They say it’s never a good idea to put all your eggs in one basket. With predictions of a recession always in the air, it’s a good plan to have multiple streams of income. If you’re already holding down a regular 9 to 5 job but find that you’re not earning enough to live your desired lifestyle, then a side hustle can be a great way to achieve your financial goals.
There’s lots of different definitions of what a side hustle can be. Some people earn extra cash by taking on a part time job, while others launch a small business that they can attend to outside of their work hours. Here are five of the most popular ones that can help you make an additional $1,000+ per month.
Transcribing Audio Files
If you’re new to the world of side hustles but have a lot of free time after your regular work hours, transcription jobs are an excellent way to earn extra income while working from home. All you need is a stable internet connection, a reliable computer, and you’re good to start earning $5 to $20 per hour.
Transcription jobs involve listening to an audio file and transcribing it into a text format, which is utilized in various applications. Here are a few examples:
- Legal teams use video recordings of legal depositions for transcriptions and accurate record-keeping
- Content creators use transcriptions for their existing content to repurpose to other platforms
- Streaming services such as Netflix
NFLX use transcriptions for their subtitles, making the service more accessible to their viewers
Transcription jobs can be found on lots of different job boards, but there are also specific transcription services such as Scribie.
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Translating in Another Language
If you are already fluent with another language other than English, then this is the perfect side hustle for you. With businesses becoming increasingly global, the ability to communicate in another language has become a prized ability that you can turn into some serious cash.
It’s worth noting that some languages are more in-demand than others. According to Indeed, the highest-paying translation jobs are in Portuguese with the average annual pay clocked at $242,179 although this can vary depending on your qualifications and experience.
To get started, I recommend looking at more gig-focused platforms like Fiverr and Upwork to get started. This is especially crucial for new freelancers, as these websites make it easier for you to look through different postings and find credible opportunities. You can also check out translation services such as Stepes and Translated.
Airbnb Hosting
If you have a spare bedroom in your house that nobody is using, then you may be staring at a reliable and lucrative money-making opportunity. With some elbow grease and a bit of creativity, you can transform that unused space into a profitable side hustle through Airbnb hosting.
With that said, I’m not here to sugarcoat it for you. Airbnb hosting can definitely be a lucrative side hustle, but it’s no cakewalk. There are certain risks and lots of work required to make it a success. These risks include dealing with impolite guests, property damage or theft, neighbors getting upset, and even potentially violating local laws, all depending on where you live. There’s also the cost of cleaning, higher utility bills, taxes, and Airbnb’s host fee.
If you’re comfortable with these risks, then you can start by signing up and creating a profile with Airbnb. Take photos and videos of your spruced up room, and make sure to stock on necessities such as spare blankets, pillows, toiletries, and other items that your guests may need. The happier your guests are, the more likely they’ll be willing to leave positive reviews, which is what you want to attract future bookings.
Affiliate Marketing
Think of affiliate marketing as a kind of partnership where individuals help spread the word about products or services for another company.
Affiliate marketers earn a commission whenever someone they've sent their way makes a purchase, clicks a link, or takes some desired action thanks to their marketing magic. It's like getting rewarded for recommending your favorite restaurant to a friend.
To succeed in affiliate marketing, it’s extremely helpful to have an established and engaged audience that trusts your content, which requires time and a lot of effort. That being said, affiliate marketing can be an excellent way to monetize passion projects that have a community aspect attached to them (e.g. blog, YouTube channel, podcast)
Dropshipping
Last but not least, this specific side hustle has taken social media by storm the last few years.
Dropshipping refers to a business model in which entrepreneurs can sell products to customers without holding any inventory. Instead of purchasing products in advance and risking your hard-earned capital, you can partner with suppliers who handle inventory storage, packaging, and shipping. The dropshipper only purchases the product from the supplier once a customer places an order, with the supplier taking care of the rest.
Once you’ve found a supplier, getting a dropshipping business started is as easy as putting up an online shop on platforms like Facebook Marketplace. You can also create your own website using platforms like Wix or Wordpress. How much you earn as a dropshipper depends on how much product you can sell. The most successful dropshipping businesses have an average profit margins range of 10% to 45%.
Dropshipping can be overwhelming at first, especially if you’re a complete beginner to e-commerce. That being said, there’s also a ton of tutorials and reading materials out there written by experts that will help you get started. One of the best places to start is this excellent tutorial from Shopify.
Some Words of Advice
Side hustles are an excellent way to earn some extra cash, but it’s critical to understand that you shouldn’t be sacrificing your physical and mental wellbeing for it. If you find yourself already spread too thin at your current full time job, it’s best to find a side hustle that is more flexible when it comes to effort and your time.
But if you are eager to take on a new challenge and earn outside of your typical working hours, then a side hustle could be a great new opportunity. Let me know which one you are most interested in trying out!
