When you’re interested in starting a new business, new venture, a side hustle, or a passion project that you can make a little more from, you need to approach it in the right way. Whether you’re experienced at starting new things or not, you’ll want to make sure that you have a plan of action, that you know how you’re going to make money, and most importantly of all – what you’re going to do.
But for some people, finding the idea for a new venture can be the hardest part. Choosing what you want to do to find success can feel really intimidating. And so, you need to make sure that you’re considering your options, taking a look at your skills, and seeing how you can match them up! But, luckily for us all, that’s very much a simple thing in this day and age.
Thanks to the internet, we all have the option to pursue something that we’re interested in, good at, or enjoy. So if you know that you’re not really enjoying your career, you want to do something on the side, or you’re interested in trying something new – just for fun, you can. And you can do it all on your own. But you do need to decide what kind of venture is right for you. To help you overcome this hurdle, let’s take a look at a few different options.
To start with, you could consider freelancing. Maybe you have a set skill set that you could sell? Writing or designing or consulting? This could be something that you look to market online and earn some money from.
2. Create Passive Income
And then, we have the idea of earning passive income. This is where you’re looking to work hard to set something up, put it out into the world, and then you can generate repeat income from it. Prime examples here include affiliate income, advertising income, and eBooks, and digital product downloads. You create them, set everything up, and then income is generated without you actively having to work at the time to receive it.
Next up, we’ve got teaching. These days, it’s super easy to teach online – in any area that you want. You don’t have to be a teacher in a school or even in person – you can blend the previous point with this one, and look to create passive income by creating a course. But for that, you’ll want to create the course content, outline, and then have the best possible platform for delivering it. Then, you’ll make money passively from teaching too.
As a step on from that, maybe you’d love to be a coach? Do you have years of experience in a set field? Do you have key skills, or are you considered to be an expert at what you do?
If so, then you could become a coach. Again, this is somewhat like teaching, but it’s more aimed at a handful of people or a 1:1 type scenario. This can be a kind of side-hustle for you and an option for a future full-time career choice.
Now, you have other options here, too – because you may want to think about investing in a business or investing now for the future. You don’t just have to create something yourself if you do not want to!
But, you may want to speak to a financial expert, or even a specialist eb 5 lawyer, about the intricacies of doing this. You may not always be able to invest, so you’ll want to consider the best course of action if this is an area that you want to pursue.
If you’re looking for a new place to invest, you might want to check out investing with these great online brokers and fintech apps M1 Finance, Robinhood, Betterment, or Stash Invest.
M1 Finance simplifies the investment process for beginning and experienced investors alike. M1 Finance does not charge a fee per trade, and it gives you the option of taking more control over your investments if you want them (and less if you don’t). M1 Finance is great for buy and hold investors.
6. Create A Lifestyle Brand
Or maybe you want to do something bigger? Then why not work to create a lifestyle brand or a legacy brand? This can take more work and more time to pay off, but it could be exactly what you’re looking for.
7. Retire Early
Now, this is kind of the wildcard in the list – but it could be exactly what you’re looking for. Maybe you’re thinking of exploring a new venture because you want to retire early? Maybe you want to enjoy your life and not work forever?
When this is the case, you have to get real tactical about what you’re doing. You’ll want a plan of what money you need to save, how you’re going to build it up, and make sure that you have a retirement plan in place- and yes, this can be a full-time venture in itself, so perhaps this is where you need to invest?