Even if you are making enough money to pay bills and set money aside for a rainy day, you probably feel like it isn’t enough. Even when living in a country with a low cost of living, extra money is always nice to have.
If you have any kind of entrepreneurial spirit then you likely have been trying to figure out some ways to get your finances to the next level. Whether to grow a business so you can work for yourself, or to have retirement money, there are a lot of ways that you can make money to do this.
In this article, I will give you several ideas when it comes to side hustles that can be extra money, or even replace your full time income.
1 – Day trading
Whether you are talking about bitcoin day trading or stocks, the principle is that you are buying a commodity at some point during the day that you think is as low a price as possible and then selling it by the end of the day for a profit.
It sounds simple, but it takes a lot of mental fortitude and an eye for opportunities as it can be very fast paced and intense. If you are a risk averse person, then this is not for you.
You’ll also have to be a bit more dedicated to doing this if you are working full time because you may be required to sell if the stock or cryptocurrency starts to dip at any point during the day. If you have the courage and the time to keep an eye on your account at all times, then this could be a very lucrative avenue for you.
2 – Start an ecommerce store
Starting a store online is something that can easily be done in your spare time. It only takes a few hours per day and doesn’t even have to involve packaging and shipping items yourself.
Ecommerce is not easy and does take a lot of dedication, but it is not something that has to take up a lot of your time. Especially with different fulfillment services out there that can handle the logistics for you.
What you do need to focus on is having a good marketing system to get the word out about your store and the products. Make a Youtube channel around the type of products and be as informative as possible for potential customers. Then have social media accounts to build a following. The traffic you generate should end up going to your store and hopefully converting into sales.
3 – Become a blogger
Another side hustle that can be done in your spare time is to be a blogger. It takes time and dedication like anything else, but you can make a nice bit of extra money after your blog gets established.
To make money, your blog can use affiliate marketing where you get commissions if somebody buys a product that you recommend, or you can make money off of banner ads. And of course a combination of the two will make you more.