It seems as though everyone has a side income hustle nowadays, doesn’t it?
As municipalities worldwide enforced stay-at-home orders after the onset of the Covid-19 pandemic, a shared experience was people getting antsy. Many spent their downtime rediscovering what they loved to do and began online businesses for fun and profit.
Along the way, the number of side hustles exploded. Today there are infinite ways people can channel their passions into greater personal fulfillment and—no small incentive in a struggling economy—extra cash.
If you’re just starting down your career path, pause and consider a bit. It might be wise to spend at least a little time looking into the two side hustles that rise to the top of every heap. Millions of people are zeroing in on these two side income gigs over which they can exert a great deal of personal control.
Of course, deciding which of these two avenues appeals to you the most is the key. After all, if you genuinely love your side hustle, who’s to say it might not end up as your full-time career one day?
1. Fixing and Flipping Real Estate
Real estate can be a great way to make extra money through a side income hustle. One popular strategy is known as “fixing and flipping.” Here’s an overview of how it works.
Fixing and flipping involve purchasing a property that requires repairs or upgrades, making those repairs or upgrades, and then selling the property for a profit. The key to making a profit with this strategy is to buy the property at a low enough price that allows you to make the necessary repairs or upgrades and still have room to make a profit when you sell it.
Finding Promising Prospects for Renewal
One way to find good deals on properties to fix and flip is to look for distressed properties. These properties are in foreclosure, abandoned, or owned by an estate that needs to be sold quickly. These properties are often sold at a discount, making them a good opportunity. Many new to this niche are pleasantly surprised to learn how quickly they can secure a flip loan to meet this need.
Another way to find properties to fix and flip is to look for properties that are in a desirable location but are in need of repairs or upgrades. You can buy these properties at a lower price than comparable properties already in good condition. You can leverage the repairs or upgrades to increase the property’s value.
When looking for properties to fix and flip, it’s essential to do your research. You’ll need to know the local real estate market. You also need to know what types of properties are in demand, and how much it will cost to make the necessary repairs or upgrades. You’ll also need to understand what your target buyers are looking for in a property so that you can make the property appeal to them.
Be Ready to Take a Hands-On Approach
A critical aspect of flipping real estate is managing the renovation, including budgeting, planning, and overseeing the process. You’ll need to know what repairs are necessary, how much they will cost, and who will do the work. Having a network of contractors that can help you in this process or prior experience in construction will be a huge plus.
Once the property is ready, you’ll need to market it effectively to find a buyer. You can use online platforms, real estate agents, and open houses to get the word out about the property.
Fixing and flipping real estate can be a great way to make money on the side, but it’s crucial to approach it with a solid plan and a realistic understanding of the market. With the right mindset and a good sense of timing, this can be a very promising side hustle.
2. Working as an Online Retailer
Online retail has become increasingly popular in recent years, and it can be a great way to make extra money through a side hustle. There are several different ways to work as an online retailer. However, some of the most promising options include the following:
With dropshipping, you can sell products online without ever having to handle or store the inventory yourself. Instead, you work with a supplier who ships the products directly to your customers.
You must find products to sell, set up an online store, and handle marketing and customer service. Dropshipping can be a great option if you’re just starting and need more capital to invest in inventory.
There are many online marketplaces. Well-known examples include Amazon, Etsy, and eBay, where you can set up a store and sell your products. These platforms have a built-in customer base and handle many of the technical aspects of running an online store, such as payment processing and shipping. An online marketplace can be a good option if you have a product or service to sell and want to reach a large audience.
Selling your products online through your website or social media platforms is another great way to make money with a side income. You’ll need to handle all aspects of the business yourself, from creating products and taking pictures to shipping them out and handling customer service. This option allows you to have total control over the brand and design of your products.
You can promote other people’s products and services through your website or social media. The incentive, of course, is to earn a commission for each sale. Affiliate marketing can be a great choice if you have a following or an engaged audience.
Research is critical to success regardless of which route you decide to take. Choosing a niche, target audience and products you’re passionate about is vital. That way, you’ll be more motivated to put in the work to create a successful business.
Additionally, it’s always good to stay on top of trends and changes in the industry. Learn from experts and other successful online retailers to improve your business strategy.
Online retail can be a great way to make money on the side. This is especially true if you approach it with a solid plan and a realistic understanding of the market. With the right mindset, this can be a very promising side income hustle.
Find Whatever Floats Your Boat…Your Bank Account Will Follow
Obviously, there are more than two paths to take here. Each of the two choices above has infinite permutations that allow your style to shine through. It may sound trite to say, “have fun with it,” but work days begin to drag if you’re not truly enjoying your side hustle.