Any successful entrepreneur will tell you that there is a major advantage to having multiple streams of income.
No matter how high or low your annual income is, picking up an extra side hustle or two can make a massive difference in achieving your financial goals faster. So for those looking to attack their student loans, pay off their home or save up for their next vacation, these are a few ideas to get started.
Photo: Micheile Henderson on Unsplash
1. Postmates, Doordash, Uber, Lyft
The biggest advantage of delivery and rideshare apps is their flexibility.
The majority of those who drive for these apps are only part-time users. They enjoy the flexibility to make some extra cash whenever their schedule allows. Qualifying to be a driver is relatively simple and requires minimal qualifications, making it an accessible option for many people.
2. Information Products
Another option is to monetize your unique, personal skills by sharing your knowledge with others.
For instance, if you love to cook, try teaching an online class. This could be in the form of starting your own YouTube channel and profiting off ad revenue or even uploading your own course to platforms like Udemy o Skillshare.
Try writing a short ebook and selling it, if you’re not comfortable with video editing. Use what you know to share it with the world by creating and monetizing your own original content. The plus side is that once things are up and running it creates an excellent source of passive income.
3. Thrift flipping
For creative people with a passion for fashion, thrift flipping can be a fun way to transform and resell vintage designs. Thrift flippers purchase lightly used clothing items for low cost, then increase their value with some DIY customization. These could be things like cutting off the sleeves, changing the beading, or altering a hem. Many of these items are facilitated through apps like Depop, Vinted and even Etsy.
Photo: Kris Atomic on Unsplash
4. Advertise on Your Car
Using your car as advertising space may not be the most glamorous option. But, it can be a fairly easy, low-stress option to increase your income, especially for those who drive often to begin with. This is done by either reaching out to advertising agencies or directly partnering with a company that will wrap your car in their logo. Most of the time drivers are paid based on their mileage, occasionally designating specific ‘campaign zones.’
5. Stock Trading
Investing in stocks may seem like a gamble, but with some caution and a bit of research, small-time retail investing can be a relatively stable source of additional income. The key is in both diversification across different industries and trusting your money will grow gradually over the long term, even if occasional drops happen. Plus, online platforms such as Etrade and Robinhood often have sign-on bonuses for new users who invest above a certain amount.
Looking for a way to make some extra cash? Try some of these:
6. Manage social media for small businesses
Often, small businesses that are managed by a single person or very small team have a limited amount of time to create social media content. Offering your services for a few hours a week, helping coordinate a social media account, can go a long way in promoting brand engagement. Not only does this provide you with an opportunity to make some extra cash, but is a great chance to build your professional portfolio.
Photo: Hello I’m Nik on Unsplash
7. Rental income, via your spare bedroom, or even your stuff
Have a spare bedroom or garage you aren’t using? Renting out some extra space is a tried and true method for generating passive income. This could come in the form of having a more long term renter, nightly using a service like Airbnb, or even hourly. Sites such as Peerspace or Giggster allow people to rent out space for events like meetings, parties, and photoshoots.
That is, if you’re comfortable having someone in your home.
Though rentals aren’t just limited to housing, listing your infrequently used, high ticket items such as camping gear, tools and yard equipment can also be a lucrative option.
8. Peer-to-peer lending through a third party
Peer-to-peer lending is essentially the same concept as offering a friend a loan. Borrowers take out a small personal loan from a private person rather than a bank or traditional lender, with a bit of interest.
There is some risk to this, however, it is facilitated through a third party such as Peerform or Upstart. This offers some legitimacy and security since lenders must be approved and evaluated based on factors like credit score, job, education, and financial history.
9. Mechanical Turk
For those who prefer to use computers, Mechanical Turk is a crowdsourcing website owned by Amazon that relies on humans to carry out tasks that computers and AI cannot. Common tasks include writing short descriptions for products, answering surveys, or identifying a piece of content in an image or video.
10. Fiverr, Freelancer, Task Rabbit
Each of these platforms is slightly different, however operate under the premise of picking up a bit of extra freelance work. Fiverr is the more general option for those looking to take a variety of professional services from coding to data entry to logo design. Where freelancer is the preferred option for many freelance editors and writers.
Taskrabbit on the other hand is geared towards those who are looking for someone who is better with their hands, who can assist with basic repairs or day-to-day tasks.
Summary
The key to opening up an additional stream of income that is both profitable and enjoyable is to brainstorm how to monetize your specific skills.
By Sarah Coker
Featured Photo: Sharon McCutcheon on Unsplash
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