Before we get deeper into what makes a great side hustle, it’s important to define the term side-hustle, to begin with. First of all, it’s an activity that doesn’t require too much active involvement on your part. This allows you to keep doing your day-to-day work and avoid sacrificing too much of your free time in this pursuit. This side-income can be used to boost your cash flow, improve your lifestyle by affording some small luxuries that you keep close to heart, etc. All in all, here are a couple of ideas that more than qualify.
One of the things you can try is freelance writing for blogs and newsletters. The best thing about this as a side-income lies in the fact that it doesn’t take much work, due to the fact that no one forces you to accept more than you can handle. Even a single post per week might somewhat improve your financial situation but if you’re one of those people to whom writing comes quite naturally, you can go for freelance writing in a bit more serious manner and commit to it somewhat harder.
Career in art
The next thing you need to take into consideration is a career in art. Never before was this so closely attainable. First of all, an artist in 2019 has a chance to publish their own work, on their own, which is definitely not a small feat. For instance, a writer can publish their novel via a Kindle Direct Publish on Amazon, while a photographer (even a smartphone photographer) can find a platform that specializes in stock image retail. All in all, you have so many options.
One of the best ways to create a passive side income is to become a landlord but in order to do this, you need to learn a thing or two about property investment. First, you need to find organizations like FM Investment, that specializes in seminars, fairs and lectures about property investment. This will help you pick and manage your property. Other than this, you also need to learn how to screen potential tenants, as well as how to make the place more appealing to others. The vacancy is a huge problem and a serious money-loss for your enterprise, which is why you need to figure out a way to bring this down to a minimum. Once you get the ball rolling, nonetheless, the process is, more-or-less automatic.
Dropshipping e-commerce business
If trading is your thing, you might want to consider starting an e-commerce business. By opting for a dropshipping model, you get to be a trader, a middleman. You get to be someone who just closes the deal and delivers it from retailer/supplier to the consumer without ever actually getting a hold of the product. This means that you’re not in charge of the logistics like the manufacturing, storage or even delivery. You’re there merely to close the sale and get your share of the profit.
Make a blog
Why not turn your passion into a lucrative business and share your knowledge, opinions and stances on various topics with the world? First of all, blogging can, indeed, be a full-time job. However, you can start with something a tad more modest. Don’t rush to fill it with content. Write about your own experience instead of hiring content writers and contributors right away and take your time. Soon, the ad money will start rolling in and you will have a passive stream of income from doing something that you’re genuinely passionate about. It just doesn’t get any better.
The very last thing you need to keep in mind is the importance of your time management. Once your side hustle starts taking more time and effort than your day job, you might be in a problem. Here, you’ll face a dilemma on whether to just drop it or commit to it full-heartedly. Until that point, it’s just an extra source of income.