On the surface, the state of America’s economy looks rather robust. With the unemployment rate near a 50-year low, one might expect to find a mood of general contentment in our fair land. However, the closer you look, the less rosy the situation appears. A recent Gallup survey of US workers highlighted the fact that even after a decade of steady economic growth, job dissatisfaction is nonetheless widespread.
The data confirms what most of us know, intuitively, to be true. We need more from life than just “a job” — we need emotional fulfillment. We need self-actualization. And considering the soaring cost of housing, education, and health care, we also need more money.
If this resonates with you, have you given any thought to starting a side hustle?
Now, I don’t suggest this lightly. After all, side hustles require some degree of initial investment, and half of all small businesses fail within five years. However, with some smart planning, talent, and plenty of hard work — not to mention good timing and some luck — you can increase the likelihood of your side hustle falling into the happy half of that five-year statistic. If you are still hesitating and wondering whether this is possible, check out this real-life example of making $10K per month from 4 side hustle ideas.
While a side hustle can mean getting a part-time gig driving for Uber, charging scooters for Lime, or any number of other “independent contractor” gig economy positions, here’s why we try to steer folks towards small business formation instead.
The Gig Economy Isn’t All It’s Cracked Up to Be
The so-called gig economy may seem like an empowering way to earn some side income, but many of these gigs turn out to resemble traditional employment, only without benefits and protections and with additional expenses to absorb.
It’s fairly well-known that Uber and Lyft are trying to preserve their ability to classify their drivers as “independent contractors” in order to avoid extending legally-mandated benefits to their drivers — benefits to which their drivers would otherwise be entitled. However, what sometimes gets overlooked is the fact that these drivers must also spring for fuel, vehicle maintenance, and rideshare insurance, thus cutting into their take-home pay. Add these expenses to the service fee the company will take from your cut, and you may well end up making what is effectively sub-minimum wage money.
Doesn’t sound very empowering, does it?
You know what is empowering? Being your own boss and charting your own path. Being the author of your own destiny. Oh, yeah, and bringing home extra cash. That’s empowering too.
Side Hustle Ideas
Let’s go through just some of the kinds of side hustles you can launch without quitting your day job.
Pet Services
If you love animals, there are any number of pet-related side hustles you can launch. The following list represents just some of them:
- Pet-sitting/doggy daycare
- Dog walking
- Pet grooming
- Pet photography
- Obedience training
- Dog pooper-scooper service
- Pet treats
- Pet toys/clothing
Many pet-related side hustles can be launched from your home, thus requiring minimal initial investment.
Naturally, training and certification requirements are going to vary depending on the nature of your pet business. For instance, while certification programs exist for dog walkers, clients likely won’t be expecting it. If you’re a dog trainer, training and certification are a must.
Don’t be afraid to put flyers up around the neighborhood advertising your services! Your target audience tends to be out and about with their heckin’ doggos on the regular, and flyers are relatively cheap.
Arts & Crafts
Here’s a side hustle that requires ample talent, little initial investment, and zero time spent pursuing certifications or other qualifications. Craft marketplaces like Etsy have demonstrated the vast market for handmade trinkets and treasures.
Of course, while artistic skill is a prerequisite for establishing this kind of side hustle, you’ll also have to identify your target audience and adjust your sales strategy accordingly. Should you stick to offering your works on Etsy (or even your own branded online storefront)? Or should you branch out and sell your wares at craft fairs and other community events? It all depends on what you have to offer.
Offer Online Classes
If you have knowledge that can prove useful or profitable to someone, there’s likely to be a market for purchasers of said knowledge.
Platforms like Udemy and Thinkific allow you to offer your expertise to a worldwide community eager to receive your knowledge. Best of all, very little overhead is required, though you may want to invest a bit in a setup that allows you to produce professional-looking videos.
Senior Care
Here’s a suggestion that obviously entails a great deal more experience, compassion, and investment — of both time and money — than my prior side business ideas. However, if caring for some of the most vulnerable members of our society is a passion of yours, establishing a side business devoted to caring for the elderly is most certainly an option. After all, according to the National Institute on Aging, those over the age of 85 comprise the fastest growing segment of the US population.
