ReportWire

Tag: Side Hustles

  • 5 Side Hustles You Can Do Entirely on Social Media

    Social media, for many people, can be a way to stay in touch with friends, an ego exercise, or a vehicle to argue with strangers. But for some especially focused users, it can be a side hustle with income potential. Converting your feed into something that generates cash isn’t the easiest side hustle—and it takes time. But if you can build a large enough following, it can be a lucrative side business.There are a number of social media-focused side hustles. Here are a handful to consider.

    Social media is one of the most direct marketing paths for companies – and they’re regularly looking for exposure. Some companies will pay posters to feature or review their products. The amounts vary, depending on your follower count and the overall focus of your social media account. (If you tend to post about politics, for example, that could limit the products that want exposure on your feed.) Pay scales range from $50 to $500 per post for microinfluencers. Those with larger followings can demand a lot more. To find companies looking for sponsored posts, you can either reach out directly (usually to smaller brands) or join influencer marketplaces like AspireIQ or Collabstr.

    Influencer

    One of the nice things about social media is you can build a channel dedicated to something you’re passionate about—from toys to concerts to hobbies. If your content resonates with people, and you’ve built a good sized following, you’re likely to get on the radar of marketing professionals in that industry (or, again, could reach out yourself). You can also earn a percentage of ad revenues.

    Once you get to 1,000 subscribers and 4,000 watch hours within a 12-month period, YouTube will let you join the Adsense program to earn a portion of the ad revenue on your videos. If TikTok is your outlet of choice, you’ll need at least 100K authentic video views in the last 30 days to be eligible to join the company’s Creator Fund. And Instagram offers monetization features like Badges and Subscriptions once you cross the 10,000-follower mark.

    Live Streaming

    Live streaming is especially popular in the video game world, and there are several ways to monetize that audience. Popular methods for doing so include TikTok gifts, YouTube SuperChats, or Twitch subs. If games aren’t your thing, consider using live streams to offer tutorials, host Q&As with notable people (or even yourself if you’ve gained enough followers) or focus on some sort of personality-driven project that captivates viewers.

    Digital Product Sales

    Just like QVC lets entrepreneurs show off and sell their products, social media can let side hustling creators show off their goods. Best of all, aside from the promotional work done on social media and the process of coming up with ideas, there’s not a lot of additional responsibilities you’ll need to shoulder.

    Using a dropshipping company, you can set up an online store and have a third-party supplier manufacture and ship the product to the customer, freeing you from having to worry about things like storage, fulfillment or upfront production costs. Your responsibility will be to come up with a concept that appeals to customers and convince them, via your feeds, to buy those goods. Set up a site on Shopify (Basic plans cost $29 per month) or some other service to start. 

    Prefer to keep your social media feed uncommercialized, but you’ve realized you have a talent for developing posts that turns heads? That’s a skill companies are always on the lookout for, and social media consultants are a side hustle that’s increasingly in-demand. You’ll need to be able to do more than capture attention. You’ll also need to monitor engagement metrics and increase interaction. But this is a job that’s more creative than materials-intense. Sites like Upwork and Freelancer.com are a good place to start looking for clients.

    The final deadline for the 2026 Inc. Regionals Awards is Friday, December 12, at 11:59 p.m. PT. Apply now.

    Chris Morris

    Source link

  • Gen Z Is Using AI to Boost Their Side Hustles and Grow Them Into Full-Time Businesses

    As more and more of Generation Z embraces side hustles, they’re increasingly leaning on artificial intelligence to help them get ahead. A new survey by Canva finds that 80 percent of the people who have side hustles have used AI to fuel the growth of those enterprises, with 74 percent calling it their secret weapon.

    The tools, including ChatGPT and Canva’s own online graphic design offerings, are being used for everything from video creation and logo/brand design to data analysis and copywriting. And some of those side hustles are becoming full-time businesses.

    Side hustles, on the whole, have never been hotter. Data from the U.S. Bureau of Labor Statistics shows that 8.9 million Americans are currently working multiple jobs. That’s 5.4 percent of the country’s workforce. And a SurveyMonkey study published earlier this month found “72 percent of workers either already have or are considering a side gig—37 percent already have a side hustle, and 35 percent are considering pursuing one.”

    Some 22 percent of the people surveyed by Canva said they were inspired to start their own company after launching a side gig and 17 percent said the work led to a consulting or freelancing job. Additionally, 33 percent said they had gained new clients or customers, while 29 percent said their side gig had helped build their professional brand. Gen Z was the generation most likely to start passive income side hustles: Of those with side hustles, 48 percent of Gen Z are currently earning passive income.

    All totaled, two-thirds of the 300 “5-9 influencers,” as Canva calls them, said they would consider quitting their full-time jobs if they believed their side projects could sustain them.

    They wouldn’t be the first. Some very familiar tech companies got their start as side hustles or side projects, including Groupon, Twitter, Craigslist, and Instagram (which began as Burbn, a location-based app for whiskey lovers). And thousands of other, smaller businesses, began as a part-time side gig for the founder, eventually growing to multi-million dollar businesses. 

    Today’s side hustle community is made up of a mix of generations. Canva’s survey found that just under half of Gen Z, Millennials, Gen X and Baby Boomers were making money from side gigs today, with the actual percentages ranging from 40 to 48.

    Increasingly, the side hustles they’re choosing are digitally-focused. The most popular jobs were social media creator (35 percent), e-commerce (27 percent), gaming and streaming (24 percent), and graphic design (14 percent).

    Extra income is the biggest motivator for people who have side gigs, Canva found, but it wasn’t the only one. Some 36 percent of the respondents said they were running their side hustle because they enjoyed the creative expression it gave them. And just under one-third said they wanted to turn a passion into a business. 

    Even people with side hustles who aren’t looking to launch a business of their own are seeing advantages from the work. The skills they’ve learned as part of that work, including the AI expertise they’re building, are helping people advance. Some 14 percent of the people surveyed said their side hustle had helped them get a promotion at their day job.

    The final deadline for the 2026 Inc. Regionals Awards is Friday, December 12, at 11:59 p.m. PT. Apply now.

    Chris Morris

    Source link

  • Why This Southern City Is the Most Popular for Side Hustles

    Atlanta, over the past few years, has become a hotspot for startups, with a thriving entrepreneurial community thanks to a moderate cost of living, increased access to venture capital, and a strong tech community. It’s not just startups that are thriving in the city, though. The Big Peach, as locals call it, is also the top city in the country for side hustles, according to a new report.

    On an average month, there are 1,914 searches for side hustle-related terms coming from Atlanta, far more than any other city on the list. On average, there were 384 searches per 100,000 residents.

    The study, from direct-to-film transfer company Ninja Transfers, analyzed search volumes for side hustles in 170 U.S. major cities, focusing on 80 different types of side gigs.

    Atlanta’s monthly searches were nearly double the closest cities on the list, with podcasting, online tutoring, and freelance tutoring topping the list for that city. The Southeast, in general, was a hotspot for people seeking side hustles. Three of the top five cities were located in that region. Cities in the Rust Belt and Midwest also featured prominently.

    These were the top 10 cities for side hustles:

    1. Atlanta, Ga.
    2. Orlando, Fla.
    3. Salt Lake City, Utah
    4. St. Louis, Mo.
    5. Birmingham, Ala.
    6. Fort Lauderdale, Fla.
    7. Minneapolis, Mn.
    8. Miami, Fla.
    9. Cleveland, Ohio
    10. Pittsburgh, Penn.

    Podcasting was the most popular side hustle among all of the searches among people looking for a side hustle. Online tutoring came second, followed by freelance writing, and mystery shopping.

    “Many Americans nowadays are looking to explore further than the standard 9-to-5,” said Victor Ilisco, director of sales and operations at Ninja Transfers in a statement. “[Side hustles] are becoming increasingly accessible thanks to digital platforms and tools. And the barrier for starting one is a lot smaller than what it used to be.”

    While most side hustles are ways for people to earn extra income, they can become fully-fledged business—sometimes growing into operations that rack up millions of dollars in sales.

    Atlanta, meanwhile, has become a launch pad for many startups in the software, fintech and healthcare fields. Among the companies that have gotten their start there are Mailchimp (which was acquired by Intuit in 2021), data privacy firm OneTrust, and cryptocurrency payment company BitPay.

    The heart of the city’s startup culture is the Atlanta Tech Village, which has helped launch over 300 startups, which have collectively raised more than $3.2 billion in capital. That incubator offers entrepreneurs a place where they can interact with other founders and collaboratively solve problems, access to mentors and office and event space to build and showcase their companies.

    This year, Atlanta was home to 213 of the fastest growing companies on the Inc. 5000 list. And a WalletHub list of the “Best & Worst Places to Start a Career for 2025” ranked Atlanta first.

    The qualities that make the city ideal for startups can also be beneficial for people pursuing side hustles. The entrepreneurial energy that encourages startups also benefits freelance ventures and side hustles that approach an unmet need from a different angle. And if your side hustle begins to grow into something more than extra income, there are plenty of resources to help you take it to the next level. 

    The early-rate deadline for the 2026 Inc. Regionals Awards is Friday, November 14, at 11:59 p.m. PT. Apply now.

    Chris Morris

    Source link

  • 7 Side Hustles That Let You Start Earning Extra Cash Right Away

    Side hustles are a great way to supplement your income, but sometimes you need money in a hurry. Many side hustles that require you to find and build a customer base or an audience can take a while to monetize. 

    But there are several side gigs, particularly in the service economy, that let you start building your bank account quickly. And, depending on where you live, you could raise a good amount of money in a short time, because there’s an abundance of demand.

    Here are a few side hustle ideas that will put cash in your pocket quickly.

    Rideshare 

    The beauty of side hustles with services like Lyft and Uber is you’re entirely in charge of your schedule—and the more time you have available to drive, the better the chances of getting a big check. (The income isn’t bad either, averaging just over $21 per hour for rideshare jobs, according to ZipRecruiter.) You can work around your 9-5 job, if that’s a factor, or just make yourself available for riders when you have a free moment. It can take a few days to a couple weeks to get approved as a new driver.

    Delivery driver

    Don’t want to ferry people near and far, but you’ve still got a car and free time? Signing up to do side gigs for a delivery service like DoorDash, GrubHub, Instacart, or Deliveroo can be a quick and easy way to make some extra cash. You’ll generally earn a flat fee per delivery as well as tips, though payments and payment methods vary from company to company. Getting signed up can take anywhere from a few hours to a couple of weeks.

    Repairs

    If you have the skills and tools, there are always people nearby who need things repaired or taken care of that are looking to avoid the sometimes ridiculously high costs charged by full-time home service companies. Promote your work on sites like TaskRabbit or Thumbtack to find work—and monitor your neighborhood or town’s Facebook resident page. Calls for help go up regularly on those.

    Childcare

    This might be the fastest way to pick up extra cash. Parents want someone who is mature enough to handle any emergencies that might arise when it comes to their children. The best way to find work is via personal connections with people in your neighborhood and town. There are also plenty of services for people that might be new to town or don’t know anyone who might make a good sitter. Sittercity, Care and SitterTree are all worth checking out and pay rates of up to $23 per hour.

