Do you need to earn a little extra money in addition to your main job? Side hustles are a great way to make money, to get you through lean times, to get out of a sluggish phase in your business, or to see if something could work for a full-time gig.
The pandemic has changed the way people spend their time. Whether their hours have been cut down or they just have the time to start the business they always wanted, the US Census reported New business increased by almost 42% in 2020.
A side business is the perfect way to start your own business. You don't have to quit a job you like, give up security, or lose benefits. Instead, you can work when you want and make extra cash.
How do I make an additional $ 1,000 per month or more?
It's not too difficult to make $ 1,000 more a month with a little courage and determination. You have to work or sell enough to make about $ 250 a week.
There are many ways you can generate $ 1,000 a month, from setting up a flea market stall to selling directly.
However, we've narrowed the options down to five popular sideline activities that will prove to be successful for most people.
1. Deliver food
A few years ago, ride-sharing was all the rage as a sideline. While it can still be a great option if you live in a populated area, people are staying home more. For this reason, we recommend viewing grocery delivery as a sideline as more and more people want items to be delivered to their homes because of their social distance.
Even after the pandemic is over, people will love the convenience of grocery delivery. You can start your own business and advertise your services or tap on one of the apps already available like Instacart or GrubHub. You can deliver groceries or restaurant orders.
One of the great things about working for another company is that you can only work if you have the time and set your own schedule. Just make sure you have goals in mind for how much you have to work or earn each week.
2. Home inspection and improvement
Are you pretty handy with a hammer? Perhaps you know the most common problems most homeowners face. Starting a business as a home inspection specialist or handyman is a great sideline.
According to the U.S. Department of Labor and Statistics (BLS) Inspectors make around $ 29 an hour. Depending on the region, you can do more or less. For about three hours of work, you will make $ 100 to $ 150. If you only do a few house inspections a week, you can get nice pocket money.
If you want to do repairs at home, it's a good idea to check prices in your area. You need equipment. For example a Freight truck is the backbone Of your part-time business. If you have the tools and equipment, it can even lead to a full-time appearance.
Are you good at math? Do you know how to represent a sentence with the best English teachers out there? If you know your way around a school subject, offer your services as a tutor. You can also sign up to learn English as a Second Language (ESL) through websites such as VIPKids and gogoKids.
However, you don't have to use any other platform to work as a tutor. Place an ad in your local newspaper explaining how much a tutoring session costs and what your experience is with the topic.
There are a few things to consider before signing up for this industry. Have a background report on file that shows you have no child fees. Get a certification to teach ESL. Gather testimonials as you help various customers. Parents want to know that you can actually help their child and that they can trust that you will be close to their offspring.
4. Rent a room
Do you have an extra room in your house? Perhaps you can turn a garage apartment into mini paradise or add a small guest house to your property. The rental income is more passive and allows you to gain equity on the property while making money. It has one of the highest returns of any company.
You can make either short term or long term agreements. If you are planning to rent a room in your home, you should stick to shorter leases. For example, if you are near a hospital, advertise traveling nurses.
If you have a garage apartment or separate guest house, it might be better to sign a six month or year contract and not worry about the high turnover of revolving tenants.
Note that you must notify your pledgee if you have a mortgage. You need additional insurance. Therefore, contact your representative. How much tax you pay depends on several factors.
Investopedia mentioned They pay federal taxes based on your marginal tax rate plus state and local fees. Make sure you understand all of the costs involved before facing this hassle. This is one of the best options when it comes to investing for hours versus return.
5. House cleaning
Did you already know that? 37% of Americans Do you have a sideline? While an ideal scenario would be one where people only have to work 40 hours a week, for many this is not the reality. It's important to find something that you enjoy and that pays off when you have a full-time job and want an extra gig on the weekends.
House cleaning is something that you can do without with very little money. However, you will need general liability and corporate insurance. Talk to your insurer about what you'd like to do and see what's available. Business insurance prices should start out under $ 100 per month.
Expect around $ 30 an hour, but you'll need to use that money to buy supplies and cleaning products. Prices may also vary depending on the competition in your area.
Choose what you love
What things are you passionate about? When you find something you enjoy doing, your sideline won't even seem like work. It will be a hobby that will bring in extra income and allow you to have that fantastic vacation or pay off debts. Choose something that you enjoy and you will be far more successful than if you hate what you do.