Want to increase your income? You can explore the sharing economy, Amazon e-commerce, and real estate investing.
Is your health being impacted by your shrinking bank account? According to a study published by the American Psychological Association (APA), stress over money negatively affects Americans’ health in general. As it turns out, not just people in lower-income households experience financial stress; the wealthy do as well.
Even if you already have a full-time work, you can reduce some of your financial stress by finding extra sources of income. MyWifeQuitHerJob’s Steve Chou is renowned for starting two six-figure enterprises while maintaining his day job.
A few hundred to a few thousand dollars a month can change your life, whether you need the money to start a business, make new investments, or get out of debt. Here are some suggestions for side hustles to get you going.
Start a service business
It is possible to start a service firm without a sizable network, an online presence, or significant overhead. The simplest place to start is by explaining what you’re offering to those in your current network and asking them to spread the news.
AppSumo’s Noah Kagan nailed this idea. He made the decision to try to make $1,000 in 24 hours from scratch. He eventually founded a profitable beef jerky subscription business and handed the reins to one of his students.
You can take inspiration from his narrative of success and adapt it to a business venture such as dinner catering, freelance writing, or web marketing. To get going in a matter of days, start by creating a fantastic outreach email.
Invest in real estate
Being a landlord isn’t always possible for people who work full-time jobs and are already in financial difficulty. But as an alternative, you can consider purchasing an apartment or small piece of land in another nation. Even if you engage a neighborhood property management company to look after tenants while you’re away, the cost is often lower.
Even without a sizable down payment, commercial real estate may be a fantastic side business and profitable way to invest and generate passive income. Start investing in commercial real estate for as little as $5,000 with a website like Realty Mogul. You’ll have access to carefully selected offers and exclusive high-end listings.
Launch an online resource
There are many various ways to earn additional income online. Launching an online course or ebook allows you to serve others and get passive money at the same time. 100 Days of Growth, my own ebook, ultimately brought in more money than my day job. It took a ton of work to get it started, but once it was, maintaining it and keeping up with sales required little work.
If you’re not good at writing ebooks, try launching a video course or bootcamp. I didn’t stop with books; I also started a 10-week content marketing bootcamp through ContentMarketer.io to assist my clients in mastering this skill.
Leverage the power of Amazon
To open your own internet shop and gain a following is always an excellent objective, but doing so also involves wearing many hats. You need to conduct product research, locate a manufacturer, promote your website, and determine how to fulfill orders in addition to leveraging Amazon’s affiliate marketing network to generate passive money. Refund requests and customer service are important considerations.
Instead of having to assume so many tasks, you could sell a product and establish a presence straight on Amazon. Some vendors even ship their goods straight to Amazon’s fulfillment facility without ever handling the actual goods.
Join the sharing economy
By utilizing the sharing economy, it is simple to get a few hundred to thousands of dollars per month. However, Airbnb rentals go beyond simply listing your extra bedroom or basement. Turn your automobile into a Turo rental and take the bus or bike to work instead. Rent out your extra camera gear on Cameralends, your bike or snowboard on Spinlister, or your sailboat on Sailo.
And if you’re going to host guests on Airbnb, think about boosting your income by renting out your full home instead, and taking advantage of the time to travel or see relatives.
Host an event
Even without aiming for thousands of sign-ups, vendors, or famous guests speakers, you can still make decent money hosting events. Instead, start a free MeetUp group and host events on a subject you are knowledgeable about, like growth hacking.
Once you’ve gained a devoted audience, you should charge for an event with a reputable guest speaker. By holding exclusive, sought-after events that charge a premium for excellent content, you can expand your new MeetUp by renting out a modest, expensive conference room at a nearby hotel.
Get paid to do what you’re already doing
Take an inventory of your free time activities. Skydiving enthusiasts (like myself!) can become qualified instructors and jump on the weekends. You get to pursue your passions while also generating extra income via a simple side business. Ask your neighborhood pub if you can assist with running trivia night there, or bartend a couple nights a week while you stay out and meet new people.
Even if all you want to do is relax and browse the web, you may get money by testing websites and sharing your feedback on a website like UserTesting. So, venture outside. Make use of your creativity to begin generating extra revenue right away.