Successive studies show that wealthy people have several income streams. You might not be wealthy yet but is in your power to build a way to get there.
Most of us depend on a salary, sometimes 2 if we are a couple, but individually we rely on our 9 to 5 jobs to pay the bills. Building an extra income stream coming from a side income can help to pay some of them.
In my list of ideas, I focus on side hustles that do not require a lot of capital to be deployed or are extremely difficult for the average people like me and you.
#1 Some Sort of Online Business
Find something that you like to talk, write or do and create some type of content. So here I am talking about starting a blog, a podcast, an online course, a Youtube channel or simply start writing on Medium.
All of these resources can become a source of income one way or another. Blogs can be monetized with ads and affiliate links for example. If you prefer to talk, the podcast world is booming and is now very segmented. Pick a niche and start recording.
Same way goes to Youtube. If you are comfortable in front of a camera and you would like to share something with the world or a specific community, chances are that there are other people out there interested in what you have to say.
Another idea is maybe to mix the video with something that you are really good at. Let’s say that you are good with handwork and like to make wood rings in your free time. Why not share your knowledge with others and being paid for that? And why not sell the product of your work on Ebay?
If you are into writing, Medium is also a platform on which you can get paid for it. If your articles have traction, Medium through its partner program makes your story eligible for compensation.
Consistency always comes into play when building a side income. Whatever you choose to start with, give it time to start working on your favor. Rome wasn’t built in a day, right?
#2 Real Estate Crowdfunding
If you happen to have some money on the sideline, why not invest it in a crowdfunding platform?
Usually, real estate investing requires a huge capital upfront or generating debt. However, with a crowdfunding platform, you can invest small amounts of money starting from $100 or $200 in some cases.
Depending on the specific platform and availability in your country, the interest or returns can be paid every month (like in my case). Several types of investments such as rental properties or fixed time development loans might be available to you. I will not get into the specifics, but a quick google search can open your eyes to this opportunity.
I personally advise readers to study very well these platforms and look for opinions and real examples of investors!
In my case, I prefer to invest in development loans where the promoters need to raise cash and will return it to you after six months or one year for example plus interests. This way I know that the money is not tied to a long term investment. To give you an idea, my average return pre-tax is about 7%.
You can diversify over several investments with different risk levels. Generally, a good platform will have the info you need, made available to you in order to assess your investment. I consider this type of investment almost as a fixed term savings account except that is riskier.
In the mix, you can also add P2P lending. It can work the same way but in this case, the loans might be for personal acquisitions or small businesses investments. Again analyzing time frames and risks are key before taking any decision.
All of these can create a side income without too much work if you are aware of the risks.
#3 Flexible Part Time Job
With so many new applications connecting users to services, I am pretty sure you can find something that interests you to provide a service. It can be delivering food or packages, pet sitting, be a local promoter of an event or customer service. The chances are that in your region, there is a need for some of these.
Having a part-time job that has a flexible schedule can be a great way to collect some extra money using your free time.
Freelancing can also be a part-time job. Let’s say you have a computer, an Internet connection and a particular skill that can be done online. Platforms such as Upwork or Fiverr can have some job postings that can be fulfilled by you. Why not take a look?
I have posted only 3 ideas but these are just examples. For sure there are thousands more. If you do have an idea, do share it below.
If you are into one of these ideas, let me know in the comments below and share your experience. Is always grateful to hear from others side hustles.