crucial. If your business is providing resume and cover letter services at reasonable prices, you’ll likely acquire plenty of customers. This business doesn’t require a storefront and it costs nothing to start. All you need is your computer to start this business.
2. Wellness or Supplement Company
A side hustle where you sell your own wellness-related product is always an exciting venture with limitless potential. There is a lot of lucrative potential if you start your own natural supplement company. Examples of thriving markets you could focus on for your supplement brand include weight loss, improving brain function and productivity, beautifying one’s skin or hair, or restoring a nutritional deficiency. if you have a good business model and a great idea for a product, you shouldn’t have a problem finding a reputable manufacturer who is able to help you manufacture and prepare your supplements for market, at a decent price. For this business idea to work, finding a good manufacturer will be crucial, as manufacturing is everything for this type of business. Find a supplement manufacturer that offers high quality manufacturing for private label supplement companies like yours. Since some supplement manufacturers have made their clients’ supplements out of low-quality foreign materials, you’ll want to do your research to find a manufacturer with a facility that is regulated by the FDA. Once you’ve manufactured a quality supplement of your own, you’ll be ready to sell it. Since digital marketing is one of the most successful forms of advertising, all you’ll have to do is create a great supplement and sell it online to your target market. You won’t need to pay for a storefront since the online marketplace for supplements is huge.
3. Vacation Rental Management Company
Loads of people own vacation homes that they want to rent out, but they need help managing their vacation rental. Home-owners need help marketing their vacation rental, managing bookings, scheduling viewings, and answering incoming inquiries. They also need help checking guests in, cleaning up after departures, and making sure they follow up with guests and get good reviews. All of these things fall under “vacation rental management” and if your new business specializes in this, you have the potential of getting plenty of clients (many of whom will be repeat clients.) You can advertise your services on social media, Craigslist, and even by direct messaging the owners on their vacation rental websites to see if they need some help managing their listing. This is the type of business that costs almost nothing to start, but has real potential for high earnings and a high number of clients. The other great thing about this business is that you can make easy money without a full-time commitment, since vacation rental management is often only part-time hours with a full-time paycheck. It’s fantastic for students looking for a side business to pay off student loans, because there’s enough flexibility to also focus on your continuing education.
4. Event Planning Services
Countless people are consistently needing help with planning events. Whether it’s an office party, a launch party, a networking event, a bachelor party or some other special event – help is always needed. Most people don’t have time do everything that’s required to plan a good event. It requires researching, meeting with vendors, arranging caterers, planning a theme, shopping for decor, and much more. If your business involves expert event planning at affordable prices, you’ll be very likely to find success. The best part is that a great event gets people talking. If people attending the event love the decor, the customized goodies, the food, the music, the venue, etc – they’ll ask who organized the event and that’s how you get word-of-mouth success. You won’t have much upfront costs, especially since you’ll be working with each individual client’s budget.
5. Website Optimization
A website optimization company can include services such as website copywriting, SEO strategy, website design, and more. Since every company needs a great website to succeed, there will be no shortage of customers available to you. It’s extremely common for both new companies and older companies to hire website help. New companies will often hire you to help them get started, while older companies often hire you for a website revamp in an effort to get more business or in an effort to look more professional. Some companies might hire you to start a blog for their website (which improves their Google ranking) – while other companies might hire you to rewrite mediocre website copy that could use improvement. It doesn’t cost anything to get started with this business idea, and to get clients, you can actually pitch businesses that you think could use your help based on looking at their currently mediocre websites. Without insulting them, you can point out where their website could be improved, and offer your services. Before long, you’ll have a client base and a successful, private business.