Everyone loves a good side-hustle and who would refuse the opportunity to make a bit (or a lot) of extra cash at the end of each month? Times have been extremely tough due to the current health crisis, however, many people have seized this opportunity and used it to their advantage. The coronavirus pandemic has shown us that the world is a volatile place and that circumstances can change at any time.
Since covid-19 began, individuals realized the importance of having multiple streams of income. Many people have been left without a job or found themselves struggling with a reduced income. If you rely on a single source of financial revenue, you risk the possibility of losing it all. This is why diversifying your streams of income is now more important than ever. The pandemic has proven that, in this world, anything can happen, and you never know when your financial health could be affected.
Thanks to the Internet, it is now easier than ever to start exploring new business opportunities. You don’t need to have a large sum of capital in order to make some money. However, what you will need is plenty of determination and conviction in order to make your financial dreams a reality. Who knows? You may find that your side hustle turns into something larger and more profitable than you ever expected. You will never know until you truly try. Here are six lucrative side hustles that you should consider starting in 2021.
Tutoring
There are loads of online platforms that help connect tutors with potential students. If you are knowledgeable in a specific subject or language, you can host online tutoring sessions and set your own hourly price. The great thing about tutoring is that you can practically tutor anyone about anything. You can teach an eight-year-old maths or teach an eighty-year-old to use the Internet. This is also a relatively flexible job that you can fit around your schedule. Another plus about this side hustle is that you don’t need any money to get started, all you need is a laptop, webcam, and Internet.
Trading Stocks
Most people think that you need to be an expert in order to begin trading stocks. In reality, all you need to do is download a free stock app, research the different stocks, and make wise investments. Getting to grips with all of the stock lingo may be challenging at first, however, the potential to make a profit with this side business is unmatched. Don’t make expensive mistakes by listening to trading tips from strangers, make sure to do your own research about the stock market and look for companies with a potential to grow. The best way to mitigate risk whilst trading in the stock market is by diversifying your investments across different regions, sectors, and market capitalizations.
Food Delivery
Since everyone is now more reluctant to leave their homes, the food delivery businesses has been booming. Rather than going to sit at a restaurant, or even going to pick up their food from a grocery store, families now opt for ordering it straight to their homes. Companies like Uber Eats, Postmates, Door Dash, and Instacart all offer customers the ability to order food directly to their homes. If you would like to sign up as a driver, all you need to do is pick up the food and deliver it to customers. You won’t be swimming in cash; however, this is a great way to make an additional $500 each month.
Re-Selling Items
We have all heard the saying, ‘one man’s trash is another man’s treasure’. You would be surprised how much money can be made by re-selling old items. A great way to see if you have a knack for this side hustle is by clearing out your wardrobe and basement. Not only does this give you an opportunity to purge your closet, but you can also make some good money on the side. Use sites like E-bay or Facebook Marketplace to get rid of your items. If you find this venture lucrative or enjoyable, you can go out to thrift stores to find new items to re-sell for a profit. It’s also a great way to discourage fast fashion and re-cycle commodities.
Homemade Goods
If you aren’t cut out to resell items, you could always try making your own homemade goods. This is a side business that also has a great potential for growth. If you are a creative home baker, you could decide to sell homemade treats to local customers. If you create beautiful pieces of art or jewelry, you could set up your own store on Etsy and sell your items on a national scale. The potential to create and sell products is practically limitless. Consumers are now more inclined to shop locally, so use this to your advantage.
Freelancer
Online freelancers make up to hundreds or thousands of dollars each month by extending their services to clients. The great thing about freelancing is that you can dedicate as much time to this as you would like. Furthermore, you are not confined to working with local clients. If you are great at editing photos, graphic design, social media, or even coding, these are all valuable skills that international customers are looking for. Platforms like Upwork or Fiverr can help you connect with potential clients and find new streams of revenue.
Overall, there are hundreds of different ways that you can start making money. Whether you chose to invest on a smaller or larger scale, the possibility to turn a profit is most definitely achievable. Don’t be afraid to give entrepreneurship a go, sometimes our best talents are those that we didn’t even realize we had. Now that you know how easy it is to multiply your streams of income, there is no harm in trying. Most importantly, have patience. In order to succeed, you must put in the hard work. Get out there and start making some extra money!
