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Which side business to start? - pk9090 - 05-21-2019 12:09 PM

I'm on the middle of a several months trip around the world, managed to get some money by working for some years.

Although I'm mostly interested in enjoying the moment, I also want to make some money and start a side business which I can continue after I go back home.

I have a computer engineer degree, and worked 3 years in software related companies.

Which kind of business or service should I start?

Do you guys think android app development is a legit first start?


RE: Which side business to start? - The Grey - 05-22-2019 12:05 AM

Depends on you skillset, but as a programmer you should be able to pull well above $5000-6000 a month working remotely for a company no?

If you can work with some companies for a retainer, like you manage a piece of critical software / their website for them for $2k/month - then just do the same for 5 other companies. Plenty of companies that can't justify employing an engineer that will be willing to pay that amount for "a guy" when something critical breaks.

You can also start an android app dev house, but this will require you to learn about business, marketing, financing, management etc etc. All complex fields on their own. You also never know the hours, except there will be more work than you can anticipate (I've been running my own business for more than 3 years and love it, just a heads up).

If you are not from the US, there are many ways for you to keep it all and not give in to taxes. Then you're pretty much set. Easy money & low risk.


RE: Which side business to start? - Zenta - 05-22-2019 12:44 AM

Honestly, If I had an answer for you I would be doing it myself instead of telling you to do it. The Grey's answer is correct though imho. I'd look for remote work with your programming background or try to carve out a niche SaS area.


RE: Which side business to start? - BlackFriar - 05-22-2019 05:08 PM

I started driving for Uber.


RE: Which side business to start? - louisjxn - 05-25-2019 02:22 PM

Whenever there is an opportunity--which is a few times a year for me-- I take advantage of arbitrage/market inefficiencies and sell things on ebay. I will buy them for $5-10 cheaper than what they are selling for on ebay and then unload them as quickly as possible. The party usually doesn't last long, but occasionally I can make $500-1000 if I'm able to sell a lot of them.


RE: Which side business to start? - tonysoprano - 05-25-2019 08:28 PM

Rather than asking which cookie cutter business model to pursue, why not observe problems you can solve or needs you can fill, then build a business around that?


RE: Which side business to start? - Tail Gunner - 05-26-2019 12:17 AM

(05-25-2019 02:22 PM)louisjxn Wrote:  Whenever there is an opportunity--which is a few times a year for me-- I take advantage of arbitrage/market inefficiencies and sell things on ebay. I will buy them for $5-10 cheaper than what they are selling for on ebay and then unload them as quickly as possible. The party usually doesn't last long, but occasionally I can make $500-1000 if I'm able to sell a lot of them.

My sister mentioned something about this to me a year or so ago. She sometimes buys designer clothing at local thrift stores and then re-sells them. I asked her whether she sells the stuff on ebay. She said no -- and then rattled off the names of several web sites that specialize in high-end clothing where the buyers will pay much more than buyers on ebay. It sounds like an arbitrage opportunity.

I watched this news clip on "retail arbitrage." The interviewees both quite their finance jobs to do retail arbitrage full time. They got into this business by discovering that they could buy something for $2 at Trader Joe's and then re-sell it for $8 on Amazon.

What really cracked me up was that when they were asked how they found enough items to sell in light of the fierce competition in this niche, they replied "that they try to think outside the box" -- something that I have repeatedly identified in this forum as the cornerstone to my success.

https://video.foxnews.com/v/6002591133001/#sp=show-clips


RE: Which side business to start? - Vladimir Poontang - 05-26-2019 04:12 AM

No online business will ever work. Not if you can't get customers, which means traffic. I've been trying for years and I can't get eyeballs. Yes that's a cry for help.


RE: Which side business to start? - paninaro - 05-26-2019 09:35 PM

If you're a computer engineer, then don't waste your time on eBay arbitrage opportunities that anyone can do -- use your specialized skills instead.

Two approaches:

1. If your past experience was in a specific industry, look at either developing a service/software product for that specific industry; or become an IT consultant to help with tools in that industry. For example, if you worked in the oil/gas industry and you think there's a need for a tool to track the maintenance schedule of specialized equipment, make software for that. Or let's say that industry uses a specialized software tool for the drilling machines -- you become a consultant who can help integrate the product with their other software tools like if they need to export the data and import it into Excel or whatever. You can easily charge $300-500/hour for those skills, since very few have them and those who do already have full-time jobs.

2. If you don't want to focus on an industry, then focus on a technology that you already know well. You mentioned Android app development, but most companies need to release and Android and iPhone app so you're not that useful unless you are an _expert_ in both. Now it doesn't need to be the latest technology, and there's a possible advantage if it's not. For example, a lot of old systems are built using Fortran. Not many people know Fortran since it's not really taught any more -- so you can charge big bucks to offer your services in that. Advertise on vWorker and sites like that.


RE: Which side business to start? - whiteknightrises - 05-28-2019 05:55 PM

If you don't already have a solid idea

Keep your day job and stack Bitcoin

Then thank me in ~2 years Wink