Having multiple streams of income is extremely important. The easiest way people falter on the way to financial freedom is by losing their sole income. It can happen to anyone. Major corporations have laid off hundreds of thousands of workers, and you could be next.
To protect yourself from such a scenario, you must have multiple streams of income. This helps you to accumulate more money to pay off debt faster and protects you from unforeseen circumstances that prevent you from paying your bills.
Side hustles, which you can do at night after your full-time job and on weekends, provide extra income and a backup plan. But it’s important to choose a side hustle that will generate an income from repeat customers. If you do web design, chances are high that most of your customers will need only one website every few years. That’s not repeat business. At the very least, you should be serving a customer once a month.
So what are some side hustles that fit the criteria I mentioned?
Car Detailing
When choosing a side hustle, it should preferably require minimal upfront capital with high potential to earn a decent wage. I found that applies to car detailing. You don’t have to open a car wash and invest tens of thousands of dollars. Opt for mobile detailing. The initial investment is only a couple of hundred dollars—possible to start with less than a thousand dollars.
Sure, you’re going to need a vehicle. You can use your personal one. There’s no need to buy a minivan. In the beginning, the main tools will fit into your boot, and you can place the rest on the passenger seats.
People will pay for convenience. If they don’t have to drive their vehicles to a car wash because you’ll take care of it at their address, why wouldn’t they opt for your service? You can start with a basic wash, and as your skills improve, you can offer full detailing, including polishing and ceramic coating.
The price of a standard mobile car wash starts at $30, and you can complete that job in less than an hour. If you add additional services, it’s common to charge more than $100.
The best part about this side hustle is that it doesn’t take long to learn the skills, so you can get into it immediately.
Hair Dresser
Today’s world is all about convenience. People don’t want to step out of their houses to buy food, get their cars washed or use the latest gadget. They want it delivered to their doorstep. Why not offer a mobile haircut? You don’t have to pay rent for retail space and expect your customers to drive to your shop. You cut their hair at their home.
To start off, you’ll invest in scissors, clippers, gel, spray, cape and several other items. That’s a couple of hundred dollars. Even if you don’t have a car, major cities provide reliable public transport to reach your client.
Unlike car washing, you’ll have to spend some time with a professional hair stylist to learn the ropes. The last thing you want is to mess up a customer’s hair. Bad reviews spread faster than good ones.
The average price of a mobile haircut in the States is $40. And if you’re a highly skilled stylist, there’s no reason you can’t charge a $100 plus.
Bookkeeping
Contrary to popular belief, you don’t need an accounting degree to be a bookkeeper. I’ve got two finance degrees and worked as an accountant. The job paid well, but I mostly used my first year of studies to do the job.
Bookkeeping is in high demand because every company needs that service and even some individuals. The best part is that, in most cases, you can do the job remotely. That means the world is your oyster.
As for learning the skills, an intensive course that lasts three months will provide you with sufficient knowledge to do basic bookkeeping. For the most part, you need to understand what to credit and debit. Your start-up costs are education and software. That’s a few hundred dollars.
The average rate for keeping the books of a small company is $300 monthly. You should be able to complete their entire monthly books in a few hours to two days, at most.
If you want to earn more, you can learn payroll and basic taxation.
Dog Walker/Nanny
Many people are in love with their dogs and cats, but they don’t have the time to take care of them as they wish. That’s where you come in. Your investment in this venture is virtually zero dollars, but you have the opportunity to earn a decent side wage.
You can start by offering dog walking services and then progress to grooming. That’ll enable you to increase your rate. Some people travel and need their pets to be taken care of. You’ll provide the services of an animal nanny. You’ll visit the animal and feed it. In some cases, your client may wish for you to live on their property so that their animals receive around-the-clock attention.
Animal maintenance is a booming industry, and you don’t need particular skills, except for a love of animals.
With an average hourly rate of $15, dog walking can provide an additional income that doesn’t require much upfront resources from you.
Last Thoughts
Artificial intelligence is coming for many jobs. You need a backup plan. The best part about the side hustles I’ve mentioned is that the initial investment is only a few hundred dollars, and in some cases, you can complete the work remotely.
Ideally, you want to enter a side hustle that’s in a different industry than your full-time job. If AI makes your full-time profession obsolete, you can easily transition into a different industry that requires humans because you already have experience.
Speaking of transitioning, a side hustle is the best way to start your full-time business. You work at it part-time until the operation develops to the point that you can easily replace that income with your full-time job.
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