The term 'side hustle' is becoming more and more popular all over the world. Earning passive income has become a way of life of many people who are either following their dreams or playing financial catch up. We dig deep into the topic here.
Many factors may cause you to need a side hustle, either to pay the bills or to have some extra spending money. Either way, consider why you might want to start working on the side.
Paying Off Debt
If you have debt, you should consider a few side hustle jobs. Whether you have a credit card, mortgage, or personal loan, you may struggle to pay everything off.
Fortunately, having a side hustle can give you some extra income to put toward your debt. Then, you can pay off your loan sooner, and you can save money on interest. And you can keep your side hustle to avoid going into more debt.
Saving for a Goal
Maybe you don't have debt, but you're looking to buy a house soon. If you're a first-time buyer, the process can be scary, especially if you don't have enough money.
Working a side hustle can help you save money to pay for a house. When you have some extra money, you won't have to compromise on the location or size, so you can buy the house of your dreams.
Building an Emergency Fund
Even if you don't have a specific savings goal, you should have an emergency fund. An emergency fund is a general savings account that you should be able to access quickly.
It can contain anywhere from three to six months' worth of expenses, though you can save more. If you lose your job or have an unexpected expense, such as car maintenance, you can use the emergency fund to cover your expenses.
Wanting a New Full-Time Gig
If you want to obtain a full-time job but can't find one, having a side hustle in Canada can help support you while you look for work. Then, you don't have to rely on savings or help from family to pay for your expenses.
Another reason why you may want a side hustle while looking for a job is that it can help you receive a job. If you start side hustling for a company, they might switch you to a full-time role if they like you and your work.
Having More Fun
A lot of fun activities, like eating out, going to the movies, and travelling, can be expensive. If you're tired of hanging out at home, consider using a side hustle to fund those fun things.
You won't have to cut back on other expenses to pay for your next night or week out. That way, you can still enjoy your life at home, but you can do more with your friends or on your own.
The Pros and Cons of Having a Side Business
Working on a side business can be great for some people but not for others. Before you start looking for side hustle ideas, consider if having one is right for you.
Do What You Love
Some of the best side hustles let you do what you love, and you can earn money for it. You can find side hustle jobs for writers, musicians, animal lovers, and more.
If you have a hobby or interest, you can probably turn it into a side business in some way. Writers can create blog posts for companies, while animal lovers can offer pet sitting or dog walking services.
Meet New People
Depending on the side hustle you choose, you may meet tons of people while working. While this can help you make new friends or talk to people, it can also help you in your day job.
You can use your side hustle to grow your network and advance in your career. And if you don't like your current job, you can use your side hustle to change directions. Then, you can gain experience in a new field before you look for a full-time job.
Can Be Time-Consuming
Unfortunately, even the best side hustles take time to start and grow. While you may be able to work an hour a day or only on the weekends, that might not always be the case.
In some cases, you may need to spend more of your free time on your side hustle to maintain it. That means you could sacrifice your work at your day job or time with your family and friends.
Detrimental to Your Health
Having a side hustle in Canada can make it hard to maintain a balance between your life and your work. If you let your side hustle control you, you could end up sacrificing sleep or healthy eating.
When that happens, you may not feel well, and you could become sick. If you decide to start a side hustle, make sure you take care of yourself to keep this from happening.
Things to Consider Before Starting a Side Hustle
Before you decide on a side hustle to start, you should consider a few factors. That way, you can make the most of your time.
How Much Time You Actually Have
If you live alone, you will probably have more time than a single parent. On the other hand, if your day job is close to where you live, you might have more time than someone with a longer commute.
You should think about how much time you have to dedicate each day or week to your side hustle. Then, you can look for side hustle jobs that fit that schedule.
Figuring Out What Highlights Your Strengths
Next, think about your strengths and how they can help you find good side hustles. If you're good at writing, you can look for freelance writing gigs.
But if you prefer to work with kids, you might want to start a side hustle as a babysitter or tutor. Consider what you're good at and what you like doing to help find the right side hustle ideas for you.
Setting Goals and Realistic Expectations for Yourself
The next factor to consider is your goals and expectations. While you may want to work as much as you can, think about if you can do that and keep up with a busy schedule like that.
f not, you may want to set goals that are more achievable. That way, you'll know that you can earn some extra money, and you won't stress yourself out over your side hustle.
Understand How Taxes Work for a Business
As you start your side hustle, you should learn about business taxes in Canada. Figure out what you can deduct from your income and how to prepare your tax return.
While you can work with an accountant, understanding the basics is crucial. That way, you can run your side business for most of the year, and you'll only need help for taxes.
How to Start a Side Hustle - 4 Easy Steps
So, you have decided that a side hustle from home is the best way for you to make money online, but you don’t know where to start. Look no further, we have a list of steps to follow for you to start a side hustle today!
1. Make a list of what you’re interested in moonlighting as
You need to love what you are doing as a side hustle for it to be successful for you. This job will be done on your own time and outside office hours if you have a day job, so it will take a lot of energy and motivation to make it stick. Only something that you are passionate about will drive you this much. Brainstorm side hustle ideas around your interests and skills to discover the best ventures to start or see if you can turn a hobby into a business.
2. Decide early if you will invest money
Side hustles shouldn’t cost too much money, but they may require some investment upfront for things like hosting, branding, and tools. You may decide that you want to do social media marketing to get your first sale. Whatever your growth and expansion plan is for your side hustle, you need to be aware of your spend before it happens. Plan your spending accordingly, and measure your success to know whether you should continue.
