5 Ways to Start a Business Without Quitting Your Job — by Kim Kiyosaki

5 Side Hustle Ideas (Before You Quit Your Job)

Step into the side gig economy and move one step closer to financial freedom

If you’ve been mulling over the idea of starting your own business someday, the logistics can be incredibly daunting. How will you afford to pay your bills when you’re in start-up mode? What if it takes years to make any money? What if you never make any money? What if you don’t have enough experience to be taken seriously? What if you make a mistake? What if you disappoint your family? What if you completely fail?

The “what-ifs” regarding entrepreneurship can be so overwhelming, they can stop you dead in your tracks before you even take the first step. And that’s precisely why so many people like to keep a safety net in place before taking the plunge — maintaining their full-time job while dipping their toe in the water on a side gig.

According to CNN, 44 million Americans have a side hustle. Whether it’s to earn some extra cash, test out a business idea, or a way to see if you can turn your passion into profits, the gig economy has become an important part of our culture. It’s a great way to increase your savings, pay off debt, learn new skills, channel creativity, and diversify your income.

Having a tough time even deciding what side business to start? If your true calling isn’t clear — such as a personal chef, writer, fashion designer or graphic designer — then here are some options to consider:

  1. Consultant. Love the type of work you’re doing, but not necessarily the company you’re doing it for? Instead of reinventing the wheel, take the expertise and skills you already possess and leverage that into a part-time consulting gig. Companies will be eager to work with you because you have the hands-on experience and you’ll love the fact that it’s a low-cost start-up because you probably only need the computer you already own to get started. Before you know it, you may be juggling so many clients that you’ll have to walk away from your day job to keep up!
  2. Real estate investor. In case you missed my recent blog about why real estate creates a domino effect that could lead to your financial freedom, here’s a quick synopsis: When you purchase a real estate investment and maintain a tenant, you’ll enjoy a monthly cash flow of income. If you amass enough properties, you could earn more cash flow each month than you spend on living expenses — and you can use the excess money to purchase more properties. Intrigued? Here’s how to get started in real estate.
  3. Multi-level marketing. No matter your interests, from weight loss to nail art, there’s a multi-level marketing (MLM) business opportunity to match. If you choose an MLM with a solid product and strong track record (beware of pyramid schemes!), and commit to growing your business, you’ll begin earning passive income each month. This path often works best for those with large networks who enjoy the sales process, as you’ll rely on your relationships to grow your business.
  4. Turn a hobby into help. Do you love woodworking, taking photographs, pet sitting or organizing closets? These hobbies are a great place to start when looking to earn some extra income — you can build a business right in your own community and begin helping your neighbors right away. Once things take off, you’ll likely enjoy word-of-mouth referrals instead of having to spend money on marketing. As the saying goes, if you enjoy what you do, you’ll never work another day in your life — so it’s less likely to feel like a chore when you’re spending your nights and weekends making money working on a hobby you’d happily do for free.
  5. Driver/errand runner. Everyone is so busy these days, they’re willing to pay a premium to have things delivered. Companies need drivers who can deliver everything from meals and groceries to furniture and documents. Of course, people also need to be delivered places — like the airport, home from a bar and to work. If you’re a people person who feels at home behind the wheel, driving for a rideshare or delivery company will allow you to work when your schedule permits, ensuring it won’t interfere with your day job.

Still plagued by those pesky “what-ifs” swirling around in your brain? There is both an upside and downside of fear. By learning to use fear as an asset and overcome the negative side effects associated with this emotion, you’ll be able to start a side business and inch even closer to the financial independence you crave.

Original publish date: February 28, 2019