With rising prices and the continued squeeze on wages, many people are looking for an extra source of cash.
And the good news is that starting up a business on the side is easier than ever before. It's not always true that it takes money to make money. In today's connected world, there are dozens of possibilities for online businesses that can be set up on a shoestring and run part-time. Indeed, recent research from Direct Line for Business has found that eight million of us are already doing so.
And more such ‘bedroom businesses' are appearing every day, according to jobs marketplace Freelancer. co. uk. Earlier this year, it carried out a research study which concluded that the number of new spare-time start-ups rose by a third over the previous year.
And, the study found, the average start-up cost of such a venture was just £325. Respondents gave a number of reasons for the low cost, but the main two are obvious: the lack of need for office space, or for retail space when selling online.
Starting a microbusiness online is easier than ever, and is less risky with small start up costs, says Freelancer. co. uk European director Bill Little. Many of the people in this study set up businesses alongside their own jobs, hiring in freelancers for short projects to help get the business off the ground, before leaving their job to run the business full time.
Some such businesses are essentially online versions of traditional companies selling home-made goods, for example while others are new to the digital age. We look at some of the options.
1. Sell something home-made
There's been an explosion in the quantity and quality of hand-made goods available in recent years, and all thanks to the internet. It's no longer necessary to open a shop or secure deals with retailers: just create a website and start selling. Making it even easier are sites such as Etsy or Not On The High Street, which act as a marketplace for your wares. Costs vary from site to site, but can involve a joining fee, a charge for each listing and/or a percentage of sales.
2. Online trading
You don't need to make something yourself to sell it online. So many people now make an income buying and selling on eBay that they have their own independent trade organisation, the Professional eBay Sellers Alliance (PESA), whose members are turning over more than $400 million a year. Some make their money by cutting out the middleman, buying goods from wholesalers and selling them direct to the public. Others use their expertise to source, say, vintage clothes or antiques cheaply and sell them on at a profit.
