Comments on: Some Thoughts on Starting a Side Business in a Down Economy

By: Virtual Data Rooms

Virtual Data Rooms — Thu, 15 Oct 2009 18:00:45 +0000

Good post.

In any economy, a good business idea that is executed properly will thrive.

By: Ouida Vincent

Ouida Vincent — Fri, 08 May 2009 18:54:20 +0000

I love this article because I and many of my friends have started side businesses. This economy is the time to do it. To learn new skills and to set up a side income that will grow over time. While I write and own income-producing real estate, I have found that network marketing with a credible company is a great way to learn business skills and begin a side stream of income. I am so glad that I have found your blog.

By: Charndra t Part Time Diaper Free

Charndra t Part Time Diaper Free — Tue, 21 Apr 2009 01:15:48 +0000

Thanks! I loved the potty class story – I majored in ceramics at uni, sold all my stuff in an exhibition a bit after. I hope to go back to it one day.

For now I’m turning an interest hopefully into a little side income, my passion for practicing EC and helping other families discover elimination communication part time to reduce their need for and use of diapers.

I want to help reduce the masses dumped into landfills every day!

Charndra

P.S. Practicing EC with our babies has saved us literally hundreds if not thousands of dollars, too.

By: Bridgit

Bridgit — Mon, 16 Mar 2009 05:15:33 +0000

I think its great that you are motivating others to start their own businesses on the side. I read numerous posts in which individuals were scared away from the prospect of owning their own businesses due to the legalities of it. I see many folks posted good responses including visitng wtih SCORE. I wanted to add another resource that I think most folks will find invaluable, your Secreatry of State. Just google your state and you will find information that generally tells you step by step what you need to do. I have owned businesses in Minnesota and Montana and both were very easy to set up. Google your state, for example – Montana Secretary of State, and you will go right to their site and be able to get started. Don’t let fear stand in the way of your dreams.

By: Noble Duncanson

Noble Duncanson — Fri, 13 Mar 2009 20:28:20 +0000

Trent, I’ve been reading a lot of articles like this from you and others – I finally got in touch with my friends and offered to repair, tune up, and clean their bikes. I’ll get a chance to play with some other models of bikes, fix them up, spend time with my hobby, and in return, instead of paying me in cash, we’ll be trading for beer, food, car rides, and who knows what else. This is great! They’re well pleased to draw on me rather than drop $50 to have it done by a “professional” and we’re not exchanging money but batering for other goods and services. Thanks for the advice. Eager to see how it turns out.

By: KeptWench

KeptWench — Wed, 11 Mar 2009 16:55:30 +0000

etsy is excellent and it has many resources on site to help folks who are new. You can’t use it to resell commercially made stuff but for folks like the woodworker and the seamstress, selling their own products, it’s great.

The Small Business Administration has tons of free info on how to start a business. Nolo Press as mentioned above is one of the best publishers I know for books on a home biz.

The advice re starting up by bartering or cash only to start with is very sound. If you get big enough, then yes, definitely go legit. It’s a lot less hassle in the long run IMO to try it out first.

By: Yours Truly

Yours Truly — Wed, 11 Mar 2009 08:05:23 +0000

Thanks for this article! You (and this exact post) were the motivation for me to finally start my own blog. It’s going to be kind of like a weekly column where I just talk about things (and money issues) that I learned.

Thanks again, and keep up the great work!

By: Carrie

Carrie — Mon, 09 Mar 2009 17:44:54 +0000

I just published my first iPhone game created as a side business for the past two months. It was quite rewarding, plus it enhances my resume too.

By: Stop Getting Cheated

Stop Getting Cheated — Mon, 09 Mar 2009 14:33:07 +0000

Great post, Trent. Starting a home business is the way to go. The Internet really levels the playing field. I like your attitude of not waiting for things to be perfect, just get in there and start at it. I learn something new each month about doing things better with my websites.

You are a positive voice for all of us. What a great topic at this time of our lives. Nice job, buddy. You always come through with important and timely pieces for us.

