Renting is a great option if you need to make some quick cash. There’s so many options out there with Airbnb and other sites that easily allow users to purchase a temporary space as needed. Elana Varon, author of THE ULTIMATE SIDE HUSTLE shares how you can market your side hustle.
Side hustles that involve selling or renting are among the easiest to start. You don’t need any experience to open a store on eBay. Peer-to-peer platforms such as Airbnb have made it simple to offer unused assets for rent—not only spare rooms, but also parking spaces, backyards, and infrequently used tools.
Digital technologies have also created opportunities to earn money by writing social media copy, and investing through online trading platforms. You don’t have to be a celebrity to be paid as an Instagram influencer, promoting brands to your followers. If you have a knack for catchy names, you can enter brand-naming contests.
UNDERSTAND YOUR MARKET
That doesn’t mean easy money, as anyone who sells for a living will tell you. You can fail to make any money, or lose it, if you don’t understand your market, don’t do enough work to cultivate your customers, or take risky bets. Income is not predictable.
Running a used book business from your basement, for example, costs less and is more flexible than having a storefront, making it amenable to a side hustle. But your profit margins may still be narrow due to the cost of your inventory and the competition. If you prefer a predictable side income, a part-time sales job working for an employer, such as in a store, could be better for you.
Renting is appealing in part because the main investment people have to make is their time. Interacting with renters isn’t trivial; they have questions, problems, and maybe complaints.
They may damage your house or your things (make sure you have insurance or otherwise have a way to recover repair and replacement costs). But renting doesn’t require additional financial investment beyond what you’ve already paid for your asset. Hosting a paying guest in your spare room a few dozen nights a year could cover a chunk of your mortgage. Leasing an empty driveway in a busy neighborhood is about as close as you can get to free money.
See how you can make money with your many skills and hobbies in THE ULTIMATE SIDE HUSTLE BOOK by Elana Varon!
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Excerpted from The Ultimate Side Hustle Book by Elana Varon Copyright © 2018 by the author. Used by permission of the publisher. All rights reserved.
Photo by Tyler Franta on Unsplash.