Personal Finance

A sideline business is an excellent opportunity to make extra money with little to no capital involved while allowing you to stay committed to your nine-to-five corporate career.

Where do I begin? For a starter, you must know that affording a sideline does not only mean having enough funds to start the new venture. It could also mean having the right mindset and learning to build a portfolio as your ticket to bigger projects or ventures in the future.

Kick off with a hobby and build your portfolio

Whether you are an entry-level associate or a manager in a big company, there are no boundaries as to whether or not you can afford a sideline business if it's something you're already doing in the first place. Do you have a worthwhile hobby like photography or blogging? Then bank on that.

One of the biggest mistakes that bloggers do is when they diversify too much on their topics. If you have a specific theme, stick to it. When you reach a certain number of monthly readership views, soon enough companies will want to sponsor some ads on your blog site.

GoBear Pro Tip: Sometimes, it's okay to give free services in the beginning – like being a photographer at family events. You never know when you get referrals which will eventually lead to a good portfolio, offline or online business opportunities and more connections.

Invest in learning techniques first, then upgrade the system later

Some people bank on high-end professional tools and gadgets, sometimes by getting a small business loan, even before they begin to get clients. But let's not confuse expertise with expensive.

What you need first for your sideline business are clients who can refer you to other potential clients. Are you good at computer software like Photoshop, InDesign or Sony Vegas? Then you can start with free learning on YouTube and apply them in logo design or page layouting for magazines. Another option is finding a business partner who has interests in the same industry as you do. This way, you not only have the opportunity for shared knowledge but also shared gadgets and diversified services.

GoBear Pro Tip: Do not be afraid to set your minimum pay rate per project. You can try working on free online sites like UpWork and see the current rates of jobs with the same services you offer.

Choose a sideline business according to your resources

Time and effort are two of your biggest challenges when it comes to venturing in a part-time business. What if you have a full-time job which requires you to be always on call 24/7?

No problem. There are rakets out there which let you choose, like joining a bazaar (while relishing the thrill of duking it out with some franchises) – and there's always one every month or every other month, at least. For some people who choose to build their business at home, they choose to bake and sell it in their full-time work place or teach at home on the internet using skype. That way, time management is in your hands.

GoBear Pro Tip: Having a full-time work and sideline business at the same time can be quite intimidating. Make sure you're on top of everything by using free management and collaboration tools online like Trello or Slack.

Need a loan to jumpstart your sideline business? Compare personal loans with GoBear.