7 Flexible Ways to Make Side Money
Earning money on the side can bring a little extra luxury to your life, finance your summer vacation or enlarge your retirement nest egg. The following jobs can help you earn some additional money.
With the advent of digital photography, amateur photographers have excellent opportunities to pursue their hobby as a paid job on the side. Stock photo providers such as Shutterstock Inc. (NYSE: SSTK) and Fotolia are always looking for fresh material. Compensation varies and may be modest at first. For example, Shutterstock pays 25 cents to $2.85 per sale of regular photos. The portfolio creates residual income over time and grows by the month as you add more photos.
Monetize your expertise by sharing your knowledge. A credentialed financial expert can help college students or those preparing for the Chartered Financial Analyst (CFA) exam, either by working alone or signing up with a tutoring service. A good piano player can either advertise private lessons or collaborate with a local music school to provide lessons for its students. Tutoring in a foreign language is another good opportunity to earn extra income.
Freelancing for traditional paper publications can be difficult to break into, while online freelancing opportunities are often fiercely competitive, with poor compensation. Focus on a niche that aligns with your day job. For example, a carpenter with 10 years of experience who can write coherent how-to guides on home improvement projects has good prospects for selling his articles to do-it-yourself magazines and websites. A Certified Public Accountant (CPA) can make some easy money by writing up a rundown of new changes to the tax code and how they apply to allowable deductions. In a narrower niche where you have better qualifications, you find less competition and better compensation.
Ride-sharing services such as Uber and Lyft depend on ad-hoc drivers looking for extra money in addition to their regular jobs. The one caveat is the cost of operations — gas and depreciation. Putting a lot of miles on a newer, gas-guzzling SUV may actually result in a net loss. The pain at the pump stings now, but the depreciation has a delayed impact that you won’t truly feel until you sell your car.
Being paid for enjoying the fresh air and getting some healthy exercise is an appealing proposition. Bringing along a dog (or several) lets you do this. A lot of people don’t have the time or the ability to get their beloved pets the exercise that they need, and many pet owners are happy to pay someone for the service. Posting contact information in the dog-walking section of websites such as Petsitter.com, coupled with notices at the local pet stores, should make it easy to pick up business.
Be a Weekend Bartender
Helping out tending bar on a Friday or Saturday evening can be both interesting and lucrative. Those are the peak business hours, so there are plenty of patrons paying tips. Some establishments may require formal training, but many settle for a demonstrable ability to mix up a good Tom Collins and replace a beer keg.
Arts and Crafts
Turn your hobby into a profit by selling the end products on websites such as Etsy (NASDAQ: ETSY) and eBay (NASDAQ: EBAY). The caveat is shipping and handling. Handmade jewelry and clothing are easy to package and ship, while paintings, ships in bottles, and other fragile or oddly shaped items can be more difficult to ship. Have realistic shipping and handling costs in mind before posting anything for sale.
Another potential venue is craft shows, flea markets and farmers markets. These take a little more effort and may require an up-front fee to set up your booth, but it may also be a great way to move bigger volumes of merchandise in a short amount of time.
Originally published at www.investopedia.com on August 31, 2016.