Three Top Tips for Supplementing Your Income

Success doesn’t happen overnight, and many owners of start-ups find the first couple of years hard. Building a customer base can prove to be a slow process, and with start-up costs to recoup before you can even begin to make a profit, money can prove tight.

However, most start-up owners have a typical entrepreneurial streak, and most are very interested to hear about any other ways to supplement their income. There are plenty of them to consider, although some fit around your responsibilities as a business owner to a greater extent than others.

If you’re beginning to consider options for supplementing your earnings, then why not try your hand at one of these…

Investments

Investments are not without their risks, although this is often part of their appeal for those entrepreneurs with the typical risk-taking approach to life. However, they can be a wonderful way to supplement your income. One of their main advantages is their variety and flexibility. Portfolios can be specifically tailored to your needs, in terms of everything from your approach to risk, to how much time you have available for trading. Although stocks and shares remain one of the most common types of investments, foreign exchange can be a particularly handy alternative for time-strapped business owners working around a full time job.

Mentoring

Mentoring is a great way to take advantage of the skills you already have, and it can actually pay as well. Depending upon your industry and talents, you’ll often find businesses specifically devoted to providing mentoring in your field. These groups will almost always be on the lookout for talented, inspirational people who can spare some time to talk about the things they know best. This speaking work can pay quite well. If nothing like this exists in your field, you could even think about forming your own mentoring enterprise as a sideline.

eBaying

Most modern businesses will have a website to support their premises, but niche products can prove too high risk to market in these. eBay can offer a wonderful solution to this problem. It’s a great way to establish a customer base, and can also be a fantastic arena for testing any new ideas for ranges. If you’re not sure of how successful something will be, then simply buy five or ten, put them on eBay and see how they perform. If you’d like, you could also include a link to your website to divert interested parties to your online shop.

Try these top tips today and watch your income boom.