If you’re finding it difficult to stay ahead of the game financially, you’re not alone. Your day job may not even be enough to keep your bank balance in the black! It’s probably time to take a different action.
Instead of hoping for another salary increase, why not try to figure out another option?
Helping yourself is the best course of action if you want to get your bank balance looking rosy again. While dedicating time to your day job is crucial to taking care of bills, you need to look for profitability elsewhere.
Here are some ideas that can put you in a better financial position.
4 Creative Strategies for Building a Profitable Side Business
1. Capitalize on your skillset
You know what you’re good at, don’t you? How about applying your skill set to capitalize on different earning opportunities?
You can get a business started using your natural abilities and with as little financial capital as possible.
- Your first step is to write a list of all the things you’re good at.
- Next, strike off the ones that may not present lucrative business opportunities.
- From your shortlist, come up with business ideas.
- Start researching ways to get those businesses started.
- Finally, just do it!
2. Investigate common consumer needs
People everywhere have everyday needs. What are those needs and how can you best fulfil them?
Providing solutions to people’s needs and wants is a great way to build a profitable side business. You may not necessarily provide the exact product or service they want, but you can certainly find something that works for many people!
Getting started on this idea is not hard. Here are 3 ways you can implement this strategy immediately:
- Have quick one-on-one chats with people at work. Try to understand what they need, but can’t seem to find the time to get done. Develop a plan that helps people get what they want. Then add markup for your time. That’s straight profit!
- Observe the things people compliment you about. Maybe you have a great sense of dressing. Or they love the way you’re able to negotiate with fundi’s to get things done for you. Or maybe you love shopping and know exactly where the best deals are. Great business ideas can come out of things you do naturally and that are of no extra effort to you. Simply offer to do the same for other people at a cost. Just make sure that you get paid in advance or at least 50% of the cost/fee if taking this option.
- Watch trends in the news or on social media to identify popular topics. Try to figure out how you can get in on earning opportunities by helping to address any of those trending issues.
3. Advertise via social media
You can do this one yourself or with someone who understands social media better than you do.
- First, capitalize on your skillset (see strategy #2 above).
- Then, identify common needs or wants.
- Then, identify where people who need what you’re offering hang around on social media.
- Become a regular contributor in a few of these communities. Offer your advice, answer questions, and provide useful information.
- Once you’re a regular, market yourself around your community and see how you can help other community members or support local activities.
- You can also ask people for referrals as you expand your network.
- To build your credibility, use testimonials as you work with customers. Here’s a template for asking for testimonials if you have a service-based business.
If you know your way around social media or have someone that can help you, advertise your services or products on popular social media sites.
For example:
- Design your Facebook page and provide relevant details about your service offerings.
- Do you sell something that members of your local gym would want (e.g. exercise mats and other accessories)? Find out if your gym has a Facebook page. Like their page and share your business ideas with them.
- Does your estate have a WhatsApp marketplace? Take good photos of your products or get a beautiful e-poster designed. Then share these images in the marketplace with a brief description of your offer.
Keep in mind that people may not buy immediately. It takes seeing something numerous times for the mind to flag it. So don’t give up. Post consistently and also try different images to see which ones people resonate with.
4. Take an investment risk
If you already have experience helping people succeed in business, you can take this a step further and invest in a business that’s worth your time and money.
Maybe you can find a struggling business that you feel confident you can turn around. Or perhaps your investment could be in creating a product that you know consumers want.
The second option will take a bit more time and money. But if you get it right, it will repay itself back faster than you expect.
Your next step
Looking at your bank account balance and feeling bad about it will not help improve your finances. Neither will dreaming about a better financial past or visualizing a better financial future.
The onus really is on you to turn your situation around so you can start to see positive activity in your finances.
One of the best options is to start a profitable side business and use the income to beef up your regular income. Your future and well-being are on the line. Show how much that future means to you by developing creative money-making ideas.
And if you’re ready, I can help you turn your hobby into a side hustle. Book a complimentary Discovery Call and find out how the 12 Weeks to Startup program can help you monetize your hobby in a faster and more consistent way.
(Image credit: Pexels)
