Best Side Business Ideas

No matter how rewarding your full-time job may be, there’s one thing that’s even more meaningful than great pay and solid benefits: working for yourself.

Choosing the path of entrepreneurship is without a doubt riskier than being content with holding a 9-5 job, and requires way more sacrifice. However, once you’re reaping the lifestyle benefits of being your own boss and hustling your way into making significantly more money than you ever could at your day job, the hard work will have all been worth it.

The question  asked the most (by far) when I meet and speak with fellow entrepreneurs is, "How do I know which business I should start?" This one is always quickly followed by, "How do I start on this side business while I'm still working my full-time job?"

This makes perfect sense. With how many businesses already exist out in the world, it can be difficult to come up with the right idea you should be spending your time on. Especially if you're looking for a home business idea that'll afford you immense lifestyle flexibility.

The majority of us don't have the luxury of being able to quit our day jobs to pursue starting a business in Dubai today, without having to worry about how we're going to meet our financial obligations moving forward with no immediate income.

When you set out to start a new business,  always make sure it aligns with both my core competencies and your passions. It starts with learning how to discover your strengths as an entrepreneur, and it's how you make sure to be engaged, even when the going gets rough.

The big problem for many of us is that working a full-time job makes it too exhausting to even consider trying to find an alternative outlet. Many of the world's most successful entrepreneurs struggled with this when they wanted to start a business for the first time while they still had a day job.

Luckily, there are tons of ways to start businesses and make money on the side while still leading a well-rounded, meaningful life. If you play your cards right, you’ll be able to quit your day job and grow your side business into an empowering self-employed career.

Obviously some of these small business ideas have more earning potential than others, but what they all share in common are relatively low barriers to entry and the flexibility to work at them for a limited amount of time per week Here are some ideas.

•             Graphic Design

·        Web Design

·        Commission-Only Sales

·        Online Courses

·        Instagram Marketing

·        Online Coaching

·        Local Business Consulting

·        Phone Case Business

·        Remote English Teacher/Tutor

·        Social Media Manager

·        Google Paid Ad Specialist

·        Start a Blog

·        Travel Consultant

New Year, New You, Setting your business goal

It is time to start thinking about 2017 and setting business goals. We all have a tendency to over-reach as January approaches, setting wild goals that we give up on half-way through the month, so it is important to be realistic in our aims. Below we examine how to set yourself realistic quarterly and yearly goals, as well as lead and lag goals.

Setting SMART goals

Perhaps the most common method for goal setting is by using the SMART method, which stands for:

• Specific – be clear in what you want to achieve
• Measurable – you should be able to measure the success of your goals
• Achievable – make sure your goals are challenging, but achievable
• Relevant – is your goal actually relevant to your business and overall aims?
• Time-bound – make sure you set yourself a specific deadline with your goals

If you follow the above steps, it is much easier to set realistic goals, stick to them and, ultimately, achieve them. Without following a clear structure, businesses tend to set wild goals with no deadline for realistic aims, and so employees always fall short.

Tim Cook, the CEO of Apple, said “We are the most focused company that I know of or have read of or have any knowledge of. We keep the amount of things we focus on very small in number so that we can put enormous energy behind the ones we do choose.”

The key here is to be simple, be realistic and be kind to yourself! If your goal is to make your first million then fine, but how achievable is that right now? What steps can be taken to achieve that?

Keeping your goals time-bound and measurable is extremely important, because it makes them accountable and allows you to critique when processes are not going right. It is useful to set a yearly goal for what you want to have achieved by the end of 2017, but break this down further into quarterly goals and even monthly/weekly goals to help keep everyone focused and on track day-by-day.

Lead and lag goals

Lead and lag goals, also called lead and lag indicators, are two different types of measurement that you can use to determine your business’ success.

• Lag goals: This is the measurement of the result that you are trying to achieve, and the end goal will lag behind all of the total results of the smaller goals together. By the time that you get the data on the result of the goal, it has already happened, and so will always be lagging behind.
• Lead goals: These are goals which are used to foretell a result, and are much more easily influenced and predictive. I.e., if we want to make more sales, we make more sales calls. Completing one of these goals will lead to a bigger goal.

Both are useful goals to consider and have in mind for your business as just another way to keep your success measured and realistic. Lag goals are easy to measure as you have either achieved the result or you have not. They usually extend over a longer period of time and are usually associated with the Big Hairy Audacious Goal.

Lead goals are goals which you have much greater control over, and they usually lead on to the lag goal. It is about setting short-term goals, usually just a week or less, which can move you towards your bigger goal.

Keeping it simple

Whichever way you choose to set goals for your business or organization, the important thing is to keep them consistent, simple, and realistic. If you have multiple employees, then it is important that everyone is one the same page so you are all heading in the same direction. Keeping goals clearly time-defined, measurable, and realistic will ensure that there will be no confusion down the line, and will help you to stick to your new year, new you business aims!


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Incorporating a business

Are you the kind of person who has always wanted to start a business, and are ready to take the leap into entrepreneurship for the first time? Or has a tough job market prompted you to re-evaluate your goals and try to create something new?  Wherever you stand on the spectrum of entrepreneurship, congratulations on deciding to start a business and create new opportunities for yourself and others.

Ready To Start A Business?

If so, you’ve come to the right place. We will tell you what you need to know about how to incorporate a business, how to form an LLC, and how to navigate the complexities of managing the business filings along the way. 

All About Incorporating A Business

When you start a business, many entrepreneurs choose to incorporate as a legal entity. Incorporating a business is a step that goes beyond simply filing a DBA. One of the best ways you can establish your credibility, make your business a legal “entity” beyond your identity as the business owner, and protect your personal assets is to incorporate your business.

Incorporating gives you the ability to protect your personal assets from those of the company, which keeps your personal finances safe from the “worst-case scenarios” of doing business.

There are several options for incorporating your business, including forming an LLC, or incorporating as an S Corporation or C Corporation.  

If you want to incorporate your business, the most popular choices are the LLC (limited liability company), S Corporation and C Corporation. Each of these options has its own unique advantages and complications, depending on your type of business and your overall goals.

No matter which type of incorporation option or business structure you choose, incorporating your business will keep your personal assets safe from lawsuits or judgments against your company.

Depending on your tax filing status and which business structure you choose, there can also be significant tax benefits to incorporating your business; instead of paying self-employment taxes as a sole proprietor, incorporating a business can help change the tax treatment of part of your income, leading to more money in your pocket at the end of the year.

Choosing a entity

If you’re ready to incorporate a business, one of the simplest ways to create a legal entity for your company is to set up an LLC.  The LLC stands for “limited liability company,” and it gives you the ability to create a separate legal entity for your business which is separate from your identity as the owner. Like other corporate structures, the LLC gives you a “corporate shield” when you incorporate a business, to separate and protect your personal assets from those of your business.

About the LLC (Limited Liability Company)

The LLC is a popular choice with small business owners and solo entrepreneurs when it comes time to incorporate a business, because it does not have as many formalities and “red tape” requirements as a C Corporation or S Corporation. The filing requirements are easier, and you don’t have to set up a board of directors, host an annual shareholders’ meeting, or deal with as many other regulatory formalities.