Looking to Supplement Your Income? Here’s How

Supplement
Supplement

As we slowly transition out of COVID-19, we face an unstable economy. Inflation has caused the prices of everything to go up, so even with a regular nine to five, you may still struggle to keep up with your bills. For this reason, many people are turning to side hustles to supplement their income.

Side hustles also offer the added security of not being dependent on a single income. In a climate where job losses and retrenchment are common, it is risky to put all your eggs in the basket of your employer because if you lose your job, it may take a while to find another one.

If you’re keen on a side hustle to supplement your income, consider some of the following ideas that you can do after hours or on weekends.

Rent Your Stuff

For years, many people who had a spare room in their home rented it out to earn extra cash, but if you don’t have extra space in your house, there are other things you can rent. If you have a car, you can make a decent amount of money by renting it out to others. Other things you can rent are expensive equipment like tools.

Many people have taken on DIY projects in their homes to save money but don’t have the necessary tools to complete the job. Since these tools are expensive and are unlikely to be used often, many people would prefer to rent them for a day or two, which is much cheaper than buying them.

Other items you can rent include camera equipment and sporting equipment like skis.

Even if you don’t have expensive equipment, look in your closet. As COVID-19 restrictions ease, more people are having parties, weddings, and events, usually with strict dress codes. Many women are reluctant to buy an expensive evening dress, for example, and would much prefer renting a dress for the event, so look through your closet to see if you have any special occasion clothes that you can rent.

Become a Driver

The last two years were not the best time for drivers since everyone was forced to stay at home, but as life slowly starts returning to normal and more people are going out, there is an increasing demand for drivers. If you have a vehicle, you can become a ride-share driver for companies like Uber or Lyft.

A few expenses come with this job, like paying for insurance, gas, and monthly car loan installments if your car is not paid off. So if the business is slow and you are short on cash, there are loans for drivers to help you manage your expenses.

Online Tutoring

Since the pandemic, there’s been a demand for online tutors, which has not decreased. Even though people can go out to schools and learning centres, the convenience of online learning is too good to give up.

If you’re an expert in a subject, consider offering your services as a tutor, and the best part is that it costs you very little to start up. All you need is a laptop or computer and a stable internet connection, and you can work from anywhere in the world.

You can tutor adults or children, depending on the subject you’d like to teach and your level of expertise.

Another option in the online learning sphere is to teach a foreign language. In this case, you don’t need to be an expert, as many people just want to practice speaking the language with a native speaker. While English as a Second Language (ESL) is popular, there are many other languages people are keen to learn.

Pet Sitting or Dog Walking

During the pandemic, more people adopted pets. This adoption was driven because people, especially those living alone, were lonely since they were forced to avoid interacting with others and stay at home.

Now that people can go out and have an active social life, there is a demand for pet sitting and dog walking. If you’re good with animals, you can offer your services to pet sit over the weekends when people go away, or you can offer to walk dogs before or after work or over the weekends.

Sell Your Skills

Entrepreneurship is growing, and more people are starting small businesses. The challenge small business owners face is that they can’t afford to employ full-time staff, nor does it make sense for them to do so since there isn’t enough work for a full staff complement.

Still, small businesses need the help of accountants, bookkeepers, graphic designers, social media marketers, photographers, legal advisors, and many other experts. These professionals can help them with tasks like filing tax returns, designing content for social media, providing legal advice, etc.

In most cases, they will only require these services a few times a month or on an ad hoc basis so you can offer your services as a freelancer.

If you are an accountant or bookkeeper, you can supplement your income by offering your services on a freelance basis.

DIY and Home Maintenance Services

There are always small jobs that people need to do in their homes that require little to no skills. These can be jobs like painting, putting up shelves, or assembling furniture. While these jobs may be easy, a lot of people may struggle to do them themselves and will happily pay for someone to do these jobs for them. Often, home repair or maintenance jobs don’t take more than a few hours to complete, so it allows for flexibility.

Also, depending on your services, you won’t need an extensive range of expensive tools. If you’re just starting, you should be able to get by with a basic tool kit and some paint brushes.

READ MORE: Bookkeeping Basics For Small Businesses

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