Side hustle ideas are everywhere because people are constantly searching for ways to make more money. Seeing how bills keep piling up daily, it’s only logical to come up with profitable business ideas or side hustles to help with them. Trying to find interesting business ideas isn’t an easy feat. And, the number of opinions online is overwhelming. So how do you go about it?
If your goal has always been to achieve financial freedom then these interesting side hustle ideas may just be what you need.
What is a Side Hustle?
A side hustle is a job or business that you do in addition to your full-time job. It can be freelance or full-time. And it’s a major way for you to get some extra income.
What you decide to do on the side should be something you’re passionate about compared to your day job where you may work to make ends meet.
The main difference between a side hustle and a part-time or full-time job is the person who calls the short.
A side hustle allows you to dictate the hours you work, what to wear, and what you’ll be paid, unlike a part or full-time job where your employer dishes the instructions.
Making Money from Side Hustles: Passive and Active Income
According to Be the Budget, “Passive income is money earned on an investment, or work completed in the past, that continues to make money without any additional effort.
Active income, on the other hand, is money earned in exchange for performing a service”.
Examples are tips, commissions, and wages.
Passive Income Side Hustle Ideas
You can earn passive income regularly with little or zero effort. You can earn passive income from an investment or work completed in the past.
Basically, the idea of passive income is to make money work for you.
With this kind of income you make gains even if you’re unemployed because the money you earn is from activities where you’ve no active or direct involvement.
There are many lucrative side hustle businesses you can try. Examples of profitable passive incomes are;
Investment Property
Investopedia defines investment property as a property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both.
The property may be held by an individual investor, a group of investors, or a corporation.
This type of investment can be long or short-term.
An example of long-term is when an investor flips a property; buys, and remodels a real estate, and makes a profit immediately by selling it.
Basically any asset you purchase for the goal of future appreciation such as lands, arts, and collectibles like the Hermes Birkin bag.
Rental Income
If you own a property or have a room or an apartment to rent out from time to time you can earn monthly rent checks as passive income.
Thanks to Airbnb, making money from renting a property [even without owning one!] has never been easier.
This is one of the high-risk forms of passive income because it requires a large upfront investment, and it may take a while for you to find the right tenant.
This may not be a problem for you if you run an Airbnb.
But a common problem with rentals is that a property [room or an apartment] will always need maintenance.
Airbnb is a lucrative side hustle idea that you can start without capital unlike trying to own a property.
Affiliate Income
This is the money you receive as referral commission when users click-through a coded link on your website or page, to make a purchase.
Affiliates are one of the most common ways of earning money online, thousands of companies offer a certain amount for their products or services.
Some companies have really amazing affiliate programs with high commissions.
There are lots of other side hustle ideas you can use to make passive income; display advertising, online course, and digital products sales, peer-to-peer lending to name a few.
Active Income Side Hustles
Active income is the money you earn when you complete a task within a specific time frame.
Examples of this type of income are salaries, tips, allowances, and fees.
Most times it’s the money earned from active income that you invest in your side hustle.
Examples of interesting active income side jobs ideas:
Freelance Projects
Freelancing is a lucrative side hustle for anyone, newbie or experienced in a certain field who wants to make money when and how they want.
It may not be easy to get your first gig but patience and networking win at the end of the day.
You can work as a Freelance Writer, Proofreader, Graphics Designer, and many more.
The most important thing is to know how to start, lucky for you this article explains everything you need to know about starting a freelance side hustle.
Salary
If you work from 9. a.m in the morning to 5. p.m in the evening, make a set salary for your efforts monthly, you’re earning an active income.
Hourly Wage
This is a very common way of getting paid for your effort. A lot of jobs can fall under this category: Pizza Delivery guy, Lyft Driver, Tutor to mention a few.
How to Start a Side Hustle While Keeping Your Day Job
The best way to become your own boss while still having the security and safety of your day’s job is to have a side hustle.
Before you come up with successful side hustle ideas there are a few things you need to know.
For example, your interest, and how much time you’ve to commit to a new project.
You can use these amazing side hustle apps to search for online gigs.
If you’re planning to start a side hustle soon, these 10 steps by the Balance Small Business will help you succeed!
Related Readings
Getting People Right (GPR) is an educational website providing professionals from all types of businesses with practical education in human resources and leadership. To keep evolving your leadership toolkit, additional GPR resources below will be useful:
