7 Side Business Ideas to Pursue in 2023
Thursday, 8 September 2022
It seems like everyone and their dog has a side hustle these days. No exaggeration, TikTok dog accounts can rake in a substantial amount of cash flow! With digital services being highly accessible and, coming out of a pandemic where many were working from home, it’s no surprise that side businesses are increasingly popular and not slowing down. These side business ideas offer an opportunity to earn extra cash while still working full-time if you choose to.
Side Business Ideas
If you are unsure of where to start or how your skills may be useful for a side hustle, here are seven side business ideas that could be the perfect option for you!
Do you enjoy driving? If you have a car and some spare time, our first side business idea is to join a rideshare program such as Uber or Lyft to make extra money. You will be free to choose your schedule and the area you drive. If driving isn’t your thing, but you have a vehicle available, you should consider renting your vehicle through Turo, which is similar to Airbnb, but for cars. If you use your vehicle for rideshare or rental opportunities, make sure you tell your car insurance broker so that you have the proper protection in place.
2. Social Media Management
Finally, a career that encourages you to be on your phone! Social media is imperative for many businesses and is a great side business idea. But it takes a lot of time to create content that converts and reaches the right audience. There are plenty of companies that may not have the in-house resources but still need assistance to get their message out. If you’re passionate about social media, there’s someone out there looking for a content creator. You can find opportunities through your own networks or online freelance platforms.
3. Virtual Assistant
Virtual assistants are becoming increasingly popular as people shift away from office environments. Virtual assistants organize calendars, respond to emails, and support company leadership in various ways, all from the comfort of their homes. You’ll do everything that assistants do; though you might not be going for coffee runs, you can still organize the delivery!
4. Monetize Your Hobby
A recent study by Vistaprint interviewed almost 2,000 Canadians who held full-time jobs. They found that nearly 25% had already turned a hobby into a side hustle, with 60% saying they would in the future. If you enjoy activities like photography, painting, and crafting, you may be able to turn your hobby into a side business. There are plenty of online marketplaces like Etsy or even Local Facebook Groups to market your craft!
5. Pet-Sitting and Walking
Are you a four-legged lover? Pet care might be the right side business idea for you! Many pet owners need frequent walkers or pet sitting, depending on their travel schedule. This is a side hustle where you’ll want to explore the specific insurance required to watch pets. Pet care can be a fun part-time way to make money for those that could use some pet snuggles in their life.
6. Online Teaching, Tutoring & Coaching
Another one of our suggested side business ideas is to offer your services as an online tutor, coach, or teacher. You might have expertise in math, English, music, or another professional skill that translates well to teaching others. Dozens of reliable online platforms pair teachers with students through video conferencing software to provide personalized tutoring sessions. If you speak and write English well, you could make a lot of money teaching English as a second language to international students without a teaching degree.
7. Affiliate Marketing
Affiliate Marketing is a side hustle that, once set up correctly, can be passive income. You’ll need a website/blog or to use a social media profile in which you have an engaged audience. All you need to do is sign up for free affiliate links and then post these. You get a small commission each time someone makes a purchase with your affiliate link. This idea for a side business works well for people who genuinely enjoy researching popular products and finding the best affiliate percentage.
Ready to start your side hustle?
Once you have decided on a side business idea, it’s time to think about the behind-the-scenes work. Even if your side hustle is just part-time, setting it up as a legitimate business is important and beneficial. This is way less intimidating than it seems and can be set up by a lawyer or through an online platform.
Congratulations, you are now a business owner! What’s next?
You’ll want to ensure your small business is protected and that you are set up for success by exploring the necessary insurance options. If you operate your business out of your home, remember to notify your home insurance provider. Depending on the business type, you may need additional coverage. If you fail to do so, you risk not being covered in an emergency.
Types of Insurance for Side Business Ideas
Commercial General Liability
Commercial general liability insurance is one of the most important types of insurance coverage you need to protect your business. Commercial general liability protects against third-party bodily injury and property damage claims. One of the most common examples is if a client came to your office for a meeting and slipped on the lobby floor, this insurance coverage would help protect you if the incident resulted in a lawsuit.
If your side business provides professional advice or services to clients, you should consider professional liability insurance, also known as errors and omissions insurance. If you’re a human who makes mistakes, this coverage is vital for your side business. Maybe you advise a client with incorrect information, fail to meet contract deadlines, fall short of meeting service or quality expectations, or accidentally provide work with errors; these can all end up in your business getting sued by a client.
If you were in a lawsuit for negligence, professional liability insurance could cover the costs of defending that claim as well as any damages paid to the client. The following are a few types of professionals that will likely require errors and omissions insurance:
- Marketing and social media management professionals
- Virtual administrative assistant
- Teachers and tutors
- Technology professionals
- Legal professionals
- Real estate professionals
- Medical professionals
- Financial advisors, accountants, and bookkeepers
The products you make, sell, or distribute could cause injury or property damage to your customers because of flawed designs, low-quality manufacturing, or marketing defects, such as incorrect labelling and safety warnings. Even if you don’t make the goods yourself, you will need product liability insurance for your side hustle. It is designed to protect you, the business owner, if your products cause property damage or bodily injury to your consumers.
Cyber attacks and data breaches are a real risk; no business is immune – even your side business. According to Intact Insurance, 49% of data breaches occur due to a lost or stolen computer, and 62% happen because of mobile devices lost. These devices likely contain sensitive and confidential information belonging to you or your clients, including payment details, login credentials, copyrighted materials, and personal information. If your data gets into the hands of a cybercriminal through a lost device or cyberattack, your business could face serious challenges.
One of the best options we recommend is cyber and privacy breach insurance, which can help you respond quickly to a breach and recover financial losses that result from data breaches or cyber events.
Millennials are an entrepreneurial generation, to say the least, and creative to boot. If you are considering side business ideas as extra income or even for a change of pace, there are many options. Remember to do your due diligence and ensure your business is insured and set up for success. Have fun, and get that bag!
BIG Insurance Brokers are experts at assessing big and small business risks while recommending the right coverage to protect you and your new-found side hustle. Now that you’ve chosen your perfect side business idea, let us help protect your passion project. Get a free quote today!