Saving alone does not necessarily
get one to financial independence; in fact, it involves looking for blood ways
of making more money. An excellent example of a side hustle is where one can
use it as a way to amass wealth, pay bills or even provide income for one to do
away with a regular income job. Here are some great examples of what you can do
to earn extra income in order to achieve your financial targets:
Freelance
Writing
Writing is yet another lucrative way
of earning an extra buck especially if it is done freelance. , you may write
blogs, articles, marketing content or even work as a ghost writer for a
business entity or persons. In the upwork, Fiverr, medium one can have access
to clients and start earning money without the need of a website or blog.
Freelance writing is comparatively cheap in terms how to start it and can grow
into a full-scale freelancing career. Soon, you will command a good salary
depending on the qualification and the experience that you will have developed.
Virtual
Assistance
As more companies shift operations
to the internet in response to the enhanced technologies, the necessity of professional
Virtual Assistants cannot be overstated. VAs are useful for the planners of
enterprises and business companies to assist in organizational management,
calls booking, account and social network account handling or even responding
to customers:: The beauty of this side hustle is that many people can do it
remotely and the working hours are usually flexible. There are many websites
like Belay and Time Etc that can assist you in finding a virtual assistant job
and the better skilled you are, the more money you can demand for working for
you.
Online
Tutoring
If you specialize in certain
academic disciplines, online tutoring will certainly be an extremely profitable
and enjoyable side job. You can teach students online from different parts of
the globe through platforms such as VIPKid, Chegg Tutors, and Tutor.com, and
your specialize in is math, science, language or tests. With the recent
enhancement of e-learning people have been in inclined to search for online
tutors and depending on your experience you can brag about pocketing competitive
hourly charges. For this side hustle, you get to work on your own time favor
and see others excel in what they can achieve academically.
Dropshipping
If you’re into e-commerce, then
dropshipping is one of the best side business ideas out there for you.
Dropshipping works like this, you open an online shop, but do not purchase or
stock the products yourself, rather you deal with third party suppliers who
deliver the products to your customers. This will mean that you can open the
business with a small amount of accoutrement put down since you don’t need to
buy a lot of stock in advance. You can start the drop ship business using
Shopify or WooCommerce, settling for a niche you want. However, getting started
can take a little bit of work, including the marketing that it takes to drive
sales but once set up, it can be a considerable source of passive income.
Real Estate Investing
Compared to other side businesses,
real estate investing does need more beginning capital, but it is one of the
best ways to help you become financially free. You can begin with a small scale
initially and buy some rental property or house hacks, that is, purchasing a
multi-membered house, moving into any of the houses and leasing the other houses.
Here, rental income is regular earnings, while property value rises to your
pool of wealth as time goes by. If you can’t yet afford to buy a property,
check out Real Estate Investment Trusts (REITs) or Fundrise, which enable you
to invest with less money.
Ride-Sharing or Delivery Driving
These include Uber and Lyft driving
for people, DoorDash or Instacart inspiring delivery for food and groceries,
respectively, that can be a good side job if you already own a car. This gig
only allows the taker to make money when he or she is willing to do so, at
weekend or in the evenings thus good for some extra bucks. It may not put you
on the map as being a millionaire, but it’s a rather reliable and simple method
of making some quick cash when you have some free time. Moreover, the drivers
can receive tips directly from the customers, which also lead to revenues
boost.
Online Course Creation
If you are a knowledgeable
individual in a certain area of specialization, you should develop and sell
courses online. Some examples are Teachable and Udemy, which enable you to
develop courses within virtually any subject, such as photography as well as
fitness, internet marketing, and individual finance. Due to the fact that
setting up the course takes time initially but once the course is live the
income can be considered passive. Worthy of note is that given the burgeoning
trend of people in online learning, this side hustle job holds promise of
long-term income with little or no demand.
Graphic Design
Graphic design is one popular side
hustle that should interest anyone with skills in this field. They are services
that are requited by business people, artists, website developers, content
developers, and marketers among others since every business requires logos,
social media images, and other marketing materials. If you are clever with some
design soft wares like adobe photoshop or even any other software like Canva,
you can try places such as 99designs, fiverr or even try contacting your
employers directly. In the long run, your portfolio increases which makes you
be able to charge high per hour rate while extending the number of clients to
work with.
Affiliate Marketing
Affiliate marketing as an effective
method to generate passive income is absolutely popular these days due to the
possibility to promote products or services that have been used and tested personally.
All this is done by registering under affiliate programs such as Amazon,
ShareASale & Rakuten through which you earn commission for every sale that
you bring in through your referral links. This side hustle is even more
effective if you already have a blog, YouTube channel, or active social media
account because you’ll be promoting affiliate products. Although it may take a
while before a merchant or affiliate picks up a base of supporters, affiliate
marketing can be a steady source of income.
Social Media Management
Since businesses are seeking social
media portals through which to access customers, there is currently high demand
for social media managers. This is a side business where one is hired to handle
a company’s social media profiles, developing content, and posting at suitable
times and additionally answering to their followers. If you’re good in social
media marketing especially Instagram, Twitter, face book among others, you can
propose yourself as a marketer for those who are in need of it for their small
scale businesses. The management of social media accounts can become a full
time job with time in the account.
You can
use side hustle as a way of increasing income and attaining financial freedom.
Freelancing, investing, and creating an online business is only viable when you
are passionate about it, and can dedicate your time to it daily. Eventually, if
developed and managed well, these side businesses can become wealth generating
opportunities that are very close to FRE.
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