    Yard care

    Yard work, for some people, is a burden, but because they want to keep up with the Jones (or live in fear of a nastygram from the HOA), they’re often eager to hire someone to take care of things for them. Whether it’s mowing the lawn and weeding, raking fall leaves or cleaning out the gutters, there’s an incredible amount of demand for this side hustle. Your neighborhood Facebook page is a good place to start advertising your services and to keep an eye out for people looking for help. Nextdoor is another good place to look for gigs.

    Dog walker

    If you prefer the company of four legged companions when you take a stroll, consider making a side hustle out of it. Sites like Rover let you advertise your services as a pet walker or doggy day care hub. You can set your own schedule and offer whichever services you feel qualified for. A study by NetCredit put the average income of folks who take this side hustle to be $24.84 per hour.

    Crafting

    Making homemade jewelry or candles or even something like a bath bomb is a good creative outlet. Of course, you can set up a digital storefront to sell online. (Etsy is one of the go-to spots to set up a store to sell those wares to a huge built-in customer base. Listing an item costs 20 cents and there’s a 6.5 percent transaction fee on the sale price. Etsy can also help advertise your goods beyond its site, for another cut of the sale price.) For quick cash, though, consider selling your goods at farmer’s markets, neighborhood markets or collectives in your town. Facebook Events is a great place to learn when those will be taking place nearby.

    Chris Morris

    Source link

  • What new rules in B.C. mean for gig worker rights in Canada – MoneySense

    What new rules in B.C. mean for gig worker rights in Canada – MoneySense

    Regulations that came into effect on Sept. 3 introduced protections for gig workers in the province, including: a minimum wage, mileage compensation, upfront fare transparency, and rules for account deactivation and dispute resolution. The regulations also give workers access to workers’ compensation through WorkSafeBC, a provincial agency that supports injured workers. 

    If you’re a gig worker or considering working through an app, here’s what you need to know about the rights you have across the country. 

    What led to new gig worker protections in B.C.? 

    The regulations come after years of efforts by unions and gig workers themselves to have gig work covered by provincial employment standards. In provincial labour law, app-based workers are considered independent contractors rather than employees, which means they haven’t been eligible for traditional employment protections, such as a minimum wage and rules around termination and severance pay. Gig work platforms also don’t have to make employment insurance (EI) or Canada Pension Plan (CPP) contributions on behalf of gig workers.

    The workforce for ride-hailing and delivery platforms, including Uber, DoorDash, SkipTheDishes and Lyft, grew 46% in 2023, according to Statistics Canada’s December 2023 labour force survey. That brought the total number of workers aged 16 to 69 to 365,000, up from 250,000 in 2022. Landed immigrants accounted for almost six in 10 of those workers.

    B.C.’s rules are a “step in the right direction,” says Jim Stanford, an economist and the director of the Centre for Future Work, a progressive research institute. But gig work is still largely the “wild west of employment,” he says, and there are few avenues for workers to assert their rights.

    Wages for gig workers

    B.C. is the first province or territory to implement a minimum wage for gig workers. At $20.88 per hour, the rate is 120% of the regular provincial minimum wage of $17.40 per hour. It only applies to “engaged time,” meaning the time drivers and couriers actually spend on assignments—hence the wage premium. Workers whose engaged time over a select pay period falls below the gig worker minimum wage are topped up by the platform at the time they’re paid. (Tips are not included in the minimum wage calculation.) 

    “The equation is difficult and it’s not perfect, but it aims to start to address idle time, when someone is waiting to pick up a person or package,” says Pablo Godoy, director of emerging sectors for the United Food and Commercial Workers Canada (UFCW), a private sector union. The UFCW Canada signed an agreement with Uber Canada in 2022 that made the union the official representative for Uber drivers and delivery workers across the country.

    Tips and vehicle allowances

    As part of the new legislation, B.C. has mandated that platforms pay workers 100% of their tips. It has also introduced a vehicle allowance to compensate workers for the cost of maintaining their vehicles. Drivers receive 45 cents per kilometre for personal vehicles and 35 cents per kilometre for other forms of transportation, including motorized e-bikes and bicycles. (Those who travel by foot aren’t eligible for the allowance.) 

    Kelsey Rolfe

    Source link

  • New to Canada and no pension: How to save for your retirement – MoneySense

    New to Canada and no pension: How to save for your retirement – MoneySense

    The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late 20s or early 30s—and they face unique challenges:

    1. Depleted savings: If you’re a 30-year-old newcomer, chances are you’ve used a large portion—if not all—of your savings to set up your new life in Canada. So, you’re behind in the retirement savings game. If retirement savings were a 100-metre race, lifelong Canadians have a 20- to 30-metre head start over newcomers.
    2. Lower income: If you’re a newcomer to Canada, you’ve probably had to restart your career a few rungs lower on the corporate ladder because of your lack of Canadian work experience. This means you’re not earning as much as others your age who have similar experience. Consequently, your ability to save for retirement is lower.
    3. Lack of knowledge: You need to understand Canada’s financial and tax systems to maximize its retirement planning opportunities, and gathering this knowledge takes time.
    4. Reduced contributions: Joining the Canadian workforce later in life than their Canadian-born peers, immigrants have fewer years to contribute to the Canada Pension Plan (CPP) and build up registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room. For this reason, they rely on less tax-efficient unregistered savings and investment vehicles to sustain their retirements to a greater degree than their neighbours.

    But there’s good news. As Toronto-based financial advisor Jason Pereira points out, “Canada’s retirement system does not discriminate against newcomers. The rules are the same for everybody.” So, with the right knowledge and expertise, you can work towards building a strong retirement plan. 

    How to start retirement planning as an immigrant

    To plan for retirement, you need to know:

    • How much money will you need each month in retirement? The simplest method to estimate your income requirement in retirement is to consider it to be 70% to 80% of your current income. For example, if you earn $75,000 a year today, 70% of that is $52,500—that’s $4,375 per month—in today’s dollars. Alternatively, you could estimate the amount you’d need in retirement using this tool.
    • How much you’ll receive from government pension and aid payments: You need to estimate approximately how much you’ll get from the Canada Pension Plan (CPP) and other government programs: Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). The tool at this link will help you do so. Ayana Forward, an Ottawa-based financial planner, notes that “some home countries for newcomers have social-security agreements with Canada, which can help newcomers reach the eligibility requirements for OAS.”
    • How much you’ll receive from your employer-sponsored retirement plan: Workplaces without a defined benefit pension plan sometimes offer a registered investment account (usually a group RRSP), with contributions made by you and your employer or only your employer. If you have a group RRSP from your employer, what will its estimated future value be at the time of your retirement? You could use a compound interest calculator to find out.
    • How to make up for a shortfall: The CPP, OAS, GIS and your group RRSP likely won’t be enough to fund your retirement. You’ll need to make up for the shortfall through your personal investments or additional sources of income.

    Sample retirement cash flow for a 35-year-old (retirement age 65)

    This table illustrates the types of income you could have in retirement. The amounts used in the table are hypothetical estimates. (To estimate your retirement income, try the various tools linked to above.)

    Amount (today’s value) Amount (inflation adjusted)
    A Amount needed $52,500 $127,400
    B Government pension and aid payouts
    (CPP, OAS, GIS)    		 $22,000 $53,400
    C Employer-sponsored pension plan
    (group RRSP)    		 $8,000 $19,400
    D B + C $30,000 $72,800
    E Shortfall (A – D) $22,500 $54,600
    F Needed value of investments in the year of retirement (E divided by 4%, based on the 4% rule) $562,500 $1,365,000
    G Needed flat/constant monthly investment amount from now to retirement $969

    In the example above, the person faces an annual shortfall of $22,500. In other words, this person needs to generate an additional $22,500 per year to meet their retirement income needs, after accounting for the typical government pension or aid payouts and their employer-sponsored retirement plan. To do this, they’d need to invest about $969 per month, assuming an 8% annual rate of return from now to retirement 30 years later. How could they fill this gap and meet their shortfall? Enter self-directed investments, real estate and small-business income.

    Build your own retirement portfolio

    An obvious and tax-efficient way to cover your retirement income shortfall is to build your own investment portfolio from which to draw income in your retirement years. These investments can be held in registered or non-registered accounts. Registered accounts, such as the TFSA and RRSP, offer useful tax advantages—such as a tax deduction and/or tax-free or tax-sheltered gains, depending on the account—but the amount you can contribute to these accounts is limited. Non-registered accounts have no contribution limits but offer no tax advantages. 

    Newcomers often have lower TFSA and RRSP contribution room compared to their peers because they’ve lived and worked in Canada for a shorter period. “TFSA contribution room starts accruing the year of becoming a resident of Canada,” Forward explains. “RRSP contribution room is based on earned income in the previous year.”

    Your TFSA and RRSP contribution room information is available on your Notice of Assessment from the Canada Revenue Agency, which you’ll receive after you file your tax return. To check your TFSA limit, you can also use a TFSA contribution room calculator.

    Aditya Nain

    Source link

  • Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

    Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

    Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.

    According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.

    Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.

    The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.

    Related: This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can ‘Work From a Resort in the Maldives’

    “Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”

    Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.

    The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.

    Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

    “My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.

    His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.

    Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.

    He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.

    Related: He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: ‘This Has Not Been Done Before’

    Sherin Shibu

    Source link

  • Do I need a GST or HST number? – MoneySense

    Do I need a GST or HST number? – MoneySense

    Why registering for GST/HST pays off

    The other excellent reason to charge GST and HST is that it pays off in dollars and cents.

    One of the great advantages of being self-employed is that when you charge these taxes, you only give the government what you charged minus the GST or HST you pay on your deductible business expenses. 

    For freelance writers like us, this is the sales tax we pay on printer paper, internet service, professional development workshops and more. The government lets us in essence deduct the sales taxes we pay on deductible expenses from the sales taxes we charge our clients. We then pocket the difference. The amount we save each year is roughly enough to pay for a trip to Europe.

    HST quick method or detailed method?

    The good news is that we don’t have to add up every bit of GST and sales tax we pay on our expenses to take advantage of this. That’s because we use the “quick method” for our calculations. 

    The government gives you two choices for paying GST and PST/HST instalments: the “detailed method” and the “quick method.” With the quick method, you simply pay 3.6% of the 5% GST you collect. In the case of provinces with HST, it’s a percentage of the HST: so, in Ontario, you only pay 8.8% to the government from the 13% you collect. 

    Image by rawpixel.com on Freepik

    The advantage of the quick method is that it’s much less work. You must only add up how much sales tax you charge your clients or customers. My spouse and I use the quick method and find it easy to do our calculations with an Excel spreadsheet. There is no need to keep a detailed account of the sales tax you pay on all the pens, paper, printer cartridges and more you claim as deductible expenses. 

    There’s another bonus to using the quick method. Governments offer a credit of an additional 1% on the first $30,000 of gross revenue. So, for example, in Ontario you pay 7.8% (instead of 8.8%) of the 13% HST you collect for that amount and pocket the other 5.2%. However, if you use the quick method, you must add the credit to your total revenue when you file your income tax return.

