Let’s say you’re lucky enough to secure an employment right out of college and you start earning what initially appears to be cool cash. Next, you’d want to move into a befitting apartment and, of course, furnish it.
Eventually, bills start piling up as you endeavor to live to a good standard. After some time, you receive a certain month’s paycheck, and you feel like you didn’t receive anything because you know there won’t be much left after you settle your bills.
It doesn’t mean you’ve been making bad money decisions. The truth is living even a simple life isn’t as cheap as most would have you believe. What many personal finance experts regard as frugal tends toward living as though in poverty than just living a simple life. You just simply to make more money.
No, you don’t have to get another job to that. There’s something called side hustle. It refers to things you can do to make money while still having a day job. So we will briefly talk about what it takes to make money on the side.
To start with, let’s categorize side hustle in three places:
- Making money with what you own
- Making money with your skills
- Making money with your money
1. Making money with what you own.
Chances are you’ve already heard of services like Uber, Lyft and Airbnb. What’s common about the three of them? They all involve sharing what people already own. In the case of Uber and Lyft, it’s car sharing. In the case of Airbnb, it’s real estate sharing.
And they are all part of the new sharing economy, which is pretty much the future. In essence, you can make money in the new sharing economy by sharing what you have.
But you don’t have to own a car or a big house before you can join the sharing economy. Before diving into how to go about it, let’s quickly talk about why sharing things you own could make you money.
PricewaterhouseCooper, or PwC, conducted a study on the sharing economy and came up with some fantastic findings.
Of the 44% of US adults who are familiar with the sharing economy, 86% believe sharing makes life more affordable. 83% believe it makes life more efficient and convenient. 78% agree that it fosters a stronger community.
In addition, 81% of those conversant with the sharing economy believe owning goods individually is more expensive than sharing them. This simply suggests that sharing for money would become so important going forward.
But there something here. Someone has to own these things before they can be shared. That’s where you come in. You can either decide to acquire thing in order to share them, or just share things that are already useful to you.
You’d want to say, but everyone knows about sharing right now. Won’t it be difficult to make money? This might shock you, but only 7% of the US population provides sharing services right now. So you know the opportunity is there.
Beyond car and real estate, sharing exists in just about every consumer sector. PwC identifies four industries in which the sharing economy is active. They include automotive and transportation, entertainment and media, hospitality and dining, and the retail industry.
In automotive and transportation, you can obviously make money on the side through Uber and Lyft. However, other options include RelayRides, CarShare and so on.
In the entertainment and media industry, you can make money by putting your song on Spotify, if you’re confident of your singing skills. Spotify pays on a per stream basis.
In the hospitality and dining industry, Airbnb is the obvious way to make money by sharing your space. However, companies like CouchSurfing and HomeAway are competitors too.
And if you’re confident of your cooking skills, you can use platforms like EatWith and Feastly to make money by cooking for others outside of the typical restaurant setting.
The retail and consumer goods industry also offers a lot of opportunity. A platform like Spinlister allows for renting bike, surfboards, skis and most thing sport related. And then there is Poshmark where you can sell your fashion stuff – like that prom suit you don’t need again. Rent the Runway is another platform that where you can rent out your fashion stuff.
In short, the opportunity for making money from things you already own is unlimited.
2. Making money with your skills.
This is quite the more popular option. It simply involves building a marketable skill or monetizing a skill you already have. If done with diligence, it’s very possible to make more than what you make at your day job. It just requires the discipline to create and follow a work and marketing plan.
The first key step is developing a skill. Most expert out there will tell you to find what you’re passionate about and try to monetize it. In reality, not many people care about your passion. People just want their problems solved. So instead of looking for what you love doing, which is actually a good thing, you’d be improving your chances of making money on the side by researching what people around you are struggling with, and provide solutions for them.
Many times this requires learning or honing a skill. The part of having to learn is what usually discourages people. It always sounds like it would take forever. One thing you need to know is that you don’t have to be a world-class expert at something before people start paying for it. In most cases, you just need that basic skill to get started, and then you’d improve on the job, hence, improving your chances of earning more.
For instance, if you have basic coding skills, you can always start out by helping website owners customize their themes so their website appears in a certain way. You don’t need to know how to create an entire theme to do that. In the process, you’ll always learn something new that would add up to make a guru someday.
So what skills can you develop?
You’ve probably read scads of times that writing is a valuable skill to hone. Yes, it is, especially if you can craft a niche and build an in-depth knowledge in that niche. Two writing niche that could make you cool cash on the side include copywriting and scriptwriting. Copywriting is relevant because most businesses online have products and services to sell, but there aren’t many skilled copywriter. So if you can develop a great storytelling prowess to convince people to take actions, you would be a hot cake.
Scriptwriters are in demand mainly because of the proliferation of online videos. Companies have found that it’s a highly effective way to connect with their customers. This means that they have to tell great stories through videos. That starts with a screenwriter. So if you can help companies find a seamless link between written words and visuals, you have a chance in the industry.
Programming skills of all sort could also make you good cash on the side. Just acquire the basic skills and start marketing yourself. You’ll get better on the job.
3. Making money with your money.
If you’ve been able to save some money and you have a knack for trading of any kind, as long it is legitimate, then you have an asset.
You can always find out the goods that are in demand around you, source for them and sell them for a profit. There are places called Amazon and eBay where people sell stuff these days. It could even be more profitable if you can source for these good abroad. This guide right here could help you get started on importing.
Stock trading is another way to make money on the side if you’re interested in the financial markets. Yes, it is risky. But if you patiently learn the ropes and avoid being greedy, with emphasis on greed, you could make a respectable side income from trading. Don’t let anyone make you believe that options trading or any kind of trading in the financial markets is bad. The only thing that makes it bad is that most traders are greedy. So they tend to lose a lot.
Why most people don’t make cash on the side…
We could go ahead and name 100 skills you can develop to make money on the side. Obviously, there are more the three highlighted here. But the real reason most people get frustrated when it comes to side hustling is that they are not diligent enough to continuously develop and market their skills.
Whatever you chose to do, you have to consciously find out the areas that need improvement and work on them. If you’re not improving, don’t expect to earn more.
Second, it wouldn’t matter how much you’ve improved, if you refuse to market your skills consciously. You just have to put yourself out there. You have to do it as if you’re in business. And remember that no business ever made it without marketing consistently. For instance, if you choose to be a programmer or a writer, you have to choose a set time for work – perhaps you wake up early and do your side hustling before going to work or you set a time after work. Make it clear that this time is for side hustle. After that, you must dedicate a portion of your work time, perhaps 30 minutes daily, to market your skill.
This is how to become a successful side hustle