Business Management/ What is Master in Business & Management by [Idopedia]

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Business & Management is one of the most popular fields of study, teaching you everything there is to know about running a successful business. Business & Management includes subdisciplines like Project Management, Business Administration, Finance, Marketing, Human Resource Management, and others.

A Business degree, such as an MBA or a Master’s in Management will cover all aspects related to conducting business. This includes managing and motivating your team, understanding the way the company makes money and how to reinvest it, how products are advertised and helping the company grow and develop business both at home and internationally.

During a Bachelor’s or Master’s in Business & Management, students will learn how to improve and make businesses more efficient. You will discover ways of increasing the revenue, hiring better people and knowing when to invest, and where. Your leadership skills will be highly valued, especially if your goal is to take on a management position after graduation.

The world of business is huge, and the tasks you will have while working for an enterprise can vary a lot. Your help might be needed for marketing strategies, or you will be asked to analyse the budget and see if you can reduce some of the expenses. You’ll also be in charge of projects, making sure they are completed on time and evaluating results at the end.

One thing is clear: you will have a lot of responsibilities on your shoulders. A career in management is great if you like challenges and enjoy pushing your limits. To succeed in Business & Management you’ll need a wide variety of interpersonal skills. Great leaders know how to manage teams, encourage people and help them develop.

Graduates of Business & Management can pick any career path they wish, but the most popular are: entrepreneurs, forensic accountants, project managers, bankers, international business specialists.

What is Business Management?

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BUSINESS MANAGEMENT OVERVIEW

As a business manager, you are given the major responsibility of managing administrative tasks for a business. A company may expect you to assist with its marketing program. A company may also want you to perform a budget analysis in order to find out ways that the company can cut costs. You should have an astute understanding of accounting, marketing and administrative procedures that are required in order to run a business.

The competition for business management positions can be fierce. You should obtain a degree in business administration, accounting or marketing if you eventually want to obtain a business management position.

Salary

According to the Bureau of Labor and Statistics, the average salary of a business manager is about $77,000 a year. The position is expected to grow by at least 15 percent in the next ten years. Businesses will be facing increased demands as they try to adjust to online commerce. If you have a specialized knowledge of online sales, then you may find that you are easily able to find a position as a business manager. Companies will also be seeking individuals who have an accounting background and are able to cut down on the costs that a company faces.

Education Requirements

To become a business manager, it is essential to possess a four-year bachelor’s degree in administration, accounting, finance or marketing. If you have a special certification, such as a CPA license, then this can also be beneficial if you apply for a position as a business manager. Companies are now hiring individuals who can also assist with financial operations. You may need to do compliance work for a company to ensure that the company is adhering to the recently passed financial regulations. Companies are also looking for individuals who now possess a master’s degree in business or accounting. You should expect to obtain an MBA in management or accounting at some point in your career.

Skills Required

To excel as a business manager, it is essential that you have strong analytical abilities. You will need to foresee the demands that a company will face in the future. It is also important that you have an ability to work well with other people. You should be able to work with a variety of personalities. Employees will look to you for leadership and motivation. You should be able to inspire employees to excel in their work during high-pressure times for the business. You also may need to possess strong accounting skills if a business expects you to perform a budget analysis of its operations every month.

Responsibilities

Typically, the responsibilities of business managers involve overseeing operations, reviewing contracts and helping employees reach their top productivity levels. A business manager may also  be called upon to supervise or train new employees. He or she may also need to assist with planning certain events for a company. A business manager plays an important role in the operation of a company, and it is essential that he or she can deal with heavy loads of stress.

Success/ Definition of Success by Idopedia

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Success:

Success means personal prosperity, A fine home vacations, travel, new things financial security, giving your children maximam advantages. It means winning admiration, leadership, being looked up to by people in your business and social life. Success means freedom from worries, fears, frustrations and failure. Success means self respect, continually finding more real happiness and satisfaction from life, being able to do more for those who depend on you.

What is Success?

How do we define success? There are many different tactics for how to be successful in life, but the strategy that works best for you may depend on your view of success itself. We often think of it as doing well at work or earning a high salary.

While professional accomplishments can be one piece of the puzzle, it leaves out many other important areas of life. Family, romantic relationships, academics, and athletics are just a few areas where people may strive for success. Your individual definition of what success is may vary, but many might define it as being fulfilled, happy, safe, healthy, and loved.

