If you read my post on Making Money you’ll have learned a bit about different types of income streams. I’m a big advocate of having multiple different sources of income as an individual, and I don’t just mean you and your spouse both work. I think every person should begin developing additional sources of revenue.
The first step on the financial freedom journey is to develop that second income source. The best source of income to develop is a side hustle.
What Is a Side Hustle?
You’ll hear about side hustles if you follow any sort of financial blog or motivational speaker. A side hustle is just a side job into which you put significant effort for the express goal of scaling your income.
A Side Hustle is not just a second job. Rather, it is a vehicle for future income growth.
Your side hustle should be something that can be accomplished in your spare time and that you can begin to develop and improve upon to earn more money. It’s not static, although if you have to start out with a second, part time job, that’s fine. The key, though, is the ability to develop a side hustle and scale it up to make more money for the same work you’re already doing.
How Do You Know What the Right Choice Is?
So how do you get started and how to choose a side hustle? That’s a great question. We’ll tackle how to get started in the next section, but choosing a side hustle should not be difficult at all.
A side hustle comes from a combination of your availability, your skills, and your goals. When you take a look at what you have the capacity for, you can start narrowing down the possible side hustle opportunities you have. Additionally, take a look at what you’re good at. Don’t jump into something and commit to it without being able to do it well.
Finally, examine your personal goals and try and use them to define a path forward. For instance, if you have the opportunity to do something small, but your goal is to leave your job behind, make a path to start with a side hustle that only requires 1 hour a day, and begin leveraging those earnings into something substantial. You can use them to invest in self-improved and development so you can earn more, or you can try and use that income to develop small passive income streams.
Let’s take a look at some side hustles you can start today.
Five Side Hustles to Start Immediately
1. Begin Driving
Use a service like Uber or Lyft to turn your car into cash in your spare time. There are lots of people who drive full time with these services, but it should be noted that you can definitely do it as a side job. It’s important to remember that your driving record will impact your ability to do this job, and the aesthetics of your car are important as well.
If you want to go a different route, Uber Eats, Instacart, and other services offer jobs delivering food, groceries, and other items to people. Your driving record will still matter, but you won’t be evaluated on the look of your car or the upgrades you provide inside.
2. Drop Ship
Drop shipping is not a fad, regardless of what some people say. Amazon and other services have leveraged their supply chain and now offer a great avenue for people to get started with drop shipping. Because of their investment, the infrastructure is in place to give people the opportunity to become their own retailers. And with Amazon profiting off of other people’s work, they aren’t likely to scale back the program any time soon.
This one is easy to start, but it requires a small amount of up front capital and lots of research. You have to find a product that will sell quickly and also give you a substantial profit. Look on sites like Alibaba.com to find manufacturer direct prices on items. You’ll have to purchase a bulk order, but you can find the right products to do so for under $1000 all in. Then, you can start earning with only a little bit of time invested each week.
3. Teach a Skill
The internet is a beautiful place when it comes to the distribution of knowledge. You can set up shot on a place like Fiverr.com or even just on Youtube and begin teaching a skill you have. Remember, stick with something you know well, or at least stay a few steps ahead of where you’re teaching.
If you have a particular skill, you can begin teaching at local venues (music, foreign languages, and computing are all great skills to teach because there are lots of people interested in them). This leverages a talent you already have and allows you to start making money from it.
4. Freelance a Skill
If you’re not interested in teaching, why not perform the skill for money? Depending on what you do, there may be some legal restrictions (such as cooking or baking), but you can make a tidy profit off of selling your services online for photography, coding, playing music, or even house cleaning.
5. Start Writing
I would be remiss if I left off the most obvious one from the list. Start writing about something! There are many different avenues you can take with writing, but blogging is a very simple way to get started. It requires some upfront effort, but eventually it can become a significant side hustle.
Don’t forget about other options like technical writing, translating, transcribing, or copywriting. If you’re particularly knowledgeable about something, you can even find a blog that will pay you to write articles for them without the upfront commitment of starting your own blog.
This should be your takeaway from this article: Get working on a side hustle. If you want to earn extra money for whatever reason (pay off debts, save for the future, get rid of your job, travel to Fiji for Christmas next year), find a way to earn money in your spare time.
A side hustle is the first step in this process. Eventually, you can leverage that side hustle into passive income streams and what I like to call “traditional side hustles” like real estate and stocks. Those things become a lot easier to break into when you have some extra capital on the side.
Get started today with a side hustle, whether it’s teaching skateboard tricks on Youtube or chauffeuring groceries around. In 6 months, you will thank me for forcing you to get started.