Even if you’re working a full-time job, you may be having a hard time making ends meet. There are several side hustles to make extra income each month that can help you financially. I get it’s nice receiving a nice paycheck every two weeks, but you also probably have a mortgage or rental payment, childcare expenses, healthcare costs, and all kinds of other expenses that steadily chip away at your paycheck.
Side Hustles to make extra income each month allow you to take care of those expenses.
The good news is that there are plenty of “side hustles” that can help to take the edge off your financial stress. Not convinced? Check out all the people who are becoming drivers for Uber at night or on weekends to make some extra cash.
Here are 7 of the best side hustles to make extra income each month.
#1: Get involved with the sharing economy
Uber is the most obvious choice for getting involved with the sharing economy. But there are plenty of other ways to earn passive income. For example, how about Airbnb? If you have an extra room to rent out at your home, you can make some extra income on the side.
And, if you’re planning to go on vacation for a week or so, you could simply rent out your entire house for that time period. That’s a potentially lucrative idea, especially if you know of a big event coming up in your area sometime soon. In Houston, for example, people were putting their homes up for rent on Airbnb during Super Bowl week. (In fact, Lady Gaga paid $10,000 per night for an Airbnb mansion in the Houston area!)
In Houston, for example, people were putting their homes up for rent on Airbnb during Super Bowl week. (In fact, Lady Gaga paid $10,000 per night for an Airbnb mansion in the Houston area!)
But don’t limit yourself there. There are sharing economy sites for just about any real, tangible asset – like bikes, snowboards and sailboats. And there are even sharing economy sites for intangible assets – like an empty parking spot at your home.
#2: Start a new service business
Just about any skill that you have can be transformed into a moneymaking service business. I’ve personally built two service businesses that have done well.
Service businesses are great side hustles to make extra income each month. For example, if you enjoy baking cakes and muffins, you can set up a cake business on the site. Everyone needs cakes for birthday parties, for weddings, and for other special events. You’d run the baking operation out of your house (no need for a physical storefront!), set up a website, and set up an outreach program via regular weekly email newsletters where you could feature your latest creations.
That same basic business model – setting up a low overhead business and running all promotion for it online – can be extended to just about any freelance service.
You could set up a social media consulting business, a freelance writing business, an online marketing business, or a nutrition consulting business. That’s why so many people are taking advantage of services like Wix and Squarespace – they provide affordable ways to set up a web presence that looks very professional.
#3: Create an e-book, webinar or online course
Information products are easy ways to make passive income on the side. Yes, there’s a bit of effort required to create the product in the first place, but it only takes a minimal amount of effort to maintain over time.
You could offer just about anything – an e-book, a video course, a boot camp, a masterclass, or a research report. Once you’ve posted this resource online, you can literally make money as you sleep.
#4: Become an online affiliate
You, too, can earn money from e-commerce sites like Amazon. The simplest way to do this is to become an online affiliate. You make money every time you refer users to Amazon and they make a purchase. For example, say that you run a tech blog that covers the latest in new gadgets and gizmos.
Once you become an Amazon affiliate, you would be able to capture a share of the revenue from any sales of those gadgets and gizmos – just include links back to Amazon in every blog post.
Or, you could sell a product and develop a storefront presence on Amazon itself using the Selling on Amazon program. In some cases, you don’t even have to worry about product fulfillment – just have everything routed through Amazon’s fulfillment center.
You’ll make less money on every sale, of course, but you’ll have the peace of mind of knowing that Amazon is doing all the heavy lifting for you.
#5: Host events
By using Meetup to organize events, you can charge money for admission to certain events that you host. Of course, you need to do all the hard work of getting people to attend the event and finding the appropriate venue, but this is actually a very easy way to profit from your own expertise without requiring a brick-and-mortar presence to make it happen.
For example, say that you have a friend who’s an expert on some hot new technology trend, like virtual reality (VR). You could set up an event via Meetup, advertise your friend as the guest speaker, and charge some nominal fee ($5) for admission.
If you can get 100 people to attend, that’s $500, less any fees you might need to pay for renting out a venue.
#6: Side hustles to make extra income each month can be done by Investing with the crowd
Let’s face it, if you’re reading an article about side hustles, you probably don’t have the cash required for a massive down payment on a piece of real estate, or enough cash for a big equity stake in a hot new startup. But no worries! You can invest with the crowd.
For example, using the website Realty Mogul, you can start investing in commercial real estate with just $5,000. And there are now equity crowdfunding sites – like WeFunder – that enable you to invest in hot new startups, just like a wealthy venture capitalist or savvy angel investor.
#7: Get certified and get paid
Wouldn’t it be great to get paid for doing the things you love? It’s possible, once you have a certification or other credential. For example, say that you love going to the gym every weekend and taking a yoga or cycling class.
You could get certified as a fitness instructor and get paid to teach classes at a gym or Pilates studio. The more creative, the better, because there will be less competition. Thus, if you get certified as a skydiving instructor, for example, you could have an easy to make money each weekend.
The number of side hustles to make extra income each month are only limited to your imagination. In some cases, you could earn an extra $100-$200 per week. In other cases, you might establish the basis for a growing, thriving small business.
In fact, you might make so much money in your side hustle that you finally decide to quit your full-time job!