For many people across the country, an additional income is a necessity to making ends meet. Just one income is simply not enough anymore to cope with the rising cost of living. I mean sure, the likes of medical professionals who perhaps own their own practices might tell you a story of how their jobs are as fulfilling as they are filling of their bank accounts, but I always have just one question to confirm this.

If starting tomorrow the government committed to paying you the salary you’ve been earning with no strings attached and that salary came in regardless of what you do with your life, would you still wake up in the morning to go to work? If the answer is no then it applies to you too, that being that you could definitely do with an alternative source of income which is not tied to the selling of your time in order to get paid.

But where does one look? Thankfully, there is somewhat of a global drive toward business, and entrepreneurship. In today’s society, it’s the easiest it has ever been to start up your own business.

For instance, venturing solo on a business nowadays Requires nothing much except for some knowledge of business management and a unique idea for the product or service. This approach can allow for the freedom to tailor the business according to personal vision. However, it often requires substantial investments of time, resources, and effort to establish brand recognition and operational systems.

Alternatively, you can opt for a franchise — think food, automotive, real estate, Pool Building Franchise — as it can provide access to a recognized brand, well-established operational procedures, and continuous support from the franchisor. This model can undoubtedly alleviate some of the challenges and risks associated with independent ventures, providing aspiring entrepreneurs with a proven framework for success rooted in the collective experiences of the broader franchise network.

The truth, however, is that with a global inclination toward business, entrepreneurship, and the exploration of alternative income sources, competition has escalated significantly. The low barriers to entry mean that pretty much anyone can try and get in on the action, more so with regards to replicating those business models that demonstrate themselves to be working out well. For example, if you perhaps decided to deal in the selling of demo Smartphones to buyers in your local neighbourhood, all it takes for a neighbour to become direct competition for you is a Google search for wholesale suppliers of demo phones and suddenly you have a competitor overnight.

So in a world where competition can spring up overnight and try to knock your hustle, the question is how do you set yourself apart so that you have staying-power?

It’s not rocket science – you just have to look as close to home as you possibly can.

I mean sure, my demo Smartphone-pushing business idea can perhaps be funded quite simply and quickly by applying for short-term credit, such as a short-term loan from Mr Lender, but if I’m to make it work and future proof myself from any immediate competition it would have to be a business which sort of fell into my lap. By that, I simply mean you need to look at your situation as it currently is and then build a business around that.

I, for example, love changing phones and I’m known for that – I tend to get bored of the features after I’ve figured out how all of them work – and so everybody within my circle knows that I’m kind of the go-to person if they have any questions about their devices or any handsets they might be considering purchasing. Referring to them as buyers or getting them to buy from me then becomes natural. Finding your niche is just the first step; figuring out how you can make that niche a unique business idea is how you’re going to make the money roll in (with a bit of luck!)