It is the ability to reach your goals in life, whatever those goals may be. So what can you do to boost your chances of achieving these things? What are some of the habits of successful people?

There is no single right way to be successful. What works for you might not work for someone else. There may not be a perfect combination of ingredients that can guarantee success, but there are some basic steps you can follow that can improve your chances of being successful in life, love, work, or whatever happens to be important to you.

Those who have a growth mindset, on the other hand, feel that they can change, grow, and learn through effort. People who believe that they are capable of growth are more likely to achieve success. When things get tough, they look for ways to improve their skills and keep working toward success.

5 Great Business Ideas to Start in 2021 [Idopedia]

Posted on by M.Muzammil

1. Consultant

If you are knowledgeable and passionate about a specific topic (business, social media, marketing, human resources, leadership, communication, etc.), starting a consultant business can be a lucrative option. You can start your consulting business on your own, then grow your business and hire other consultants over time.

2. Online Teaching

The demand for online education has opened up a wide possibility for entrepreneurs to start their own ventures. Since this is an online business idea, you can choose any subject you are knowledgeable about and teach a course regardless of your location. If you don’t have advanced knowledge in any particular subject, you can always consider teaching English as a foreign language online to students overseas.

3. Online Bookkeeping

As with education, technology allows many bookkeeping services to be performed online. If you are an accountant or bookkeeper who wants the freedom and autonomy of running your own business, you can take advantage of modern technology to start your own online bookkeeping service, taking on other companies as clients.

4. App Developer

If you are knowledgeable and experienced in technology, you may want to consider a career in app development. Smartphones have become an everyday accessory for many Americans, which has increased demand for mobile apps. Similarly, virtual reality software has become popular in recent years, so there is also a demand for VR app development.

5. Professional Organizer 

Looking for a business idea that can really “spark joy”? Professional organizers, like Marie Kondo, help people declutter and minimize for a living. In an age of materialism, many people are desperate to downsize and take control over their possessions, rather than letting their things possess them. Minimalism is becoming extremely popular, but people often find it hard to part with things they’ve owned for a long time. Part of being a professional organizer is helping clients develop a system for downsizing and keeping things that way.

If you’re a highly organized person who enjoys making spaces functional and comfortable, you might be good at coaching others to do the same. People will pay you to help them devise a method of minimizing their possessions and then maintaining an organized space. To promote your business, ask if your clients will let you take before and after photos of the areas of their homes you’ve organized, and use those to create a portfolio that you can put on social media to attract more clients.

The 5 Most Profitable Business Opportunities in 2021 [Idopedia]

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Sell handmade products

If you always enjoyed making and building stuff as a kid, selling DIY products is a great business opportunity to monetize your creativity. Even if you have the will to create something new but lack the know-how, there’s a way to make it happen.

Take Josh Pigford, founder of Baremetrics (a SaaS company) and Cedar + Sail (a handmade homewares online shop), for example. What started as a part-time side project quickly became a profitable online business opportunity to stimulate his creative side and sell products he makes by hand.

“I’m a sucker for little things that go on side tables and desks, so I started playing around with some ideas for concrete planters—the kind of thing that can hold succulents and air plants,” Josh says. If you’re not sure what to sell, start by looking around your own house. What’s missing that you wish you had? Is it a concrete pot? Colorful artisan bed covers? Then do some online research to see what’s selling. Are big stores like Target, Amazon, or West Elm selling similar items?

Become a self-published author

Do you love to write? Have you ever thought about publishing your own book? Well, good news. Becoming a self-published author is one of the best small business opportunities for you.

Self-publishing just means that you don’t work with an established publisher to manage the editing, design, and production processes of making a book. Instead, you do it on your own. With no real shortage of readers on the internet, there’s plenty of space for you to make and sell an e book or audio book and turn a profit.

Sell pet products

An online pet store is one of the most fun business opportunities, because you can sell a huge variety of products. Many people treat their furry friends like children and are willing to spend money to make sure they are taken care of. For example, you could sell everything from organic foods to luxury accessories, beds and apparel.

Whether you want to run it as a drop shipping business or sell homemade treats, the pay is good, the work is rewarding (who doesn’t want to make dogs happy?), and people will never stop spoiling their pets—which means job security guaranteed.

