Diversifying it is one of the best ways to make your money work harder. This means looking for different sources of income and working on them equally (or at least as much as you can) to take advantage of different opportunities. One way you can diversify your income is through a side-hustle. Here are eight popular side-hustles to maximize your small business or work earnings.
1. Start a Blog
It’s one of the most popular side-hustles out there, and it has a lot of benefits. Blogging allows you to expand your online presence, promote your business, and generate passive income. You may also enjoy seeing your blog rank better in search engines, which means more traffic and potential customers.
Starting a blog is not difficult when you have everything planned out. You can also consider hiring a freelancer to help you or act as your virtual assistant.
2. Create Online Courses and Webinars
You might think you know everything about your business, but that doesn’t mean it’s not worth sharing with others. You could teach other people how to do what you do or offer a specific service – and then they can take advantage of it. Selling online courses and webinars through a site like Skillshare or Udemy is one of the most popular side-hustles.
It’s also a great way to differentiate yourself from your competitors. The success of your online courses and webinars will depend on the quality of your content and the interest of your potential students and customers.
3. Start an E-Commerce Store
Another popular side-hustle is selling products online. You can sell products you’ve made yourself or items you have purchased from others, then create and sell them through a website like Etsy or eBay. It is important to open your shop and make it look professional – especially if your main goal is to make money from it.
You will also need to set up your store, which you can do either manually or with help from a site like Shopify.
4. Purchase a Franchise
A franchise refers to a business that’s already established in your market. Franchises offer several benefits, including brand recognition and access to the company’s resources. You may be able to purchase a franchise for less than $50,000 or earn royalties from other people who open a franchise in your area.
You can also try seeking out opportunity franchises, which give you more freedom as an owner because you’re not as restricted by the franchisor. For example, you may purchase a coffee drive thru or a taco stand set up an operation in your neighborhood.
5. Start a Podcast or YouTube Channel
If you love to talk, there are plenty of online opportunities to get started. You can start a podcast, a type of radio show, or a TV program accessible online. Your co-hosts can be voice actors and experts who will often help the audience learn new things and connect with others. A podcast provides exposure for your brand and allows you to build up an online network of people interested in what you have to say.
6. Set Up a Freelancing Gig
If you’re good with words and numbers, you can use your time wisely by doing freelance work on sites like Upwork or Fiverr. A great way to make extra income is as a virtual assistant or a freelancer who performs different tasks for other people. It’s also one of the most popular hustles, allowing you to determine your schedule and work from anywhere in the world.
7. Sell Your Used Books Online
Another great side-hustle business is selling your old books online. You’ll be able to sell your books online at sites like eBay, ePier, and Gumtree, then get paid in cash or PayPal. This is a profitable way of making money because you can post one or more book titles and reap the benefits immediately.
8. Become a Freelance Writer
If you enjoy writing, you can easily make money online by becoming a freelance writer. You can write articles, full-blown eBooks, and more for various websites and content portals. Freelance writing is not easy at first, but it offers great opportunities to make money.
Conclusion
As you can see, there are myriad side-hustles that you can develop as an entrepreneur. Many are related to your main business, but others have a much wider reach. Diversifying your income doesn’t mean you must become a multilevel marketer and take over the world with your business. It means taking advantage of the opportunities around you and maximizing the returns on the numerous streams of income that you’ve set up.
