4 Best Places To Invest - Part 4 Additional sources of income/side hustles
A side hustle is any type of employment undertaken in addition to one’s full-time job. These could range from copy-writing for websites or magazines, tutoring a certain subject, creating online content or even creating an online store. It is important to be enthusiastic about what you choose to invest your time in to. Remember that the side hustle will take place in your free time and may start off slowly when generating your additional income. Choose wisely!
Where do I start?
The first thing you need to do is identify your skill set to ensure time isn’t wasted pursuing something you may not be very good at or enjoy.
Consider the following steps:
- What do you enjoy and what are you good at?
- Is this thing going to take up a great deal of time? Consider, do you mind giving up that amount of time?
- If you mind, then back to question 1 for a re-think.
- Do you need to invest money in any equipment?
- If yes and you have enough money, buy the equipment.
- Yes, but you don’t have enough money? Save to buy the equipment. My advice would be not to buy something on credit or some kind of finance deal. Remember, you may not make money from this side hustle right away!
- If no, move to step 3.
- IMPORTANT – make sure the money invested is proportional; don’t spend thousands on something that might bring in around £20 a week.
- Do you have the full range of skills and knowledge needed to pursue this?
- Yes? Do some research to see how others are doing it and make money that way.
- No? invest some time in getting those necessary skills up to scratch!
- Once the skill level has been reached start producing / marketing your idea/product/service.
Side hustles you may choose to look in to:
The first and easiest side hustle has already been covered on a previous post (making money through your home). Rent out a room in your home and rake in the money! Depending on your area this can be quite lucrative! You also have the opportunity to make a long-lasting friend in the process. Our lodger is now family – in fact, he moved out to buy his own place, yet we still love our little meetups and miss him loads! It was always nice waking up to toast in the morning! For more information about how much you could make in your area, visit Spare Room.
Top tip – If you don’t fancy renting out a room for long periods – set up your spare-room on Airbnb and use this as an opportunity to bring in additional cash for short periods of time. It won’t make you filthy rich, but it will help save a little more!
Creating your own blog can be time consuming, but once you’re set up and know the correct structure you will soon start to see the money coming in. We live in a time when many individuals struggle to hold on to their money! I hate the idea that as a society we work our entire lives and often end up with very little to show for it. In a number of cases this is due to a lack of education surrounding money.
Bearing in mind investing your money is an ever googled topic, why not capitalise on it? I personally love saving, investing, trying to make money work for me. So again, why not help others? Why not capitalise on a popular topic and write about how to help people invest their money? I also enjoy cooking and my family! Why not help others by showing how they can eat healthy meals, cook on a budget and in a short amount of time? Why not make money at the same time?
Top tip – The best way to make money through blogging is by running ads on sites, using affiliate links and creating sponsored posts. Pick a topic that you know is googled frequently to ensure your site gets traffic.
One of the best side hustles is YouTube. If you are charismatic, have money to invest in a camera and video editing software, as well as having something interesting to make videos on, you are set. However, this isn’t an over night thing, you will generally find that when you have a large bank of videos, your YouTube income will really pick up. This only happens once you have jumped through the hoops to get monetised, which isn’t easy.
Top tip – Choose topics that you know that people will be interested in. Don’t be afraid to talk about controversial matters – they will most likely get the most views!
Create an app and publish it on an Appstore. Consider that this requires programming knowledge and a large time investment. The returns for this can be fantastic though as once it has been made, you no longer have to devote more time unless you want to. This is passive income and is the best type. Your creation doesn’t need to be complicated – start small and then develop as you go on. I have played a text-based Dungeons and Dragons style game that runs ads and in-game purchases. You can also offer people in-game money to purchase from the store for watching the ads, which means you get paid from the ads and the player gets free things to use on the game – win win! If you love writing stories and you would have done it anyway, why not capitalise on it?
Top tip – Start small or with a simple idea and then monetize it.
This is selling your time for money, good money! Depending on your skill level this can be a fantastic side hustle. Why not tutor a subject you’re very good at to earn additional cash on the side? You could sign up to an agency or put yourself forward on social media. If you can get a decent number of pupils, you can make a substantial amount of extra money every month. When we tutor, we charge between £40-£50 an hour per student depending on their year group. We offer both individual lessons or group sessions of up to 5 pupils at a discounted rate. This works out as a bargain for parents and means we can do less sessions a week for similar money. For more information on this visit Actual Teachers.
Top tip – Tutoring is best spread through word of mouth. Please the parents and students from the start by doing the following: give tutees the first session at a discounted rate and be available via email to answer brief questions between sessions.
As someone that is quite tech savvy, I have made money with general day to day repairs to people’s computers. Anything from removing viruses, increasing people’s RAM, fixing printers etc.
You can specify how much you will charge for the job or how much you will want per hour. I would advise going per job, as you don’t want people to feel ripped off by you. I haven’t advertised myself on this, but I have got work through word of mouth. So the better you are, the more your name will be passed around.
