Following the pandemic, people’s attitudes to work, well-being and work-life balance have changed; in addition, the rising cost of living is driving people to consider starting a side hustle to increase their earnings. Let’s explore three small business ideas that have the potential to become excellent earners for those with the skills, time and inclination to exploit their full potential.
1. Print on demand.
Creative people with the capacity to create eye-catching logos, images and text could exploit the opportunities offered by the print-on-demand market. This work involves selling custom designs to be printed onto merchandise, such as mugs, mouse mats and T-shirts, by a third-party retailer.
2. Dog walking.
Dog owners who have returned to the office often need a dog walker to exercise their pets while they are at work. This work is ideally suited to outdoorsy people who are not deterred by poor weather conditions. The potential for earning is excellent, although insurance and a DBS check are essential.
3. Virtual assistant.
Experienced administrators who want to work from home will excel in the role of a virtual assistant. This work involves supporting one or more businesses with their administration needs, such as routing and responding to emails, booking meetings, and arranging conferences. Virtual assistants are often paid per hour.
Registering a new business
It is sensible to register as self-employed or a sole trader for tax purposes when you decide to launch your new business. Whether you are in Sutherland or Stroud business advisory services can provide tailored advice to support you in getting started.
It is likely that once a business becomes established, accountancy support will be required to ensure all tax laws are complied with and all relevant tax efficiencies claimed. Firms such as randall-payne.co.uk/services/accountancy/stroud-accountants are well-placed to support new businesses and help them to become established.
Weathering the cost of living crisis requires that you play to your skills and interests. Many side hustles can become a full-time job and provide a healthy income for those who have the drive to pursue them.