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Mon, 09 Mar 2009 03:38:28 +0000

Great advice– starting a side business will pay dividends now and in the future.

I am a big supporter of this approach– it has saved me many times.

By: Dawn/FFL

Dawn/FFL — Sun, 08 Mar 2009 03:44:35 +0000

A few people need to start a side business that provides confidence and research to those who are unsure if they should start a small business.

By: Matt - Make Money Online

Matt - Make Money Online — Sat, 07 Mar 2009 21:35:13 +0000

I agree that now is the best time to start a side business, especially an internet based business. I talk about options on my blog for home based business opportunities that actually work after you put in the hard yards. Great post Trent.

By: Nancy

Nancy — Sat, 07 Mar 2009 14:41:39 +0000

I have been a full time secretary and part time pet sitter for many years now. I do the pet care before I go to work, on my lunch hour and after work and weekends.

My suggestions: NEVER let your business interfere with your full time job (i.e., don’t take calls, make flyers, etc. on company time or be late or have to leave early because of it). Be prepared to use vacation days if you have to during busy times. Tell your family and friends what you are doing and why. That way, if you can’t attend EVERY social function or have to bow out of some commitment that you normally do, they won’t be upset with you. Do an excellent job – word of mouth is the best advertising. And take care of yourself!

By: celeste

celeste — Sat, 07 Mar 2009 06:50:21 +0000

that story wasn’t originally told by Alison Wood — it’s from the book Art and Fear.

By: Mark

Mark — Sat, 07 Mar 2009 03:20:27 +0000

Good proactive ideas Trent. Once a person loses their job, it becomes more difficult to even consider running their own business. They are usually emotionally downtrodden and not in a position to take much of a financial risk. In addition, self-employment activity could interfere with their ability to draw unemployment compensation. Your article is a good reminder to be looking ahead. One never knows when their financial rug may be pulled out from under them- especially in the current economy.

By: Steve

Steve — Sat, 07 Mar 2009 02:52:53 +0000

Starting small or part-time makes sense in many situations, reduces risk, and hopefully eliminates or minimizes the need for debt. Highly recommended. Some don’t have that opportunity though as they have lost their jobs. Even in that situation starting up small with what you know can be a way to avoid debt and get started. The thing that keeps people from pursuing financial freedom is just not taking the first step. As you say, just do it!

By: christine

christine — Fri, 06 Mar 2009 20:48:50 +0000

Continuing ed and community colleges have classes on starting small business.

By: christine

christine — Fri, 06 Mar 2009 20:48:50 +0000

Continuing ed and community colleges have classes on starting small business.

By: TheHolyFatman

TheHolyFatman — Fri, 06 Mar 2009 20:03:55 +0000

I was recently laid off and in a fit of boredem/desperation I took a job with a small business owner in my area (after years of commuting for 4 hours daily!) I went to Art college over ten years ago for Fine Art Photography and never thought I could ever do i as a living. NOW–that I have some money saved, can manage my funds and my child is nearly in college, the job I took was with an established wedding photographer. This has jump started both my husband (also went to art college) and I’s interest in doing alternative things with Photography together. We have a FULLY functional darkroom that has remained largely unused due to lack of time and the interest in film as a “dying art form” has gotten to a point that people are willing to pay for the novelty of film work as opposed to Digital imaging. We still do digital, but we are equipped enough to do film work as well with little or no overhead investment.

Working with the Professional photographers in an official capacity has taught me the basics of the market and what people are looking for. I’m completely content with doing this and will have a great time being my own boss for a change!

By: viola

viola — Fri, 06 Mar 2009 19:40:32 +0000

For all you that want to sell handmade items, try Etsy. The listing fees are only $0.20 per item, and then you pay a fee when it sells. I think it’s 3.5%. There are a lot of other people on it, and they do widescale advertising to bring people to the site.

If you want to turn a hobby into a business, you have to 1) have something or some idea that is unique and 2) be very passionate about it to keep going.