2018-03-27 07:42:44AdviceEnglishSupplement your income with these trending side hustles that can easily turn into thriving small businesses. Learn how to become an...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/Small-business-owners-working-on-side-hustles.jpghttps://quickbooks.intuit.com/ca/resources/advice/side-hustles-that-make-great-small-businesses/4 Side Hustles That Make Great Small Businesses

4 Side Hustles That Make Great Small Businesses

3 min read

If you’re interested in quitting your job, it’s always a good idea to line up a way to earn money in the meantime while you pursue your long-term dreams. If you play your cards right, you may even be able to turn a temporary side hustle into a full-time career. Discover exciting side hustle trends that have potential to become small businesses so you can make your transition from employee to entrepreneur as easy, enjoyable, and profitable as possible.

1) Bicycle Repair

Repairing bicycles is a great way to earn some extra cash, especially if you live in a city where cycling is a common mode of transportation, such as Victoria, Vancouver, or Montreal. It’s a sustainable business model, as bicycles aren’t going anywhere, and people are always going to need repairs. The startup cost is fairly low. Since you don’t need a whole lot of space, you can probably find a spot in your house or yard to work. All you really need to get started is a bicycle tool kit. Of course, if you’re not already familiar with bicycle repair, you may need to spend some time learning about bicycle components and how to fix them. Fortunately, there are plenty of tutorials and resources online that should make it easy for you.

2) Junk Removal

Hauling away people’s junk is a simple side hustle with plenty of growth potential, especially if you live in a big city. There are always going to be people who don’t own large vehicles and need large items such as refrigerators, washing machines, and mattresses hauled away. The only major startup cost is a large truck or van. You may also need to find a partner or two to help you lift heavy items. Finding clients shouldn’t be too difficult, as you can reach out on social media, hang and hand out flyers around town, and advertise through word of mouth.

3) Social Media Ad Creation

It’s no secret that social media platforms offer businesses tremendous opportunities for gaining exposure. But plenty of business owners simply aren’t tech-savvy enough to create effective ad campaigns. If you’re confident in your ability to do some entry-level graphic design, you can create simple, attractive ads for local businesses, and then create social media campaigns. Taking out targeted ads on Facebook and Instagram is easy, and you should be able to become an expert with just a few hours of research and a few trial runs. You can offer your services on a case-by-case basis or with ongoing social media maintenance and content creation.

4) Speech Writing

Do you have a way with words? If so, writing speeches is often an untapped niche that can pay quite well. After all, public speaking can be a nerve-racking experience, and people are willing to pay premium prices to ensure their presentations go off without a hitch. To find clients, you’re going to need to have sample speeches to prove your skill. Start local, and then once you have a few clients under your belt, you can build an online portfolio that allows you to expand your business to people and businesses all over the world.

These days, branching out from the typical nine-to-five can be surprisingly easy. There are plenty of online resources that make it possible to become competent in virtually any field, as well as apps, software, and other tools that make running an independent business much simpler and more intuitive than in the past. For instance, the Intuit Canada QuickBooks Self-Employed app makes it easy for freelancers to manage finances and prepare for tax time and stay compliant with Canadian rules and regulations. Becoming self-employed is exciting, but don’t rush into it too fast. Spend some time researching and preparing, and then seek out your customer base when you’re fully ready.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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