Do you need to make a little extra money aside from your primary job? Side hustles are a great way to earn some cash to get you through lean times, overcome a sluggish period in your business or see if something might work for a full-time gig.
The pandemic has changed the way people spend their time. Whether their hours were reduced or they simply have the time to start that company they always wanted, the U.S. Census reported new business ventures rose by almost 42% in 2020.
A side hustle 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 earn some extra cash.
How Do I Make an Extra $1,000 a Month or More?
Making $1,000 more a month isn’t too difficult with a bit of grit and determination. You’ll need to work or sell enough to make around $250 per week.
There are many ways you can generate $1,000 a month, from setting up a flea market booth to getting involved in direct sales.
However, we’ve narrowed the options down to five popular side hustles that prove successful for most people.
1. Deliver Food
A few years back, ridesharing was all the rage as a side hustle. While it still can be a good option if you live in a populated area, people are staying home more. Because of that, we advise looking at food delivery as a side hustle, since more folks want items delivered to their homes as they social distance.
Even after the pandemic is over, people will have a taste for the convenience of food delivery. You can start your own company and advertise your services or tap into one of the apps already available, such as Instacart or GrubHub. You can deliver groceries or restaurant orders.
One of the great advantages of working for another company is you can operate only when you have the time, setting your own schedule. Just make sure you have goals in mind for how much you need to work or earn each week.
2. Home Inspection and Improvement
Are you pretty handy with a hammer? Maybe you are familiar with the common problems most homeowners experience. Starting a business as a home inspection specialist or a handyman is a great side hustle.
According to the United States Bureau of Labor and Statistics (BLS), inspectors make around $29 per hour. Depending on the area, you may make more or less. For about three hours of work, you’ll earn $100 to $150. Setting up just a couple of home inspections a week gives you some nice pocket change.
Those wanting to do some home repair work should check the rates in your area. You’ll need equipment. For example, a cargo van is the backbone of your part-time business. Having the tools and equipment may even turn your side hustle into a full-time gig.
Are you skilled at math? Do you know how to diagram a sentence with the best English teachers out there? If you are adept at some school subject, offer your services as a tutor. You can also sign up to teach English as a second language (ESL) learners through sites such as VIPKids and gogoKids.
You don’t have to use another platform to work as a tutor, though. Run an ad in your local paper explaining how much a tutoring session costs and your experience in the subject matter.
There are a few things you should have in place before enlisting in this line of work. Have a background report on file showing you have no charges related to children. Get certification to teach ESL. Gather testimonials as you help different clients. Parents want to know you can actually help their child and that they can trust you to be around their offspring.
4. Rent a Room
Do you have an extra room in your home? Perhaps you can turn a garage apartment into a mini paradise or add a small guest house to your property. Rental income is rather passive and allows you to gain equity on the property while earning money. It has one of the highest rates of return of any business.
You can either do short-term or long-term agreements. If you plan to lease out a room in your home, you may want to stick with shorter leases. If you are located near a hospital, advertise to traveling nurses, for example.
If you have a garage apartment or separate guest house, it might be better to sign a contract for six months or a year and not bother with the high turnover of revolving tenants.
Do be aware that if you have a mortgage, you’ll have to notify your lien holder. You will need additional insurance, so touch base with your representative. As for taxes, how much you’ll pay depends on several factors.
Investopedia mentions you’ll pay federal taxes based on your marginal tax rate, plus state and local fees. Be sure you understand all the costs involved before taking on this hustle. This is one of the best options when it comes to hours of investment versus return.
5. House Cleaning
Did you know that around 37% of Americans have a side hustle? While an ideal scenario would be one where people only must work 40 hours a week, that isn’t the reality for many. Finding something you enjoy that pays well is important if you are going to work a full-time job and have an extra gig on the weekends.
House cleaning is something you can get into with very little money down. You will need some general liability and business insurance, however. Talk to your insurer about what you’d like to do and see what it has available. The rates for business insurance should be under $100 a month when just getting started.
Expect to make around $30 an hour, but you’ll have to buy supplies and cleaning products out of that money. The rates may also vary, depending on the competition in your area.
Choose What You Love
Realistically, the only thing you need to start your side hustle is a laptop, an idea, and an internet connection. If you’re still relying on public WiFi spots, use a comparison site to find your broadband deal today.
So, what things are you passionate about? If you find something you enjoy doing, your side hustle won’t even seem like work. It will be a hobby that brings in extra income and lets you take that amazing vacation or pay down some debt. Choose something you’ll enjoy, and you’ll be much more successful than if you hate what you do.