10 New Ideas for Making Money on the Side

Every year we make the same resolutions, like losing weight or to quit smoking. What about making more money?

While there proven ways to make extra cash on the side, even if you have a full-time job, if those haven’t worked-out for you in years past, then consider these 10 new ideas for earning some additional money on the side.

The Paperwork You Must Complete for a Friends or Family Business Loan

When borrowing from family and friends is the only way to start or fund a business, the following steps can greatly reduce that risk.

First, you must inform the person you’re borrowing from how much money you need, what you’ll use it for and how you’ll pay it back. Next, draw up the legal papers -- an agreement stating that the person will indeed put money into the business.

Too frequently, business owners fail to take the time to figure out exactly what kind of paperwork they should complete when they borrow from family or friends. “Often small business owners put more thought into figuring out what type of car to buy than how to structure this type of lending arrangement,” says Steven I. Levey, now-retired senior principal and CEO of accounting firm GHP Horwath. Unfortunately, once you’ve made an error in this area, it’s difficult to correct it.

How to Turn Your Hobby into a Profitable Business Venture

Do you have a life skill that you’re currently only using in your free time? Though you may assume it’s only suitable as a hobby, there’s a chance you can monetize it and turn your talent into a money-making business venture. That’s if you know what you’re doing, of course.
How to monetize your hobby

Hobbies that could potentially be monetized and turned into businesses include painting, woodworking, baking, web design, dog training -- literally anything that provides value to others.

The problem is that many of us are afraid to take action, even when we know we have a marketable skill, because we are afraid of failure. We fear that if we attempt to monetize a hobby and fail, we’ll no longer feel joy or satisfaction from the activity at all… or others will regard us differently.

This can be a scary proposition that may prevent many talented individuals from pursuing their dream. If this sounds familiar to you, then listen up.

Trying to monetize a hobby isn’t easy, but on the other hand, it certainly isn’t rocket science. With a little preparation and strategic execution, you can enjoy a positive result. Here are a few tips: