Side Hustles for Extra Income

Side Hustles for Extra Income

It goes without saying that it is essential and very important for every forward thinking person to find ways to have a second, third, fourth, fifth or sixth……..means of earning an income. If you are a Millennial looking for ways to make more money outside of your regular job or you have decided to have a go at it on your own and start a business as an entrepreneur, a side hustle might be a good fit.

Here are three side hustle ideas with long-term earning potential that won’t take up too much of your time.

Earn Additional Income with Affiliate Marketing

Affiliate marketing is simply promoting another brand’s products and getting paid a commission anytime someone buys from their site via your unique affiliate link provided by the brand. There are endless affiliate programs out there, you just need to find a brand or product you are passionate about or connect with, and feel you can easily promote.

Affiliate marketing

It seems very simple on the surface, but to be truly successful at it, you need to have a strong grasp of digital marketing and various ways to promote your links. It also helps to have a decent budget to spend on paid advertising. And unfortunately, many of the more reputable affiliate networks only do business with top-notch companies. Reputable affiliate marketing programs to consider include: Commission Junction, ShareASale, Amazon Associates, and ClixGalore.

Dropshipping

According to Shopify, one of the biggest e-commerce platforms right now, dropshipping is “a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer.” The awesome part about this is you, the retailer, have no inventory risk at all. In fact, you never even see or handle the product you sell to your customers. You might be thinking, “That sounds great, but how would I even set up a business model like that?”

Believe it or not, there are tons of companies out there that would be happy to have a dropshipping relationship with you because they know how to make good products, but not how to market them, which is where you come in. It’s a win-win. You take all the marketing off your supplier’s hands and they in turn handle shipping the product directly to your customers and allow you to buy directly from them at wholesale pricing. They make a profit, you make a profit and your customer gets an awesome product.

Uber/Lyft/Taxify Driver

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Though some people may struggle with the idea of being a “Taxi Driver”, Uber or Lyft or Taxify business model is definitely easier to start and be successful with. All you need is a valid driver’s license, clean driving record, a decent car with valid insurance and good people skills. The only additional investment is gas money and your time. Another reason we listed it as a good side hustle is because of the tremendous flexibility it offers. You can work literally whenever you want. All you do is turn the app on and start driving. The earning potential is also there, with many drivers able to earn $25-$30 an hour during busy times in busy areas. If you like driving and enjoy meeting new people, this could be an excellent side hustle for you.

The above are just examples and not the complete list. Finding a good side hustle is all about picking something you won’t mind spending extra hours on every week and finding a way to monetize it. Turn your passion or hobby into a hustle and put the additional cash flow to good work.

Additional information from http://www.investopedia.com

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