‘3 side hustles you can start for $50 or less’

In 2018, I began experimenting with his rush to pay off my $40,000 in credit card and student loan debt.

Today I achieved that goal – and more. In 2021, I’ve built up enough income streams to quit my $98,500-a-year engineering job and work full-time on my businesses.

At 28 years old, I am my own boss, and I work less than four hours a day. Last year I made over $189,000 from seven income streams.

My biggest streams come from teaching people how to start profitable side hustles: I post educational content on YouTube, mentor people on Patreon, and sell business consulting services on Fiverr.

Here are three side battles you can start today for $50 or less:

1. Freelance your skills on Fiverr.

Cost to get started: $0

Fiverr is an online marketplace for freelance services. Common job opportunities include graphic design, writing and translation, and digital marketing.

I created my first business consulting list in 2021. I have had a lot of success selling products on Amazon and wanted to share knowledge in e-commerce.

I charged between $60 and $350 to do product research. Someone will tell me what they are interested in selling, and I will find specific products in that category that are in high demand and low in competition.

Also Read :  7 Misconceptions About Starting Your Own Business

Then I put together a research report that includes product details, where to manufacture it, and a cost estimate and profit analysis. I would sometimes consult clients on how to list the product on Amazon. I made a profit of $29,000 during my first year.

Fiverr is free to join, and you will only be charged a fee when you complete an order. The platform collects 20% of your income in fees.

Some other free freelance platforms to consider: UpWork, 99designs, and Guru.

2. Use Patreon to benefit an audience.

Cost to get started: $50

Patreon allows you to build and sell memberships by offering exclusive access to your work. I signed up in 2020 to teach people how to create an Amazon store.

Each month, subscribers pay a fee to interact directly with me and learn about best-selling products in different categories. Last year I made $33,114 through Patreon.

Signing up to create content on Patreon is free. You only pay to use the service once subscribers pay to join your group. Patreon charges between 5% and 12% of your monthly income, depending on how many features and tools you need.

Here’s how it works:

  1. Decide on a membership product or service. You can list anything in which you have skills and experience. Search Patreon for creators working in your area of ​​interest to see what’s selling and where you have the most opportunity.
  2. Conduct competitive market research. Once you’ve decided on a niche, review similar creators’ pages to determine a fair monthly price to charge subscribers and what features you’ll offer.
  3. Create a welcome video. Post it on your page to describe your services to potential subscribers. You don’t need to invest in video editing software – iMovie or DaVinci are free and easy to use.
  4. Set up a Google Ads campaign. This will help you target people who are searching for your product or service. I only spent $50 on my ad campaign.
  5. Communicate regularly with your subscribers. Listen to their feedback to find out what features to add to your page. Word of mouth is essential to growing your Patreon business.
Also Read :  Strong Cash Management for Steady Cash Flow | Chase for Business

3. Rent your car on Turo.

Cost to get started: Vary

Own a car? Turo, a peer-to-peer car sharing platform that lets you rent out your vehicle, is a great way to generate extra income.

In 2019 I bought a $22,000 Polaris Slingshot with a $2,000 down payment. I saw people in my market renting out their Slingshots for $150 a day, and since my monthly payment was about $400 (including insurance), I only needed to rent out my car for at least three days a month to break even.

Also Read :  US uses farmers markets to foster ties at bases in Japan

In 2020 I made $5,717 in gross profit.

Signing up with Turo is free, but startup costs will vary depending on your vehicle situation. Here are three tips to maximize your profits:

  1. Differentiate your listing with eye-catching photos. To help my listing stand out, I took photos of my Slingshot in front of graffiti artwork and local tourist attractions.
  2. Install a locker to save you time and provide more flexibility. I put one on the side of my house so tenants could pick up the keys when I wasn’t there. I will always request a photo of the customer’s ID to ensure it matches the details on their Turo account. Then I send check-in instructions.
  3. Rent out vehicles that produce the highest returns. Turo has data on average annual earnings for different types of cars and markets. For example, you can make more money renting out a Toyota Prius than a Land Rover Range Rover.

Josh Ellwood is the founder of Debt to dollars. Follow him further Instagram and Youtube.

Don’t miss:

I quit my $35,000 job to grow my side business - now it's bringing in $141 million a year



Source

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button