Almost everyone can do with a little bit of extra income. Google “how to make more money” and you’ll find hundreds of scams promising big bucks as long as you buy their program to learn how.
There is so much trash our there it can be frustrating to find legitimate ways to make extra income. Fear no more, here’s 8 proven ways to side hustle and make more money.
1) Sell Your Skills on Upwork
Do you have an eye for design, the ability to code or perhaps a knack for selling? Consider freelancing your skills on Upwork (or Fiverr). Build your profile through smaller jobs, start with $10 to $15 per hour and as you receive better reviews you can charge more for your time. Freelancing is a great way to continue developing skills in the areas you’re interested in. You get to choose the jobs you want and the hours you’re willing to take on.
2) Start A Small Drop shipping Business
It’s low risk to start a small drop shipping business. With drop Shipping you don’t need to hold any inventory, when you receive an order the manufacturer directly sends the goods to the customer. Do your research on hot selling products by visiting WatchCount.com. Then get in touch with drop shipping manufacturers on Alibaba (or start an Oberlo account) and start selling these products on your Shopify website. Promote your site through social media ads. Start with a small advertising budget and keep testing different ad strategies until you find the right demographic for your product.
Related: 18 Ways to Make Money This Weekend
3) Rent Your Room on AirBnB
Got an extra room at home? Rent it out on AirBnB and make some extra income. The process of setting up an AirBnB account takes minutes but remember to put effort into making your offering as appealing as possible. Research AirBnB rental prices in your area and undercut your competition. Be a gracious host for your guests, build your reputation on the platform and you’ll see your returns skyrocket!
4) Flip Products From Your Local Thrift Store
Flip products from your local thrift store, it’s lucrative! You can pick up gems at your local garage sale and thrift store. Pick up a box of vintage records from your local garage sale for a couple of dollars and sell them on Ebay for $10 bucks each. Find an old desk at Salvation Army for $20 and put it on your local buy & sell group for $80. Over time you’ll get better at learning to spot what sells and what doesn’t.
5) Buy Your Daily Necessities in Bulk
Buy your daily necessities in bulk when they are on sale, you won’t believe how much money this saves! You are always going to need toilet paper, body wash and shampoo etc. It’s better to stock up with 2 years worth of these necessities when they are on sale than to buy them only when you run out. This will save you a lot of money, time and effort in the long run.
6) Sell Your Art
If you have a talent for photography, become a contributor on Shutterstock and receive royalties on the usage of your images. If you’re an Artist, sell your art on Etsy and help your work gain exposure to over 54 million users. The key is to build a theme around your portfolio of work, that way you can become recognised for selling in your niche.
7) Put Your Money To Work By Investing
Investing is important for financial independence. ETFs (Exchange Traded Funds) are a low cost method for beginners to start investing. Find an ETF tracking a broad based index such as SPX, then allocate a portion of your savings into it (20% to 30%). As you acquire more knowledge, you can venture into specific stocks. Always determine the level of risk you’re willing to take before entering into an investment.
8) Bet On The Long Shots
This side hustle is not for the faint-hearted. Be ready to win big or lose it all. If you’re willing to roll the dice, allocate no more than 10% of your earnings into a cryptocurrency you believe in (remember to do your research first!). If you have time, read Blockchain Revolution by Don Tapscott to fully understand the future implication of the technology behind cryptocurrencies. Currently, Ethereum is the second largest cryptocurrency by Market Cap. It offers a technology with the potential to one day surpass Bitcoin. It trades at around $300USD per Ether today.