Money on the Side: Making Extra Income as an Entrepreneur

Written by Blake on . Posted in Get Funding

Everyone can use a little extra cash, especially entrepreneurs. When you are developing your own business, it is always difficult to fork out the money you need not only to get it started, but more importantly, to keep it running. Today, entrepreneurs everywhere are going to great lengths just to make a couple extra hundred dollars a week. If you're struggling to raise capital, provide much-needed supply for your new startup, or just want to make some extra money on the side, here are some simple options that business men and women everywhere are resorting to. More importantly, these suggestions do not take much time, so you, as an entrepreneur, can still spend as much time as you need on your business.


1. Sell your stuff online
One of the easiest ways to make a little cash on the side is to sell stuff that you do not use anymore online. The websites for selling your stuff (without even leaving the house) are endless—just try eBay, Amazon, Craigslist, or even build your own site for selling. You'll be amazed at how much money you can make through online bidding. Selling your stuff online takes virtually no time at all. Your things may be bought while you're at work, while you're with your family, even when you're sleeping. Consider selling old electronics that still work (such as iPods, cell phones, video cameras, etc.). Jewelry is another hot-selling item on websites such as eBay.

 


2. Have a yard sale
Much like selling your stuff online, a yard sale is a great way to make a little extra income. Once a year, clean out your storage room, attics, and basements. You may actually find a couple of treasures here and there that others would die to have. In the spring or summer, arrange a yard sale or a garage sale with others in your neighborhood. By posting signs in your neighborhood's surrounding areas, customers from all over will visit your home to make a couple of purchases. Also, be aware that people are ready to bargain, so be sure to know exactly what price you are asking for each item. A successful yard sale can bring in up to $700 in one day!

 


3. Teach something
If you have the time on the weekends, you may want to teach something that you're good at. You can teach children (and even adults) piano lessons, swimming lessons, how to build a website, or how to scrapbook. Other services that many people look for are dog-walking or house sitting. Additionally, tutoring is another in-demand service that any entrepreneur could excel in. Consider taking a couple of Saturdays a month and teaching lessons. Charge more for the service than you may think; you'd be surprised at what parents will pay to help their children grow. Successful "do it yourself" lessons could earn you up to $600 extra dollars a month (8 half hours lessons every Saturday at $20 each comes to about $640! And that's only sixteen hours of extra work a month!). Teaching something you love can also become a type of stress reliever. Not only will this activity get you away from your entrepreneurial work, but it will also act as a fun opportunity for you to make some money.


4. Cut Back
One of the easiest ways to make extra cash is by cutting back. Here are some ways to cut back for-business expenses:
• Cut back on supplies: if you're spending too much money on supplies for your business, buy an off-brand instead of a more expensive label brand.
• Consider working from home: working from home means no leases to worry about. Without leases, you don't have to worry about paying for utilities for your office space as well. Additionally, many entrepreneurs have decided to use virtual offices in order to save up some extra money.
• Employ interns: interns run quite cheap these days, especially in a recession. Instead of hiring an over-qualified, full-time employee for office work, consider hiring an intern that is in high school or college. They will do the exact same amount of work for half of the price. If you are going to employ an intern, we do suggest allowing your intern some experience in the company as well (don't treat your intern like a go-fer! Give them some challenges in the business. This will help them to stay motivated. Who knows, they may become an asset to your business in the future).

It's hard out there for an entrepreneur. Although you may be dedicating twelve hours a day to your new business, you may want to consider making some extra money on the side by selling your stuff, teaching something you love, or simply cutting back on business expenses.