3. Make sure there are no conflicts of interest
If you have a day job or have connections that could lead to a conflict of interest with your side hustle, then it is not a good idea to continue with it. Sometimes, the best advice is to try something else or to shelf your idea for another time so that you don’t end up doing something you regret. Starting a side hustle with a conflict of interest could lead to costly lessons learned.
4. Schedule time for your side hustle
A side hustle takes time out of your schedule daily, so ensure everything is going right. It is not possible to set up your website, schedule your content, and forget about everything until next month. Set aside time in your calendar regularly for your side hustle, and outline actionable goals for this time to ensure what you are doing is valuable. If you have a day job, aim to give three to four evenings a week and perhaps some hours on the weekend to your side hustle, depending on what it is.
Don’t forget about your day job
If you are setting up a side hustle while also having a day job, remember to put 100 percent of your energy into your day job when you are there. A side hustle will give you some money, but you rely on a check from your day job that you need to pay the bills. Don’t try to juggle your day job and side hustle within your 9 to 5 hours, as this is a recipe for disaster.
10 Ways to Make Money Online, Offline and at Home
Doing side hustle jobs is now becoming common especially since the COVID-19 pandemic started. The popularity of online freelance jobs and service sharing is also a big factor why many peoples are attracted to do it.
Insurdinary listed below the 10 best ways to earn money online, offline and at home:
How to Make Money Online?
Making money online is the sweet spot people look for in the side hustle economy. Whether you aspire to be a six-figure social media influencer, or are just looking to supplement your regular income with some online side jobs, we've found some viable options.
1. Begin a Drop Shipping Business
Drop shipping is one of the great side hustle job ideas with a flexible schedule. This is where you order products from a manufacturer but have them send the products to your customers, so you don't have to deal with an inventory. What makes this so great is you don't need to have a big startup budget cost and your main focus should be on marketing your products and customer service.
If you start as a sole proprietor, you don't need a business license. All you need to start is to find suppliers and set up an online store to attract customers.
2. Start Freelancing Job
Make money online through websites such as Fiverr, Upwork and Freelancer.com. These sites offer opportunities to do a variety of freelance jobs, such as writing, programming, design, marketing, data entry and being a virtual assistant. No matter what freelancing you do, keep track of the going rate for the kind of work you provide so you know if you’re charging too much or too little.
3. Become a Social Influencer (either Instagram, Tiktok, Youtube)
Companies are using Instagram influencers, tiktok and/or youtube — people with large, dedicated followings on the platform — to rep their products. You can get in on the action by applying for opportunities via a marketing platform like Open Influence or Aspire, or by contacting the brands you want to work with.
4. Make Money From your Blog and Affiliate Links
If you’re a blogger who gets decent traffic, you could make money by joining an affiliate network and/or Google Adsense. Affiliates (that’s you) get paid when someone clicks through from the website to the partner site and buys something there. Some bloggers make a lot of money this way.
5. Test Websites and Apps
Another way to make money online is on sites like UserTesting.com. You get paid for your thoughts on how well — or not so well — certain websites and apps worked. You’ll have to complete a short test to be accepted, then you’ll be paid depending on the test type. UserTesting.com does not disclose an exact amount.
How to Make Money from Home or Offline?
There are 2 ways to earn offline first, work-from-home style or side hustle jobs that don't even require you to leave the house and second, a side hustle jobs that may require a little more legwork, but the upside can be substantial. Working offline requires a little creativity, fast-track movement and a stick-to-it spirit. Here are some great ideas for side gigs from home or offline:
6. Rent Out Your Car
Renting out your car can be an excellent side hustle if you hardly use it. You can sign up with a website, like Turo. That way, you can easily find renters.
Another benefit of Turo is that the company has an insurance policy to cover you while someone rents your vehicle. If you rent your car on your own, you should obtain third-party liability insurance to cover yourself and the renter.
7. Give Tours
If you live in a city with a lot of tourists, you can give tours as your side hustle.
To market yourself as a tour guide, you can create a website or post on social media. Consider working with local businesses or hotels to promote your services.
8. Drive for Uber, Lyft or Delivery Service (Amazon, DoorDash, etc.)
Join Uber or Lyft and make money by driving passengers around or take advantage the growing delivery trend and sign up for a service like Instacart, Uber Eats, DoorDash or Amazon Flex. Just don’t forget to factor in gas and maintenance costs. You need an eligible car in good condition and must agree to a background check and a review of your driving history.
9. Find a Sitter Job that Fit for You (either Babysitter, Housesitter or Dog Sitter)
If you are an animal lover, or enjoy children around you this is the perfect side hustle for you. Word-of-mouth referrals from friends and family are still a great way to get started, but you can also create a profile for free on Care.com, Sittercity, apps for pet like Wag and Rover to expand your reach. Note any specialized skills, such as CPR certifications, to make yourself more marketable.
10. Refurbishing and Reselling Used Furniture
If you want to work with your hands, consider buying cheap furniture and refurbishing it. You can find furniture to buy on places like Craigslist or Kijiji. Then, you can refinish or repaint the item and sell it for a profit on those same marketplaces.
Salvation Army and Goodwill are also great places to find cheap furniture. This is an excellent side hustle for people who need a flexible schedule.
Will You Start a Side Hustle in Canada?
Working a side hustle in Canada is a great way to earn extra money to pay off debt or save for a big purchase. But you should consider if a side hustle is right for you.
If so, you should look at some side hustle ideas to find one that suits your schedule and needs. Once you find a good idea, you can start making money outside of your day job.
Have you made enough money from a side hustle to buy a house? Visit Insurdinary to view the best mortgage rates in Canada.