The U.S. has slowly been transforming over the past several years. The job market, which was once largely based on individuals dedicating their careers to a single company, has switched to a gig market. Instead of hiring one person to do it all in-house, companies are outsourcing specific jobs. It saves the company money, and the workers (that offer their services on a per gig basis) are earning more. It’s a win-win.
Freelancing is a great way to bring in extra money, but if you’re working for just a couple of dollars per hour, it’s not really worth your time. Instead, focus on the freelancing gigs that will out earn your day job.
Full disclosure: most of these opportunities aren’t going to be possible without investing quite a bit of money or time.
Every business needs a website. Unfortunately, there are a lot of great businesses out there that are missing out on a considerable amount of sales because they either don’t have a site, or they have one that looks as though it’s from 1999. However, you can solve their needs.
Spend a month or two learning how to build websites (WordPress is the most popular platform). There are tons of great training videos, blogs, and interactive courses that you can find online for free. After you have developed the skills needed to build a site, build one or two for yourself, a friend, or a potential client that can refer you to others.
After you have the skills needed to build websites, track down those businesses that have ugly websites, non-functional sites, or straight up non-existent sites, and offer them your services.
Potential earnings: $50-$150 per hour depending on your area of the country.
Teach or Train Others
You have skills and knowledge. There are other people out there that want those skills. Now you can use your skills to do service work; that’s a perfectly reasonable method of earning more on the side. However, you can create training courses, and impart your knowledge to other people, and have side income that flows in for months.
Here’s how it works. You have a desirable skill; let’s say you know how to build websites. You can create a training course showcasing different techniques and then sell it online. The course is sold either through your website, or through a platform that is already established (such as Udemy or Fiverr).
You only have to do the work once, and you could potentially sell the product millions of times.
Keep in mind that you will have to thoroughly know your product, create an incredible product, and market it like crazy to make any significant amount of money on it.
Potential earnings: $50 - $10,000 per month depending on how many products you create.
There is a lot of money that can be made with this side hustle, but there is also a lot of cash that can be lost.
Here’s how it works: buy something cheap, sell it for more. It’s as simple as that. Of course, it’s the details that will get you.
We often think of flipping in terms of houses. You swoop in and get a house that has been foreclosed at roughly half the market price. You fix up a few things, and then either rent it out or sell it. If all goes well, you can profit considerably. If all goes poorly; however, you stand to lose thousands of dollars.
Choose one niche—whether that is flipping houses, cars, phones, or furniture, it doesn’t matter. Then learn how to repair that item, learn the market, study the buyers and the sellers, and be able to move quickly to snag great deals before anyone else gets them.
For instance, let’s suppose you wanted to flip iPhones. You can learn how to repair them, and then buy as many as you can handle off of eBay and Craiglist for cheap. You fix them, and sell them to someone looking for a used phone. If you have the means to buy in bulk, you can get an even better deal.
Before trying to flip anything, make sure you are an expert at restoring those items to near perfect condition, and don’t choose an item based on how much you can make per flip.
Potential earnings: You could lose $100,000 or more, but you could also profit $100,000 or more per year.
The Bottom Line
Don’t quit your day job, at least not yet. The best way to let your freelancing gigs take over your day job is to make sure that they are going to be enough to pay the bills. Start small, work on the side, and then when you’re poised to explode in growth, wait a couple more months.
There will be ups, and there will be downs when you are freelancing full-time. Make sure that you are dedicated before going that route.