Starting a business part-time is the only way to make the money we will need to attain financial freedom!

This statement will trigger a variety of reactions from different people. However there is a reason why we say this. At some stage everyone has thought about what they would do if they won the lottery. To us this simply highlights a desire to have a source of resources that enables us to live the life we choose. A business can be built in such a way where you don’t need a lot of money to get started.

If you want to attain financial independence and retire early, then education is the single most important thing you can pursue. You don’t need to spend tens or hundreds of thousands on formal education. You can simply get online and pursue the knowledge you need to attain your goals.

However it all starts with an idea you can use to make money. Here we examine seven ideas that can be used to generate an income and have a business built around it with limited startup resources.

# 1 Build a Website

Even if you are not technically minded it is pretty simple to build a website that can be used to generate an income. There are a variety of methods that can be used to monetise a website. If you know what you are doing then the website itself can become the product.

# 2 Make Products

If you have a talent for making things or a particular set of skills then you can use these skills for creating products that can be sold online. Online marketplaces like Etsy, eBay or Shopify are designed for people just wanting to sell their products online.

There are people all over the world successfully making money selling their products online through these sites.

# 3 Write eBooks

The internets has made it possible for authors to become self published in a way never previously possible. This has expanded the possibilities for writers to sell their work online and keep the vast majority of the profits.

Where previously the gate-keepers in publishing houses got to pick and choose what they thought was worthy of being published. This is both a blessing and a curse as it forces the authors to self regulate. They have absolute control however if they wish to be successful over the long term then they must ensure the quality of their own work.

# 4 Offer a Service

This has not changed in centuries as people have provided their skills in exchange for goods and services since the beginnings of trade. In the digital age this has expanded to include jobs that can now be completed remotely.

Accountants, bookkeepers and even legal services can be conducted remotely via video conferencing and email. If your technically savvy then you can remotely manage websites or offer virtual digital assistant services to clients all over the world.

# 5 Teach

There are a variety of skills that can be taught either in person or over the internet. You can teach a language through online chats where people aim to improve their conversational skills in a language you are fluent in.

Creating a training course that can be purchased and taken online also enables you to teach. You also combine the sale of these courses as a means of generating an income.

You can also teach your skills by recording yourself on video and uploading them to YouTube or as a podcast.

# 6 Build Apps

Mobile is where the internet is going. Google has moved to mobile first indexing and if you know how to build app then these skills are getting to be in higher demand.

The great thing is you don’t have to create the next big thing. Many corporations are on the lookout for mobile applications that they can sell to their customers or provide to their workers to improve productivity. So while you work on your billion dollar idea you can make extra scratch by building apps to cater for these needs.

# 7 Rent a Room

If you own your own home and have a spare room then renting it out to long term or short term tenants can be a way to generate a little extra household income. Sites like Air BnB make this pretty simple. It should be noted that it can get tricky if you aren’t the home owner so make sure you know what you can and can’t do legally when it comes to sub-letting space in your home.

Where to Start

There are hundreds of ideas out there for how to make money online or on the street. We’ve only looked at seven however you will also note that they follow a particular pattern that a variety of ideas can fit into.

Figuring out where to start will depend on the type of person you are and what your’ long term goals are. We take the approach that we want a startup that can potentially be made to be as automated and hassle free as possible. We want something that will limit or mitigate our risk and not require any real startup capital.

Our approach is to continually educate ourselves and capitalise on existing skills to get stared. If you are an awesome cook then you could make videos teaching cooking techniques and showing off your recipes. You can then incorporate advertising and sponsorships into the content as well as selling an ebook of those recipes

There are a variety of ways to make money and we recommend finding something that can be done as a side hustle that you really enjoy. Find a way to build it around your main form of work until it can take over as the primary source of income.

Put the effort in. Do the homework and set it up in a way that is designed to protect you from the downside risk. The fact is that a little bit of forethought can go a long way towards financial independence and retiring early.

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About the Author: SR Smedley
SR Smedley holds a Bachelors Degree in Business Management with a particular focus on communications. He has also completed studies in financial planning as well as previously studying human health and nutrition. He is the Director of Operations of Franklin Media Australia, a self taught programmer and web developer and former SCUBA Diving Instructor. He also previously worked as a journalist for an award winning business journalist and former News Corp editor.

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