Are you looking for some side hustle ideas to earn extra money?
These side hustle ideas may require some active participation initially on your part. Furthermore, they can be a great way to supplement your income and progressively grow your passive investments.
Some of these ideas I have employed myself when searching for additional ways to supplement my income. Having a Side Hustle can make a world of difference to your mental wellbeing and happiness. Knowing that you are more financially secure can provide a safety net and greater comfort in the future.
Lets kick off my top 10 Side Hustle ideas for 2021 that can be implemented if you want to earn an extra income:
1. Take on a casual job as a side hustle
This seems like an obvious approach and that’s because it is! Taking on a casual job is one of the most popular Side Hustles employed. After all many people are searching for an extra income to supplement their 9-5 job. Unfortunately, taking on a second job is sometimes easier said than done. A second job can mean sacrificing time away from families, partners, hobbies, and your social life. I have undertaken a second job as a concierge a role I never thought I would do.
Working in this industry requires working at odd hours/shiftwork juggling a busy schedule. Therefore, time management and a healthy lifestyle are vital for overall wellbeing. Working non-stop is a sure way to quickly burn yourself out. Therefore a measured approach working well with your schedule can be a great strategy to boost your income. The additional income allows me to save for that end-of-year holiday and enjoy the reward from the work throughout the year.
2. Start your own side hustle business
Starting your own business would be one of the most common ways to earn an additional income. Employees now are not only looking for flexibility in their workplace but financial freedom. Your own business can provide the flexibility to work the number of hours you want when you want. I do not advocate that you should immediately quit your day job and start a business. After all, not everyone is cut out to be a business owner running his or her own business. Having worked as an Accountant for over 6 years I was exposed to many small businesses’ successes and pitfalls. some of these businesses started out with a great idea but their money management wasn’t strong leaving them continuously chasing their debts. A disciplined mindset and ongoing commitment have proven successful for many business owners willing to do the work.
3. Invest in a share portfolio
Investing in the sharemarket is a passive side hustle that doesn’t require active involvement in day-to-day operations. A share portfolio that contains well-established shares and Exchange Traded Funds (ETF’s) can pay a regular distribution. These distributions reinvested through dollar-cost averaging are an effective method to grow a long-term passive income stream. You will need to do some detailed research into the right investment option that best suits your needs.
I have written a blog on how passive investments can make me money with one strategy focused on dividend re-investment in the share market. Investors could benefit from compound growth by letting the shares do all the hard work and sit back to reap the rewards. Be mindful that the share market exposes you to both upside returns and financial risk. Therefore it’s important to speak with a financial advisor before making any big investment decision.
4. Create a blog/ e-commerce website
This year, I have created a blog about personal finance, building wealth through passive income to reach financial independence. The blog is currently just a hobby but could be monetised through paid advertising and e-commerce. Building a website growth is a long-term strategy not a solution to tight cash flow or a quick get rich scheme. A successful website/blog takes time to develop and create a following. The goal is to create a community of people that share the same interests and passion for reaching financial independence. Creating a niche website may provide an opportunity to grow an e-commerce service. Building a brand and online presence has seen many online websites develop and grow over time to become profitable and successful ventures.
5. Write a book
Writing and publishing a book as a side hustle requires a long-term approach. I understand that nothing comes easy and you must work hard to reap the rewards. This is especially true if you want to write and publish a book. Writing a book requires persistence and dedication however you need to start somewhere. Formulating an idea and writing can be a great way to earn money and intrinsically rewarding finishing a project. Many authors have made a successful career from writing books through royalties and publishing deals.
If you think that once you have written a book you watch the money roll in then you would be vastly mistaken. Once the book has been written the hard part really begins. Selling a book requires sound marketing and strategy to sell the material to the rest of the world. This can involve a large amount of additional planning, time, and money. Writing can be both and financially and internally motivating especially if the content is a passion of yours.
6. Buy an investment property
This is a side hustle that I will consider in the future when deciding How to buy an investment property. However, in the short term, the big banks don’t look too fondly on part-time and casual workers. This shows that it’s ideal a stable income. Saving a hefty deposit is a must before even considering buying an investment property. Be informed of all the costs associated with buying and selling property.
Property is not an asset that you want to be transacting in and out of regularly. Roughly 5% of an average investment property is attributed to transaction costs. If you are looking to first sell a property and want to lower the costs of selling, speak with the property experts for a free appraisal. for If you are tossing up between shares and property I have outlined the costs and benefits here. Once acquired, you can have the tenant help you pay off your mortgage. Therefore mortgages are a great passive income stream to hold for the long term.
7. Become a Mystery Shopper
Mystery Shopping is an activity that I have started doing when I have a bit of spare time on the weekend. The work is very irregular so the time required is minimal and can work it around other commitments. The longest part is writing up the review after the shop. Luckily the reports are not very complex and can be completed relatively easily. Mystery Shopping is a good way to boost your weekly income. The income can offset an expensive week especially if you have ordered one too many Uber Eats for the week.
8. Start dropshipping
Dropshipping is simular to owning your own e-commerce website. A drop shipper does not create the supply chain for a product. Drop shippers simply organise a seller with a buyer for the product. This form of side hustle is one that deals in small margins. The vendor receives most of the payment you simply take a commission on each sale. I considered this form of side hustle but was cautious of market saturation.
There are many other Dropshippers who could have a similar product advertised and undercut each other. This is in a race to offer the lowest price to make a sale and thus reducing their overall profit margin. In saying that the best drop shippers can make thousands per month. This is achieved by building up strong website traffic and selling in-demand products. An effective dropshipping strategy has the potential to generate strong sales returns and revenue on a consistent basis.
9. Conduct online surveys
Online surveys are a good option if you have a spare 5-10 minutes a day and your phone handy. I use Pureprofile to complete online surveys on the train on a consistent basis. The main benefit is that the surveys are short and provide an instant update to the cash balance in the app. To begin earning, signup with Pureprofile and start getting paid for only a couple of minutes of your time.
For other survey websites, there are a few points to be aware of when completing online surveys. Firstly, by filling out a few quick surveys, I was always pleased when the gift voucher arrived in the inbox. Secondly, be wary that some survey websites will use a points system to reward you for the surveys completed. Thirdly, these points when converted to dollars may offer a very poor conversion rate. Therefore ensure that you are selective and not settling for a low return trying to accumulate a worthless points balance. In conclusion, evaluate your time spent completing the surveys back to an hourly rate to ensure you are adequately remunerated for your time.
10. Buy, sell or rent your possessions
There are multiple avenues to buy, sell or rent your possessions. These avenues have arisen due to the presence of online stores such as eBay, Amazon, Gumtree, and the Facebook marketplace. People have made great money from renting clothes or leasing their vehicles. Savvy entrepreneurs have later turned their side hustle into a successful thriving business. If you are handy with repairs, fixing and flipping damaged goods can be hands-on and rewarding. Fixing bikes, machinery, household appliances, and furniture may be a good side hustle for you. Make sure you consider whether it’s a hobby or business in nature. You may have some tax implications that you would need to comply with. Whatever you choose the fact that you are getting out and making the effort to create another form of income.
Wage Investor encourages you to create many forms of income both active and passive. These income streams will ultimately aid you in growing your passive investments. Investing your money wisely can provide that financial buffer for the future. In conclusion, this could enable you to live your life with the financial freedom you desire.
