About 10.7 million Americans are currently unemployed. Some have lost their jobs because of the novel corona virus crisis, while others are on temporary layoff. Even if you have a job, you may still be facing an uncertain feature. But it doesn’t have to be this way.
Consider using your skills to make extra money and build a lucrative side hustle. Depending on your experience and career goals, you could write an eBook, teach online classes, host seminars, or translate documents. Another option is to offer consulting services in your spare time. If you have a house or land, you can rent them out to supplement your income.
There’s a world of opportunities waiting to be discovered. Take the time to assess your skills and then seek ways to monetize them. If things go well, your side hustle could turn into a full-time job.
So, are you ready to take the plunge? Check out these side hustle ideas for inspiration!
Start a Part-Time Consulting Business
Whether you’re an accountant, dietician, or personal trainer, you can share your expertise to make extra money on the side. All it takes is some planning and creativity.
First, think about your professional experience and what you’re good at. For instance, a copywriter may teach others how to draft white papers, brochures, press releases, or website content. Marketing professionals can share insights into social media advertising, brand positioning, audience segmentation, market research, and more.
The truth is, you could offer consulting services in just about any niche, from healthcare and engineering to blogging. It all comes down to your skills. Here are some options you might want to consider:
- Financial consulting
- HR consulting
- Compliance consulting
- IT consulting
- Legal consulting
- Social media consulting
These niches can be further broken down into several categories. An HR consultant, for example, may specialize in recruitment, healthcare management, or conflict resolution. If you have experience in finances, you may offer fundraising, foreclosure, or investment consulting services.
Rent Out Space or Land
As it turns out, real estate is the most profitable side hustle. Those who rent or sell property earn about $90 per hour on average. If you can’t afford to buy an investment property, look around and make use of what you already have. Your garage, your basement, or even your driveway could bring you extra cash. All you need to do is to free up your space and list it for rent on a dedicated platform.
Nearly 80% of Americans say they own too many things, reports a Neighbor survey. According to the same source, about 70% of them got rid of things during the COVID-19 lockdown. If you have extra space in your home, why not rent it out to those who need it?
For example, an unfinished basement is perfect for storing gym equipment, building materials, and other stuff that people have lying around the house. If you have a spare bedroom, you could rent it out to a college student. Your garage could serve as storage space for those looking to declutter their homes. You can even rent out your shed or driveway to make extra money.
Any of these options can be a great way to generate passive income. Plus, the investment is minimal. Your only job is to get rid of the things you don’t need, do some cleaning, and find renters.
Explore Your Crafty Side
Perhaps you’re the crafty type. You could use your skills to create things that people want or need.
Handmade soaps and shampoo bars, makeup products, dolls, jewelry, and home decorations are all in high-demand. The key is to choose something you’re passionate about, identify your target audience, and then narrow it down.
If you know a thing or two about organic beauty products, consider launching a side business in this niche. Research the different types of goods and the resources needed to produce them. Next, define your ideal customers and try to find out more about their needs.
Start with a small product line (three to five products are more than enough), see how it goes, and take it from there. If your goods are in demand, you can develop new flavors, colors, or sizes.
The global organic soap market, for instance, is expected to reach $383.4 million by 2025, with liquid soaps being the most popular option. Sure, you cannot compete with the big brands, but there’s still room for newcomers. Think outside the box and find a way to set your products apart. For example, you could sell organic soaps made with pure essential oils, Dead Sea clay, lavender, and other ingredients that nourish sensitive skin. Use sustainable packaging and deliver your products in beautiful gift boxes.
Take one step further and customize each customer’s packaging by adding a Thank You note and other personal touches.
Make Extra Money Without Leaving Home
These are just a few of the many ways to make extra money and build a profitable side business. Plus, they have low startup costs. An online consulting business, for instance, only requires a computer or tablet connected to the Internet. A portfolio website can make all the difference, but it’s not something you need from day one.
Start by setting up a business page on Facebook, LinkedIn, and other major social networks. Be proactive, engage in conversations, and share insights with potential clients. Later, you can create a basic website through WordPress, Wix, or Squarespace to make it easier for prospects to find you online.
Take the time to publish engaging content that your audience can relate to. If you want to promote an organic soap business, write about the benefits of organic skincare, describe the ingredients used, and share your story with the world—post on your website, social media pages, and other platforms where your customers are hanging out.
Most importantly, have fun! The whole point of starting a side hustle is to take a break from the nine-to-five grind and do something you enjoy. Something as simple as renting out a spare room can be an excellent opportunity to build connections and meet interesting people. On top of that, you’ll make extra income without even leaving home.
Andra Picincu is a digital marketing consultant and copywriter with over 10 years of experience. She works closely with small businesses and large organizations alike to help them grow and increase brand awareness. Visit her LinkedIn profile to find out more!