If you’re one of the many people who aspire to be an entrepreneur, you might be wondering how to choose the best part-time job. While there isn’t one perfect part-time job that’s right for everyone, there are a few questions to ask yourself as you try to find gig work that’s right for you.
What is a side hustle?
The easiest, a sideline It’s just something you do on the side to earn some extra money. Also called freelance or gig work, there is a wide range of pursuits or time and money commitments for side hustles. A side job can be something you do very occasionally to something that’s considered a second full-time job.
Find the right fit
While there is no universal side hustle that is perfect for everyone, there are many different things you can do to make extra money. Here are some of ours The best ways to make money at homeregardless of age or ability:
- Become a virtual assistant
- Find and sell used items
- Become a transcriptionist
- Rent out your home or car part-time
- Delivery Drivers (Uber / Lyft / Doordash / Grubhub / Postmates / etc)
- Tutor students in your area
These are just a few ideas that you might want to consider. Most people learn if they like something by actually doing it. So the best advice is to just pick something and give it a try. Take some time and create space for entrepreneurship your budget and go for it.
Set goals and expectations so you can regularly check how your side hustle is going and whether it makes sense to focus on something else. At worst, you may find it doesn’t fit well and isn’t worth your time or money. But when that happens, you at least know a little bit more about what kinds of side hustles work and don’t work for you. And in the best-case scenario, your part-time job will be so successful that you can make it your full-time job.
How much time, space and money do you have?
As you look at the list of possible side hustles to choose from, ask yourself how much time, space, or money you have. Different side hustles have different requirements for each of these three things. Becoming an Uber driver or tutor takes a lot of time but not a lot of money or space. Arbitrating retail and finding products to resell takes time, money AND space.
Think about how much money you may need to deposit and how that fits into your overall financial situation. The old adage “it takes money to make money” generally applies, but you should also consider the potential risk and reward to see if it’s worth considering. if you a Housewife looking for a part-time jobyou also need to consider how to balance your entrepreneurship with your childcare responsibilities.
Is it active or passive income?
Active income is money you earn by doing something actively. Many “traditional” jobs where you work 8 hours a day are active income. You can’t just double your active income without doubling the amount of time and work you put in. Passive Income Here you make an initial investment and receive money regularly and continuously.
Side hustles can generate both active and passive income, depending on the gig. Being a tutor or a ride-along is mostly active income. The amount of money you deposit is limited by the time you have available. Writing an e-book or recording a podcast can be considered a podcast. Because once you’ve written the book or recorded the podcast, your earnings will come as people buy your book or download your podcast. Becoming a landlord is another Opportunity to generate (mostly) passive income.
The final result
Finding the best side hustle for your lifestyle is, in a way, a matter of trial and error. With so many different ways to earn extra money on the side, there’s bound to be something for everyone. Given the time, money, and physical space you have available, these are some good questions to ask yourself.
Looking at your money-making timeline is another great idea. Do you need extra cash right now to solve an immediate financial crisis? Or are you more interested in finding a recurring income stream to supplement or replace your future income? Try out a few gigs and see how you like them. One nice thing about many side hustles is that they don’t require a lot of initial investment – so you can try them out, see how they fit, and then determine the best next steps for you.
Dan Mueller (95 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free/cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.