To become more financially stable, one should have more than one income stream. Often, multiple income streams are created by having side-hustles.
Side hustles are projects or business ventures in addition to your full-time job.
While some side hustles require you to increase your labour time (ex: coaching/tutoring), others can generate income while you’re asleep or at your day job (ex: selling online products, investing).
Thanks to the continuous development of the internet, opportunities to create successful side hustles are increasing every day.
The purpose of this blogpost is to present you with a list of side-hustles and inspire you to take action on one.
Disclaimer: I am not affiliated or rewarded by any vendors, companies, product, and services I mention below. My opinion is shared based on my personal experience and online research.
What kind of side hustles are out there?
1. Start a Drop shipping Venture
I’ve had personal experience with drop shipping, I sold educational toys (for children) online to US customers. Although it didn’t sustain for long, I was able to hit break-even point after 8 months.
The idea of drop shipping is to source cheap products from AliExpress or Oberlo, brand it, and resell it at a higher price. Those who are good at branding, content writing, graphic design or even just drawing, have a leg up since good marketing can bring traffic to your page! More traffic= possible conversions to sales!
All you need is a computer to start (There are plenty of free online courses and educational content on YouTube and Google that guides you on how to build a successful drop shipping venture)
Doesn’t require prior experience in business or branding
The cost to build a commerce website is extremely low
Drop shipping doesn’t require you to have a storage space for inventory (aka lower operation cost and risk. You won’t have to worry about inventory if your products don’t sell).
Very competitive market (lots of drop shipping ventures already out there)
Hard to reach break-even point (it may take some time before your website starts reaching some people)
Hard to build your own brand (you may find that people don’t care about your brand, so it takes a lot of patience when you’re trying to build your brand).
Shopify (Drop shipping Platform Provider)
One of the best and cheapest web commerce hosting platforms. My drop shipping venture was powered by Shopify, and I had great experience using it.
Oblero or AliExpress (Products Provider)
If you’re looking for what to sell, you should be looking here.
Identify consumer trends and keywords here. This is help figure out what to sell.
2. Sell your own products
Design phone cases, paintings, make candles, or just create an e-clothing shop on Instagram. The idea of selling your own product is to develop something that’s completely new to the market.
A lot of fun when you’re building a product that you’re passionate about
Very high profit margins compared to drop shipping and retail
(This venture could potentially replace your day-job if successful)
Requires introductory level sales, entrepreneur, marketing, and branding knowledge
Hard to figure out what to sell and how to manufacture the product
Wix, Godaddy, WooCommerce, Shopify (eCommerce Hosting Providers)
I find all these hosting providers to be affordable and it provides the essential functions needed for anyone looking to start right away. You can’t go wrong if you use any one of these providers.
3. Offer marketing services
Start by offering free marketing services to clients for a few months. If your work drives results and your client enjoy working with you, they wouldn’t mind paying a fee.
Start from free then charge a fee.
Working time is flexible
Learning marketing skills can be helpful in every field of business you’re going to be in.
No prior experience needed (You can learn how to offer marketing services through uDemy or Skillshare)
Takes perseverance and time to learn a new skill
You may not be receiving any pay until your work is valued
Google Ads, Facebook Ads, and Instagram Ads (Advertising Services)
Learning how to use all these services is essential to offer high-quality marketing services.
uDemy and Skillshare (Online course provider)
If you don’t know much about marketing, uDemy and Skillshare has a lot of great and affordable courses focused on providing marketing services.
4. Start a YouTube Channel
If you love talking or sharing about something you’re passionate about, you should start a YouTube channel. Talk about the subject that you’re most passionate in and relate it to your audience. YouTubers found that, the more you can relate to your viewers, the more successful their channel is.
Requires no prior experience with video production and marketing skills
If you have a cell phone that has a decent quality camera, you can start filming. Requires low cost to start
The pay is very good when your channel gains momentum
Identifying what video contents to produce is difficult
Hard to reach first 1,000 subscribers and 4,000 hours of overall watch time (this is the minimum requirements for monetization)
You are not paid until you hit 4,000 hours of watch time and 1,000 subscribers
Require you to be consistent on producing weekly contents
Resources: uDemy or Skillshare (Online Course Provider)
iMovie (Video editing software) Free for MacOS users
FL Studio or Final Cut Pro (Audio editing software) Not Free
5. Become a Trainer/Coach
If you have been training your fitness for a while, consider becoming a fitness training as your part-time job. Whatever skill or expertise you have that’s unique, you can easily translate that into a side hustle.
Work time is flexible
No need to learn any new thing, as long as you identify your expertise
The pay for a trainer or coach is good (on average)
Requires you to put in more working hours
Requires you to already be skilled at a particular field
Calendly (Calendar system for client management)
I use Calendly to schedule my workshops. Overall, great product and free to use for small medium enterprises.
6. Sell things you don’t need on Facebook or eBay marketplace
By selling vintage or reusable items you don’t need in your house, you can may a quick buck here and there. Simply list it on eBay or Facebook marketplaces. If you don’t have much to sell in your house, head to a garage sell around the neighborhood to try to find some valuable things that could be sold.
Requires physical presence
No prior knowledge required
After you’ve sold all the things you don’t want, it’s hard to find more of it.
Requires you to dig through your house to find things you don’t want anymore
Could be a lot of labor work
AliExpress, Facebook, eBay (Places where you can list products)
7. Become an Online Tutor
If you’re good at English, Chinese, Spanish, or Portuguese, you can easily become an online language tutor which the market demands. If you’re good at science, math, calculus, whichever subject that may be relevant to students that may be struggling with, you should become an online tutor.
Pay is decent (average)
Easy to start (you can simply start by registering as an online freelancer)
Requires your physical presence
Requires prior knowledge and expertise
Preply, Freelancer.com, UpWork (Freelancing Platform)
8. House Hacking (Start Collecting Rent)
Find a nice condo or flat that is a worthwhile investment, take out a mortgage and use rent to cover the mortgage payments.
You will be receiving income when you’re asleep (ie: passive income)
You will have tenants paying rent for you that’s covering up your interest payments
You will own the house completely after the mortgage is cleared.
Requires large up-front cash to pay for down payment
Requires you to actively search for tenants when tenancy terms expires
Long-haul investment (You won’t see any major income until you pay off your mortgage or the property value exponentially increases)
Advice from Leinvests
The most important thing to keep in mind when developing a side-hustle is to have patience and put in lots of hard-work. You should be aware that money doesn’t come easy.
Whichever side hustle idea works for you, you will have to put in hours of work beyond your standard work schedule. It’s inevitable.
I would love to know which side-hustle resonates with you. Send me a message on Instagram @Leinvests_ or email@example.com. Let us know in the comments, what side hustles are you developing at the moment and write #sidehustling.
Feel free to contact me at firstname.lastname@example.org or @Instagram (Leinvests_) if you have further questions for me.