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Old 12th May 2017, 02:09 PM   #1
SamJones87
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Default Side Business Ideas For Entrepreneurs

Hey guys! I assume a lot of you are entrepreneurs like myself. So i was curious to know if any of you have considered setting up a side venture in addition to your main company. I've been brainstorming a bit myself - the additional income would be great for my family & I.

Currently, I own an entertainment publicity firm. But looking to make additional income as well, so I decided that I should look into starting a side business. Something not so high maintenance like an agency. Are there any business owners here with more than one business? If so, how did you go about deciding what your side business would be? Any tips?



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Old 12th May 2017, 04:37 PM   #2
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For starters, I always like the idea of the most amount of money for the least amount of work. While I'm not adverse to hard work, I think it is easier if you look at the amount of customer contact. For example, a website that earns money off of advertising is something that is going to provide recurring revenue with out your constant oversight. Ultimately, it has to work into what your current life goals are. And it doesn't make sense to create something that is a tsunami that overtakes your current work or homelife, time with kids, etc. Low barrier to entry, high return. Usually there is competition to consider when that is the case.

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Old 15th May 2017, 01:04 PM   #3
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Originally Posted by Logan View Post
For starters, I always like the idea of the most amount of money for the least amount of work. While I'm not adverse to hard work, I think it is easier if you look at the amount of customer contact. For example, a website that earns money off of advertising is something that is going to provide recurring revenue with out your constant oversight. Ultimately, it has to work into what your current life goals are. And it doesn't make sense to create something that is a tsunami that overtakes your current work or homelife, time with kids, etc. Low barrier to entry, high return. Usually there is competition to consider when that is the case.
Thanks for the reply! Insightful feedback. Curious to know if you've done this yourself! If so, what did you decide to venture into on the side?

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Old 15th May 2017, 05:23 PM   #4
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Yes, I have a few websites that I created over the years that out did my income. In your case, an example would be creating a website related to entertainment publicity and then monetize it through advertising. What comes to mind when it comes to something like a website is that you can build it over time when available. The other tactic I use is to encourage "user-generated" content. That means those visiting the website are contributing to the content, like this forum. I don't find that forums perform well with advertising, but if you can build a niche website about entertainment / publicity / etc then I believe over time that you could monetize it through advertising.

I also tend to look at something else -

in your current business you are limited by the particular market. We often are cuffed by the limitations of that. Is there a larger more attractive market that interests you? Look at things from the top down - any market is available - and consider which would be the best.

I've seen others do similar with products such as jewelry. Making it at home etc. selling etc.

This past weekend I met an older gentleman. We were talking and he told me how he was making walking canes. A pretty simple wooden cane with a nice handle that was shaped like a saw's handle. Varnished and hand made. He told me that he makes 30 at a time and sells each for $25. He walks around using the cane and talks to people about them. He'll sell thirty in a day at an art show, etc. Doesn't take a lot, something he enjoys. That's another way to look at it, I guess, what would you create if you were headed into retirement?

Just ideas.

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Old 17th May 2017, 11:10 AM   #5
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That's the thing. I think I want to stem away from the entertainment/publicity industry for my side business venture. I feel it would be too overwhelming - even though I do love what I do. But I was thinking along the lines of a daycare, or if i wanted to take the website route, a parenting blog. I even looked into opening up a laundry mat (everyone needs to do laundry!)

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Old 17th May 2017, 11:38 AM   #6
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I can understand that. You have one advantage in the entertainment / publicity arena. You have experience. That's a competitive advantage.

So from there I recommend looking at three things when starting a small business

1) Start small

May seem obvious, but there are a lot of advantages to starting small. Including minimizing risk. Most large businesses started out small. Very small.

2) Do something you have experience with

So when evaluating options, I'd give weight to something you have experience with. If your heart isn't into the entertainment side, but instead into daycare .... then ask what experience do you have in daycare? Don't have any? Can you get some by working/learning from others? Make mistakes on someone else's dime.

3) Do something you have a passion for or love

If you don't have the passion/love, then you wont have the energy/motivation to pursue every day.

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Old 25th May 2017, 03:54 PM   #7
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This is all great input/advice! Thank you. I think sometimes we get excited about an idea, and forget that we have to have passion fueling it.

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Old 25th May 2017, 03:55 PM   #8
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I wonder if there's a way to fuse my love for entertainment and the laundry business lol owning and operating a laundry business seems intriguing. EVERYBODY does laundry - especially in a big city like New York. Hmm...

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Old 28th May 2017, 02:03 PM   #9
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Quote:
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I wonder if there's a way to fuse my love for entertainment and the laundry business lol owning and operating a laundry business seems intriguing. EVERYBODY does laundry - especially in a big city like New York. Hmm...
Hey, Sam!

Glad to hear that you're thinking about adding a side venture. A laundry mat does sound like a good idea, especially in NYC. About wanting to fuse your passion for entertainment with the new business, how about injecting some fun interior of the laundry shop? No one likes boring old walls anymore, graphic walls are big nowadays. That'll definitely make your shop hip and fresh! Millennials would absolutely love that.

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Old 5th July 2017, 11:15 AM   #10
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That actually sounds like a good idea. Or even incorporating music streaming stations in the laundry mat or something to keep people entertained as they way. Thanks for this feedback!

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