Top tip – Make sure you agree a price though! Early on I helped an old lady who knew a neighbour I’d done work for. Unfortunately, I hadn’t agreed a price before beginning… After about 3 hours of sifting through the files on her computer, backing them up and moving them to her new computer, I left with my tail between my legs and £5 in my pocket… time wasted! Never again! Say your price and learn from my mistake.
Sell your belongings
This is really simple and not sure that we can really call it a side hustle, however I would assume that a lot of people reading this post have a ton of stuff in their home that they don’t use. It just sits there and gathers dust! My friend – it is time to start selling these items. Ebay is your friend! If you are in England – Gumtree, NextDoor or Facebook Market Place are fantastic tools for selling items! Hell, Filipa is in a Facebook group full of mums in the area. We often buy and sell items on this group and have saved ourselves loads on all the equipment our little one needs.
Why buy something brand new when people are going to sell it for a bargain? Obviously if you want to make money I wouldn’t recommend selling for cheap – unless you know that it won’t sell for more.
Top tip – Don’t just throw things away – whether it be old clothes, electricals, toys etc sell them! Your rubbish could be exactly what someone has been looking for.
Sell your advice
If you know a lot about something that you think others would want to know, charge for it! People want some in depth explanation about how to invest, sell it to them. I know Pension Craft offers telephone consultations for £80 an hour on stocks and shares! If people want to know, they will pay! You can apply this to other areas as well. Let’s say you are an outstanding teacher who is fantastic at jumping through hoops and getting results! Why not teach others how to plan and deliver lessons to the same standard?
Top tip – Make money from your knowledge, then make your money work for you!
Sell your photography
If you spend hours taking pictures, sell them! Build a portfolio of a range of stock images and aim to get them out to a large audience. You can make a substantial amount of money as you’ve sold a large body of pictures.The more images you have circulating the more you’ll make!
Like to draw? Good on Photoshop? Design images and then upload them to a site like Red Bubble who sell t-shirts. They will pay you per t-shirt design that sells. Make loads of designs and then they will more likely sell and you will make even more money!
Top tip – A lot of the time it’s about volume!
Sell your own products
Get creative with this side hustle! Whether it be jewellery, art, clothing, photography or your own writing – there is money to be made. So many people have hidden talents that they could invest their time in to make money. Enjoy writing? Why not write an E-book? Why not publish it on Kindle store and make your money that way. Add a copy to your site and make money directly. You could even sell other people’s products using a method like drop shipping!
Top tip – This is much more of a time investment as you need to have a product to sell – however once it’s out there the income is passive. Loads of hard work at the start!
Real world examples
First thing I had to consider when deciding on my side hustle was, what am I good at and what do I enjoy?Photography.
With 2 cameras and some decent enough lenses I wouldn’t need to purchase any other equipment at the beginning. Using the skills I have now, I could make some money from my photos. If I later want to branch into different areas of photography such as weddings or portrait photography, then I would need to invest in better lenses and maybe an additional body.
After having done some research and seen that there are a number of stock photo sites that I could upload my photos to I have a great starting point. I’ve also noticed that some shops and restaurants allow you to put some photos on their walls. If they sell they send you the cash (I have a friend who did this and scored a job out of it later).
My aim is to upload as many of my photos as possible to these different stock image sites. Once I have made enough money from this, I can then use this to invest in new camera gear. At this point, I could start taking portraits and expand my side hustle in to a more lucrative venture. Once I have a website I can then upload some of my best portrait examples as well as giving my fees. I will also have another page where I can sell photos I have taken. I will need to make sure I extend my knowledge of search engine optimisation to make sure my site ranks on Google.
As a teacher I absolutely love reading and have spent a lot of time helping people in the past by proofreading their work and giving them feedback. I don’t particularly love marking, but I’m pretty good at it and it doesn’t take me too long. Working with young people has always been an exciting prospect for me and something I actually enjoy. You may think that spending more time with children outside of school would be a teacher’s worst nightmare! But actually I don’t mind it and if anything it just keeps me on my toes.
One positive about this side hustle is that I don’t really need to invest any money to make this happen. If I wanted to create a website, I could probably do this for less than £50 a year or could simply advertise on social media for free!
As you can see from the real-world examples, you just need to put things in place that will allow you to succeed. Think carefully about what you enjoy and are good at, then think about what people need. All the examples above will very much vary based on your own skill set, time commitments and how much extra money you are aiming to make on the side. Another key thing to note is that you will have to pay additional tax on the extra income you make by completing a tax return form.
Ultimately the ball is in your court – there are so many ways to make a little extra cash which will help towards your saving goals and allow you to invest in your future. You just need to take the decision to start.
For us, the first hurdle was changing our mind-set – the best way that we found to help was by reading and researching. You’ll often find that many books and blogs will give you loads of encouragement to change your mindset but not many will give you actual feasible ideas to help you. We hope that this short introduction to side hustles will help you on your saving and investing journey.
Please do subscribe and get in touch if you have any comments or would like to ask any questions!