Go freelance

Freelancing is one of the most common online business opportunities. Being a freelancer means you’re self-employed and not committed to a long-term employer. It allows you to take your office wherever you go and essentially be your own boss.

With the rise in remote work and the gig economy, you’ll be on your way to a successful online business by going freelance. It may be competitive, but if you have a set of skills you’ve built over the years, or even one you want to learn, there’s money to be made.

For example, you can turn skills like web design, SEO, marketing, copy writing, or app developing into a profitable home-based business.

Sell your expertise

Do you have a service-based small business like landscaping or gardening? The federal government has a ton of departments that could use your expertise. You can land a contract for different gigs, including tree removal, snow removal, weed control, grounds maintenance, and more.

What Is Motivation? [Idopedia]

Posted on by Muddasir Hussain
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What Is Motivation?

Motivation is the process that initiates, guides, and maintains goal-oriented behaviors. It is what causes you to act, whether it is getting a glass of water to reduce thirst or reading a book to gain knowledge.

Motivation involves the biological, emotional, social, and cognitive forces that activate behavior. In everyday usage, the term “motivation” is frequently used to describe why a person does something. It is the driving force behind human actions.

Motivation doesn’t just refer to the factors that activate behaviors; it also involves the factors that direct and maintain these goal-directed actions (though such motives are rarely directly observable). As a result, we often have to infer the reasons why people do the things that they do based on observable behaviors.

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Uses

There are many different uses for motivation. It serves as a guiding force for all human behavior, but understanding how it works and the factors that may impact it can be important in a number of ways.

Understanding motivation can:

  • Help improve the efficiency of people as they work toward goals
  • Help people take action
  • Encourage people to engage in health-oriented behaviors
  • Help people avoid unhealthy or maladaptive behaviors such as risk-taking and addiction
  • Help people feel more in control of their lives
  • Improve overall well-being and happiness

Tips

All people experience fluctuations in their motivation and willpower. Sometimes you might feel fired up and highly driven to reach your goals, while at other times you might feel listless or unsure of what you want or how to achieve it.

Even if you’re feeling low on motivation, there are steps you can take that will keep you moving forward. Some things you can do include:

  • Adjust your goals to focus on things that really matter to you
  • If you’re tackling something that is just too big or too overwhelming, break it up into smaller steps and try setting your sights on achieving that first step toward progress
  • Improve your confidence
  • Remind yourself about what you achieved in the past and what where your strengths lie
  • If there are things you feel insecure about, try working on making improvements in those areas so that you feel more skilled and capable.

Potential Pitfalls

There are a few things you should watch for that might hurt your motivation. These include:

  • Quick fixes or all-or-nothing thinking. It’s easy to feel unmotivated if you can’t fix something immediately or if you can’t have it all at once. Remind yourself that reaching your goals takes time.
  • Thinking that one size fits all. Just because an approach or method worked for someone else does not mean that it will work for you. If something isn’t helping you reach your goals or is making you feel unmotivated, look for things that will work better for you.

History of Motivation

What are the things that actually motivate us to act? Throughout history, psychologists have proposed different theories to explain what motivates human behavior. The following are some of the major theories of motivation.

Instincts

The instinct theory of motivation suggests that behaviors are motivated by instincts, which are fixed and inborn patterns of behavior. Psychologists including William James, Sigmund Freud, and William McDougal have proposed a number of basic human drives that motivate behavior. Such instincts might include biological instincts that are important for an organism’s survival such as fear, cleanliness, and love.

Drives and Needs

Many of your behaviors such as eating, drinking, and sleeping are motivated by biology. You have a biological need for food, water, and sleep. Therefore, you are motivated to eat, drink, and sleep. Drive theory suggests that people have basic biological drives and that behaviors are motivated by the need to fulfill these drive.

5 Best Startups in Pakistan 2021 [idopedia]

Posted on by Muddasir Hussain
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1. Tutoring Service

If you can add 2 plus 2 and get 4 most of the time or can read “See Spot run!” then you have what it takes to be a tutor – at least for first graders! And if your skills are more advanced then you can tutor at higher levels. Or you can just hire other people to do all the tutoring for you!

You can tutor almost anywhere. You can tutor online via video, such as on Zoom. You can go to your client’s homes or they can come to your home. Or you can meet in a coffee shop or a library.

