January 7, 2016
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 in 2016.
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.
And if you’re a student yourself, tutoring others can be doubly beneficial for you, thanks to a phenomenon called the protege effect. The idea is that when students 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 more efficiently.
That’s something Pete Abilla, CEO of FindTutorsNearMe, thinks is one of the biggest draws to tutoring online. “We see people with dramatically different backgrounds choosing to begin offering tutoring sessions through our site. A lot of people do it to earn extra money on the side, some while they’re working on getting a business off the ground, and I think that’s a great idea. It’s a win-win for the tutor and the student.”
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 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 well, it’s easy to make this side hustle a full-time gig or build it into your startup. You’ll earn notoriety as an industry expert, and you can use that 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 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 skillset and gain relevant experience while you work toward your larger goals.
What kind of work do you do on the side to keep your finances afloat? Add your comments below!
A version of this article was originally published here.
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