By Candice Davie
If your financial goals include paying off debt, building wealth, or developing your own full-time business you’ll need two things: a budget and more revenue streams.
More income equals more goals reached and the more goals you can check off your list the closer you will get to creating the life you have envisioned for yourself and your family. Side hustles can be life changing.
When you find one that works for you, it can take you from just getting by to making room for more.
Choosing A Side Hustle that Works For You
Before going headfirst into picking the right money-making opportunity, there are a few things you need to consider. When starting a side hustle, you can pursue something you’re already interested in or look for ones where you can use the skills you already have. Next, decide how much money you would like to earn. Then, consider how much money, time, and effort you can afford to invest right now.
Tip: Beware of get rich quick schemes and network marketing offers. If someone makes money from “recruiting” you and your money depends on recruiting others, do your research. The possibilities are endless! All you need is good work ethic, a clear vision, willingness to learn along the journey, and a few tools.
- Become a Freelancer
Freelance gigs allow you to use skills and talents you already have to make extra money. Whether you like writing, are skilled in graphic design, or social media chances are there’s a project someone has that they are willing to hire someone else to do. The secret to achieving success as a freelancer is to charge clients based on the value you’ll bring. Most freelance workers undercharge, which results in fast burnout with little payoff. if you’re just starting out, you might want to focus on building your portfolio and skillset on Fiverr, Craigslist, or Upwork first, as it’s easier to land your first few clients on those websites.
- Affiliate marketing
Affiliate marketing pays well over the long-term. You’ll also have to go through a learning curve as you find the right products to sell and the right brands to partner with. If you chose to be an affiliate marketer for ecommerce stores, your commission will likely be a lot lower than if you were to just dropship them yourself. However, there are tech companies that will pay a hefty price tag to affiliates who bring them new customers.
3. Virtual assistant. Recently, there’s been a high demand for virtual assistants making it one of the top side hustles. A virtual assistant is an assistant who works in a remote location, and typically helps with administrative tasks, social media, bookkeeping, and more. There’s been a growing demand for virtual assistants from business owners who need help on various projects. As a virtual assistant, you can specialize in different areas which include research, administration, social media, real estate, ecommerce, data entry and more.
4. Become a tutor. If you have a background in education and a passion for teaching, tutoring students can be a great option for binging in additional income. First, identify the subjects you would want to provide tutoring in and be realistic about your abilities in the subject matter. Technically, you do not need a certification to work as a private tutor. However, becoming a certified tutor is an excellent way to connect with other tutors through and build your clientele.
Just getting started? Here are some websites to help you find tutoring jobs:
5. Sell an online course. If you know how to do something in a specific area consider packaging it up into a course. Use platforms like Kajabi or Teachable to offer it. People are always actively seeking ways to learn new skills or gain new knowledge, making online courses increasingly popular. There’s an online course for just about anything. After identifying the knowledge and experiences that only you have, you can translate that into a course to teach others.
6. Resale. Reselling items has become a popular side hustle since it does not require a lot of upfront money and you can begin with what you already have at home. Focus on items that are in demand such as clothes, sports and exercise equipment, power tools, furniture, and baby gear. Concentrating your flipping efforts on popular items means that you can sell faster and easier.
Here are some popular apps and websites to help you get started:
Clothes: ThredUp, Mecari, Poshmark
Quick Sales: Facebook Marketplace
Technology and electronics: Decluttr
7. Ridesharing Services. If you have a smartphone, relatively new car, and a clean driving record, driving for a ridesharing service may be a fit for you. Popular services like Uber and Lyft offer the ability to create a flexible schedule and make extra money any time or day of the year.
A driver’s license for a year (three years if under 23 years of age)
- A smartphone
- A qualified 4-door vehicle (each location will have its own vehicle requirements)
- Car insurance
- A Taxi and Limo Commission license and registration (for New York City drivers)
- Vehicle registration
- Must be 21+ years old
Set yourself up for the life you want. With planning, research, and time, and effort it’s possible to reach every one of your goals. Do you have a side hustle? Which one did you have the most success with?