Every state has its own licensing, certification, and insurance requirements for elder care facilities, so you’ll need to look into the particulars based on your state of residence. A background check will be required, and you’ll definitely need some quality referrals.
To get you started, here’s a list of caregiver training requirements by state.
Child Care
Demand for childcare services is ever-expanding as parents work longer hours to cover the rising costs of childcare (and of living in general). This is another field that requires compassion, understanding, and a significant investment of time and money.
You can launch a daycare business from a dedicated daycare facility, though the cost of liability insurance tends to be less if you run an in-home childcare business. And while daycare regulations vary by state, child-specific first aid/CPR training is a must — for obvious reasons. It’s also likely that you’ll need to be licensed by the Department of Health and Human Services.
Housekeeping
Here’s another business opportunity related to the increasingly long hours Americans have to work, leaving them little time to take care of their own household chores. Those renting out their homes on Airbnb also have a significant likelihood of needing a house cleaning service.
Start-up costs are relatively low, and there are a number of websites like HouseKeeper that allow you to promote your housekeeping services.
Freelancing Services
Freelancing can be a difficult and stressful way to make a living. Why not try doing it on the side instead?
You can turn any number of specialized skills you may have picked up into freelancing work. You’ll have to decide whether you want to freelance independently (this will require good professional connections) or join a freelance platform like Upwork or Fiverr — platforms in which those seeking freelance labor can sort through available freelancers based on skills and experience. Just bear in mind that these platforms will take their cut out of what you earn, so research your chosen platform first so you know what to expect.
Furniture Flipping
You may not be aware of this, but there exists an entire industry devoted to buying old pieces of furniture (from Craigslist, garage sales, and wherever else second-hand furniture can be obtained), restoring them, and selling them for a profit.
With some experience, know-how, and quality paints and sealers, you can get in on this trend and flip furniture for a profit. So long as the furniture you’re working with is made of real wood and is structurally sound, you’re good to go.
Become a Personal Shopper
Personal shoppers are hired by a wide variety of clients. Sure, there are plenty of high-earning folks and even corporations looking for personal shoppers, but there are also elderly people in need of someone to buy groceries for them.
Online services like Thumbtack serve to connect professional personal shoppers with those seeking to hire them. And if you’d like to be a grocery shopper for home-bound folks in need, get in touch with local seniors’ organizations or other charitable groups to get a sense of the opportunities available.
Launch a Food Truck Business
If you’re a foodie with a sense of adventure, why not get in on the booming food truck industry?
You’ll need a significant up-front investment to acquire the truck and the equipment necessary. You’ll also need to research your area to determine the needs of your market along with your local laws concerning how food trucks can legally operate. But if the idea of putting smiles on the faces of hungry workaday folks on the street appeals to you, it may be a side hustle idea worth pursuing.
Side Hustles: What You’ll Need
Running a successful side hustle is almost certainly going to require business software. Here’s a list of program you may need, vetted and curated by the fine folks at Merchant Maverick!
- Wave: Cloud-based software for accounting, expenses, and invoices — the base software is free, while the payroll, payment processing, and bookkeeping components are paid services
- QuickBooks Online: Cloud-based accounting software with payroll, payment processing, worker’s compensation insurance, and a custom invoice template
- QuickBooks Self-Employed: Cloud-based tax software for freelancers
- Square: App-based software with invoice, mobile POS, inventory, and website creation features
- Weebly: Easy-to-use Square-compatible website builder with ecommerce support
- MailChimp: Cloud-based email marketing software
Financing Your Side Hustle
Business credit cards are the most common and easily-accessible means of financing a side hustle. Business loans are another financing option, though I’d be reluctant to take on a significant amount of debt. You don’t want your side hustle dragging down your finances in the long term.
Here are some links to help you obtain funding for your side business.
- The Best Business Credit Cards For 2020
- 20 Tips To Improve Your Business Loan Application
- How Much Money Do You Need To Start A Business?
- How To Start A Pet-Sitting Business
- How To Start And Fund An Online Boutique
Final Thoughts
With hard work and preparation, a side hustle can not only put some extra money in your pocket, but can also become an outlet for your creativity, a means of supporting your community, and so much more.
Choosing the right side hustle can empower you to a degree that becoming an “independent contractor” for a rideshare giant never will. Now go forth and get your hustle on!
