Regardless of whether you already have a full-time job, nobody would refuse extra income if they can get it with a bit of extra work in their free time. That being said, finding a job that gets you that extra income and you can do it on the side isn’t all that easy.
There are many options to choose from, but the question to ask is whether or not they’ll warrant an income that’s good enough for you to dedicate your time to them. In most instances, no, they won’t, which is why we’ve got a short list of side hustles that, if done right, can be a great source of extra income, and you can even turn them into passive income.
Now, it’s definitely true that things like streaming on cam sites are a great way to make a lot of money, but not everyone is comfortable with that, so let’s check out a few alternatives.
Ecommerce
If you aren’t opposed to an initial investment that will very likely return sooner rather than later, an eCommerce business is perfect. Even though opinions are divided in terms of whether or not it’s worth starting, we would definitely say it’s a good idea if you play your cards right.
The first thing to do is consider the niche you’d be opening the store in, as well as the products you’d be selling. This can make or break your success, so do your due diligence and make sure you’re thorough and know what you’re getting into. Identifying the right target market, and then giving them the product they really need is the key to success.
Once you’ve got the research done, you should have an initial stock of the products you’ll be selling. This is a bit of an investment, but if you do things right, it’ll come back very easily. Don’t get too much – you do want to test the waters first and see whether or not you’ve done things right and whether people are sticking around.
It’s also important that you play things right in terms of marketing. Try to promote your store as much as possible by creating video ads of your products which can be easily made with the help of a video editor, and push ads to your target market – these will be your first customers. When things start moving faster, you can switch your focus to customer satisfaction. Keep that high, and your eCommerce business can quickly turn into a source of passive income that just brings you money.
Design
The design industry covers a very wide palette of sub-industries that you can work in, but most, if not all of them, can be incredibly profitable if you’ve got an eye for design. There’s web design, there’s UI/UX design, there’s graphic design – you name it. To make things even better, a lot of companies are only now realizing they need to digitalize themselves as much as possible, and they’re looking for designers to help out, which is why this is one of those industries that’s always in demand.
You do need to have a creative eye to succeed in such an industry, but if you do, you can start working in the field that you’ve got the most interest in. Whether that’s designing applications and websites, or working with brands on their identity, that’s something you get to choose.
Starting off, it might be a bit difficult to find clients, but the key is to practice and continue creating designs that you can afterward assemble in a portfolio. That portfolio is going to come in handy when you’re pitching yourself to clients because they’ll be able to see some of your past work and they’ll know that choosing you is a good call. And it only gets easier from there.
Tutoring and Courses
While tutoring is a more hands-on approach, courses are more of a source of passive income. Both, however, do more or less the same thing – you teach others what you’re good at. With tutoring, you need to find people to teach and then do one-on-one sessions with them as much as necessary. On the other hand, with courses, you create a program and then you sell it to others, which is more work initially but in the long run, it becomes a hands-off approach.
Whichever one you choose to try, you should first identify what you’re good at. It doesn’t have to be something that’s taught at university, for example – it could be a life skill or anything else that people are willing to learn. Then you should figure out what the best way to teach it to people is, and prepare yourself. Of course, with tutoring, for example, different people will require a different approach, but you can tailor this as you go.
Both tutoring and courses are great not just because of the money you’ll be making, but also because you’re not just working – you’re helping people learn, and that’s always a great idea.