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Published On: Fri, Apr 14th, 2017

4 Savvy ‘Side-Hustles’ to Supplement Your Salary-Based Income

Our gig economy is on the rise, and if you haven’t already added “side hustle” to your lexicon, you should. A side hustle can be any endeavor that falls outside of a traditional 9-to-5 career, generally used for supplementing a salary or turning a passion into a full-time source of income. Many working professionals are turning to side hustles for the opportunity to use their skillsets and hobbies to bring in income on their own terms.

Whether your kids are heading off to college soon, you’re saving up to travel the world or your current salary barely covers the cost of living in your area, you may want to consider pursuing a side hustle in your spare time. Many side hustles are long-term pursuits; you may have to invest a significant amount of time or money up front to get your extracurricular business off the ground.

As one Huffington Post contributor and self-proclaimed side hustler writes, “For every one thing side hustlers accomplish, five things get added to the list. It is definitely stressful, but the work is worth it – especially when a hustler hears kind words about their work from others, or when they get paid for it.”

Image/Prawny

Side hustle culture isn’t for everyone, but it can pay off in the long-term and help you make efficient use of your time and energy. Instead of plopping down on the couch after work and binge-watching Netflix, you may find that working on an evening side hustle helps you stay productive.

Consider these four side hustles when you’re thinking about how to take initiative and make money beyond your salary.

Blogging

The first step to creating a blog read by an audience outside of your closest friends and family is to narrow down a niche and an angle. You should have some authority in the field and a unique perspective to offer your readership. First and foremost, you should create quality content that makes you proud and eager to share more. Whether you’re charting your progress fixing up antique cars for the whole web to see or sharing tried-and-true vegan recipes, you will build up a loyal following over time through consistent posting and a memorable voice.

Once you start pulling in hundreds or thousands of monthly followers, you are ready to monetize your blog. There are several ways to go about this. Forbes outlines a few:

-Affiliate marketing, or posting paid links to certain products or platforms

-Ads and sponsorships, like rotating banners or sidebar slots

-Premium downloadable content for your blog readers

-Coaching and consultation services in your chosen field

-Donations and pledges

-Selling your blog

 

Dog Walking

If you’re confident you can be the leader of the pack, you can make double or triple minimum wage walking other people’s four-legged friends. It’s easier than ever to connect to walkable dogs using any of the modern pet-centric apps or job boards. Not only do pooches tend to look forward to their daily stroll, but you’ll get out of the house and enjoy some fresh air while growing your assets.

Renting Property

Renting out property is an investment for the long haul, but a savvy investment at the right time in the right place can lead to a serious payoff over time. With money for a down payment, the necessary elbow grease to bring a rental property up to code and the right real estate listings, you could turn a diamond in the rough into a positive cash flow.

Or, if your family is ready to move on from their current digs, you can consider renting your home out instead of selling it outright. Once your mortgage is paid off, any extra rent goes directly to your bank account. Make sure you consider the costs that come along with renting out your property as well as the possible returns.

E-commerce Sales

Worldwide ecommerce sales are expected to reach almost $2 trillion this year and double that by 2020. Whether your eye for fashion would make you a shoe-in for reselling vintage clothes, your knitting prowess makes it easy for you to crank out cozy winter scarves, or you want to sell merchandise through a drop-shipper without needing to store it in your home, setting up your own e-commerce store can help generate extra income.

Consider tacking a side hustle onto your day job if you want to earn more money or establish a beneficial passion project that helps you structure your time and find fulfillment. There’s no limit to what your side hustle can be if you approach it the right way.

Author: Marry Clark

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