Who doesn’t like extra money slipping into their pockets?
Generally, 9-5 only pays bills and is like a snail’s approach to saving money, especially when you are lurking on the lower half of the corporate ladder.
It does not hurt to leverage remote work opportunities when you don’t already have tons of commitments like kids or if you are looking for an escape from your daily grind and want to have control over your time and location in the long term.
If you are interested in any of the above options, you are sure to benefit from these 5 side hustles to earn some extra money every month.
What is a Side Hustle?
A side hustle is an activity that lets you make money other than your regular corporate job. It is usually not the main source of one’s income but complements it. With time and experience, you can turn your side hustle into a full-time commitment.
1. Dropshipping
Dropshipping is an eCommerce business where you sell third-party products. A drop shipper doesn’t deal with the physical products; rather, the products are manufactured and shipped by a dropshipping supplier. It is a great side hustle with a low entry barrier but a high level of competition.
You can get started in three simple steps mentioned below;
- Find the product you want to dropship
- Choose a dropshipping supplier who is manufacturing or supplying your chosen product.
- Build a store website and market your product to get customers.
Customer orders placed at your dropshipping store are forwarded to the supplier partner for them to prepare and ship to your customers on your behalf. And you are saved from the struggle of keeping inventory, packing, and shipping.
2. Wholesaling
Wholesale is a B2B business model where you buy products in large volumes and sell them in bulk to retailers for comparatively marked-up prices. Retailers buy products from you at a discounted price and sell them to their consumers at an increased price keeping their profit. Like any business, wholesaling comes with its pros and cons.
You can build a solid wholesale business with a few strong retail partnerships. Since you deal with the retailers, you don’t require marketing budgets to attract individual customers. Also, wholesalers have increased market expansion opportunities and can leverage the brand identity of their partner retailers. With an annual turnover of $7 trillion in the US alone, the market industry is ripe with potential for making money by wholesaling.
3. Print on Demand
If you have an eye for creativity and like to design graphics or any type of art, then print-on-demand could be the right fit for you. Many independent artists channel their creativity through print-on-demand businesses. As the name suggests, your designs are printed on the product of the customer’s choice after the order has been placed. The dropshipping supplier does design printing and shipping. You can sell your designs on white label products like t-shirts, mugs, phone cases, stickers, and more with print-on-demand. You upload your custom designs on the website, and a third-party print-on-demand manufacturer or supplier handles any order placed by your customer.
4. Sell Digital Products
With the internet and expertise in any field, you can start earning money by selling digital products. Digital products can be anything like an e-book, courses, photos, videos, and subscriptions. For instance, if you have expertise in finance, you can either develop a course around something that people are interested to learn about (digital assets) or teach the same to people via live sessions with a membership site providing continuous value addition.
5. Freelancing
The global freelance platform market size is projected to grow at a CAGR of 15.3% from 2021 to 2026. It means there will be more and more jobs. If you don’t want to commit long-term to a side-hustle that demands consistency and are only looking for extra dollars to save for a specific purpose like a vacation, planning a baby, or buying a car. In that case, you can start freelancing the skills you already have.
There is a wide range of services offered under the freelancing flag; some are listed below;
- Content writing
- Copywriting
- Editing
- Graphic designing
- Web & mobile development
- Book-keeping,
- Marketing & SEO
- Translation & transcription
- Photography
- Customer services
- Audio & video production
If you have expertise in more than one area within a field or even cross-field, freelancing lets you wear multiple hats. Money varies depending on the service, client, and your experience. One key tip here is to charge your clients based on the value you deliver.
How to choose the best side hustle?
To choose the side hustle that suits your interests, and expertise, asking the following questions can help you gain clarity on your side hustle goals;
- Why do you want to side hustle? Is money the reason or do you want to escape the monotony of your corporate job?
- How much time can you give to a side hustle?
- How much money do you want to make?
- What expertise do you have and does it overlap with your interests?
With your goal in mind, make use of the following tips to get things going;
- Make a list of your hobbies, skills, and professional experience that you can monetize.
- Ask someone already doing the side hustle that you are interested in about the challenges and advantages.
- Take action and get into the game. Don’t wait for the perfect moment to arrive with the motivation you need. Most of the learning would happen while doing the actual work.
Side hustles are a means to channel your passions. With side hustles, you get to explore your interests and monetize your hobbies & skills. Like anything consistency is the key to becoming successful at side hustling. Choose what you want to work on part-time and take action. Build your personal brand and expand your portfolio and you might end up quitting your job to pursue bigger dreams.