The demand is huge. We hired tutors to help my kids improve their college entrance test scores. One year, when they decided they weren’t learning much at school, we hired a tutor to home school them. The tutor was an MIT college student who had never tutored, but nonetheless was fabulous.

Tutoring is still another example of a very easy-to-start business. Yet you can grow it as large as you want by hiring additional tutors and ramping up your marketing. For example, I sold a career magazine business that I started to Kaplan Inc. Kaplan has grown into a world leader in tutoring with over 12,000 employees and over 1 million students. Like any business, you will be more successful if you first learn about business and then plan it carefully. You’ll want to think about things like what type of students to focus on, what subjects to offer, how to set pricing, and how to write a business plan. And you’ll need to learn some of the basics about how to market your business online.

2. Craft Business

Want to express your creativity and make some money at the same time? How about a craft business?

Years ago my Great Aunt Betty made and sold a variety of creative craft items. She sold them both through a small shop on her property and also directly to a few stores. I remember her taking some highly decorated wicker pocketbooks she had made to be sold at Bonwit Teller, once one of Boston’s most famous women’s stores.

Today the opportunities to sell your crafts are seemingly endless with the expansion of the Internet. With websites like Etsy.com, it is simple to sell your own crafts. But if you really want to turn this into a business, you should develop your own online presence. I would suggest starting with a website. Then adding an email list. Also consider social media.

You can also sell your craft items offline. You can start by selling at local art and craft fairs. And you can also approach retail stores yourself. Or once you have a good product line put together, you may want to consider contracting a sales rep firm that focuses on the gift trade. A sales rep firm will sell your products to retailers for you on a commission basis, usually 15% of the wholesale price. I successfully used sales reps firms to sell my books into the gift trade. You can find these firms at the larger gift shows or you can approach them online.

3. Landscaping Business

This is another perfect business that you can start small, even part-time, and then grow at your own pace.

You can start with just a basic lawn cutting service. All you’ll need is a second-hand lawnmower and a grass catcher. You don’t need a fancy truck or trailer. My friend’s landscaper carries his lawnmower in the trunk of his car.

You can grow this business quickly by both adding customers and adding services. Typical add-on services include leaf collection, yard clean up, edging, weeding, snowploughing, and applying fertilizer. The next level of services you could offer would be flower, bush and small tree planting. The highest level of services would be landscape architecture/design, designing and creating beautiful landscapes for higher-end homes and commercial locations.

You can make big money cutting small lawns! Even just cutting a few lawns yourself you will likely be able to earn more per hour than many people earn at professional jobs. Add in a few basic services and your income can quickly add up. For example, last year I paid my landscaping service $13,785 for just one residence. They did grass cutting, yard cleanup, and snow ploughing but nothing fancy – I hired other services for fertilizer application and irrigation. So how do you get going with a landscape business and how do you get customers? Of course, you start with a business plan. Then give a lot of thought to marketing. I would suggest you use both online and traditional marketing.

4. Professional Photography

There are all kinds of ways to turn photography into a business. You can do portrait photography, commercial shoots for businesses, real estate photography, or wedding photography. You can sell photos through stock photo services. You can even do photojournalism or sell your outstanding photos in the photo art world.

When we decided to get pictures of our kids, we went to a local portrait photographer who used one of the rooms in her house as her studio. She charged a significant price – but the great pictures made it worth every penny of it. Excellent lighting, good positioning and getting the kids to smile made a difference!

A common myth is that anyone who has a smartphone can be an awesome photographer. But the photos I have taken certainly prove otherwise! So if you are not a great photographer, you may want to brush up on your skills by taking a few classes. You could start your photography business as a side gig but to be sure it turns into a real business instead of a hobby, you need to be serious about it. So write up a business plan that includes the specifics of what kind of customers you will target, what services you will offer, what your marketing message will be, what packages and pricing you will offer, and how you will get your marketing message to your audience.

5. Consulting Business

A consulting business can be very lucrative and rewarding. One of my friends does organizational consulting for small to mid-sized businesses and he charges up to $1,000 an hour. He prefers to do his consulting work only 15-20 hours a month and spends the rest of his time doing volunteer work for non-profits and avidly following outdoor athletic pursuits such as mountain hiking and cross country skiing. Of course when you make that kind of money you don’t need to work too many hours to afford a great lifestyle.

