A side hustle is a business you operate outside your normal working hours. Almost six in 10 Canadians took on or considered taking on a side hustle last year, mostly for one of these three reasons:
If you’re being motivated by one of these “reasons to act,” keep reading. We’ll make recommendations to ensure a greater chance of success in each case.
In this case, you’d want a side hustle that doesn’t cost you very much money, which means it’s going to cost you time. The modern gig economy is the perfect entry point.
If you have a car, you can drive for Uber. If you have a bike, you can deliver for Uber Eats. If you have a home and somewhere to stay, you can be a host for Airbnb. Some might consider these second jobs (more on that later), but we wouldn’t because in each of these cases you’re your own boss and you can earn as much money as you want. That’s the difference between a side hustle and a second job.
The downside of this kind of side hustle is that you have to work a lot to make good money (the average Uber driver earns $24.50/h before deductions).
If you already have a full-time job, your hustle won’t leave much time for sleep.
If you’re looking for a little more value from a side hustle (more money earned for less time spent) consider platforms like TaskRabbit where you can make upwards of $7K/month if you can perform the right kind of tasks.
If you can perform high-value tasks like plumbing, carpentry, or electrical, you can forge a nice side hustle with companies like The Home Depot who will contract you out for work and give you benefits.
And, if you have the background, you could provide consulting, accounting, or even legal services as a side hustle (and charge professional fees) through platforms like Upwork.
Seeing a wildly successful idea that you once had but never acted on is proof that your entrepreneurial thinking was on the right track. It also means you’re already more than halfway to improving what’s out there — and the market always has room for a better mousetrap.
If you’re going to “go for it,” you have to accept that your idea will only succeed if you’re working at it full time, which you can’t do until you get some money.
So, put most of your side-hustle time towards putting together a strong investor presentation, also called a pitch deck (you can see some great examples here). In short:
The downside of starting a side hustle to pursue an idea is that you won’t make money at the beginning. But the upside is that your side hustle will become your full-time job if you get it right.
What good is a talent if you don’t use it, right? If you were blessed with a voice for radio, maybe your side hustle is voiceover for commercials? If you’re a musical savant, your side hustle could be as the drummer in a wedding band or the singer in a jazz band. If you’re a natural wordsmith, maybe you write white papers for companies? And if you’re a performer, maybe you play Princess Elsa or Batman at kids’ birthday parties?
And your talent does not have to be something creative. Someone born with natural math skills could have a very nice bookkeeping business. Another person with the gift of gab could more than supplement their income as a real estate agent. And a third with the gift of hyper-organization could start a personal assistant firm and pick up clients all over the world.
Two keys to making your talent work for you:
We get this question a lot. It’s impossible to answer because two people pursuing the same side hustle could have drastically different results based on factors ranging from location to personal circumstance
What we can say is that the people with side hustles who generally make the most money share a few traits:
The bottom line is that you have no shortage of ways to start your side hustle and no shortage of ideas to try for any reason you want. And if you do it right, your side hustle could become your career, your company or, in some cases, your retirement plan.
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