3 side-hustle business opportunities you can do from home
COVID-19 has had substantial financial impacts. Many have lost their jobs, have been forced to take pay cuts, or have had their hours reduced. While we have heard of incredible stories of landlords forgiving rent and insurance companies reducing their rates, the reality is that bills are piling up. Fortunately, with today’s technology, a side-hustle business is something that anyone can dive into right from the comfort of your home.
What is a Side-Hustle business?
Typically, a side-hustle is an extra stream of income on top of your regular job. Individuals usually seek out a side-hustle for extra spending money, to pay off debts such as regular or refinanced student loans, or to have as a back-up plan. In times of crisis, such as pandemics, the side-hustle has saved many individuals from financial devastation.
For a side-hustle to be effective one should remember that its a balance of time, earning potential, growth, family time, and “real job”. In other words, so a side-hustle to be worth doing, it needs to provide a good return on your time.
The Three Top Side-Hustles to Pursue From Home
It’s never too late to start a side-hustle, but it can be hard to know which avenue to pursue. I’ve outlined the three side-hustle businesses you can do from the comfort (and safety) of your own home.
Most people have a talent or a passion for certain topics. Ask yourself this: what can you spend hours talking about because you love it so much? If you’re passionate about personal finance, write about that. Or, if you’re passionate about cooking or video games, write about those. The possibilities are endless because there’s a niche for everything and everyone and that makes this a superb side-hustle business.
Now take that writing talent and learn how to pitch yourself as a freelance content writer. It is essential to do some research on how to get exposure and where to find opportunities as a writer, but fortunately its all easily discoverable with a simple Google search.
Writing for others can be lucrative and you can select who to work with and manage your time to meet deadlines. Being a freelance writer allows you the freedom to work from anywhere which is why many writers travel the world and use the strong USD currency to fund their travels. It seems like on average, freelance writers make around $30 an hour and this rate can increase substantially once you pick up some “retainer clients.”
There are two golden rules to follow are:
- Be patient; growth will take some time and learnings.
- Write about what you’re passionate about.
If you don’t like to write, maybe you can teach. Once again, it’s crucial to identify what you’re passionate about or have expertise in. If you loved math or science as a kid, you might want to consider teaching it to future generations. Or, you can teach English to international students online.
Selling on Amazon
Amazon is a vast marketplace, and there’s no reason you can’t leverage the platform for your own business. Anyone, if they follow the rules, can become a seller on Amazon.
You have two options when you become a seller: sell your own product or resell another product. If you want to build your own start-up of a product, you can use Amazon as one of the selling channels. Or, you can find a product that is in high demand, find a manufacturer, and sell it through Amazon. Dropshipping is a popular selling technique on Amazon where you fulfill Amazon orders and send the product to an Amazon warehouse nearby.
If you choose to sell your own product through Amazon, it’s crucial to stand out from all the competition online. Customer reviews are one of the top ways vendors succeed or fail on the Amazon marketplace. So, consider capturing your customer’s attention by using custom-branded shipping labels that include requests for reviews.
When it comes to Amazon products, it’s also essential to market your business to the right target audience. New products should be tested to ensure they’re being offered to the right people, in the proper packaging, and at the right price. The head of growth at Incify.co, Saif Abbas, suggests new businesses first build sales funnel pages and use ads to direct targeted traffic to those pages. This method can be deployed quickly and is an excellent tactic to measure the demand on the market before investing more time and effort with other channels.
So in summary:
Whatever side-hustle business you choose, it will take some time and effort to get the project started. But you have to take action. Choose a side-hustle business that seems like the right fit for you, invest time in your research, and set a deadline to launch your business.
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