## Tired of the 9-to-5 grind? Dreaming of building your own empire but strapped for cash?
We’ve all been there. That nagging feeling that there’s more to life than clocking in and out, coupled with the desire to forge our own path. But the thought of quitting your day job to chase entrepreneurial dreams can be daunting, especially when the startup costs feel insurmountable.
Fear not, future moguls! Forbes has uncovered 5 low-cost side hustles that can not only pad your wallet but also serve as stepping stones to building your business future. These aren’t just quick cash grabs – they’re strategic moves that can equip you with valuable skills, build your network, and ultimately launch you into the world of entrepreneurship.
Ready to unlock your potential and start building the future you deserve? Let’s dive into these game-changing side hustles.Blogging
If you enjoy writing and sharing information with people, consider starting a blog focusing on a niche that interests you, such as travel, food, beauty, or fashion. As you attract traffic, you can monetise the blog with ads or affiliate sales. Ads pay per view or per click while affiliate sales pay you to promote a product or service. When someone clicks on an affiliate link, you get paid a commission if they complete a purchase. The blogs with the most potential for making money are those which interest you, have high search volumes and sit outside the most competitive spaces. You can use tools like Google Keyword Planner or Ahrefs to find information about searches and competition.
Costs and Platforms
Expect to spend £50 to £100 per year to run a basic blog. You’ll need to buy a domain and build a blog website using a WordPress hosting service or web builder platform such as Wix or Squarespace. All offer user-friendly design tools and attractive blog templates so you won’t need to pay a designer or developer.
- Wix – Starting Price: Free plan; £9 per month. Drag-and-Drop Interface: Yes. Standout Features: Free plan available, 900+ designer-made templates.
- Squarespace – Starting Price: £12 per month. Drag-and-Drop Interface: Yes. Standout Features: Free trial, modern designs, user-friendly editor.
- IONOS – Starting Price: £1 per month. Drag-and-Drop Interface: Yes. Standout Features: Professional templates, multiple language translations & site analytics.
Skills Required
Enjoy writing and sharing information with people, and a willingness to learn about blogging and online marketing. You should also be comfortable with basic digital literacy and have a knack for understanding what your audience wants to read about. Consistency and dedication are key to growing a successful blog.
Benefits
A flexible side hustle that can be done from anywhere, allowing you to earn passive income through advertising and affiliate marketing. Blogging can also help you build an online presence, establish yourself as an expert in your niche, and even lead to networking opportunities. Additionally, as your blog grows, you can explore other monetization methods such as sponsored posts, digital products, and services.
Tutoring
Teaching Skills
Do you have academic, musical, fine arts, or sports skills? Tutors and personal instructors are always in demand, opening up all sorts of flexible side hustle opportunities. After building 3 successful million-dollar startups, consider sharing your knowledge with others. Here are some DON’T’s of hiring when you don’t have enough resources:
- Investing over 50% in marketing: When you are in the initial stage, investing so much in marketing makes no sense. I understand it can take you from 0 to 1, but you should fix a budget that leaves room for you to focus on your product.
- Quantity over quality: Don’t focus on hiring the most convenient person who can get the job done for a hefty amount. Someone who knows their job can get things done in less amount but they charge a lot. So, hire someone mid-experienced who can do your work and doesn’t burn your pocket.
- Hiring people who have worked in big companies: People who work at big companies might have credibility, but they also look for a stable environment with good pay. And initially, for a startup that’s hard unless you are funded big.
- Don’t pay with equity: Most of the start-ups I see in the US tend to pay with equity when they are trying to raise funds or are bootstrapped. But this is not good for the long run. In the beginning, it’s hard to evaluate the company and you might actually end up giving away a lot. So do the math properly before offering equity.
I have made plenty of mistakes when it comes to hiring and I am sure you will do that too. But if you have a bootstrapped company, sometimes caution is good. Analyse your decisions once more before making them. I hope it helps.
Costs and Platforms
You can offer tutoring services in-person or online, and use platforms such as TutorMe or Chegg to find clients. These platforms handle the administrative tasks, allowing you to focus on teaching and mentoring. You can also set up your own website to attract clients and use online payment systems for transactions.
Skills Required
Academic, musical, fine arts, or sports skills, and a willingness to teach and mentor others. You should be patient, clear in your communication, and able to adapt your teaching methods to suit different learning styles. Strong subject knowledge and the ability to explain complex concepts in a simple way are also crucial.
Benefits
A flexible side hustle that can be done from anywhere, allowing you to earn extra income while sharing your knowledge and expertise. Tutoring can also help you refine your skills, stay updated in your field, and even open up new opportunities. Additionally, you can build a reputation and gain testimonials that can boost your professional profile.
Side Hustles in the Future
Workers Need Extra Income
In today’s challenging economy, side hustles are thriving. According to a new study conducted by One Poll on behalf of Herbalife, 40% of Americans are turning to side hustles. And of those with a side gig, 48% started it solely to make ends meet. With increased expenses and decreased wages, many workers are turning to side hustles to make ends meet. “The rising cost of living is causing Americans to fall behind on their monthly bills,” said Humbi Calleja, Herbalife vice president and general manager for North America. “More people are turning to direct selling opportunities to ease the financial strain.
Analysis
According to the Bureau of Labor Statistics, the median hourly rate in the service industry is $12.49. In fact, 44% of workers in North America believe they are underpaid based on the ADP 2023 People at Work survey. When you compare state minimum wages with the average living wage for one adult with zero dependents, according to MIT’s Living Wage Calculator, no state offers a minimum wage that a person can live on. As a result, to keep up with their expenses, a lot of people are turning to side hustles.
Non-linear careers are the future. With a rapidly evolving workplace and people working longer, lifetime employment at a single job is becoming a thing of the past. Automation and AI are ushering in a new world of work. That means that over the next decade, companies will be looking for competencies that don’t currently exist. In that case, a side gig is a great way to add to your skill set, making you more competitive in the job market. A side hustle can also help you hone your networking abilities and build confidence. Feeling self-assured makes it easier to remain resilient and navigate an ever-changing employment landscape.
Implications
Side hustles are becoming a necessary part of many people’s financial plans, allowing them to earn extra income and achieve financial stability. They provide a way to supplement income, pay down debt, save for a down payment on a home, or even earn passive income. For some, a side hustle could become so lucrative that it eventually becomes a full-time gig. Even if you keep your day job, a side project can help you pay down debt, save for a down payment on a home or even earn passive income.
Practical Aspects
Consider starting a side hustle to earn extra income and achieve financial stability. Whether it’s blogging, tutoring, or another venture, a side hustle can provide the financial cushion you need to navigate economic challenges. By leveraging your skills and interests, you can create a sustainable income stream that complements your primary job.
Conclusion
In conclusion, our exploration of the 5 low-cost side hustles to build your business future has demonstrated that entrepreneurial success is within reach, regardless of financial constraints. By leveraging skills such as online freelancing, social media management, affiliate marketing, selling products online, and creating and selling online courses, individuals can lay the groundwork for a thriving business empire. These side hustles not only generate supplemental income but also provide invaluable experience, networking opportunities, and a chance to test and refine business ideas.
The significance of these low-cost side hustles cannot be overstated. In today’s gig economy, the ability to adapt, innovate, and diversify is crucial for survival and growth. By embracing these opportunities, individuals can future-proof their careers, build resilience, and stay ahead of the curve. Moreover, the democratization of entrepreneurship facilitated by these side hustles has far-reaching implications for economic empowerment, social mobility, and community development.