In this economic climate, the concept of gaining employment with a reputable firm and staying with the company until you retire is completely outdated. The business world doesn’t work that way anymore, and few households can survive on a single salary. Those who make it must possess some street smarts, especially after the devastating economic shutdowns of 2020. If you need to increase your income without getting a new job, try these five easy and profitable side hustles you can start today:
1. Become A Tutor
Through tutoring online, you have the opportunity to earn money while making a tremendous difference to others. You don’t have to have years of experience to be a tutor. You just need to ensure you comply with the requirements of the agency you decide to work through. Private tutoring is also an option, but make sure you’re correctly qualified so that you are offering the best quality assistance to students.
Image: Unsplash/Christopher Ivanov
2. Do Some Casual Transcription Work
Transcription work isn’t the most exciting way to earn a side income, but you can do it when it suits you, and there’s flexibility in terms of what you can earn. Many transcription companies require you to have typing experience, and they’ll want to know how fast you can type (how many words per minute). However, there are companies that hire newbie transcriptionists.
The job will require you to listen to audio or watch videos and type out the conversation. This is then turned into subtitles and other useful text. Generally, transcriptionists get paid a rate per audio hour of text they produce.
3. Monetize Your Vehicle
If you don’t like sitting still and prefer to earn money while you’re out and about, consider offering local deliveries. You could accept a fee for collecting groceries for people, assisting with delivering official documents, and even taking people’s pets to grooming parlors and veterinary appointments.
To be profitable, you will have to factor in your time and your fuel costs before you reach a decision on how much to charge. Advertise your services on social media and in local newsletters and newspapers.
4. Start An Affiliate Marketing Hustle
Affiliate marketing is a clever way of making a side income that eventually can become passive. Companies that sell products or services often work with affiliate marketers. This means they give each marketer their own unique code or link to a product/service. When that marketer places that link in blog posts, adverts, and on social media, the marketer gets a percentage of any sale produced from their link. The harder you work to get people to make purchases via your unique link, the more money you earn.
5. Get Into Dropshipping
Like affiliate marketing, dropshipping enables you to run a side business that piggy-backs on an established business. Dropshipping suppliers create products under a white label. This means anyone can ask them to label a certain amount of orders with their own label. This means you could start your own website with your own branding while selling products manufactured by a third-party.
It’s a great feeling when your side hustle starts to take off. Remember, it can take as long as a year for you to see real growth, especially if you start your own website. However, by starting today, you’ll ensure that income starts flowing in sooner rather than later. In some cases, this side income may even grow in your full-time occupation, giving you the freedom to decide how much you want to work and how much you would like to earn.