Lost Job, Shit happened, now what?
No worries. Well yes you can’t buy Lamborghini or your favorite scarf at Gucci but definitely you can eat some Luchi (Indian Bread eaten with Chickpeas). Jokes apart, well lets discuss how to keep your cash flowing to get that necessary food on your plate! Below are five side hustles that you can do to keep some extra cash flowing that can act as an add-on to your Primary Income source or can be a savior in case you have been a victim of the Crisis like Covid. These Side hustles can earn you anywhere from $500 to $2000 a month with little effort. So without further adieu let’s dive in.
1. Online Store – Dropship that scarf, or retail that shirt; whatever you choose selling items online can be a good source of Income. And with this pandemic pushing more & more people online with contact-less door to door delivery, your store can be the next big thing. So get your domain and hit that Shopify to keep the customers rolling. Now, if you are wondering you can’t get your supplies from China and hence can’t make that extra buck dropshipping, don’t be dishearten check out ever green platforms like Amazon and use it to your advantage. To read more about how to sell online click here.
2. Freelancing – Web designing, writing, photography, digital marketing, online tutor you name it, anything that can be done digitally can be done through freelancing. For starters you can check out platforms like ‘Fiver‘ or ‘Upwork‘ and once you have a belt of projects completed under you, you may like to showcase the same through a personal website. If you serve your client well you may very well turn your hobby into a full blown Business. All you need to start freelancing is to master a skill, and that is where you can
3. Blogging or Vlogging, Social Media – Be a Influencer, teach something, or just crack jokes, Social Media is platform for all, provided you are ready to put in the required effort. To put the numbers in perspective those with 100,000 followers can earn around $700 per photo in Instagram. And in Youtube with 20,000 views you can earn around $100. Affiliate Marketing, Sponsors, Ads, and selling products are some ways to earn through Social Media. But remember you personal brand won’t be build overnight you will need to understand the system and leverage it to your advantage. To know more on how you can crush it on Social Media platform, there is a great book ‘Crush It’ by Gary Vaynerchuk (a Belarusian-American entrepreneur, New York Times bestselling author, speaker, and Internet personality)
4. Dividends – If you invest in right stocks, you can have the regular payments added to your account quarterly/annually. There are companies that pay a part of their profit at regular intervals back to the Investors, for owning their stock. All you need to do is open a account with brokerage like Zerodha and do your due diligence picking up the stocks. You can start with as little as 100 rupees.
5. Real estate – A vacant land, or a building is referred to as Real Estate. Real estate investing is the purchase, ownership, management, rental or sale of real estate for profit. A way to start this is get a duplex, and rent either one or both the portions, using rent to pay off the mortgage payment.The loans also provide income tax benefits under Section 80C (up to Rs. 1.5 Lakh on the principal) and Section 24(b) (up to Rs. 2 Lakh on the interest paid).
Bonus content – ‘Flipping’ – you can flip anywhere from a book to a watch, you can even do something called ‘Domain Flipping’. A Canadian blogger Kyle MacDonald has even flipped red paper clip for a house, doing a series of 14 trades online. You can also use eBay or Amazon to flip. Refer this link here to know more on how to flip items on eBay. Flipping items is all about art of selling, master it and you will never sleep hungry anytime.
Don’t forget Successful businesses can also start out as side hustles.
Thank you for reading 🙂