The 7 Most Lucrative Side Hustles To Explore This Year
If you ask many experts about the future of work, the words ‘side’ and ‘hustle’ will naturally find their way into the conversation. After all, there are more contractors than ever before in the United States. Since 40 percent of citizens are only one missed paycheck away from poverty, and companies are increasingly outsourcing their work, the extra paychecks help many professionals supplement their income. But financial security is not the only reason to consider a side hustle. Michael Dermer, founder and CEO of The Lonely Entrepreneur, explains that whether it’s to explore a passion, to test your entrepreneurial potential, or simply to make more cold-hard cash, many gigs provide lucrative and fulfilling means.
Intrigued? Here, career experts share some of the most beneficial side jobs for 2019.
This includes Uber, Lyft, Seamless, GrubHub, Shipt, Instacart, AmazonFresh, TaskRabbit — the list goes on. These delivery and/or skill-based jobs have opened a new way of navigating and investing your time. As career and branding expert Wendi Weiner explains, it used to be that if you wanted a part-time job, like waiting tables, you’d have to stick to set hours. However, with these apps, side hustlers can hop on these opportunities at any day or time. “This gives a wide range of flexibility for those with standard, full-time jobs that can go past 5 p.m. and even allow side hustlers to make a few extra bucks on a Saturday or Sunday night,” she explains.
Gig economy expert and CEO of Life Hacks Wealth Marcos Jacober says more and more jet setters prefer AirBNB over hotels or other housing options when they’re traveling these days. This makes it a smart time to invest in a long-term property you can rent or list your rented place when in it's available. Though it depends entirely on your location, Jacober estimates taht if you’re paying $1,700 for a two-bedroom apartment and around $300 for utilities, you can advertise your abode for $120 a night, which is cheaper than hotel rates usually. If you’re able to keep it at 70 percent occupancy, you’ll end up making your rent.
If you don’t have a home to rent, there are plenty of other options as AirBNB continues to expand into office spaces and experiences. Chances are high you can find a way to join to this ever-growing community — and even make a pretty penny, too.
Fitness training or coaching
Thanks to the popularity of platforms like ClassPass, it seems more and more folks are interested in fitness. Or more to the point: They’re making strides and spending their hard-earned money to stay in shape. Vicki Salemi, career expert for Monster.com, explains this side hustle will not only keep you moving but also groovin’ in the extra income. “Between celery juice and Instagram influencers, the interest in staying healthy is certainly fueling the demand for fitness training,” she adds. This creates plenty of opportunity for fitness-minded individuals who are willing to complete a certification to teach. Whether you do so at a boutique studio or gym in your area or host a bootcamp in the park, there are plenty of ways to rake in the dough.
If you have a marketable skill set — say social media, newsletter creation/acquisition, accounting or content writing — there is a huge pool of opportunity in the freelance world. As Dermer explains, many mid to large-businesses face the challenges that come with growth and scale, and they constantly need to enhance their internal expertise with the efficiency of others. “Many individuals who have spent time in consulting and investment banking or in leadership positions have skills that benefit growing companies. Hourly rates for these services can range from $150 to $400 per hour, depending upon the expertise and size of the company,” he explains.
To get going with this side hustle, set yourself up for success by investing in what Dermer calls a ‘=”pretty package” that illustrates how well you do whatever it is that you do. “It’s one thing to say you’re a management consultant — it’s another to say that you have a very specific expertise and how you’ve garnered that expertise,” he continues. “Put it together in a package with a price so it’s clear that what you’re offering reflects a distinct value to a business leader.”
Jacober says pet industry is booming, giving you ample opportunity to tap into the furry funds. One of the best ways to make bank with this side hustle is through pet-sitting, whether you host a pup at your house, or move to a cat owner’s pad for a weekend. “It's tough to travel with pets, and as such, people will need pet-sitting services,” he says. “There's no standardized way right now for pet-sitting or pet-hoteling, so this is a great opportunity to develop that for your area.” In addition to overnight care, pet walking and pet grooming can also be beneficial, though the latter does require professional training. For those who consider themselves animal lovers, it’s not only fun but can turn over quite a profit, quickly.
In case you haven’t been paying attention, the KonMari method of purging items that don’t spark joy is uber-trendy right now, and as Salemi predicts, there’s about to be an uptick in online sales as a result. Not only is this a great way to make money off of things you own and no longer need, but it’s an opportunity to sell things for others, too. “People may not have the skillset to sell, and you can sell on their behalf for commission,” she explains. “To get started, do some research and start selling your own items before networking and reaching out to your family and friends to inform them of your new endeavors.”
Local tour guides
Cultural experiences are one of the fastest growing trends in the travel industry, creating more opportunities for those who are experts in their area. “The expertise of a local city is gold,” Dermer says. “Imagine you’re a tourist or executive visiting from out of town. Where do you turn for the best restaurants, hotels, and entertainment? Providing a highly-curated service that brings out your local knowledge not only provides high value to travelers, but can command a high price.” Whether you set up your own walking guide or partner with a local restaurant, hotel or store, be creative and get specific with how you can share your smarts with out-of-towners. The more enticing your tour, the more likely folks will be excited to jump on board — literally.