    The detailed method involves more work, since you must add up the GST and PST/HST you paid on each of your expenses and subtract it from the taxes you collect to determine the amount you have to pay. But this calculation method is useful if your taxable expenses are proportionately high, amounting to roughly more than 50% of your income. The advantage of the detailed method is that you don’t have to add the amount you retain to your revenue when you file your income tax return. 

    Julie Barlow

    Source link

  • “Can I use a personal credit card for business expenses?”—and other small business questions, answered – MoneySense

    “Can I use a personal credit card for business expenses?”—and other small business questions, answered – MoneySense

    In this article, we’ll tackle the basics around managing small-business finances, including opening a dedicated bank account and applying for a business credit card.

    6 reasons to separate your personal and business finances

    1. Having a business bank account and business credit card makes it easier to track your cash flow and expenses for your work.
    2. It keeps accounting costs down at tax time, since your accountant won’t have to spend time separating your personal and business income and expenses.
    3. Business credit cards often come with helpful tools and services, such as higher credit limits, expense-tracking software and additional cards for employees.
    4. Business credit cards often come with valuable rewards and perks.
    5. Using a business credit card and paying it off each month can help you establish a credit history for your company. A good credit rating will help if you ever need to apply for a business loan or line of credit.
    6. A dedicated business bank account communicates professionalism and credibility to your clients and vendors. And if you plan to incorporate your business, it must have a separate account.

    5 FAQs about business accounts and credit cards

    Below are five common questions from small-business owners.

    Can I use a personal credit card for business expenses?

    While you can use a personal credit card for business expenses, it’s not ideal. Just like with business bank accounts, business credit cards can help you run your business more efficiently. In addition to keeping your accounts separate, a good business credit card can offer all sorts of benefits like the ability to earn rewards, various types of insurance and access to valuable services. And as your business grows, separating your finances is good for your personal privacy, too.

    What are the benefits of a business bank account?

    Business bank accounts may offer features that you can’t get in a personal bank account. Some examples include merchant services that allow you to accept payments, access to specialized credit cards, business overdraft protection, or the ability to process funds in Canadian and U.S. dollars. Plus, having a separate account lets you build a credit history for your business, which will come in handy should you ever need a business loan to grow.

    What do you need to open a business bank account and credit card?

    Opening a business bank account and credit card in Canada is similar to what you’ve done with your personal accounts and cards. Different documents may be required, though, depending on the structure of your business and the product you’re applying for, but here’s a list of the documents to gather:

    • Identification with your name, address and date of birth
    • Social insurance number (SIN)
    • Articles of incorporation/association, if applicable
    • Canada Revenue Agency (CRA) business registration number
    • Trade name registration, if applicable

    Check what you’ll need with your financial institution before starting your application.

    What should I look for in a business credit card?

    The best business credit cards in Canada offer access to rewards, travel benefits and business-related perks (which you can use for business or pleasure!).

    As an example, let’s look at the Scotiabank Passport® Visa Infinite Business† Card, a credit card that offers rewards and travel benefits that you can use for your business.

    Keph Senett

    Source link

  • How to Turn Your Hobby Into a Business | Entrepreneur

    How to Turn Your Hobby Into a Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly grew to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.

    We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.

    Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.

    Related: Ten Tips To Turn Your Passion Project Into A Business

    Hobbies that make great side hustles

    So you have a niche hobby, and you’re wondering: How can I make some money from this? It’s important to remember that not all hobbies are created equal, financially speaking. And a niche interest that might have driven profits 20 years ago (collecting Beanie Babies, say) could be a financial sinkhole today.

    By keeping a pulse on the zeitgeist, you can anticipate trends and hobbies gaining public interest — and capitalize on those trends. Some, like the following, are side hustle ideas you could start at any time.

    Photography

    Senior portraits, weddings, special events, professional headshots — quality and affordable photography never lacks in demand. With a website highlighting your work, you can book clients and start earning money from your passion.

    Coding

    From bug bounty programs to website design, freelance coding offers major earning opportunities. A background in HTML, Python, Java, C++ or a myriad of other coding languages can be a financial boon.

    Home design

    If you designed your home to belong in an issue of Architectural Digest, others will take notice. Consult on color palettes, furniture selections, room layouts and lighting — and bring your curated aesthetic to the masses with a home design business.

    Video and audio production

    Whether promoting a brand on social media or starting a podcast, freelance producers can bring a marketing campaign to life. Sell yourself with past work, and mention your experience with programs in the Adobe Creative Suite or Pro Tools.

    Gardening

    Your green thumb could put some green in your pocket. The landscaping and gardening industry was valued at more than $250 billion in 2024, according to Mordor Intelligence, and if your own garden is thriving, you can fill a niche in your own (proverbial) backyard.

    Writing

    Can you construct clear and concise copy for a variety of clients? If so, the opportunities are as vast as your vocabulary. Wordsmiths can serve as speechwriters, copywriters, technical writers and ghostwriters, as well as assist with any editing needs.

    Baking

    Your beautiful cakes, cookies and baked goods could be more than delicious treats; they could be a source of income. Many entrepreneurs found success with home baking during the pandemic, and with proper planning and consistent clients, you can join them.

    Vetting if your hobby could be a business

    Before you make any hard commitments or major financial decisions, consider if your niche hobby can earn consistent money. Who is the target client? How much are current practitioners charging? How much money do you have saved? How much do you expect to make?

    It’s crucial to be clear-eyed about expectations before investing your own money into your venture. The following steps can help you assess whether or not to turn your passion project into a side hustle — or even a career.

    Run it by friends

    When we have that eureka moment, it sometimes blinds us to flaws in our logic. To get a quick check, run your idea by a few trusted friends. They might be able to point out roadblocks you didn’t think of or know a way to bring your idea to life. For Sabah, that meant asking other chefs for input. Avoid relying solely on one or two peoples’ opinions, but do gauge your friends’ enthusiasm. After all, close confidantes have your best interests in mind.

    Analyze the market

    Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.

    To truly excel, you must conduct a thorough analysis of your rivals. Although they might offer a comparable product, your goal is to surpass them. Analyze their customer feedback to identify gaps. When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.

    Network

    Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps. If you’re lucky, you might find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock. Keep the lines of communication with your network and your mentor open. They know the twists and turns and can save you headaches and expenses.

    Devise a business plan

    Don’t invest significant money into a project before creating a detailed business plan. Prior steps, such as analyzing the market, will help you write this document, and you’ll want to come away with clear financial expectations. Do the math — calculate your startup and overhead costs, insurance, marketing budget, earnings expectations and taxes. This will give you some base-level expectations and a roadmap to funding, if necessary.

    Getting your side business off the ground

    You’ve done your research. You’ve talked to friends and other entrepreneurs. You’ve analyzed the market and built a business plan. Now it’s time to take the first big step: getting your side business off the ground.

    Turning passion into profit takes work. Don’t be discouraged. There may be moments of doubt and anxiety as your business slowly ramps up. Lean on mentors, and consult your business plan. Like Sabah, if you’ve done the proper pre-launch work, you can keep your head down and follow the roadmap. The following steps can position you for success when turning your niche hobby into a business.

    Build an MVP

    In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features. For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers. Early and genuine feedback is the goal of an MVP. After all, it’s easier and less expensive to make changes at the beginning of the development cycle than in the middle of it.

    Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup

    Set achievable goals

    Be realistic about your first-year financial expectations. In fact, it’s common for new businesses to lose money in their first year of business as they pay back initial investments and build consistent customer bases. Sabah set goals — both financial and personal — that she could reasonably achieve. But don’t mistake this for easy goals. You should be ambitious but practical when planning to achieve your goals.

    Get help

    Sabah didn’t build her business alone. She knew she needed help building the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market and could mean competitors beat you to the finish line. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.

    Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or maybe you need help with building a brand identity and marketing the product. Outsourcing some of the work frees you up to focus on what you’re good at and can take stress off your shoulders.

    Related: Asking For Help Is Good For You and Your Business

    Keep your finger on the pulse

    Markets and trends can shift rapidly, so it’s essential to keep tabs on competitors and monitor your customers’ needs. The last thing you want is a product that’s outdated by the time it launches or a business plan built around last year’s “it” thing. By staying up-to-date on market and cultural trends, you can be ready to shift priorities when the time is right.

    It’s been a joy to watch my friend’s business grow. She’s met challenges with grace and never lets setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.

    Bidhan Baruah

    Source link

  • How much should I charge for freelance services? – MoneySense

    How much should I charge for freelance services? – MoneySense

    Pricing your services can be tricky, even for experienced freelancers. Let’s go over the factors to consider when deciding your rates. There are three parts to this: understanding the market you’re in, determining your income needs and your business’s break-even point and, lastly, setting your price using cost-based or value-based pricing.

    1. Understanding the market

    The first step in finding out how much you should charge for freelance services is to do market research. You’ll want to determine the following: 

    • Competitors: Who are the other players (businesses or freelancers) that offer the same or similar services in your industry or region? 
    • Customers: Who are your competitors targeting? Who are their customers, where are they, and what specific products or services are they buying?
    • Pricing: How are your competitors pricing their services? Check their websites to see whether they use hourly or project-based pricing. What factors might play a role in their pricing—for example, do they provide unique value or services, do they have lots of experience, or do they charge below-market prices to attract customers? 

    Then, map out where you fall into this mix, and use your research as a benchmark when making your own decisions. When doing this analysis, you can figure out your place in the market using the popular S.W.O.T. method: find out the strengths, weaknesses, opportunities and threats in your business environment (your geographical region or your competition online, for example). This will also help you compare your offerings to those of other vendors. 

    If you’re a freelance event photographer, for example, and you offer photos but not videos, your service packages should be priced lower than those of freelancers who offer both. This could help you attract customers who are looking for more affordable rates. And, you could also expand your services to include video in the future.

    By the end of your research, you should be able to answer some questions about how much you will invoice as a freelancer, such as: 

    • What are the going rates for services in your industry?
    • Will you charge hourly for your services, or will your pricing be project-based, or both?
    • If you are charging for projects and/or packages, what services will they include?
    • Will you have different bundles or packages at different price points, based on your costs and the value you provide to the customer? 

    How much to invoice as a freelancer 

    Now, you need to determine the dollar amount you should charge for your freelance services. There are two parts to this: a personal needs assessment and calculating your business expenses.

    1. Personal needs assessment

    How much will you need to pay yourself? Understanding your personal needs (rent payments, utilities and other necessities) versus wants (discretionary spending on food, entertainment or hobbies) will help you determine what you are able to pay yourself and what you are willing to sacrifice until your business grows. 

    Let’s say your needs require that you earn at least $1,000 a month from freelancing in addition to your other sources of income. When determining your personal payout, you need to consider your income tax bracket as well—new freelancers often forget about this. If your needs cost you $1,000 per month, and you’re roughly in a 30% tax bracket, you’ll need to pay yourself at least $1,300 from the business. (Read more about tax brackets, how they work in Canada and find out how much taxes you may have to pay.)

    Shalini Dharna Kibsey, CPA

    Source link

  • College Senior In Cleaning Up with Lucrative Car Detailing Side Hustle | Entrepreneur

    College Senior In Cleaning Up with Lucrative Car Detailing Side Hustle | Entrepreneur

    Blame it on the Dawgs.

