‘3 side hustles you can start for $50 or less’
In 2018, I began experimenting with side hustles to pay off my $40,000 in debt on credit cards and student loans.
Today I achieved that goal – and more. In 2021, I have built enough income streams to quit my $98,500 annual engineering job and work full-time on my businesses.
At 28 I am am my own boss, and I work less than four hours a day. Last year I made more than $189,000 from seven revenue streams.
Here are three side hustles you can start today for $50 or less:
Start-up costs: $0
Fiverr is an online marketplace for freelance services. Common jobs include graphic design, writing and translation, and digital marketing.
I created my first entry for management consulting in 2021. I have had a lot of success selling products on Amazon and wanted to share my knowledge in e-commerce.
I’ve charged anywhere from $60 to $350 to conduct product research. Someone told me what they wanted to sell and I found certain products in that category that were in high demand and not very competitive.
Then I put together a research report that included product details, where it was manufactured, and a cost estimate and profit analysis. Sometimes I advise customers how to list the product on Amazon. I made a profit of $29,000 in my first year.
Joining Fiverr is free and you will only be charged once you complete an order. The platform collects 20% of your sales of fees.
Start-up costs: $50
Patreon allows you to build and sell memberships by granting exclusive access to your work. I signed up in 2020 to teach people how to create an Amazon store.
Subscribers pay a fee each month to communicate directly with me and learn more about the best selling products in different categories. Last year I made $33,114 on Patreon.
Signing up to create content on Patreon is free. You only pay to use the service when subscribers pay to join your group. Patreon fees between 5% and 12% Your monthly revenue depending on how many features and tools you need.
This is how it works:
- Decide on a member product or service. You can list whatever skills and experience you have. Search on Patreon for creators working in your area of interest to see what’s selling and where you have the best opportunities.
- conduct competitive market research. Once you’ve decided on a niche, look at the sites of similar creators to determine a fair monthly price for subscribers and the features you offer.
- Create a welcome video. Publish it on your page to introduce your services to potential subscribers. No need to invest in video editing software — iMovie or DaVinci are free and easy to use.
- Set up Google Ads campaign. This helps you target people who are searching for your product or service. I only spent $50 on my ads campaign.
- Interact regularly with your subscribers. Listen to their feedback to find out what features you should add to your site. Word of mouth is essential to growing your Patreon business.
Start-up costs: varies
Own a car? towera peer-to-peer car sharing platform that lets you rent out your vehicle is a great way to generate an extra income.
In 2019 I bought a $22,000 Polaris Slingshot with a $2,000 down payment. I saw people in my market renting their Slingshots for $150 a day, and since my monthly payment was about $400 (including insurance), I only had to rent my car for at least three days a month to break even.
In 2020 I made a gross profit of $5,717.
Signing up for Turo is free, but startup costs vary based on vehicle situation. Here are three tips to maximize your profit:
- Make your listing stand out with eye-catching photos. To make my entry stand out from the crowd, I photographed my slingshot in front of graffiti artworks and local tourist attractions.
- Install a locker to save time and provide more flexibility. I put one on the side of my house so renters can pick up the keys when I’m not around. I would always request a photo of the client’s ID to make sure it matches what’s on their Turo account. Then I would send check in instructions.
- Rent vehicles with the highest return. Turo has average annual earnings data for various vehicle types and markets. For example, you can make more money from renting a Toyota Prius as a Land Rover Range Rover.
Do not miss: