The digital age is a wonderful thing. It’s not only allowed for unparalleled interconnectivity and communication, it’s created opportunities for people from all walks of life to better themselves and achieve their dreams. It’s enabled people who, for logistical reasons, would not be able to attend college to improve their prospects through online learning. It’s enabled talented creatives to make a lucrative business from their passions by plying their trade on sites like People Per Hour or sell the fruits of their creative endeavors on sites like Etsy. For those with an entrepreneurial passion, the internet has empowered them to build their business plan and seek the funding necessary to bring their business ideas into fruition.
While the digital age has created a playing field of vast scope and unsurpassed opportunity, it’s also led to an era of increasingly fierce competition where businesses must be ever more creative and wily to give themselves a competitive edge over the competition in an age where consumers can afford to be more fickle than ever. For nascent businesses, it’s an exciting time, but it’s also a scary time. If you want to build your business up from nothing it can take time and capital that your present financial situation may not allow. Thus, you may need to use your free time to generate revenue to supplement your business income. This may be to invest back into the business to facilitate long term sustainable growth or it may well be simply to fund the necessities of your lifestyle without going back to your day job or taking up part time work that would compromise your ability to run your business effectively.
While these side hustles may not make you a millionaire, they can provide you with an additional stream of revenue without pulling your focus and attention too far from the needs of your business in a fast paced, competitive and unforgiving climate…
Rent out your home
This may be an extreme solution right off the bat, but if you’re determined to make your new business work it may be necessary to make some short term lifestyle concessions to make it work. If you have a large home but could get by in a one bed apartment it may be worth renting a smaller property or even cohabiting and letting out your home for a year or two while you build your business. This will build a reliable stream of revenue, although it also comes with responsibilities and obligations. Investing a little of your rental profits in using a property management service will take the leg work out of this without impinging too heavily on your profit margins.
Lots of people from all walks of life invest in commodities like stocks, shares, Forex and even cryptocurrencies to supplement their income, make money for their retirement or grow their savings. However, if you’re prepared to part with some overheads you can really put the “passive” back in “passive income” by mastering algorithmic trading. If you can afford to fork out for a decent trading platform (or if you have a robust knowledge of coding, you can even design your own) you can leave the algorithm to grow your money by strategically buying and selling while you work on your business. It’s not foolproof (if it were, everyone would be doing it), but it can be incredibly lucrative if you’re prepared to put the effort in and can afford to build your platform alongside your business.
Do you love animals? Do you find spending time walking them, feeding them and caring for them therapeutic? Devoting some of your free time to the lucrative market that is pet services could be a lucrative side hustle while giving you a therapeutic reprieve from the stresses of modern entrepreneurship. Come economic rain or shine, people are pretty liberal when it comes to spending on their pets. Statistics from the American Pet Products Association indicate that $66.8 billion was spent in the US alone on pets in 2016, with $5.8 billion of that going towards grooming and boarding services.
You likely head to the gym to hit the treadmill or pump iron after a stressful day building your business to work out some of the inevitable stress and frustration of your day. However, if you have the body of a Greek statue and truly come alive at the gym you may have a very monetizable talent that could prove a lucrative side hustle.
There are plenty of people out there who would benefit from a bespoke diet and exercise program to help them meet their goals. You can do this in person or online but if you can prove that it works, it can make you big money!