    University of Georgia senior Jack TerHaar is a massive Bulldogs fan. But when working at bars in Athens, Georgia, started cutting into his game-watching time, he knew he was ready for something else. The late nights didn’t help either.

    “I didn’t want to be working until four in the morning,” he said. “I’ve always had an entrepreneurial mindset where I felt I could do more with my time.”

    TerHaar, a Louisiana native, started researching other options. Car detailing (i.e., thoroughly washing and cleaning cars) struck him as a potentially lucrative and flexible side hustle with little overhead. His instincts were spot-on—or spot-free.

    After a few initial missteps and some help from the entrepreneurial mentorship program at his school, TerHaar built Detail Dawgs into a $ 7,000-a-month business, donating some of this revenue to charity. He hopes to expand into other college towns after he graduates.

    Here’s how he did it.

    Related: She Started Her Side Hustle to Solve a Serious Problem With Outdoor Furniture. It Blew Past Her Full-Time Job’s Income — to $66,000 a Month.

    Getting help from mentors

    After TerHaar set his sights on car detailing, he gathered information by talking to a guy in his hometown who had a successful detailing business and watching a ton of YouTube videos to figure out what materials he needed.

    He detailed some of his friends’ cars and posted his work on Instagram. Business was good, but it wasn’t enough to pay off his tuition. Coming from a strong family tradition in entrepreneurship (both his mom and dad started their businesses), TerHaar enrolled in a 4-week entrepreneurial accelerator program at UGA.

    “My professors really pushed me,” he recalls. “They were like, ‘We wanna see you reach out to X number of people, and we wanna see you get X number of jobs this week.’ I went from doing five or six jobs a month to doing 12 jobs in that last week. “

    Breaking out of his comfort zone

    His professors encouraged him to shoot for a 2% conversion rate, ideally contacting 1000 potential clients weekly. That meant he needed to reach beyond his friend zone and the greater UGA campus.

    “How many college kids can pay $180 to wash their car? So, I went to grocery stores and parking lots and handed out business cards. I also went to real estate and law offices,” TerHaar says.

    At first, he was hesitant to approach “random strangers.” But he realized that “to find out who your customer is, you have to become uncomfortable talking to people about your business,” he says.

    With coaching from his professors, he also tested out Google Ads, pushing potential customers to his website. Eventually, he ranked number one in his area for car detailing.

    Business began to boom to around 15 jobs a week, requiring him to hire an additional three other guys. He charges $180 for sedans and $210 for SUVs and trucks, earning around $7,000 monthly.

    TerHaar admits his team could be detailing more cars, but they still must balance their school work. This is a side hustle, after all.

    Photo by Detail Dawgs

    Giving back

    Not all of their profits are going into their pockets. In September, TerHaar donated a portion of Detail Dawgs’ revenue to the National Alopecia Areata Foundation. TerHaar’s older sister Abby has Alopecia, an autoimmune disease that causes hair loss.

    “My sister’s my only sibling, and she’s somebody who I look up to a lot. I felt that a super positive way to support her was to donate some money to help raise awareness.”

    Again, this was a lesson TerHaar learned from his parents. When he was a kid, they ran a golf tournament and a 5K race for five years, raising more than $250,000 for the National Alopecia Areata Foundation.

    Photo courtesy of Jack TerHaar.

    Learning on the job

    TerHaar began his business by driving cars to the nearby coin-operated carwash, but he went mobile when that didn’t scale. Now, he and his crew show up in his 4-Runner with a hose, Shop-Vacs, and whole lot of chemicals, including tire cleaners, interior cleaners, leather conditioners, and stain removers. He learned early on that a drill brush is indispensable for quick cleaning.

    He also learned that car detailing can be dirty business.

    “This one guy had any type of McDonald’s food you could think of in his car,” TerHaar says. “He had Big Macs and Chicken McNuggets in there. That was when we invited in gloves.”

    The future of the business

    TerHaar hopes Detail Dawgs gets so big that he can focus less of his time on the detailing and more on the scaling details.

    “Hopefully, I won’t have to be on cars anymore, and I can run the business from my office, managing it and acquiring customers.”

    He is considering expanding the business after college. “If I decide to pursue it full-time and scale it to other college towns, I think it’ll be a six-figure business.”

    But for now, TerHarr’s happy just being in control of his financial destiny and not having to miss any more Bulldogs games.

    Jonathan Small

    Source link

  • 9 Out-of-the-Box Side Hustles to Try in 2023 | Entrepreneur

    9 Out-of-the-Box Side Hustles to Try in 2023 | Entrepreneur

    Since 2018, I’ve celebrated the holiday with an annual roundup of some of the most creative, outside-the-box side hustle ideas and stories that have come across my desk.

    These unique money-making side hustles stand out not just for their ingenuity but for the impressive income generated by ordinary people putting their skills, passions, and sheer determination to work.

    On the latest episode of The Side Hustle Show podcast, I discuss this year’s list, which features an excellent mix of unconventional side hustles spanning cleaning, gardening, rentals, social media, and more.

    1. BBQ Cleaning

    Jacob Shaidle was just 16 years old when he launched his BBQ cleaning side hustle in Ontario, Canada, in 2021. As a high school student looking to earn money for college, Jacob decided to go door-to-door, offering to clean neighborhood grills and smokers. It certainly wasn’t smooth sailing from there. In fact, Jacob reported that after the first lucky break, the next 50 homes in a row all said no to him.

    “Even now, I’ll have up to… 200 people in a row say ‘no,” he said. “It’s all about persevering and looking at the light at the end of the tunnel.”

    And persevere, he did. By the end of his first year, Jacob had brought in an impressive $12,000 in revenue. In his second year, he doubled sales to over $16,000 for the season! That’s an incredible accomplishment for a part-time endeavor. Just imagine earning an extra $16,000 during your summer break in high school.

    Jacob shared in the interview that he expanded beyond grill cleaning this past year. He now offers other cleaning services like “pressure washing patios, sidewalks, driveways, and car detailing, starting around $150 a session.”

    2. Selling Plant Clippings

    Gardening can be much more than just a hobby—it can be a way to earn extra cash on the side too. Brian Aleksivich from TheLotsProject.com gave us a peek into his homegrown side hustle selling comfrey root and crown cuttings online.

    Comfrey is a perennial herb that spreads each year, with new plants sprouting from pieces of existing roots and crowns.

    Brian says he first learned about comfrey’s propagation abilities from Survival Podcast with Jack Spirko discussing its many uses. He ordered some starter plants, let them establish and multiply, and soon had more than enough to share. Brian sells his comfrey cuttings on platforms like Etsy, Facebook Marketplace, and Craigslist. He notes that he harvests each Sunday and ships out orders on Mondays. This tactic allows him to limit the time spent on this side hustle.

    The effort has paid off. Brian reports earning “a couple hundred bucks a week” from comfrey root alone. Considering this requires just a few hours of work on Sundays, that’s an incredible return.

    Brian shared that he and his wife decided to sell their Minnesota farm and embrace the full-time RV lifestyle.

    To keep his comfrey side hustle going, he partnered with several individuals to help them start their own comfrey businesses using his rootstock and guidance.

    Brian offers guidance for anyone looking to start their own comfrey side hustle. On his website’s Services page, you can sign up for a 30-minute consultation to determine if comfrey is a good fit for you.

    Related: She Started a Furniture-Flipping Side Hustle to Pay Off a $10,000 Dental Bill. It Surpassed Her Full-Time Job’s Income Within a Year — Earning Up to $37,000 a Month.

    3. Growing Mushrooms

    When the pandemic hit in 2020, many people turned to gardening, baking, and home projects to fill time at home.

    For Doug Bronson of Southern New Hampshire, lockdown led to experimenting with mushroom growing. Over the past years, Doug has grown that hobby into a basement mushroom farm, generating $2,000 per week in sales.

    Doug told us his startup costs were relatively high—he spent over $30,000 on equipment and supplies… but he doesn’t regret the investment.

    His first client was a local mushroom farmer named Eric, who ran farm tours and sold to restaurants and markets. There is high demand for mushrooms in their area, so Doug started supplying Eric wholesale.

    He is grossing about $2,000 a week selling around 240 lbs of mushrooms at $8 per lb wholesale, or up to $16 retail, and it costs Doug only around $1,000 to produce each batch.

    Doug is working on increasing his revenue by getting into farmers’ markets and lowering his production costs. He also started a YouTube channel called SpeakeasyMyco to document his progress.

    4. Crafting Headstones for Pets

    Saying goodbye to a beloved pet is always hard. But Rodney Melton is trying to make honoring that lifetime of memories a little bit easier.

    Rodney runs an Etsy shop called MeltonMemorials, creating custom engraved pet headstones.

    Photo by Melton Memorials

    In the last year alone, Rodney brought in over $200,000 in sales from his pet memorial side hustle. With the low overhead of running this type of online business, he pockets an estimated 65% in profits.

    Rodney does have some upfront equipment costs, like laser engraving machines, granite saws, and other tools for etching. But he saves on his biggest expense: granite. How? Rodney partners with a local countertop manufacturer to pick up their discarded granite scraps.

    The stone pieces aren’t big, but they are big enough to craft hundreds of pet memorials sized from bricks to mini headstones.

    Since opening his Etsy shop, Rodney has made over 7,500 sales. Pet loss is an unfortunate inevitability for most owners. But products like Rodney’s pet headstones help keep memories alive.

    Related: 4 Super Simple Side Hustles That Could Replace Your Regular Wage — Fast

    5. Installing Christmas Lights

    If those Christmas tunes get you dreaming about festive lights and decor, why not turn your enthusiasm into a seasonal side business?

    That’s exactly what Jeff Jurina did over 20 years ago when he launched his Christmas light installation company, Christmas Lights By Design.

    Here are some of the standout stats Jeff shared about his holiday hustle:

    • $70,000+ in sales each season
    • All earned in just two months of work
    • Startup costs: ladder
    • Now also sells installation training

    Jeff began simply by going door-to-door in November and offering to put up neighbor’s lights. His only supplies were a ladder and some handouts. But he provided such a valuable service that word spread, business boomed, and the orders kept flowing year after year.

    These days, Jeff is busy managing his ongoing client lights in addition to selling installation training to new entrepreneurs. His online course teaches everything you need to know to start your own Christmas light business. Use promo code SIDEHUSTLE to save 10% off enrollment.

    Christmas holiday lighting is a nice add-on sale once you’re onsite decorating a client’s home or business for the season. You provide the know-how, and they provide the materials.

    You can even rent extra ladders and lifts during your busiest weeks then store them away for the rest of the year.

    6. Signature Coach

    Here’s a creative side hustle that takes a simple skill to the bank: redesigning signatures.

    Priscilla Molina of Los Angeles has built a business around redesigning signatures. On her site Planet of Names, she charges $25-$120 per custom signature.

    Each order includes three unique signature concepts tailored to the customer’s desired style—simple, professional, and dramatic. Priscilla says her customers are people unhappy with their current signatures, which no longer match their personality or convey their desired image.

    “They’re not happy with their signatures. They don’t relate to who they are. They don’t give the message they want to convey to the world,” she shared in an Associated Press interview.

