The world was gradually getting back to normal after the disastrous outcome of the Covid-19 pandemic. But unfortunately, we woke up to another disaster in a war, and the impact of the Russia-Ukraine War on world economies is glaring. This has resulted in the high cost of energy and food, leading to astronomical and record-breaking inflation rates worldwide. The cost of living is now very high, and most countries are on the verge of recession.
Although the cost of living keeps surging, salary remains almost the same. The disparity is clear and as such, almost every working-class person needs a side hustle for extra income to survive. Thankfully, there are lots of businesses you can venture into as a side hustle with little or no investment. The good news is that most of them can be done after work or side by side with your full-time job. Before we go through some examples of side jobs, let’s look at why you need them.
Why you need a side hustle
Economic downturns and the high cost of living have made side hustle even more relevant and almost a necessity if you want to achieve financial freedom. As you draw closer to retirement, you may want to be financially sound to avoid old-age financial difficulties. Even though there are options like reverse mortgage loans to help cushion you in difficult times, having your own money is a better option.
To the young ones, it is always a good feeling to live a comfortable life and be able to afford your necessities. But this comes at a cost and having a side job can do the trick. Now here are other reasons you need a side job.
- Improve your financial stability and security
- The flexibility that comes with it
- Able to turn your passion into money
- You can make a career out of it
- Earn from your free time
- Learn new skills
Side hustles for extra income
Car rental
If you are lucky enough to have more than one car, why don’t you rent out the other when not in use? Car rental apps like Hertz, Free2Move, Enterprise, Getaround, and Rental 24h, among others, afford vehicle owners the opportunity to make extra income with their cars by renting them out. All you need is to list your car on the preferred app, and you are good to go. Even if you have just a car, you can decide to rent it out whenever it’s not in use. This can be a great side hustle as your car works for you.
Skill training
If you are a skilled professional, you can impart that knowledge to others at a fee. For example, if you are a graphic designer or developer, you can organize online classes for prospective learners at a charge. If you are a tiller, plumber, carpenter, etc. you can from time to time organize on-site training/workshops on specific aspects of the trade or on new trends.
Dropshipping
Gone are the days when you needed a physical shop to engage in buying and selling of products. Today, you can still run a successful retail and wholesale business without keeping the stock through drop shipping.
With drop shipping, you order products from a manufacturer or supplier, make the necessary payment, or reach an agreement, and they will keep the items for you. When you receive orders from a customer, you just alert your supplier, give them the shipping address, and they will ship the items directly to the customer on your behalf. So, you have no headache of having to keep stocks.
However, you should have effective marketing strategies including using social media and ecommerce sites. You can set up an online store on Facebook, Shopify, eBay, Amazon, Aliexpress, etc. to attract customers.
Food services
With busy schedules, very few people can cook at home, despite their desire to eat homemade foods. You can step in and provide this service to interested persons. Start by identifying friends and co-workers who hardly get time to cook. Talk to them about your new venture and take their food orders for the next day. Wake up very early, prepare their order, and send it to them at work. As they enjoy it, they will surely recommend you to others. Another way is to cook for them at home at a charge during your free time.
Rent out your free space
Renting out your free space (room, storeroom) is a passive way of making extra money. If you have available vacant rooms in your house, you can either rent them out or list them on sites like Airbnb. Airbnb has become a preferred accommodation option for many travelers. If your property is in good shape and in a safe zone, you can register and list it on Airbnb for potential clients. Note: you don’t need to list the entire property, just list the room(s), or space you want to give out for that purpose.
Sell online
Aside from doing drop shipping, you can also sell physical products online. For example, I have a physical clothing shop and have set up online stores to sell my products. I also supplier day-old chicks to farmers, and online is where most of my customers found me. By using Facebook, Instagram, Pinterest, Snapchat, Twitter, and any other social media platform, you can reach millions of potential customers for your business.
Many other side jobs like affiliate marketing, selling clothes, photography, laundry, freelancing, teaching a class, and setting up a consultancy among others can earn you a good extra income.
Conclusion
Having just one stream of income is not enough in these hard economic times. You need at least two or three to live comfortably! Look around you, identify the needs and difficulties of the people and create a solution for them. This is how many millionaires earned their wealth.
