The concept of a side hustle is alluring, to say the least. When executed properly, a good side hustle can provide a solid stream of extra income that can bring financial relief, monetize a hobby, expand your skill set, and even improve your resume. However, if you don’t pick the right gig, you might find yourself working your fingers to the bone for pennies on the dollar.
Whether you’re heading into retirement, looking to make ends meet, catching up on an unexpected car repair or medical bill, or even just looking for a little extra spending cash on the side, here are a few lucrative side hustles to consider adding into the mix.
House Flipping
The technological era has brought a host of desk jobs in its wake, with many employees spending their days hunched over desks, with little chance to stretch their legs. While buying an exercise bike or treadmill is one way to get those muscles moving after work hours end, another way to combine movement with a little extra cash is to consider flipping a house.
It should come as no surprise that house flipping isn’t for the faint of heart. It requires up-front cash, some construction confidence, a decent dose of real estate know-how, and a solid helping of blood, sweat, and tears. However, for all the logistics and work, it really can be a great way to line your pockets with some significant side income.
The important thing to keep in mind with house flipping is that you aren’t in the business of house fixing. The goal is to find houses that are dated and cosmetically lacking, as some of the best ways to quickly flip a house for maximum profit don’t include things like plumbing and framing.
Instead, the most powerful house flipping formulas tend to include rather basic things like landscaping (curb appeal is huge) or making modern improvements in the look, color, and style.
In addition, if you find a good real estate agent and bank or loaning partner to work with, much of the headache of sorting through paperwork and legal jargon can be taken right off your plate, even if this does come at the expense of some of the profits. This can free you up to focus on the logistics of the flip itself, tending to logistics like paint colors, trips to the home improvement store, and renting a dumpster.
Day Trading
Day trading is a great low-commitment option to increase your monetary skill set and learn better money management. It’s also an excellent way to get some extra cash on the side if you do it right.
While trading stocks can be an intimidating thought, the beautiful part is that it doesn’t require a huge amount of investment to get started — especially compared to something like flipping a house. Once you get your feet wet with a few stocks, you can begin to experiment and pick up tips and tricks to help you increase your bottom line without losing your shirt.
Wedding Services
In its very essence, a wedding is a huge project that can, in many ways, be compared to a business venture in and of itself. One of the most interesting things about weddings, though, is the lack of any giant, corporate element. On the contrary, the nuptial scene tends to feature a large number of contractors and entrepreneurs who come together in order to provide various services to create a larger experience.
From wedding planners to bakers, photographers to videographers, utilizing skills in the wedding scene — where good pay and tips tend to be both common and expected — can be a great way to pad your purse without having to quit your day job.
If you decide to open up your own wedding service, though, it’s important that you also take the time to learn how to market yourself locally. For example, a critical element for a business to reach local customers in the modern online world is to fully complete their Google My Business Listing, as this is often one of the first things that search engines will provide. In addition, responding to feedback and ratings is critical, as a Google My Business Listing partially serves as your virtual, online storefront, giving first impressions and helping draw potential customers in to view your website and services.
Freelancing
The gig economy is growing by leaps and bounds, with over 40 percent of the United State’s workforce expected to be self-employed by 2020. What that means for those looking for a side hustle is that the work is there for the taking. In a field where many people are finding enough work to maintain a full-time freelance career, jumping into the mix for a little gravy on top of that paycheck becomes easy as pie.
That said, freelancing is still an ambitious, entrepreneurial venture that requires engaging in with both eyes open. It’s important, even as a side hustle, to set goals and expectations, learn how to market yourself, and equip yourself with knowledge and tools within your freelance niche.
Freelance writers, for example, should be comfortable with writing tools like Grammarly for editing and Google Suite to facilitate their actual writing. It’s also helpful to become familiar with online communication and workflow tools like Slack, Trello, and Asana.
The good news is, whether you’re looking for a few extra bucks or a second full-time job, the freelance world can be utilized to meet your specific needs, and all without even needing to quit your day job.
The World is Waiting
While there are many ways to pick up a lucrative side gig in the modern economy, the important thing to realize is that as each day goes by, the modern world is only becoming more conducive to the concept of the “side gig.” In other words, don’t be afraid of being limited by your options. Whether you’re flipping houses, providing wedding services, day trading, freelancing, and so on, there are so many ways to take your expertise, add a dash of entrepreneurial spirit, and market yourself to the world in order to pick up a little — or a lot of — cash on the side.