    She earns an estimated $5,000+ monthly with her signature redesign service, primarily driven by her TikTok account, where she has nearly 1 million followers.

    Priscilla’s most popular TikTok videos demonstrate signature styles, like drawing stylized versions of a single letter. This establishes her expertise even for those with no calligraphy skills themselves. If you think about it, this makeover side hustle model could work for other creative services, too, like redesigning Zoom backdrops, fireplace mantels, sales copy, etc.

    7. Renting Champagne Walls

    Photo by The Wandering Wall

    I love unconventional rental side hustles —something you can buy or build once, then generate income from repeatedly. Past examples on the podcast have included party inflatables, portable hot tubs, and mobility scooters.

    Cheers to this next side hustler who dreamed up a way to cash in on weddings without actually planning any events. Alexis McDermott is the founder of Wandering Wall Company, a decor rental business specializing in trendy champagne walls.

    Alexis builds and rents out wooden walls fitted to hold staggered rows of champagne glasses. Couples can use them as self-serve bars at their receptions. Her walls rent for $450 each and have been a huge hit. Just two years after launching her side hustle, Alexis has already decorated nearly $30,000 worth of champagne walls and other wedding props.

    In addition to champagne walls, she rents seating charts, photo backdrops, welcome signs, and other wedding decor.

    Speaking with Business Insider, Alexis attributed much of her success to social media, specifically strategic photography partnerships.

    “Social media has played a huge role in my business success,” she said.

    8. Selling Your Stock Voting Rights

    If you invest in individual stocks, there’s a hidden perk you may not know about. Shareholders get voting rights in addition to any potential dividends and appreciation, and Preston Yadegar’s company Shareholder Vote Exchange will actually pay you to exercise those rights.

    Here’s a quick explainer on how it works: Public companies hold votes on matters like electing board members and approving policies. As a shareholder, you get a say through your voting rights. But many individual investors don’t participate in these votes, even though they could influence outcomes.

    That’s where Shareholder Vote Exchange comes in.

    Preston’s company purchases your voting rights for money, allowing them to cast proxy votes on your behalf. These votes are more valuable for smaller companies, where shareholders have greater sway.

    According to Preston, compensation typically ranges from 0.1% to 5% of your share price. For example, if you owned $100k worth of qualifying stock, you could earn an extra $100 to $5,000 each year! And it takes just minutes to connect your brokerage account to start monetizing your votes.

    This is one of the most unique side hustle opportunities I’ve heard in a while. Even with a modest portfolio, those unused voting rights could represent thousands in found money.

    9. Watching Mt. Rainier

    This next side hustle is near and dear to my heart as a native Pacific Northwesterner.

    Mt. Rainier is the iconic 14,411 foot tall volcano in the Cascade Range. We even have a local saying – “the mountain is out!” anytime Rainier makes an appearance.

    In 2013, David Lindahl created@isMtRainierOut – an X (former Twitter) account simply posting daily mountain visibility updates. Slowly but surely, David has grown this single-focus social media presence into a merchandising empire, bringing in over $2,000 per month.

    It took five years of consistent posting before David added any products. He quickly realized how passionate locals were about this legendary peak.

    In 2018, he launched eCommerce merchandise like t-shirts, stickers, and mugs. Today, the @isRainierOut Twitter account has around 38,622 followers. He now generates $2,000 per month in mountain-themed product sales online and at local events.

    This is a great example of building an audience around a beloved landmark. Is there a historic building, statue, sign, bridge, or other structure in your area that stirs up community pride?

    Find some way to celebrate it, and fans may want a piece of memorabilia to show their support.

    Since 2018, I’ve celebrated the holiday with an annual roundup of some of the most creative, outside-the-box side hustle ideas and stories that have come across my desk.

    These unique money-making side hustles stand out not just for their ingenuity but for the impressive income generated by ordinary people putting their skills, passions, and sheer determination to work.

    This year’s list features an awesome mix of unconventional side hustles spanning cleaning, gardening, rentals, social media, and more.

    1. BBQ Cleaning

    Jacob Shaidle was just 16 years old when he launched his BBQ cleaning side hustle in Ontario, Canada in 2021. As a high school student looking to earn money for college, Jacob decided to go door-to-door offering to clean neighborhood grills and smokers. It certainly wasn’t smooth sailing from there. In fact, Jacob reported that after the first lucky break, the next 50 homes in a row all said no to him.

    “Even now, I’ll have up to… 200 people in a row say ‘no’”

    “It’s all about persevering and looking at the light at the end of the tunnel.”

    And persevere he did. By the end of his first year, Jacob had brought in an impressive $12,000 in revenue. In his second year, he more than doubled sales to over $16,000 for the season! That’s an incredible accomplishment for a part-time endeavor. Just imagine earning an extra $16,000 during your summer break in high school.

    In the interview, Jacob shared that he expanded beyond just grill cleaning this past year. He now offers other cleaning services like “pressure washing patios, sidewalks, driveways, and car detailing, starting around $150 a session.”

    2. Selling Plant Clippings

    Gardening can be much more than just a hobby—it can be a way to earn extra cash on the side too. Brian Aleksivich from TheLotsProject.com gave us a peek into his homegrown side hustle selling comfrey root and crown cuttings online.

    Comfrey is a perennial herb that spreads each year, with new plants sprouting from pieces of existing roots and crowns.

    Brian says he first learned about comfrey’s propagation abilities from Survival Podcast with Jack Spirko discussing its many uses. He ordered some starter plants, let them establish and multiply, and soon had more than enough to share. Brian sells his comfrey cuttings on platforms like Etsy, Facebook Marketplace, and Craigslist. He notes that he harvests each Sunday and ships out orders on Mondays. This tactic allows him to limit the time spent on this side hustle.

    And the effort has paid off. Brian reports earning “a couple hundred bucks a week” from comfrey root alone. When you consider this requires just a few hours of work on Sundays, that’s an incredible return.

    Brian shared that he and his wife decided to sell their Minnesota farm and embrace the full-time RV lifestyle.

    To keep his comfrey side hustle going, he partnered with several individuals to help them start their own comfrey businesses using his root stock and guidance.

    Brian offers guidance for anyone looking to start their own comfrey side hustle. On his website’s Services page, you can sign up for a 30-minute consultation to determine if comfrey is a good fit for you.

    3. Growing Mushrooms

    When the pandemic hit in 2020, many people turned to gardening, baking, and home projects to fill time at home.

    For Doug Bronson of Southern New Hampshire, lockdown led to experimenting with mushroom growing. Over the past years, Doug has grown that hobby into a basement mushroom farm generating $2,000 per week in sales.

    Doug told us his startup costs were actually quite high—he spent over $30,000 on equipment and supplies… but he doesn’t regret the investment.

    Doug’s first client was a local mushroom farmer named Eric who runs farm tours and sells to restaurants and markets. There is high demand for mushrooms in their area, so Doug started supplying Eric wholesale.

    He is grossing about $2,000 a week selling around 240 lbs of mushrooms at $8 per lb wholesale, or up to $16 retail, and it costs Doug only around $1,000 to produce each batch.

    Doug is working

    Doug is working on increasing his revenue by getting into farmer’s markets, as well as lowering his production costs. He also started a YouTube channel called SpeakeasyMyco to document his progress.

    4. Headstones for Pets

    Saying goodbye to a beloved pet is always hard. But Rodney Melton is trying to make honoring that lifetime of memories a little bit easier.

    Rodney runs an Etsy shop called MeltonMemorials, creating custom engraved pet headstones.

    In the last year alone, Rodney brought in over $200,000 in sales from his pet memorial side hustle.

    And with the low overhead of running this type of online business, he pockets an estimated 65% in profits.

    Rodney does have some upfront equipment costs like laser engraving machines, granite saws, and other tools for etching.

    But he saves on his biggest expense: granite. How? Rodney partners with a local countertop manufacturer to pick up their discarded granite scraps.

    The stone pieces aren’t big, but they are big enough to craft hundreds of pet memorials sized from bricks to mini headstones.

    Since opening his Etsy shop, Rodney has made over 7,500 sales.

    Pet loss is an unfortunate inevitability for most owners. But products like Rodney’s pet headstones help keep memories alive.

    5. Christmas Light Installation

    If those Christmas tunes get you dreaming about festive lights and decor, why not turn your enthusiasm into a seasonal side business?

    That’s exactly what Jeff Jurina did over 20 years ago when he launched his Christmas light installation company, Christmas Lights By Design.

    Here are some of the standout stats Jeff shared about his holiday hustle:

    • $70,000+ in sales each season
    • All earned in just 2 months of work
    • Startup costs: ladder
    • Now also sells installation training

    Jeff began simply by going door-to-door in November and offering to put up neighbor’s lights. His only supplies were a ladder and some handouts. But he provided such a valuable service that word spread, business boomed, and the orders kept flowing in year after year.

    These days, Jeff is busy managing his ongoing client lights in addition to selling installation training to new entrepreneurs. His online course teaches everything you need to know to start your own Christmas light business. Use promo code SIDEHUSTLE to save 10% off enrollment.

    Christmas holiday lighting is a nice add-on sale once you’re onsite decorating a client’s home or business for the season. You provide the know-how, and they provide the materials.

    You can even rent extra ladders and lifts during your busiest weeks then store them away for the rest of the year.

    6. Signature Coach

    Here’s a creative side hustle that takes a simple skill to the bank: redesigning signatures.

    Priscilla Molina of Los Angeles has built a business around redesigning signatures. On her site Planet of Names, she charges $25-$120 per custom signature.

    Each order includes 3 unique signature concepts tailored to the customer’s desired style—simple, professional, and dramatic. Priscilla says her customers are people unhappy with their current signatures, which no longer match their personality or convey their desired image.

    “They’re not happy with their signatures. They don’t relate to who they are. They don’t give the message they want to convey to the world,” she shared in an Associated Press interview.

    She earns an estimated $5,000+ per month with her signature redesign service, primarily driven by her TikTok account where she has nearly 1 million followers.

    Priscilla’s most popular TikTok videos demonstrate signature styles, like drawing stylized versions of a single letter. This establishes her expertise even for those with no calligraphy skills themselves. If you think about it, this makeover side hustle model could work for other creative services too, like redesigning Zoom backdrops, fireplace mantels, sales copy, etc.

    7. Renting Champagne Walls

    You know how much we love unconventional rental side hustles here—something you can buy or build once, then generate income from repeatedly. Past examples on the show have included party inflatables, portable hot tubs, and mobility scooters.

    Cheers to this next side hustler who dreamed up a way to cash in on weddings without actually planning any events.

    Alexis McDermott is the founder of Wandering Wall Company, a decor rental business specializing in trendy champagne walls.

    Alexis builds and rents out wooden walls fitted to hold staggered rows of champagne glasses. Couples can use them as self-serve bars at their receptions. Her walls rent for $450 each and have been a huge hit.

    Just two years after launching her side hustle, Alexis has already decorated nearly $30,000 worth of champagne walls and other wedding props.

    In addition to champagne walls, she rents seating charts, photo backdrops, welcome signs, and other wedding decor.

    Speaking with Business Insider, Alexis attributed much of her success to social media, specifically strategic photography partnerships.

    “Social media has played a huge role in my business success,” she said.

