Scientists from the University of Wisconsin in Madison have come to the startling conclusion that successful entrepreneurs do not quit their jobs, but build a business parallel to their main work. More than 5,000 American entrepreneurs were studied over 12 years, and those who maintained jobs were 33% less likely to go bankrupt.
This is because such entrepreneurs on average had 4 hours a day to manage their business. They more often delegated tasks and quickly made decisions, trusting employees and their opinions more. We have selected for you five types of business that you can do while staying at your usual workplace.
You can open a coffee shop in the same business center where you work, or in a neighboring building. To start, you need to find a room, staff, purchase equipment and raw materials.
For the first month of work, 15 kg of coffee beans will be enough. Milk, sugar and syrups are purchased as needed in the nearest stores. You still need to buy about 300 cups for coffee. Glasses with a cover are more expensive than without it.
Sports equipment rental Agency
Fashion for physical activity and a healthy lifestyle will help in opening the first business. Set up a sports equipment rental agency near the city park. In summer you can offer bicycles and roller skates to visitors, and in winter – skis.
For the first time, ten bicycles will be enough, 2-3 pairs of roller skates of each size and 10 pairs of skis of different sizes. Further, you can focus on demand and buy inventory as needed.
If you want to establish your own brand, try to design clothes in the evenings. You will need an industrial sewing machine and an overlock. You can make clothing patterns on a computer in special Grafis or Julivi programs.
To do this type of business you will have to find a suitable area for the dressmaker’s and take into account the salary of the seamstresses. As an option, you can only design clothes, and outsource dressmaking.
Sweaters with various patterns are a new popular trend among dog lovers. It is enough to find out the measurements of a four-legged dandies and, knit warm clothes. Patterns can be found on the Internet, so little is needed to start a business. You just need needles of several types, as well as a skein of elastic, which will keep the shape of the product. You may as well not do knitting on your own, but hire workers, reserving for yourself only marketing and communication with customers.
Printing on T-shirts and mugs
Wordstat shows that the number of requests for printing on T-shirts or mugs has been increasing for the second year in a row. So, you can have time to enter this market.
To apply a picture or inscriptions to the surface, you need to purchase a thermal press with nozzles. At the beginning of the work you will need a flat nozzle for fabric and a round nozzle for mugs. There are separate thermal presses for T-shirts, mugs, plates and baseball caps, but it is better to buy a universal one.
In addition, you will have to purchase a color printer, as well as a cutter for cutting workpieces for printing from sublimation paper, photo paper and special inks. What is more, mugs and T-shirts themselves, as well as a room for work are needed. And of course, consider employee wages and advertising budgets.
Learn How to Invest
Another way to build a great side business is to build an investing business. We know a couple, for instance, who have a passion for real estate. Together, they’ve learned how to find perfect single-family houses to turn into room shares. So far, while working full time, they’ve purchased six houses. With each one, cash flows significantly thanks to their business model. And better yet, they’re paying off the debt on their assets. It’s their retirement plan to have a portfolio of cash-flowing houses that are completely paid off.