- February 5, 2018
- Posted by: Rivero, Gordimer & Company
- Category: Business Advice
It’s always good practice to assess your personal career goals and financial ambitions from time-to-time. A recent study from Gallup concluded that 70 percent of Americans are unhappy with their current job. From stress and unrealistic management expectations to being undervalued and not challenged enough, there are many reasons people don’t like their current job and career trajectory.
Therefore, hungry entrepreneurs are turning to side hustles as means for supplementing some of the pitfalls of their full-time job. People are using side hustles to generate extra cash, supplement income while looking for their dream job, or to fill some other void. If you’re looking to start a side hustle, here are the top three to consider.
Create Content Online
Do you have creative talent that is waiting to be unleashed? Maybe you can write, edit, design infographics, build web applications, or any number of other creative digital skills. If so, then you should consider monetizing that talent online.
There are hundreds of websites for creatives to join and start earning money right away. Many of the freelancing platforms, like Upwork and Freelancer, let you create an account, look for open opportunities, apply for work, execute the assignments, and receive payment all inside their system.
Another avenue to earn money on the side is to become an influencer. Influencer marketing is becoming increasingly popular for brands looking to connect with followers of micro-influencers. You don’t need to be a full-blown celebrity to earn a decent income on the side by running a popular blog, YouTube Channel, Instagram, or Twitter.
Take some time to develop your personal brand on whichever platform interest you the most, and after a few months of consistently posting quality content and engaging with your vertical, you’ll start getting approached with sponsorship opportunities. You can also join influencer platforms to monetize your reach, too.
Get Involved in the Sharing Economy
The sharing economy is a thriving ecosystem that offers interested candidates several opportunities to earn money with their personal property. Uber and Lyft are two popular ridesharing side apps that allow users with an approved automobile to register and earn money driving fares throughout their city.
Depending on your location, you can earn a substantial income with ridesharing. For instance, some drivers in Los Angeles are earning between $19-$23 an hour driving for Uber.
Sites like Airbnb offer travelers a home instead of a hotel. As the host, you provide these renters with a place to stay and a completely immersive traveling experience. You choose the nightly rates that you want to charge, and many sites give you the control to dictate minimum stays, available dates, and the terms by which guests must follow.
If you do decide to monetize your home or car, you may also want to protect yourself with short-term rental insurance or ridesharing insurance in case damages occur to your property because of your side hustle.
Flip or Resell Items for Profit
Another popular way to earn money on the side is arbitraging goods. Arbitraging is essentially the act of purchasing something and then reselling it for more than the price you paid for it originally.
Many people are finding success with retail arbitrage. They are purchasing discounted items at their local retail stores (Target, Walmart, etc.) and then reselling the items on sites like Amazon for a profit. This case study shows how one guy made over $1,000 in profit, in 90 days, by purchasing rice cakes at his local Walmart and selling them on Amazon for $7 profit each.
In addition to buying and selling goods, you can also repurpose goods and resell them. For instance, if you’re creative or good with power tools, you should consider flipping furniture for profit. You can find old furniture at a local thrift store, on Craigslist, or at yard sales. After you purchase the pieces, give them some new life and resell the furniture for more than you put into it.
Don’t Be Afraid
Regardless of the side hustle you choose, the important part is taking the step to start. If you’re a hungry entrepreneur looking to fill some need in your professional life, then take the resources at your disposal and start working toward a better career.
A side hustle can help you discover what you love while also giving you extra cash. The three side hustles above are great ways to get started, but there are hundreds of other ways to earn money on the side – just don’t be afraid to try.
If you want more tips on side hustles, check out this article on self-employment tax tips for your side hustle. If you need accounting or tax help for your side businesses, consider contacting Tampa’s #1 accounting and tax firm, Rivero, Gordimer & Company.