    Alexis McDermott is the founder of Wandering Wall Company, a decor rental business specializing in trendy champagne walls.

    Alexis builds and rents out wooden walls fitted to hold staggered rows of champagne glasses. Couples can use them as self-serve bars at their receptions. Her walls rent for $450 each and have been a huge hit.

    Just two years after launching her side hustle, Alexis has already decorated nearly $30,000 worth of champagne walls and other wedding props.

    In addition to champagne walls, she rents seating charts, photo backdrops, welcome signs, and other wedding decor.

    Speaking with Business Insider, Alexis attributed much of her success to social media, specifically strategic photography partnerships.

    “Social media has played a huge role in my business success,” she said.

    8. Selling Your Stock Voting Rights

    If you invest in individual stocks, there’s a hidden perk you may not know about.

    Shareholders get voting rights in addition to any potential dividends and appreciation, and Preston Yadegar’s company Shareholder Vote Exchange will actually pay you to exercise those rights.

    Here’s a quick explainer on how it works:

    Public companies hold votes on matters like electing board members and approving policies.

    As a shareholder, you get a say through your voting rights.

    But many individual investors don’t participate in these votes, even though they could influence outcomes. That’s where Shareholder Vote Exchange comes in.

    Preston’s company purchases your voting rights for money, allowing them to cast proxy votes on your behalf. These votes are more valuable for smaller companies, where shareholders have greater sway.

    According to Preston, compensation typically ranges from 0.1% to 5% of your share price.

    For example, if you owned $100k worth of qualifying stock, you could earn an extra $100 to $5,000 each year!

    And it takes just minutes to connect your brokerage account to start monetizing your votes.

    This is one of the most unique side hustle opportunities I’ve heard in a while. Even with a modest portfolio, those unused voting rights could represent thousands in found money.

    9. Mt. Rainier Watch

    This next side hustle is near and dear to my heart as a native Pacific Northwesterner.

    Mt. Rainier is the iconic 14,411 foot tall volcano in the Cascade Range. We even have a local saying – “the mountain is out!” anytime Rainier makes an appearance.

    Back in 2013, David Lindahl decided to create @isMtRainierOut – an X (former Twitter) account simply posting daily mountain visibility updates. And slowly but surely, David has grown this single-focus social media presence into a merchandising empire bringing in over $2,000 per month.

    It took 5 years of consistent posting before David added any products. He quickly realized how passionate locals were about this legendary peak.

    In 2018, he launched eCommerce merchandise like t-shirts, stickers, and mugs. Today, the @isRainierOut Twitter account has around 38,622 followers. He now generates $2,000 per month in mountain-themed product sales online and at local events.

    This is a great example of building an audience around a beloved landmark. Is there a historic building, statue, sign, bridge, or other structure in your area that stirs up community pride?

    Find some way to celebrate it, and fans may want a piece of memorabilia to show their support.

    Nick Loper

    Source link

  • Self-employed? Here’s how to file taxes for a side hustle – MoneySense

    Self-employed? Here’s how to file taxes for a side hustle – MoneySense

    Process that is business income tax reporting and self-employment tax deductions.

    Nathalie Hatter is one of those who’s still running her former side hustle. A corporate travel executive who planned company getaways, she watched as her career stalled in March 2020. “As soon as Canada advised Canadians not to travel, that’s when companies had to cancel their programs,” says Hatter, who lives in Oakville, Ont.

    Hatter has elderly parents, so she needed a new job that would be socially distanced and flexible—like dogwalking. She ordered business cards and handed them out to dog owners in her neighbourhood. Soon, Hatter was relying on her earlier chef’s training to bake artisanal dog treats, which she sold at weekend farmers’ markets. Pivot Dog Biscuits was born. “I was selling out every weekend,” she says.

    Now, three years on, Hatter’s dog treat business is thriving. She’s currently gearing up to pay taxes by the federal tax deadline of April 30. (It falls on a Tuesday in 2024. The filing deadline for self-employed people (and their spouses) is June 15, but any taxes owing are still due April 30. “I like to get my taxes in ahead of the curve,” Hatter says.

    Having a side business can bring in a lot of extra income. It’s critical to track your business expenses and keep the receipts, so you can claim tax deductions. More considerations if you’re newly self-employed: Your extra income could push you into a higher tax bracket, lead the Canada Revenue Agency (CRA) to ask that you pay taxes in installments and/or require you to register for and start charging GST/HST (more on that below).

    These changes might be more than you bargained for when you launched your side venture, but planning ahead, maximizing deductions and reducing your overall income can ensure you maximize your profits while meeting your tax obligations. Here’s how to make that happen.

    Is your side hustle taxable?

    Absolutely, unless your side hustle brings in just a couple hundred dollars a year (so it’s more of a hobby than a business). Beyond that, any business income is taxable, says Dean Paley, a Chartered Professional Accountant in Burlington, Ont.

    To find out how much tax you owe, plug your income into an online tax calculator—Paley recommends Ernst and Young’s. Then add almost 12% for Canada Pension Plan (CPP) or Québec Pension Plan (QPP) contributions. If your net self-employment income plus pensionable employment income is over $3,500, you must begin contributing to CPP/QPP—and, unlike salaried employees, you must pay both the employer and employee portions for CPP.

    Anna Sharratt

    Source link

  • 5 Critical Lessons I Learned Turning My Side Hustle Into a Million-Dollar Business | Entrepreneur

    5 Critical Lessons I Learned Turning My Side Hustle Into a Million-Dollar Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In 2016, I followed every marketer’s advice and created a funnel that led to an online course. I spent thousands of dollars and worked long hours to make a few hundred dollars.

    Around the same time, an entrepreneur asked me to ghostwrite his book, and I convinced him to let me hire a writer and publish it myself. I made $25,000 doing a quarter of the work I’d done creating those online courses.

    From that day on, I put my energy into a side hustle that publishes authority-building books for entrepreneurs. Today, Legacy Launch Pad employs a team of writers, designers, and project managers, has published over 50 books, and has brought in seven figures.

    But finding the right business was only the first step. Below are five of the greatest lessons I learned.

    Photo by Legacy Launch Pad

    Do every job yourself before delegating

    While it’s intimidating to do everything yourself initially, and delegation is crucial once the business is established, giving the wrong person too much power early on means you don’t have enough. A few years into starting my business, the first team member I hired tried to sabotage the company and sue me. Even though her plan backfired, it made me realize that I’d given her too much control without understanding enough of the details about what she was doing.

    Help the right person (or people) for free

    Giving your product to an influential person can be a game-changer. Over 70% of our clients have been referrals from a friend who runs a big mastermind because, early on, I surprised him with a book we’d made out of hundreds of newsletters he’d written. He was so excited that he ordered hundreds of copies to give to everyone in his group and began recommending us to all the members.

    Don’t post or promote until you know your customer

    Social media and podcasts can seem like a waste of time—and it is if you don’t figure out what you want it to do for you. When we got clear about who we serve and what they want, we could make everything we put out there about that. I’d advise any entrepreneur to fill in the sentence, “We serve [types of people] so that they can [whatever it is they’re hiring you for or buying from you].” If you remind yourself of that sentence before you do anything promotional, you and your company will consistently be building authority. After a while, you won’t need to remind yourself of your message because following it will be organic.

    Be more exclusive

    While not every business can control who uses or hires them, the higher you set your standards for clients, the better those clients will be. When we started, we worked with almost anyone who wanted to hire us. Then we learned that non-entrepreneur clients were the most demanding while our uber-successful entrepreneur clients were the most grateful and easiest to work with. So we started setting qualifications for anyone who wanted to work with us: they either had to be a direct referral from a previous client or go through an application process.

    Support the passions of your team members

    In this age of side hustles, assuming that your team members are as devoted to your company as you are is unrealistic. Encouraging them to pursue what they’re excited about will make them more enthusiastic about working for you because they won’t feel like their passions are being stifled. If you don’t know what they’re interested in, offer to pay for a class they want to take and see if they want to share whatever they gleaned with you and the rest of the team; it will reinforce whatever they’ve discovered and probably help you learn something new, too.

    Anna David

    Source link

  • He Turned His Love of Bargains Into a Side Hustle That Earns $1000’s a Month | Entrepreneur

    He Turned His Love of Bargains Into a Side Hustle That Earns $1000’s a Month | Entrepreneur

    David Paxton had a passion for golf but quickly realized how expensive the sport can be, between equipment, apparel, shoes, and greens fees.

    So in July 2021, at the height of golf season, he had the idea to launch DailyGolfSteals.com — a website to curate and share the best daily golf deals he could find.

    Thanks to Paxton’s hustle and some key strategies, Daily Golf Steals earned over $2,000 in its very first month.

    On the latest episode of the Side Hustle Show, Paxton shares how sharing bargains can bring in bucks.

    Finding inspiration in an established niche

    The world of daily deals and group buying took off ten years ago with the rise of sites like Groupon and LivingSocial.

    But while the hype around those big players has died down, the business model remains viable in niches with an engaged audience.

    When Paxton discovered HuntingGearDeals.com, run by Camron Stover (featured in Side Hustle Show episode 485), he decided to try the model in golf.

    Stover also gave Paxton the confidence to make daily deals work in the golf niche. He saw the potential for steady growth by delivering consistent value to an engaged audience.

    This competitive analysis validated the opportunity and accelerated David’s timeline for getting Daily Golf Steals in the green.

    Related: The 8 Best Online Side Hustles of 2023

    Leveraging Reddit

    Paxton focused on one of the largest golf groups, r/golf, with over 800,000+ members.

    This subreddit already had an established “deal guy” role posting great golf bargains as a helpful free service to the community.

    Paxton eventually took up the mantle of finding the best discounts and steals for this community of golfers. The Reddit audience instantly responded, embracing Daily Golf Steals because the deals were genuinely valuable.

    Paxton carefully balanced those first few weeks, sharing a mix of deals — some with direct affiliate links, others as pure “giveaways” without monetization. This mix demonstrated he wasn’t solely there for profit.

    Thanks to the instant traction from Reddit, Daily Golf Steals earned thousands of dollars in month one. The power of a pre-built audience cannot be overstated for accelerating new side hustles.

    Driving traffic

    Clearly, leveraging Reddit for a fast start was a huge win. But Paxton knew he couldn’t rely solely on Reddit long-term. He needed to diversify his traffic sources.

    The two primary strategies Daily Golf Steals uses are:

    Building an email list

    Paxton includes a call-to-action in the footer of every single Reddit post, inviting people to have the deals sent directly to their inbox via email newsletter. This tactic alone nets approximately ten new email subscribers per day. He also captured over 15,000 emails from a contest giveaway by Golf Advisory Council. Paxton contributed gift cards to the prize pool, and in return, got access to all 80,000+ contest entrant emails. By scrubbing the list and only keeping highly engaged people, he added 15,000 targeted new subscribers.

    Running Facebook ads

    David has invested heavily in Facebook ads since starting Daily Golf Steals. To date, he’s driven roughly 10,000-12,000 email sign-ups via Facebook. His cost per acquisition averages around $1.25-$1.30. He estimates Facebook ads are at least break-even if not slightly profitable.

