I’m a Money Expert: Here Are 3 Side Hustles You Should Start Now To Make Money
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Everyone wants to know how to make more money. The first idea is asking for a raise at work. But if that isn’t coming, Paula Pant, founder and podcast host of the “Afford Anything” podcast, has three ways to boost personal revenue.
A MarketWatch Guides study found that more than half of Americans have a side hustle to make more money. But for those trying to start their own side hustles, Pant shares the different types of side hustle levels and which might be best for you.
Level One: Gig Work
Gig work is trading time for money. Typical gig work involves driving for Uber or delivering meals for DoorDash.
“I think it’s great if you’re a college student,” Pant said in a recent interview with GOBankingRates Jaime Catmull. “Or if it’s the holidays and you need some extra cash.”
But when trying to sustainably make more money, Pant said it might not be the best option.
“The issue is at an hourly rate, you don’t get paid that much.”
It’s the best option for short-term cash solutions, like unexpected car breakdowns or medical issues. For those who have short bursts of time within their day they can dedicate, gig work is the best option.
Level Two: Jobs That Use Your Skills
Using a set of skills for money is the next type of side hustle. Pant helped a bartender use her talent with art and love for animals to draw dogs at a dog park. The bartender would show the drawing to the dog’s “human” and offer dog walking services.
“Make that personal one-on-one connection with the human,” Pant said, “then you’re able to charge a higher rate because you actually have a relationship-based service you’re providing.”
The bartender moved into making costumes and was eventually commissioned to paint a mural at the same bar where she worked.
“And all of it is because she did what rich people do,” Pant said, “Rich people have word-of-mouth referrals. It’s a great way to make extra cash on the side.”
Freelance writing, graphic design, and programming also fall into this category.
Level Three: Create and Sell Your Products
Selling skills or time for money can seem like an endless cycle. To get out of that cycle, the next level of side hustle is to create a sustainable product or professional service. For Pant, it was moving from freelance writing to running a content management agency.
“I set about designing content calendars, building out the editorial calendar, helping mostly small businesses,” Pant said.
In terms of building a physical or digital product, there should be a need for it. “It can be a windshield wiper repair kit,” Pant said. “I mean, it can be literally anything if there’s a need for it and if you have some unique contribution to that need.”
Targeting specific niches may make the product or service more profitable, whether it’s helping people with a given specialty or in a geographic area.
“The more you can tailor that particular product to a very specific audience sub-segment, the better,” Pant said.
This side hustle requires more time and dedication to get off the ground; the product or service needs testing and marketing to audiences. But it doesn’t have to be an invention.
“It might … an online training course on how real estate agents can market themselves and find clients.”
The type of side hustle you choose depends on your skills, available time and ability to create a product or service. Creating a product or service as a side hustle might be the first step in starting a new business. Weigh out factors like how much time you can dedicate to your side hustle, how invested you are in its longevity and what skills you can use to make more money.
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