Creating an alternative source of income can be an excellent decision towards achieving a greater sense of financial independence and career success.

More importantly in making this decision is choosing to experiment now with creating new income sources when you’re young and carry fewer commitments.

Starting a part-time venture may just be the right move for a recent grad or student still looking to find their passion and place in the working world.

A venture can take many forms, but it should ideally be an undertaking that you do not feel obliged to do, but instead really want to do. You may ask, “Why start a part-time anything when, as it is, free time from current school and job commitments is scarce and there are so many other things I could be doing?”

The answer is similar to the reason for going to school, but different in a critical respect. First off, just like school, it’s a commitment of time and money into learning and long-term success. The key difference is now you’re defining the rules and competing for tangible rewards.

I’ve written in previous articles about the various ways an enterprising individual can get started with their own business. While I’ve shared some stuff about how to get started as an entrepreneur, I’ve really only scratched the surface.

There is an overwhelming abundance of books, websites, magazines, business centres, etc., readily available to aid you in starting and operating any new business. You can easily find strategies and advice on every facet of starting a new business, from accounting and marketing to generating new ideas.  But of course the toughest thing is figuring out what type of business to start.

You can let your mind run wild here, but try to stick to something you know. Check out these two lists from Entrepreneur.com and BusinessWeek on ideas for part-time businesses.

Besides operating a part-time business, there are alternative ways you can make money in your spare time (or even while you’re at school or work).

Money will always be a problem if you continuously rely on a single pay cheque to meet your needs. Taking some time to research and try your hand at projects providing an alternative income, like operating a part-time business, may provide you with another money stream.

When you’re not solely dependent on one company to be your “sugar daddy,” you’ll also be in a better position than your peers when recessions and other unfortunate situations go down. And who knows, if you manage to make a couple of smart moves here and there, you might be able to pay the bills without the rush hour blues.

And that is something no employer can ever guarantee you.

Photo credit: lemonade stand poster by Carissa GoodNCrazy on Flickr