    With a current email list size of 30,000+, David sends out approximately 22 monthly emails. He targets a 40% open rate to ensure his audience remains engaged. To make the high volume affordable, David uses the self-hosted email service Sendy rather than MailChimp or Active Campaign.

    Related: I Turned My Passion Into a Nonprofit Side Hustle — Here Are 3 Insights I’ve Learned in the Process.

    How he scaled his business

    Perhaps one of the biggest challenges with Daily Golf Steals is manually hunting down discounts seven days a week isn’t sustainable in the long term. Burnout is almost inevitable. So, Paxton has taken steps to automate the deal-sourcing process significantly:

    He hired a couple of contractors
    Paxton brought on students from his college golf team to handle deal finding and email/post formatting. This freed up countless hours Paxton would otherwise spend on daily operations.

    He tapped his programming skills
    With no Python experience prior, Paxton taught himself to write scripts that compare yesterday’s product catalog and pricing data to today’s updated feeds. This automated analysis flags new markdowns or products, which his contractors can quickly validate as deals to share.

    He built templating tools
    Paxton built a VBA (Visual Basic for Applications) tool to take a deal’s info and automatically format it for the newsletter, website, Reddit, etc. This saved tons of manual copying and pasting.

    Thanks to these efforts, Paxton simplified the daily requirements to just 1-2 hours of his contractors’ time. And it takes Paxton himself only about 3-4 hours per week of oversight at this point.

    Multiple revenue streams

    Aside from sales on its website, Daily Golf Steals has other moneymakers:

    Affiliate commissions
    Paxton gets a percentage when site visitors click a deal link and complete a purchase. Commission rates range from 1% to 20%.

    Sponsorships
    Paxton sells banner/text ads in his daily email newsletter and on Reddit. He looks for brands relevant to the subreddit community and showcases them in a dedicated “Other Links” section below his daily deals list.

    As his audience has grown, he can command higher rates. While affiliate marketing remains the core focus, Paxton seeks more ways to diversify revenue. Building a loyal audience gives him options like physical products, coaching, and events down the road.

    The Challenges

    Although Daily Golf Steals has earned impressive income right out of the gate, it’s still not without challenges. Paxton cites three major difficulties:

    1. Inconsistent revenue – income fluctuates widely day-by-day based on deal quality. Bad weather or low inventory can mean bad days.
    2. Lots of manual work – automation helps, but securing and formatting deals takes a daily, consistent grind. Even with contractors doing most of the heavy lifting, burnout is a risk.
    3. Rejections – the most surprising hurdle was getting rejected by Amazon Associates for not providing enough unique value.

    But rather than get discouraged, Paxton persists through the ups and downs.
    He’s constantly tweaking his systems to save time and locking in affiliate partners to open up new deals. And as a new dad, he can now manage the business in just 3-4 hours a week.

    How to replicate this side hustle

    For anyone looking to borrow Paxton’s business model in their niche, here are some key strategies:

    • Pick your passion – Choose a topic you genuinely enjoy and already spend money on. Your enthusiasm will fuel the hustle.
    • Start where the audience is – Online forums like Reddit offer instant traffic. Be a value-first member of the community.
    • Automate relentlessly – Find any way to save time with scripts, tools, or contractors.
    • Plan beyond affiliate – Commissions are great, but develop diverse income like sponsorships to support yourself.

    It takes immense work ethic to make daily deals succeed long term. But the model has profit potential, even as a side hustle. If you can automate a chunk of the busy work and thrill your niche community with outstanding value, the financial rewards may surprise you, too.

    Nick Loper

    Source link

  • An ‘Urban Hikes’ Side Hustle Becomes a Lucrative Business | Entrepreneur

    An ‘Urban Hikes’ Side Hustle Becomes a Lucrative Business | Entrepreneur

    Back in 2018, Lisa Peña heard a podcast about an entrepreneur in San Francisco who ran a business leading hikes across San Francisco. The concept was simple: Instead of taking hikes along nature trails, urban explorers were trekking through alleyways and winding city streets.

    “I got that excited feeling that I’ve only had a couple of other times in my life, and I knew that I had to bring urban hiking to Kansas City,” Peña told In Kansas City.

    The Kansas City native launched Urban Hikes KC the following year as a side hustle, charging customers $28 to take guided tours with her on foot around the city she loved. Today, that business is a profitable, full-time endeavor that offers ten different hiking routes with a staff of 6 guides. Here’s how she put Urban Hikes KC on the map.

    A passion for travel

    Like many successful entrepreneurs, Peña took an activity she had a passion for and figured out a way to monetize it. A former Peace Corps volunteer and backpacker, she loved to explore internationally and locally. Peña applied that same curiosity to her hiking business, taking tourists and locals to sights off the beaten trail.

    After hearing the podcast interview about UrbanHikerSF, she contacted the company’s founder, Alexandra Kenin, and asked her questions. Peña spent the next year researching routes, establishing a social presence, getting insurance, building a website, and figuring out a payment system.

    Starting off as a side hustle

    Peña launched her business in 2019 while working for Girl Scouts of NE Kansas & NW Missouri. Her first hike was the Crossroads Westside Urban Hike, which weaves in and out of alleyways in the city’s Arts District.

    Photo by Urban Hikes KC

    “I started it out as a side hustle,” she told Marketplace. “I didn’t know how much money I was going to earn. I literally was starting from scratch. There was no other urban hiking sector in Kansas City.”

    Interest was so great that she added another tour to her business and then another. Soon, she realized she’d have to quit her full-time job if she wanted to scale.”That was a scary leap,” she says.

    One of her first moves was upping her price from $28 a head to $38.

    Slow burn

    Peña concedes that she made no money in the business the first few years. Her expenses included insurance, her guides, and other bills associated with the business and life.

    But in the summer of 2020, she started getting more guides and routes, and the business began to boom. “It was a great thing to do during the pandemic since we are mostly outside and can be socially distanced,” Peña told In Kansas City.

    By 2021, over one thousand customers took hikes with her company. By 2022, she had so much business she had to hire additional guides and add more routes.

    As for profits, she’s doing just fine now. “Finally I am making an income that is a sustaining income,” she said on Marketplace.

    What guests can expect

    Peña says urban hikers can expect to see a side of Kansas City they’ve never seen, “even in neighborhoods they think they know. We learn about the history and stories of people who made a difference in Kansas City, and see different types of outdoor art, including murals, walk-up hidden stairsteps, bridges, alleyways, and parks.”

    Jonathan Small

    Source link

  • Passive Income 101: A Beginner’s Guide to Building Wealth on Autopilot | Entrepreneur

    Passive Income 101: A Beginner’s Guide to Building Wealth on Autopilot | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the realm of financial stability and freedom, passive income reigns supreme as a powerful tool for beginners seeking to build wealth effortlessly.

    By understanding the nuances of passive income and its vast potential, budding entrepreneurs can pave their way toward financial independence. This comprehensive guide aims to decode the world of passive income and equip you with the knowledge and strategies necessary to embark on a wealth creation journey on autopilot.

    Understanding passive income

    Passive income refers to earnings generated with minimal effort and ongoing involvement once the initial setup is complete. It is a powerful wealth-building tool that allows individuals to earn money on autopilot, providing financial stability and freedom.

    Understanding the key characteristics of passive income is crucial for aspiring entrepreneurs looking to establish sustainable income streams.

    The following key attributes characterize passive income:

    • Limited active participation: Passive income streams require less active involvement than traditional income forms. While some initial effort is necessary to set up the income stream, the ongoing maintenance is minimal, freeing up time for other pursuits.
    • Continuous cash flow: Passive income generates regular and consistent cash flow, allowing individuals to earn money even when they are not actively working. This steady income stream helps build financial resilience and provides security.
    • Scalability and leverage: Passive income has the potential for scalability, meaning that the income stream can grow over time. Moreover, it allows individuals to leverage their resources, skills or assets to multiply their earnings without significant additional effort.

    Now let’s discuss the various ways that you can attain passive income.

    Related: 10 Proven Passive Income Ideas for 2023

    Real estate investing

    Real estate investment, particularly rental properties, has long been recognized as a viable avenue for generating passive income. Understanding the benefits, risks and considerations associated with rental properties is crucial for beginners looking to embark on their real estate investment journey.

    REIT investment

    Invest in a real estate investment trust (REIT) traded on the stock exchange, such as VNQ for U.S. properties or VNQI for international properties.

    With this approach, you can earn an average of 8% annually, with 4% coming from dividends and 4% from annual growth. These returns are comparable to those of the S&P 500.

    Pros

    • Worry-free investments.
    • Diversification.
    • No additional capital calls.
    • Market downturn resilience.
    • Liquidity.
    • High dividends.
    • Simplified taxes.

    Cons

    • Lower returns.
    • Tax implications.

    Fund or syndication investment

    Invest in a fund or syndication that pools money from multiple investors to invest in one property or a portfolio of properties.

    The expected annual returns can range from 8% to 25%, but a thorough evaluation of such investments is crucial.

    Pros

    • Higher returns.
    • Trustworthy partnerships.
    • Tax savings.

    Cons

    • The illusion of exclusivity.
    • Market volatility.
    • Trusting the investment.
    • Managing K-1 forms.

    Related: 17 Passive Income Ideas to Increase Your Cash Flow in 2023

    Online investment fund

    Crowdfunding platforms such as FundRise (residential) or Cadre (commercial) allow investors to own a small portion of a diversified portfolio, typically yielding 10-12% annual returns.

    Pros

    • Professionalism and experience.
    • Transparency and reporting.
    • Ease of liquidity.

    Cons

    • Low liquidity.
    • No tax benefits.
    • Medium-level returns.

    Peer-to-Peer lending and crowdfunding

    Peer-to-peer (P2P) lending and crowdfunding platforms have emerged as alternative passive income sources.

    P2P lending involves lending money to individuals or businesses through online platforms, bypassing traditional financial institutions.

    Crowdfunding platforms, on the other hand, allow individuals to invest in various projects or businesses by pooling their resources with others. These platforms provide opportunities for investors to earn returns on their investments while borrowers or project owners gain access to funding.

    Pros

    • Accessibility.
    • Potentially high returns.
    • Diversification.
    • Direct connection.
    • Transparency.

    Cons

    • Risk of default.
    • Lack of regulation.
    • Illiquidity.
    • Platform risk.

    Related: 7 Ways to Earn Passive Income From Work You Have Already Done

    Affiliate marketing and niche websites

    Affiliate marketing involves promoting products or services on behalf of a merchant and earning a commission for each successful referral or sale.

    Niche websites, on the other hand, focus on a specific topic or target audience and provide valuable content or resources related to that niche. Affiliate marketing and niche websites can work hand in hand, offering a pathway to passive income.

    Pros

    • Low startup costs.
    • Flexibility.
    • Passive income potential.
    • Scalability.

    Cons

    Creating and selling digital products

    Creating and selling digital products has gained significant popularity in generating passive income.

    Digital products include e-books, online courses, software, templates, graphic designs and music.

    These products can be created once and sold repeatedly, allowing entrepreneurs to earn passive income from their expertise or creative endeavors.

    Benefits

    • Low production costs.
    • Scalability.
    • Automation.
    • Global reach.

