A side hustle can come in handy when you need a few extra dollars. They can come in the form of a second job or temporary work. This can be as simple as delivering pizza on the weekend. Or as elaborate as starting your own business in your spare time. I used handyman work as a side hustle for years.
As I got older, I realized it is easier to concentrate on passive income opportunities. However, this path comes with its own set of challenges. There is no guarantee in the investment world. Hiring people to do work for you in hopes of making a few bucks is risky. I have heard horror stories from small business owners of things that have gone wrong. One restaurant owner I know had a customer walk through a pane of glass by the front door on the grand opening. He said it was a nightmare. So I look for passive income without as much risk.
Expanding on an Idea
Nothing beats a good side hustle. For example, if you know the true value of something and have a buyer, you can search for that item at a bargain and turn it for a profit. On any given Saturday, you can find a bargain at a garage sale. If you find that item selling on craigslist for a decent amount more, you have found an opportunity. Now, if you took that same business model to a higher level, such as cars or even real estate. The profit potential is much higher.
Real estate wholesaling is a popular side hustle and is very competitive. However, if you can find a seller before the competition willing to deal, a nice payday may be in the cards for you. Wholesaling is nothing more than playing the middle man in a real estate transaction. Let’s say that you find a property that needs 50K in repairs. You might be able to lock in a deal for 150k below market. You can sell your position to another investor (for a finders fee) without ever taking possession or closing on the deal.
Taking this business model a step further can put you into the big league. There a lot of baby boomers looking to retire, and many of them are business owners. Suppose you can find an established business with a positive cash flow. The odds are that a bank will loan the money to buy the business. Banks are in the business of loaning money against secure assets. If the bottom line is healthy enough to support the debt of a loan to pay off the seller, it’s a win for both parties.Creating Content as a Side Hustle
Content can be just writing a book. There is a huge payday waiting for those who create content that is in demand. For example, a politician writes a book about the truth of what happens behind closed doors.
Filmmakers, entertainers, educators, webmasters, YouTubers, news channels, and athletes all create content for consumers. Businesses flock to content to advertise their products and services. If you become a creator of content, then advertisers will pay you for your audience.
All of these creators are looking for an easier way to achieve their goals. There are entire industries that offer products and services to content creators. The extensions available on google chrome are tools that help solve problems. Some offer free versions but hold back the best for paid subscriptions. If you are able to create services that support this or any other industry, you could have a nice side hustle. Apps are also popular among those who know how to create them.
If you have ever said to yourself, “there has got to be a better way,” then you have probably looked for an opportunity. It can be confusing and overwhelming. Opportunity is everywhere, but remember, if it sounds too good to be true, it probably is. Beware of scams and get rich schemes.
Affiliate Marketing as a Side Hustle
An affiliate is someone who refers buyers to a company that sells products or services. If a buyer makes a purchase as a result of the referral, the affiliate gets a commission. This comes in the form of a trackable link.
As an affiliate, you can sell just about anything without the hassle of inventory, billing, shipping, or customer service. Major companies like Amazon, Walmart, Best Buy, and Target offer affiliate programs. There are also companies such as, Click Bank or Commission Junction that act as a broker for business around the world. Offering affiliate programs to almost anyone with an audience.
Having an audience is the key to becoming a successful affiliate. For example, if you have a YouTube channel, you can recommend a product to your audience, and because they value your opinion, they are more likely to buy it.
If this business model is appealing to you, I recommend the Entre system. Learn from Jeff Lerner and his team. I was impressed with the amount of information that came with the program. They take a simple step-by-step approach that is easy to understand. Of course, there is a lot of work involved. It isn’t a get-rich-quick scheme. But, you can get rich.
Having the Right Mindset
With most things in life, having the right mindset can determine your success or failure. Patience, determination, and the will to overcome obstacles are crucial.
Rich people think differently. Learn to think like one. It took me a while to wrap my head around the mindset. But once I understood, my perspective changed. Here are a few great reads: