Do The Side Hustle!
Microbusinesses, or what many like to call "side hustles" have been effectively generating additional income anywhere from $100-$1,000 per month on average and are on the rise since the pandemic has begun.
As more consumers are shopping online, entrepreneurs seek ways to connect their businesses to the tap.
The difference between a small business and a microbusiness is essentially this "While your company can technically be considered a small business even if it has dozens of employees, your business is a micro business if you employ less than six people. ... If your company required less than $50,000 to start or if your company does not access traditional capital loans, you are running a micro-business" via Quickbooks.intuit.com
One of the pros of starting these small side ventures is they can also be leveraged into bigger opportunities down the road. For example; on many occasions, people have found opportunities to sell a product in high demand through Amazon, Etsy, or other media markets and once established, sell the business for a high profit. The savviest of entrepreneurs will take this as an opportunity to start all over on a new lucrative project. Not to say it comes easily, but resilience and determination are in the lifeblood of an entrepreneurial spirit.
According to studies, COVID-19 period data suggests that now more than ever, entrepreneurs are finding new ways to start a micro-business online or digitizing the physical ones they already have. This will hopefully lead to policymakers taking notice, and seeing this as a way to look forward in times where staying home is common, thus helping build community strength and resilience down the road.
Some microbusiness side hustles ideas...
Use What You Already Have:
Selling goods already available in your store or shop through an online site. You can set up a separate Instagram profile to draw new customers in through hashtags, link to your online shop in your profile, then follow others in the same industry to connect yourself to the algorithm.
Focus on One Product in Demand:
Microbusinesses are called "mirco" for a reason. They tend to focus on one item or service and typically operate by one or two people. Otherwise, you start swimming in the small business territory which becomes more work and can cost more to get going. Choose one thing, whether it's a face mask that you designed, a home gym machine you found wholesale, a skill you have already mastered, and can teach others through an online masterclass, or even something as simple as a nanny or dog walking service. Whatever it is, it could tie into a bigger plan yet you can tackle it in your spare time. Maybe it could turn into a successful business in the future, who knows!
Write a Book on What You Know:
I know a book sounds adventurous but, you wouldn't be reading this if you weren't already, as entrepreneurs are adventurers and not afraid of the challenge ahead. Start writing it all down, create your concept, write, and prepare a pitch. You can go here to learn more about steps to getting started and it even offers a free template to see your idea come to life.
We'd love to hear your microbusiness ideas, and feel free to message us for information on our workshops that also have tools in helping you build a business plan and gain knowledge in being a confident entrepreneur.
Thanks for visiting!
Urban Biz Media Team