    Once you begin your journey, you will undoubtedly face some challenges, and learning how to overcome them is very important. Let’s discuss this in the next section.

    Overcoming challenges and pitfalls

    When pursuing passive income, beginners often encounter common obstacles that can hinder their progress. Some of these challenges include:

    • Lack of knowledge: Insufficient understanding of the chosen passive income stream or investment vehicle can lead to poor decision-making and suboptimal results.
    • Financial constraints: Limited initial capital or resources may restrict the ability to invest in certain passive income opportunities or delay progress in wealth-building endeavors.
    • Fear of failure: Fear and uncertainty can discourage beginners from taking necessary risks or exploring new ventures, limiting their potential for success.
    • Time management: Balancing passive income pursuits with existing commitments or responsibilities can be a challenge, requiring effective time management and prioritization.

    Related: There’s No Better Time to Start a Passive Income Business Than Now

    To mitigate these risks and minimize failures in the pursuit of passive income, consider the following strategies:

    • Education and research: Invest time in learning and understanding the chosen passive income streams or investment options. Stay informed about industry trends, best practices and regulatory requirements.
    • Risk management: Conduct thorough due diligence and risk assessments before investing. Diversify your portfolio to spread risk and avoid overreliance on a single income stream.
    • Financial planning and budgeting: Develop a comprehensive financial plan and budget to manage resources effectively and allocate funds towards passive income endeavors.
    • Start small and scale: Begin with smaller investments or ventures to gain experience and confidence. As you become more comfortable and knowledgeable, gradually increase your involvement and scale your passive income activities.
    • Seek professional advice: Consult with financial advisors, mentors or experts in the specific passive income field for guidance and support. Their insights can help you make informed decisions and navigate potential pitfalls.

    Passive income holds immense potential for beginners seeking to build wealth on autopilot.

    By understanding the various passive income streams and implementing the strategies discussed in this guide, you can take steps toward financial independence and stability.

    Remember that building wealth on autopilot is a marathon, not a sprint, and every step you take brings you closer to achieving your financial goals.

    David Bitton

    Source link

  • How I Turned My Love for Travel Into a $50K a Month Business | Entrepreneur

    How I Turned My Love for Travel Into a $50K a Month Business | Entrepreneur

    What if your passion project could become a full-time income source in a few years?

    That’s what Shelley Marmor did when she started her travel blog as a side hustle. The former corporate worker and travel magazine editor turned her Travel Mexico Solo and Travel Blogging 101 websites into a thriving online business.

    Today, Shelley’s ventures generate over $50k monthly in revenue. She talks about it on a recent episode of The Side Hustle Show.

    Related: A Taylor Swift-Inspired Side Hustle Is Making People Tens of Thousands: ‘Paid More Than My Full-Time Job’

    Origin story

    During the spring of 2020, at the start of the COVID-19 pandemic, Shelley was at a career crossroads. She’d been working 15 years in corporate America and felt “chewed up and spit out” by her job.

    Around this time, she’d been traveling solo in Mexico. She joined Facebook groups for travel bloggers, noticing that some were still earning good money with affiliate marketing during the pandemic—getting paid commissions by Airbnb when readers booked long pandemic getaway stays. She registered the domain in March 2020 and launched the site a month later.

    Early learnings

    Initially, Shelley wrote posts about her travels in Mexico. But she soon realized, “Nobody cares about me traveling around Mexico. They care about how I can help them travel around Mexico.”

    On advice from other successful bloggers, Shelly invested in blogging courses to learn SEO and decided to focus just on Mexico.

    She realized: “I can’t compete with 15-year-old sites like Nomadic Matt’s. But in a niche, I can cut to the front of the line and find unicorn keywords with high search volume but low competition.”

    Shelley focused on questions and keywords travelers search for when planning Mexico trips, such as where to stay, what to do, is it safe, and packing tips. She didn’t earn money in 2020 but started seeing profits in 2021.

    Affiliate marketing

    Shelley didn’t rely on ad revenue as her primary source of income. She focused on affiliate marketing commissions.

    She now has three sites on Mediavine and Raptive (former Adthrive). These are two premium ad networks for sites that offer industry-leading RPMs (revenue per thousand impressions).

    By leveraging multiple ad networks, Shelley benefits from competition between the platforms and diversification. If one network’s RPMs decrease or they lose major advertisers, she had a backup flow of ad revenue.

    Shelley uses Affilimate, an affiliate management plugin for WordPress.

    “I started making money before I had much traffic. The income came first, then traffic grew over time,” she says.

    In fact, she never had a viral “traffic explosion” moment. Instead, it was many small wins that compounded.

    Keyword research

    For keyword research, Shelly uses KeySearch. For new sites, she suggests filtering for competition levels below 30.

    If monetizing with affiliates, Shelly will optimize for buyer keywords even if it only has ten searches per month. She ranks quickly for high-ticket tours that pay $500 commissions.

    Shelley has written 180 posts, focusing on topic clusters such as “things to do in Cozumel with kids / at night / when it rains.”

    Shelly says you have to “crawl before you walk.” Ranking #1 for any keyword builds momentum faster than waiting for significant keywords. Traffic and income grow through small, compounding wins.

    Related: 8 Things I Wish I’d Known Before Starting Affiliate Marketing

    Growing her team

    After about a year and a half, Shelly hired writers to help create content. She now has a team of 4 writers, an editor, and a blog manager.

    Shelly focuses on writing content herself for Travel Blogging 101, where she shares firsthand experiences and reviews products she uses.
    Travel Mexico Solo is now three years old. It has about 180 published articles and gets 300K monthly pageviews.

    Shelly estimates that’s about 1 article per week on average over three years. She advises starting with what you can sustainably write yourself without burning out. Do just one quality post every two weeks if that’s your limit because the articles compound over time.

    By creating content tailored to specific audiences, you can recommend affiliate hotels that perfectly match their needs. “The riches are in the niches,” Shelly says.

    Here are the top affiliate opportunities in the travel space:

    1. Travel tours
    2. Hotels/accommodations
    3. Travel Insurance
    4. Physical products
    5. Car rentals

    Link-building strategies

    Early on, Shelly did many guest posts to build backlinks, even though many avoid it because it seems like extra work for little payoff. Backlinks signal authority and trust to search engines like Google. The more reputable sites linking back to you, the higher you’ll rank. Writing guest posts got her backlinks from established sites, essentially “voting” for her site.

    Email marketing

    For email marketing, Shelly has about 8,000 subscribers total across her sites. Her travel blogging list of 1,500 subscribers is more monetized than her Mexico travel list so far.

    Shelly has multiple opt-in offers tied to specific guides and content topics. A generic opt-in hasn’t generated as much success for a vast region like Mexico. Opt-ins designed for specific niches deliver better conversion rates.

    Shelley has seen tremendous success through her weekly email campaigns. She structures her emails with a 50/50 split – delivering free, helpful tips to readers as well as promoting relevant products.

    This balanced approach keeps her community engaged while also driving revenue (She recently generated $3,500 in sales from a single product launch to her list).

    The travel niche tends to be “one and done” visitors from Google. But email subscribers engage ongoingly regardless of algorithm changes.

    • Google rolls out hundreds of updates per year. If your website gets caught in one, your organic search traffic could vanish even if you did everything right. You may never know exactly why.
    • Facebook adjusted its algorithm years back. Facebook pages went from reaching all followers to only reaching a fraction without paying.
    • Pinterest updated its algorithm, and bloggers lost massive amounts of traffic literally from one day to the next. These weren’t spammers or low-quality sites; Pinterest simply deprioritized their content.

    While social and search algorithms are out of your control, Shelley emphasized email marketing as the most direct audience connection.

    Collecting emails from website visitors allows ongoing communication regardless of future algorithm changes.

    Nick Loper

    Source link

  • Make 6 Figures Right Out Of College With This Job | Entrepreneur

    Make 6 Figures Right Out Of College With This Job | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Congratulations! You have graduated from college… Now what? This is a question asked by many new graduates every year, with many struggling to reach that ideal 6 figure pay for years! Don’t get stuck in the system and break out using this method. I will teach you how to make over $100,000 per year by practicing and finding a fully remote job for “appointment setting.”

    Appointment setting

    All you need to do for this job is bring potential clients and a dedicated salesperson together. An appointment setter plays a crucial role in the sales process and acts as the first impression for the brand. You will be in charge of generating leads for the sales team to follow up with.

    With this job, you can make large amounts of money from commissions without having to have the experience and skill of the actual salesperson. This job serves as a great introduction to a career in selling, with a massive potential for growth in career and salary wise.

    Related: The Appointment Economy: Customer Engagement

    Learn the skills

    To find success in appointment setting, you need to have the skills. Fortunately, these skills require no degree or certification and can be mastered quickly. Use free resources like Youtube and Google to learn about the job and how to sell.

    This alone is good enough to find a 6-figure job right out of college, but if you want to learn more about the intricacies of selling and how to win, read these books on sales that shaped me into the salesman I am today: 100M Offer by Alex Hormozi, The Challenger Sale by Matt Dixon and How to Win Friends and Influence People by Dale Carnegie. Sharpen your skills by practicing selling to your friends, family and eventually to ideal clients of your desired field; more on that later.

    Related: 7 Tips for College Graduates Looking to Jump Into the Small Business World

    Find the right company

    When getting into sales, many rookies make the mistake of working for companies that pay high commission percentages but for a relatively inexpensive product. This is why choosing a company that sells a “high-ticket” product or service is essential.

    These high-ticket products are usually in the range of thousands to tens of thousands in price, including automobiles, software, medical procedures and consulting services. This is where the real money is and where just a small appointment-setting position can yield significant amounts of commission and soar to 6 figures.

    But why stop there? With the advancement of technology and the changing office environments post-2020, finding a remote job is easier now than ever before. You can reach that 100k salary working from your home.

    Get hired on the spot with this trick

    To the anxious new grad, this all may seem too good to be true. Though finding a 6 figure remote job in appointment setting is relatively easy, you need to be good at sales to be hired. So here you have two options: One, you could grind at a low-paying sales job until you have enough experience on your resume for years, or you could use this trick to give the company you are applying for an offer they CAN’T refuse! The trick is to show up to your interview with three potential clients under your belt who are ready to schedule a demo with the sales team.

    Not only will you prove you can sell their product, but you will also have made them some business before they even hired you. To accomplish this, research your company closely and find ideal clients for their product through Google and social media.

    Once you find these clients, cold call or message them asking if they would be interested in a demonstration with the sales team. This could take some work, but remember you don’t have to sell the product to these potential clients, just a meeting with the sales team. Reach out to as many people as possible, and once you have three interested people, schedule your interview with the company. With this trick, you have an extremely high chance of being hired on the spot right out of college.

    Related: 3 Books That Made Me 6 Figures That Aren’t About Business At All

    In closing

    Start making six figures this year by becoming a fully remote appointment setter and nailing that first interview with three clients ready to go. The best part is it doesn’t have to stop there — mastering selling will benefit other aspects of your life and career. Once you reach that 6 figure goal, you can spend the time you saved where you would have been grinding with a low wage for years to enhance your skills further and reach your next goal faster!

    Sean Boyle

    Source link