There has never been a better time to start a side hustle!
Any extra income will help you survive the uncertain times that we have seen since COVID arrived.
Get started now and build up an extra income that can sustain you should things not go as planned, or can help you financially to get ahead.
What Is A Side Hustle?
A side hustle is a something that you do to make money outside of your normal job.
It allows you to make more money that can lower any financial worries (especially in uncertain times) , can help you pay off debt, save for something that you really want (car, home etc) or just to give you the freedom which may change your life.
There are plenty of different side hustles that people do.
For some people it’s a part-time job where you are employed to earn some extra money. This is a safe and easy way to make some extra money, but your income is limited to the time that you are able to spend working. Don’t get me wrong, each extra dollar that you earn will make a difference to your finances.
But for many people a side hustle is a home based business opportunity.
There are plenty of different things that you can do, and sometimes these opportunities will make you a regular income and others may not be as easy. The upside is some business opportunities can grow over time to provide a substantial extra income and even can replace your day job.
The key is to find something that you can do within the time that you have.
Many people will look for more than one opportunity, maybe with one that can generate regular income straight away while another may build over time but be designed to provide a passive income for you.
We refer to these as a passive income versus earned income.
Passive Income versus Earned Income
Most of us go to work and earn an income based on the hours worked (an hourly rate) or on what value we add to the business we work for (a salary) but we know that our income will stop of we are unable to work or lose our jobs.
The business owner or employer will use our hard work and skills to earn money for the business. The business owner has taken the financial risk of settling up the business, and therefore is entitled to make money.
Passive income is the sort of income that we should all strive to have as it continues even if we are not working.
When you are looking at side hustles it is always a good idea to look at the way that you can earn money, and I would suggest that you consider diversifying so you have one hustle that can immediately make you money while having another in the background that can build up a passive income.
Most of the time building a passive income takes time and your efforts early on seem not to reward you well; hence many people give up before giving the idea a real chance.
Idea’s For Your Side Hustle
These are some of my favorite side hustle ideas, and as mentioned I would always suggest that you aim to having one where you earn an income and another that earns a passive income.
It is also important to remember that some opportunities will take more time, while others may have a cost to set up.
This has become a popular way of making some extra money as it can be flexible and most of us already have a vehicle. If you drive at the high demand times you can make a reasonable income compared to many part-time jobs.
Selling On Trade Me (or e-Bay)
Most of us have used Trade Me to buy or sell things, but a lot of people have created a nice extra income from selling on Trade Me or e-Bay. Some source and sell produces, while others sell products on behalf of wholesale businesses and this is known as drop shipping.
The key if you want to make money from Trade Me or e-Bay is to research the products that you want to promote and make sure that you can sell at a large enough profit and/or volume.
Drop shipping removes the risk as you do not need to buy and pay for the products until you have sold then, but the profit margins are generally a bit less too.
This can work for some people, but many struggle to make money.
Affiliate marketing is where you get paid for recommending products so the key is to get enough people to see what you want to promote and that generally means already having a large audience (database, followers) or being prepared to spend some time and/or money to build an audience.
I personally make money from affiliate marketing using links in my websites for products that I use and like, and also now from review websites set up specifically for this. Using the websites does take time to get ranked well and therefore to generate free traffic from Google etc, but over time I expect this to gradually build up. One targeted website that I am working on is the Power Tools Pundit which is an affiliate site using Amazon and targeting the USA market.
Multi Level Marketing (Passive Income Model)
Often this type of business model is referred to as the pyramid schemes due to the way that people earn from building a team under them; however there are a number of very good businesses that use this business model of remuneration.
Get involved in the right business and it’s a great way to earn a passive income too.
I am personally involved in two of these types of businesses now.
I am personally involved in a business called Melaleuca which is known as the largest online wellness club. As a “preferred member” and as well as giving me discounted product purchases it also means I earn from anyone that I enroll. You can treat this more seriously too and earn a very good income if you dedicate the time to the business, or like me you can enjoy the products and earn a nice extra income from helping others by introducing them to the products.
The products are eco-friendly and affordable everyday household products like cleaning products, beauty products, the medicine cabinet and the nutritional products which are what got me involved. They have some very well rated health supplements, multi-vitamins and items like sunscreen which are not expensive and which I have on a standing monthly order.
This is a yet to be released business that offers a passive income opportunity.
The products are online marketing and tools designed for businesses and are sold on a subscription basis. The key thing that appealed about OnPassive is the products which are targeting the business market as being leading edge while affordable.
I know in business it is easy to end up with subscriptions all over the place, so having a subscription with OnPassive where they have the range of products really appeals. I joined this as a founder and that gives me the best opportunity to build a passive income as the business is released and grows.
Getting Started With A Side Hustle
There are lots of “get rich quick’ schemes online these days and very few will really help you to make much money at all.
When you are selecting a side hustle you need to remember to select something that you can afford to do, can manage and have time for.
Many have an upfront cost and/or an ongoing cost so you need to understand what that is, but most importantly a successful business is going to need to provide people with good products that are not too expensive.
People always expect to get good value so you need to ensure that your business opportunity can offer that, and that is why I decided on Melaleuca and OnPassive as businesses that I joined, and as mentioned I also am involved in affiliate marketing too with the products that I am happy to recommend offering good value and opportunities too.
I hope this has helped provide you with some ideas and you can contact me to discuss any of these ideas too.