Are you in need of some extra income? Many people are in these trying times. With mounting unemployment, pay cuts, and the basic necessities getting more expensive every day, plenty of people are seeking additional ways to amplify cash flow. Check out these seven hot part time businesses that can be done around your 9-to-5 and with skills you may already have.
1. Babysitter. This job is especially suitable if you have kids. After all, you can make money with them close at hand. Offer to watch your friends' and neighbors' kids so they can take a breather, and they will love you for it. Another option is to help people who work nights. Finding a 24-hour daycare service is difficult, to say the least. Caring for several kids on the same night can compound your earnings and get you extra cash more quickly. Babysitter median salary per hour: $9.00.
2. Handyman. Things still break and must be repaired, no matter where the country’s economic condition stands. When you are good at fixing things, word travels quickly. It's possible to make a small fortune fixing cars, installing water heaters, and doing home electrical and plumbing gigs. Consider how much a full-time car mechanic or a plumber charges. If you reduce your rate from the average, the pay is still excellent, and your patrons will feel like they got a price. From fence-building to hanging doors, there are plenty of domestic jobs people can't or simply don't want to do. Handyman median salary per hour: $17.33.
Even in an economic downturn people don't hold back on on their furry friends. Therefore, being a dog walker can be an easy sell, especially for other people who need to work two jobs to make ends meet. The double bonus here is you can loose some extra pounds while raking in some extra money. You can also walk dogs before or after your regular job. Dog walker median salary per hour: $16.29.
3. Medical Transcription. Do you have excellent grammar coupled with speedy typing skills and a medical background? If that’s the case, medical transcription may be what you’re looking for. There are some limitations to this one.This job often requires at least a year's worth of experience in a hospital or medical setting; some ads call for transcription experience. High-speed Internet and current Microsoft software is a couple of tools you will need for this job. You should also be prepared to take a skills test. Medical transcriptionist median salary per hour: $13.78.
4. Income Tax Preparer. One of the most dreaded have-to among Americans is preparing income taxes. There is plethora of people who would be glad to hand over their tax preparations to someone else if for no other reason than the trepidation of possibly being audited. The owner of DC Tax Group, Donald Cheatham, turned his side job into a small business. He chose this off-hours gig because of the high demand and he enjoys accounting and the extra money. "I work 50 to 60 hours a week on my main job [as an accountant] and another 25 to 35 hours a week for my part-time job during tax season. So it gets a little hard at times and usually sleep is the one thing that I don't get during tax season, but it is well worth it," says Cheatham, who started up in 1995 in Chicago,IL. While it helps your credibility if you are a certified public accountant, this certification is not required. The median salary for an accountant per hour: $18.19; CPA median salary per hour: $26.25.
5. Wills/Medical Power of Attorney. While preparing for the unavoidable can be distressing, it provides a way for attorneys to make extra side income. Lawyers can get on top of things on formulating living trusts and simple wills without much extra effort. Having these documents completed is something most people say is essential but have not checked done yet. Talk to church members, neighbors, and friends, to generate clients. Possible customers likely have other commitments to attend to just like you. As a result, being accessible outside of regular business hours makes servicing them more suitable for everyone involved. Attorney median salary per hour: $55.66.
6. Teach a Hobby. Whether it is computer skills, music, dance, tennis, basket weaving or teaching someone how to do something you are good at and love makes working a second job less like….work. You can find teacher job ads at recreational centers in your neighborhood or advertise your know-how online and in local publications. Dance instructor median salary per hour: $18.58; Music teacher median salary per hour: $21.28.
Source: All salary data are from PayScale.com.
Darien Lewis is a consultant and coach for The Start Up Store, LLC a business and non-profit start-up consultancy in Tulsa, Oklahoma
You contact him by email:thestartupstore@yahoo.com or darien.lewis@ymail.com
Wednesday, March 17, 2010
Five Reasons Why Starting a Company in a Recession is a Good Idea
The economy has undoubtedly experienced a significant downturn and is having a very difficult time recovering from the current recession. With the financial crunch that accompanies hard economic times comes doubt about decisions regarding money – including doubts about whether or not to start a company. I will admit a recession is not an ideal time to start a company that requires a lot of start-up capital to get off the ground. But small home-based companies that utilize the leveraging power of the Internet and technology are another story. A recession is actually a great time to begin to build a small company. Here are five reasons why:
1) Start-ups get a head start. Let's say you have a great idea and you know that you're going to start a company, but you have a question about timing. The answer is: Start today! This will give you a lead over the competition, and will be well worth any extra struggle. When the economy comes out of recession, your business will be that much further along, and that much closer to being ready to raise capital. Venture Capital firms and angel investors will be much more eager to invest after sitting on their cash during the down years. You can get a great head start by starting now.
2) Recessions force start up business owners to take a closer look at their ideas. Attempting to grow a business that is based on a faulty concept won't work. A great team or a lot of capital can lend the look of accomplishment, but in the long run, a business built on a weak plan will end up standing on wobbly legs. During a harsh recession, business owners will be sure to look carefully at their business ideas before jumping in. A economic slump will force questions like:
- Will the product or service benefit users in both good and bad financial times?
- Do I have the capital and support to get this off the ground without raising any money?
- Will there be a market for this product or service if customers are cutting back?
These types of questions will force business owners to rethink their strategies -- and will leave them with more solid thoughts and tactics.
3) Recessions lead to dedicated start-up teams. A common perception about recessions is that jobs are put at risk. This may or may not be true, but if people feel nervous about their job security, they probably will not want to leave a comfortable situation -- especially for a company that’s just starting. The flip side of this, however, is the fact that anyone who does work for a start-up will be incredibly dedicated. A founder will have employees who more readily believe in his or her vision and products, and/or who love the excited feelings that come with the start-up environment so much that they're willing to live with the added risk and bare conditions. Those are the types of people entrepreneurs crave to be their team members.
4) A recession forces founders to be frugal. Starting a company without a lot of money has been known to produce better financial discipline for entrepreneurs and for every early-stage company then having big capital. While it may feel painful to keep track of every red cent, the training that thriftiness teaches is invaluable. Having limited capital leads to innovative thoughts, vigorous forethought about expenditures, and the need for owners to pay very close attention to cash flow, budgets and balance sheets.
5) Recessions strengthen companies. An economic downturn truly is a great time to start a business, but it isn't by any stretch of the imagination the easiest time. That doesn't mean entrepreneurs should shy away from the challenge, however. Difficulty brings out qualities that every entrepreneur needs to succeed – guts, problem-solving, strength and determination. Starting a company in the lean times helps develop those qualities more quickly, which will help any business but particularly your start-up in the long-run.
Darien Lewis is a consultant and coach for The Start Up Store, LLC a business and non-profit start-up consultancy in Tulsa , Oklahoma
You contact him by email: thestartupstore@yahoo.com or darien.lewis@ymail.com
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