5 Ideas for a Lucrative Side Hustle

What is a Side Hustle?

Put simply, a side hustle is a way of generating extra income on top of your day job. No-one would say no to some additional money in their bank account each month, and a well-executed side hustle could make massive improvements to your financial outlook, open new doors in your life and even become your new full time career. There have never been so many ways to earn additional income, and many of these opportunities can be seized from the comfort of your own home, in the time you are spending watching TV or endlessly scrolling through social media. You’ll need to pick something you will enjoy doing outside your main job, that you can fit into your schedule and have a clear idea of the set up costs and how much money you would like to earn – the sky is the limit! If you’d like to earn some extra cash, but are stuck for ideas, here are 5 side hustles to get you thinking. 

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Sell Your Items Online

This is one of the quickest ways you can make cash, and with platforms like Amazon, eBay and Craigslist, it is also one of the easiest. We’ve all got furniture, electronic goods, appliances, collectibles and unwanted presents sitting in our homes doing little more than gathering dust – remember the old saying that says ‘one man’s trash is another man’s treasure’ and you will realise you may be sitting on a little goldmine. Make sure you write a compelling description of the items you wish to sell and take great photos and you’ll be on your way. If this floats your boat there is nothing stopping you making this a real business – with a little investment upfront you can trawl thrift stores or cruise neighbourhood garage sales, buy items at low cost, then sell them online for higher amounts! There is a lot of competition – very few items you see on sites like Amazon or eBay are actually sold by these companies, most sales come from other businesses individual traders –  but you will be selling to a massive audience. Do some research If you look at sites like Amazon and eBay, and you’ll get an idea of prices to pitch at. With the right inventory you should start to earn money within a month or so. 

Forex Trading 

Simply put, this is the buying or selling of one currency in exchange for another. The aim of the investor is to profit from price movements in the currency markets. In times gone by the only people who could do this were those directly employed by big financial institutions, brokerages and trading houses, but the internet has totally revolutionised the industry, so now individuals can buy and sell via online trading houses without ever walking onto a trading floor. Forex Trading is growing massively and it is an excellent potential side-hustle to consider. Anyone can do it, all that is required is to sign up with a licenced Forex broker (there are plenty to choose online) and some start-up cash to invest. Many brokers require only $100 as a minimum amount to invest and with all the best brokers having excellent mobile apps you don’t even need a laptop. You can use the apps to trade, analyse trends and chat online with other traders and you can also practice with free virtual trading accounts which work in real time so you can hone your skills with no financial commitment. Plus500 is good for beginner traders because it is generally reported to be a user-friendly broker by its clients.

The market is open 24 hours a day (except weekends) so it is perfect for those looking to fit in Forex trading alongside a day job. Of course, there is an inherent level of risk as with all investments, so if you think this is for you, do the research, choose the right broker and start off slowly and simply!

Drive a Cab

Companies such as Uber and Lyft have grown enormously in the past few years and they are all constantly looking for new drivers. If you have a car and a license you can easily earn extra income driving people around your city or town. Everything is coordinated via a single app and you decide your availability through these networks by simply clicking a button, so you can earn cash whenever suits you, day or night. Of course, how much you make depends on how much time you can commit. If you don’t fancy picking passengers up then you can make money by delivering food – apps such as UberEATS allow customers to order from local takeout’s and you can take on as many deliveries as you want. It is less flexible than driving people around as you are tied to the restaurant opening hours but this is still a good side hustle which will start to generate money immediately. Remember you need to factor in gas, insurance and vehicle maintenance costs of course.

Rent your space

There are lots of ways to use what you already have to earn extra income, and an excellent way is to rent out space you don’t use. Maybe a spare room, an unused garage or parking space, or even a big backyard lying vacant! Sites like Airbnb allow you to rent spaces as well as full properties, and if you have the space and are looking for a profitable line of income and one you can get going quickly with (you’ll get paid 24 hours after your guest checks in), this could be for you. You might require some spend up front to furnish the room, purchase toiletries and other items, and you will need to spend ongoing on maintenance and organise cleaning etc, but this is still a potentially very lucrative side hustle. You could also look to rent out your unused property as office space via sites like Liquidspace and if you don’t want to have guests you can rent out storage space with platforms such as StoreWithMe. 

Walk dogs

Love dogs? Owners spend a lot of money on their dogs but often they don’t have the time to walk their pets, and if they are out of the house for the whole day they’ll pay for someone to do so. It’s a popular side hustle (or even a full-time job), and you’ve probably seen someone walking lots of dogs all at once at your local park – chances are they are professional dog walker. If you walk enough dogs it can be a great way to make cash as well as get some exercise! You can set up a profile on sites like Rover so clients can find you, or simply print off some flyers with your details and prices and drop in your neighbour’s mailboxes. You can also look at dog-sitting and even dog grooming (training and equipment needed) as other great pet-related income streams.

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