I know a lot of other consultants who have done well with specialities including sales, logistics, human resources, executive coaching, small business coaching, international business customs, Facebook marketing, website strategies, email, accounting, logos, and more. I have also hired a number of consultants for my various businesses

So what does it take to become a successful consultant? The path I have seen many many people take is to start an independent consulting business after many years of working in the field. By that point in time they have not only developed a lot of expertise but they also have built up a network of industry contacts.

However, today I increasingly see many people becoming successful consultants much earlier in their career – sometimes right out of college. Why the shift? For one, the digital world has exacerbated the rate of change, increasing the demand for consultants with new knowledge. Plus online marketing has made it much easier to attract clients.

Also, I have seen people with less experience develop their consulting practice and get new clients by offering attractive flat rate packages for their first assignment, rather than just charging by the hour.

Even though you may be a highly experienced consultant you still should come up with a detailed business plan. Then put together a LinkedIn profile that is less an “attendance record” and more a “sales pitch” for what you can accomplish for clients. You will also need a website to appear credible. Several of the consultants I know regularly send out emails or brief newsletters. I would also try to arrange publicity on industry websites. Then reach out with email, phone, social media and networking.

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5 Unique Business Ideas for youth in Pakistan 2021 [idopedia]

Posted on by Muddasir Hussain
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1. Professional Organizer

Looking for a business idea that can really “spark joy”? Professional organizers, like Marie Kondo, help people declutter and minimize for a living. In an age of materialism, many people are desperate to downsize and take control over their possessions, rather than letting their things possess them. Minimalism is becoming extremely popular, but people often find it hard to part with things they’ve owned for a long time. Part of being a professional organizer is helping clients develop a system for downsizing and keeping things that way.

If you’re a highly organized person who enjoys making spaces functional and comfortable, you might be good at coaching others to do the same. People will pay you to help them devise a method of minimizing their possessions and then maintaining an organized space. To promote your business, ask if your clients will let you take before and after photos of the areas of their homes you’ve organized, and use those to create a portfolio that you can put on social media to attract more clients.

2. Digital marketing

The importance of the internet grows with every passing day, making it harder all the time for businesses to cut through the clutter and properly market themselves. Digital marketing services are always in demand, and many small and midsize companies would rather outsource it than establish a costly in-house team. If you’ve got chops in SEO, content marketing, pay-per-click, web development or social media management, you could have a business opportunity that allows you the freedom to work from home.

Digital marketing is an important part of a brand, so it’s critical for you to respond to developments in your clients’ marketing strategies. Social media management entails watching for comments and messages around the clock, not just scheduling posts in a “set-it-and-forget-it” mindset. If you enjoy strategizing and implementing plans meticulously, digital marketing could be the right business for you. You may also consider becoming an affiliate marketer, which is another form of digital marketing.

3. Rideshare driver

If starting your own business seems daunting or too much of a risk, you can always use your car to become a rideshare driver. The overhead and responsibility of running the company falls on the rideshare service, giving you the freedom to work as much or as little as you need. Rideshare applications such as Uber and Lyft have enabled people to start side hustles that pay well and require little more than a willingness to drive people to their destinations and make occasional friendly conversation.

Rideshare drivers have the independence of a small business owner without the heavy workload required to manage the logistics behind the scenes. If any of the other business ideas seem like they require too much effort or upfront capital, ridesharing might be a great way for you to dip your toes into the world of entrepreneurship.

4. T-Shirt Printing Business

Just like with graphic design, you might enjoy launching a T-shirt printing business if you’ve got a sharp artistic sense – or maybe you just enjoy taking someone else’s visuals and screen-printing them onto a blank shirt. Either way, if you have space for a T-shirt printing setup, you can easily get the necessary tools and start your small business.

5. Dropshipping

Not all companies that sell goods store them onsite. In dropshipping, people who run e-commerce sites go to a third party to fulfill all orders. The third party is likely a wholesale retailer or other entity that runs a warehouse and shipping operation. The minimal inventory and tools needed for dropshipping make it an especially great startup idea if you’re worried about overhead and physical space.

