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5 Great businesses you can set up as a second income

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These days with inflation outstripping earnings for the last decade it’s become more and more common for people to hold down several jobs or have a side income to help make ends meet or to pay for some of life’s little luxuries. Here are five ideas of excellent second income businesses you can easily set up to work around a normal full time job.

Teaching or tutoring

If you have a degree in a subject or a postgraduate qualification then it is possible you can offer some tutoring to students in your subject area. If you are a qualified teacher then you can even offer qualified tuition to school children. This is a great way to make a decent hourly rate and can be done on a very limited basis if you don’t have too much time to give so it’s still worthwhile.

Dog walking or pet sitting

These days not every pet owner has the luxury of being able to get home in the middle of the day to walk the dog or even in the evening sometimes. If you have a large enough property then you can always consider pet sitting as a way of making money, this way you can combine your love of animals with making money and you can even gain tax relief as claiming part of your residence as a business expense.

Buy to let property

If you have a good credit rating and enough money for a decent deposit, then it’s a good idea to consider making a second income as a landlord renting out property. It’s relatively simple to find out what kind of buy to let mortgage you would be eligible for, using this easy online calculator giving you an idea of what you can get. Be sure to research how much the landlord’s insurance will cost you and when making your calculations consider that if your property lies empty for periods of time then you will still be liable for mortgage repayments.

Online retail

You could set up an online retail side-business and sell a whole range of things online, both products and services. Many people have an art or crafts skills and can sell art-work, home-made toys or cards and stationary. This kind of business can run via your own website or a combination of this and eBay or Amazon Marketplace. You can scale this kind of income to be as much or as little as the customers demand is.

Design or writing services

If you know how you can offer design skills or even content writing for other businesses. There are many ways to do this, freelance or through an agency. There are always businesses looking to out-source their content writing and if you can show examples of how you write, keep a portfolio then you can make a very lucrative side income in this line of work and fit it around your current schedule very easily.

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