Whether you’re just starting out or already a seasoned veteran when it comes to launching profitable businesses, deciding to create another stream of income can hardly be a wrong decision. In an ideal scenario, this would be something you love doing and making a career out of it (or at least a side gig if that’s what you’re after).
The problem is, not all business models are made equal in this regard. Some may require you to invest a significant amount of capital beforehand or pose an incredibly demanding technical challenge. Although the motto of successful business owners is to be willing to overcome obstacles, biting off more than you can chew is never a good idea, so it’s best to avoid it.
With this in mind, we’ll be focusing on 3 tried and tested business models with a low barrier to entry that you can take as far as you wish:
1. Trading commodities
Contrary to popular opinion, trading commodities online is not too risky and you can get started with just a basic set of skills and a dollar bill you can probably find by digging behind your sofa. Platforms such as FBS Forex have incorporated built-in safeguards designed to protect your investments so you don’t incur a substantial loss if the market doesn’t move the way you’d like. With a bit of wits, market knowledge, and speculation, you could be turning a couple of hundred dollars into thousands. Even investing as little as $50 should be enough to get your feet wet and test the waters. And if you don’t have the time necessary to study commodity trading and the factors that drive the market, you can always mirror what the pros are doing and make the exact same moves yourself.
2. Teaching English online
Would you fancy teaching kids online through a video conferencing app? As it so happens, there is a huge demand for English teachers, particularly in Thailand. In fact, there are millions of wealthy families in Asia that are willing to invest into their kids’ future. This is where you come in: as a native speaker of English, the doors are wide open if you can put on a show and make the lessons entertaining. While some may ask for a TEFL or a similar teaching certificate, you don’t even need a college education to get in. As long as you speak English fluently, there are plenty of companies that are willing to hire you right this very moment.
3. Social media management
How many times a day do you check Facebook? In this day and age, there’s nothing stopping you from making a career out of it. As long as you’re witty enough to come up with engaging posts, there is a sea of companies that are willing to pay you to manage their social media for them. Once or twice a day, you’ll be asked to log in, write a post, and maybe answer some of the questions their potential customers are asking. Even if you’re completely out of ideas, a good trick is to check what their competitors are posting and whip up something similar. Easy as pie!
If you have the know-how and the discipline to persevere, you can make it anywhere you choose. With these 3 business models, you’ll find that anyone can make extra money without having to sacrifice an arm and a leg. All you need is a laptop or a smart device with an internet connection and you’ll be good to go. Given that they are all lifestyle businesses, now is the time to jump in, get your feet wet, and lead your life in the direction you desire.