Working for someone else can become a grind. Someone else controls your work hours, the location of your work, and the working conditions; even details such as your manner of dress and hairstyle may come under scrutiny by your employer. Self-employment offers more schedule flexibility, more freedom, and a better work-life balance. It means not having to sit through pointless meetings, punch a time clock, or spend the entire day away from loved ones. Self-employment can also hold the potential to be rather lucrative depending on what opportunity you pursue.
Here are five examples of potentially lucrative self-employment opportunities:
Renting out a property or multiple properties can be a good, potentially lucrative, self-employment opportunity. The upside to this opportunity is that it is a fairly passive way to earn money; it requires very little active involvement on the landlord’s part. The downside, of course, is the startup costs involved can be significant- the biggest of which is, of course, the property. If you don’t already have an available property, one will need to be procured. A way around this is to rent out part of your home, but that carries with it a variety of considerations.
For those who enjoy interacting with people, massage therapy can be a great self-employment option. It can also be a reasonably affordable self-employment opportunity. What’s more, portable massage tables are relatively inexpensive, can be easily purchased through an online massage table store, and allow you to go to where your clients are rather than have them come to you. This enables massage therapists to reach out to businesses and other potentially lucrative clientele.
Purchasing homes to “flip it” can be both fun and lucrative. It allows one to be active, and it can draw on one’s creativity. Of course, it can involve significant amounts of time and energy to get the properties in shape to resell. It also generally requires a not insignificant financial investment to procure the initial property.
For those who possess a lot of knowledge in one or more subjects, working as a tutor can be a good option. Expert tutors can command a significant fee for sharing their knowledge. Hours are flexible, and one can meet with the client wherever it works for both client and tutor. You can even look into options for tutoring online through third-party services. However, the demand for tutoring may not be consistent throughout the year; the busy seasons are likely to sync up to the school year.
For those with a creative mind, writing can be a good self-employment opportunity. Hours are generally extremely flexible unless one is working with a tight deadline. One can work essentially anywhere in the world, which means that the job is extremely portable. There is no dress code, and there is not a lot of interaction with other people required. However, one does have to routinely seek out clients which can prove time-consuming and potentially disheartening.
While self-employment is not necessarily for everyone, it is something that many who pursue the path find incredibly rewarding- both emotionally and financially. The ability to set one’s own hours, enjoy more time with loved ones, travel, and set the conditions of one’s workspace are just some of the benefits. The fact that some self-employment opportunities can be lucrative is also an incredible advantage as well.