Hoping to save enough for retirement? A smart financial advisor will tell you to start a side business. Having an online side business is cost effective, compatible with your day job, and can help you keep saving even after you retire.
Here are 10 online business ideas to inspire you to start today.
Write and sell ebooks.
Books are the best selling commodity online. Write an ebook and you can get into this booming online market. It can be fiction (if that’s your passion) or even a memoir. But the real money is in instructional topics — write a book that teaches people a skill or offers some value beyond just entertainment.
Become a blogger.
Create a blog and write about topics you’re interested in and know a lot about. As a financial advisor, I could write about money trends, for example. Once you grow an audience, you can partner with affiliates to display advertising on your site, and take a portion of the profits.
Freelance your skills.
Setup a website and freelance your skills as a writer, designer, virtual assistant, accountant, or just about anything else. You can connect with potential clients on freelancer platforms like Upwork or Freelancer. To keep more of the profits, market yourself online to people directly.
Start an ecommerce store.
Online shopping is up by 45% in 2016, and will probably continue to grow. Have an online store and start selling just about any product that interests you. This option also works for bloggers who don’t want to use affiliate advertising.
Create an online course.
Do you have a skill others want. Do you know how to teach? Then create an online course, and host it on your own site or on an educational platform. For example, I could create a DIY retirement planning course as a financial advisor.
Create an information product.
This is more than just an ebook or online course. An information product is a bundle of resources and in-depth advice. It can include audio, video, text, and other training package elements. You can charge more for an information bundle than you would for individual parts.
Start a tutoring business.
People all over the world are willing to pay to learn advanced business skills and even simple subjects like science, mathematics, and English. Thanks to Skype and tutoring platforms, it’s easy to connect with people who will pay you well for a few hours of online tutoring per week.
Invent a product.
People create low-risk, low-cost inventions all the time. Have the right idea, and you can make a lot of money selling your product online.
Identify a problem people face, then create a unique product that can solve it. You can also combine solutions for several problems into one product (think: spork). This option works best for people who already have a creative mind.
Become an online consultant.
This is what I do as a financial advisor. You can become an online consultant for something related to your job (e.g. offering business or technical advice), or just a topic you know a lot about (e.g. relationships). Start by spreading the word with your current connections, then market your business online to help it grow.
Become a Forex Trader.
Forex Trading can be risky. But if you have corporate experience with the exchange market and understand cash flow, it could be a lucrative online business.
These are just a few online opportunities. A financial advisor can tell you how to invest extra side business earnings for retirement.
Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.