Quote of the Day [idopedia]

Posted on by Muddasir Hussain
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Motivational Quote of the Day

  1. “You’ve gotta dance like there’s nobody watching, love like you’ll never be hurt, sing like there’s nobody listening, and live like it’s heaven on earth.” ― William W. Purkey
  2. “Fairy tales are more than true: not because they tell us that dragons exist, but because they tell us that dragons can be beaten.”― Neil Gaiman
  3. “Everything you can imagine is real.”― Pablo Picasso
  4. “When one door of happiness closes, another opens; but often we look so long at the closed door that we do not see the one which has been opened for us.” ― Helen Keller
  5. “Do one thing every day that scares you.”― Eleanor Roosevelt
  6. “It’s no use going back to yesterday, because I was a different person then.”― Lewis Carroll
  7. “Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers.” – Socrates“Do what you feel in your heart to be right – for you’ll be criticized anyway.”― Eleanor Roosevelt
  8. “Happiness is not something ready made. It comes from your own actions.” ― Dalai Lama XIV
  9. “Whatever you are, be a good one.” ― Abraham Lincoln

How to Create a Pro Forma Income Statement 2021 [idopedia]

Posted on by Muddasir Hussain
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Gardening Consultant

Gardening is really big. Many people like to do their own gardening but they can use a little bit of help! That’s where you come in! Maybe you specialize in flower gardens or vegetable gardens, or even something more exotic. You will need solid expertise, but you will find a clientele willing to pay for it.

Home Bakery

One of the challenges of running a home bakery will be finding customers. That basically means going out and selling your products to stores, restaurants, cafeterias, caterers or anyone else. You want to find customers that you can service on an on-going basis and that you won’t have to travel too for to reach. You may want to canvas potential resellers even before you decide what products you plan to be baking.

Home Inspection Business

This is a good solid business. Everyone needs their house inspected before they buy it. Network with real estate agents. Become known for being a meticulous home inspector. Leave you clients with a thorough, detailed report.

Local Marketing Service

With the wide array of digital marketing options to consider, not to mention traditional options, local businesses increasingly need outside help to develop and execute the best marketing strategy. To get going in this field you will need to be familiar with the most popular online and offline marketing venues, and be comfortable selling your services to local business people.

Manufacturer’s Representative

Even in this digital age, there remains a huge market for independent sales reps who sell the products for a number of different companies to other businesses. You will typically work on a commission basis which means income will start slowly, but established manufacturer’s reps can make a lot of money over the years.

Music Teaching

Refusing to accept that I had no musical talent, my parents took me to many music teachers over the years, from a home based piano teacher to school based trumpet teachers. If you are patient with young students or talented enough to work with more experienced musicians, this could be a very satisfying way to make some good money.

5 Real Fun Business Ideas 2021 [idopedia]

Posted on by Muddasir Hussain
Photo by Ron Lach on Pexels.com

Why not have a business you really love? These ideas are so much fun they won’t even seem like work.

Art Gallery

I see two routes to success in this business: 1) Focus on artists with well- established followings that you are comfortable that you can sell or 2) Take on less well-known artists on a consignment basis, meaning you don’t actually buy the painting from the artist until the day you sell it. This can be a finicky business–people’s tastes can change and a gallery that is successful one year can find itself struggling enough. So, keep your overhead manageable and watch for changing trends.

Bartending Service

Sign up for a bar-tending course at the local community college or adult education center and then you are ready to start serving. Usually the client will provide the booze and the glasses, you might bring a few mixing tools or even a service cart if you want to get fancy. Demand for this service will run strongest on the weekends, making it a great part time gig!

Cake Making

I can barely “cook” a frozen dinner, but you may have the cooking skills that I lack! People will pay good money for a really awesome cake for special occasions. Get some great cake pictures up on your website, promote your skills to event planners and build your clientele!

Clothing Boutique

My kids did an upscale sneaker and related goods boutique. This can be a lot of fun but it may be harder than you think to make money. First make absolutely sure your location has great foot traffic—stand there and count heads before you sign a lease! Then develop a distinctive plan for merchandising, and don’t be afraid to mark down what isn’t moving.

Cake Making

I can barely “cook” a frozen dinner, but you may have the cooking skills that I lack! People will pay good money for a really awesome cake for special occasions. Get some great cake pictures up on your website, promote your skills to event planners and build your clientele!