The vision: You start your own business, bring in tons of profit, and comfortably retire to a private island somewhere in the Caribbean.
The reality: You start your own business, struggle to get it off the ground on your tight budget, accrue tons of debt, debate the idea of giving up on your dream and just getting a full-time job, and retire to your room to cry for a while.
When reality hits a little too hard, starting a side hustle is a great way to offset your costs while continuing to work toward your dreams and build on your experience. A side hustle can be anything that earns money, but if you can relate it to something you’re truly passionate about, it won’t seem like work.
After some extensive research on the best side hustles and how to make them work for your wallet, I put together this list of 3 exciting possibilities that could be your hustle on the side while helping boost your core business.
Tutoring
Did you ace the Analysis of Argument section on the GMAT? Are you a history buff? Can you make complex mathematical equations look simple to solve?
If so, you could lend your skills and knowledge to students who are struggling with a subject in high school or college as an online tutor. You can choose to tutor in any subject you’re comfortable teaching, to any type of student, and your expertise can help a student master a subject that has been difficult for them. You’ll set your own rate and decide how you want to handle payment.
And if you’re unsure how tutoring others can be beneficial for your business, the answer lies in a phenomenon called the protege effect. The idea is that when people know they’ll be presenting and teaching information to someone else, they do a better job of understanding, remembering, and applying the material. To put it simply, teaching or tutoring students can help you learn and retain information more efficiently.
Consulting
Your career and choices so far have given you expertise and a diverse skill set, so why not apply those outside the office as a consultant?
You’ll work with clients, local or remotely, that need help doing the things you’re already skilled in. Consulting gigs can be pretty lucrative, depending on your area of expertise, and companies aggressively hire consultants to navigate and implement important changes they aren’t sure how to approach. The best part about consulting is that you can do it part-time, but if things are going really well, it’s easy to make this side hustle a full-time gig. You’ll earn notoriety as an industry expert, and you can use that recognition to help promote your business or startup.
eBooks on Amazon
Whatever your field of experience, there’s an audience who wants to read about it and learn from your insight. Writing and publishing an eBook can do a lot for your career and reputation and earn you extra cash in the meantime.
Authoring an eBook in your industry can help you become a trusted thought leader in your area of expertise. It can open doors for interviews, reviews, and networking.
If you’re connected to someone who’s written successful eBooks before, it’s a good idea to ask them for tips and advice before you get started. There are a wealth of resources on the topic available online, and Amazon’s process is relatively simple to follow, making this the perfect side hustle for a busy entrepreneur.
There are many different ways to make extra money while you’re working on your business, but these three side hustles are especially notable because they help you continue to build your skill set and gain relevant experience while you work toward your larger goals.
What kind of work do you do on the side to keep your business running? Add your comments below!
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