You’ve finally decided to take the plunge into entrepreneurship. As you move deeper into the day to day routine of owning your own business, you realize that the business finances aren’t exactly where you need them to be. When you sit down and assess your business goals and financial ambitions, the conclusion becomes clear – additional revenue from a ‘side hustle’ is a necessity to make ends meet. In this article, we will lay out the best side hustles for a starving entrepreneur like yourself.
The need for extra revenue has become the hard-to-swallow truth for an increasing amount of entrepreneurs leaving their 9-to-5 and heading into a direction of their own. In fact, a 2017 Bankrate survey indicated that over 44 million Americans have a side hustle in addition to their entrepreneurial endeavor. There’s no shame in the hustle phase of a start-up business. We’ve been there ourselves. The question is… where do you start? Read on to learn about our top 3 best side hustles to get you started:
Take Part in the Share Economy
We are fortunate to be in a thriving shared ecosystem. Within a shared economy, there are several ways to capitalize and ensure your side hustle is accommodating to your busy entrepreneur schedule. Apps like Uber and Lyft allow you to drive whenever and wherever, so you can make a profit in the free time you are not working on improving your own personal business.
If you have a home or an apartment that you’d be willing to rent out for short periods of time, websites like AirBnB provide you the option to earn some additional income as well. Not comfortable with having individuals in your space? There are apps like Postmates, DoorDash and Uber Eats that allow you to deliver food from restaurant directly to the consumer. If you live in a more populated area, a car is not even a necessity to complete these delivery orders.
There are even sharing apps – such as Just Park – that allow you to rent out your personal reserved parking spot for a few hours at a time if you live in a convenient/popular location. The possibilities for extra income within a share economy are endless if you only look to make the most of them.
Share Your Knowledge Base
Becoming an entrepreneur in the first place wasn’t an easy process, the last thing you want is to make your side hustle more work than it needs to be. With that being said, it is now easier than ever to make money on the knowledge that you already possess.
Have a background in finance? Create an online course for financial literacy. Sites like Udemy allow you to create an online course in any subject you like and students then pay to enroll in it. The courses range from a wide variety of industries. Take some time to evaluate your own skill set and what would be considered valuable to others.
If an entire course seems a bit more difficult to manage there are many sites, such as Tutor.com, that allow you to tutor individuals of varying ages in the subject you know best for an hourly wage.
With the rise of e-readers it is even possible to write and publish an ebook, at little to no cost to you, with useful tips and tricks in a field you are most knowledgeable in. Advertise your ebook in your own personal networks and watch the sales come in while you focus your time on your budding business.
Become A Reseller
Many of us have tons of items lying about in our homes that we have no intention of using again. Instead of letting unwanted apparel, accessories and technology take up space, you can utilize one of the many apps to sell them to others.
Apps like Offer Up and LetGo allow users to sell household items to other local individuals. If you consider yourself to be a fashionista, apps like Poshmark and Depop allow you to sell your high end clothing items to others around the globe.
Massively popular websites like Amazon and eBay also allow you to sell your items, but to a much wider audience. Keep in mind that in order to fetch the highest dollar amount for your items, they should be in good condition. Don’t eliminate the idea of hitting up your local thrift shops. Many contain hidden gems that could make you a few dollars online!
These are just a few ideas that can contribute to funding yourself and your business. At Paymentsmith, we understand that every second counts towards achieving your goals. A successful side hustle is one that can be worked on as time allows. Keep these possibilities in mind when some additional revenue could be put to good use with some of the best side hustles out there today!