Side hustles to consider in 2023 (to help combat higher cost of living )
As living expenses increase and interest rates rise, some Canadian economists predict that the next year or two will be a rough ride. Some Canadians are considering side hustle measures to close the gap in the interim. The idea of a side business could help you increase your income and test out a new business concept without incurring significant financial or time commitments. If this sounds like something that interests you, there are many options available, whether they be in-person or online. Here are some concepts to think about.
Start A Blog
Consider beginning a blog concentrating on a topic that interests you, such as travel, food, beauty, or fashion, if you like to write and share knowledge with others. You can monetize the site with adverts or affiliate sales as you gain readership. While affiliate sales pay you to promote a product or service, ads pay per view or per click. When a user clicks on an affiliate link and makes a purchase, you get compensated.
Costs and platforms to consider: A blog will cost you $100 per year to run. You’ll need to create a blog website and purchase a domain. You won’t need to hire a designer or developer to get started because there are numerous user-friendly design tools and eye-catching blog templates available online.
Earning Potential: $1,000 per month with 12 months
Tutoring As A Side Hustle
If you are talented in academics, music, art, or sports, this might be the right fit. The demand for tutors and private instructors is constant, creating a variety of flexible side business alternatives. Parents looking for kid-friendly sessions can be targeted with advertisements for in-person and online training, and don’t forget about adult learners. If it works better for your side hustle schedule, adults typically attend seminars during school hours because they enjoy to broaden their horizons.
Costs and platforms to consider: Hard expenses are typically negligible because apps and online platforms give you a platform to promote your services and handle payments.
Earning Potential: $400 per month
Online Freelancing
One of the best side jobs for making extra cash is freelancing. You can plan freelancers’ work whenever it suits you because they typically complete projects on a per-project basis for one or more clients. There is a great need for freelance website developers, authors, editors, and graphic designers, but other professions also provide these opportunities. Flexible project-based work is available for skilled mechanics, educated bookkeepers, video editors, interior decorators, and even licensed real estate agents.
Costs and platforms to consider: Send emails and post on social media to your own network to advertise your freelance services and raise awareness. By using online freelancing portals, which take care of project administration and payments for you, you can also reach potential clients. Having marketing expertise on your own website gives it a polished, professional look and enables you to provide easy online billing and payment options.
Earning Potential: $5,000 per month within 12 months
Rent Your Car and/or driveway
Drivers are permitted by businesses to post their vehicles for daily rentals at fair prices.
Generally, everyone with a vehicle that is less than 12 years old is qualified, and you can hire out your vehicle when it is not needed. You decide the prices and oversee any reservations made using web tools. This could be a terrific way to make money with your car, but it would involve some more work on your part.
Rent out your driveway
For the most part, parking is scarce. There is always potential to profit from your driveway, regardless of whether you reside in a busy neighbourhood or the metropolis.
Parking apps let users rent out their own private parking spaces on their property by making them available as paid parking for nearby commuters. By listing your space for free and renting it out while you’re not using it, you may earn money with your car.
Earning Potential: $600 per month
Buy And Resell Stuff
A wonderful approach to earn money aside from your 9 to 5 job is to buy and sell. With dropshipping, you can sell a product to a consumer directly without having to purchase any inventory. Reselling entails buying products and then reselling them to customers at a profit via an online marketplace like eBay, an online storefront like Shopify, or a physical secondhand shop. Purchasing goods that may be sold again is a great side business for someone who enjoys shopping.
Earning Potential: $1,000 per month
Some areas to avoid:
Hustles That Require Licensing/Certification
In addition to initial education costs, licensing and certifications may range in price from $1,000 to $10,000 or even more. This investment may be worthwhile if you want to pursue a career in one of these disciplines. As a hustler, you likely would not immediately recoup your expenses.
Multi-Level Marketing (MLM) Schemes
There are undoubtedly many people that succeed in this model, and MLM businesses are good at persuading you that there is fast money and significant profit potential. But you should thoroughly investigate ALL necessary expenses and product investment, and look at their sales and profit plan. Building a sizable team is typically the only way to make money, and doing so requires continual time and effort without immediate payment. This kind of hustle may be right for you if you work well under pressure. But if you do not, you could find yourself with a pile of unsold goods that you will not see a return on.
Side Hustle Coaching Programs
You have probably come across coaching packages that boast profits and guarantee your speedy success as you research different side hustles. This is usually savvy marketers trying to sell you their “amazing” solution for $50, $100 or far more. While some coaching programs provide reasonable information, there is no “magic” to instant wealth.
It can be worthwhile to explore YouTube and other search engines to locate free videos, how-to articles, and e-books for the side business ideas that intrigue you before paying for any coaching programs. Most of the time, this information is simply “re packaged” and sold to those who didn’t do their own research.
Final thoughts:
In your spare time, side hustles are a terrific opportunity to supplement your income, follow your passion, or start a new business. With so many choices for side businesses, it’s a good idea to research your alternatives to see which ventures best suit your abilities, objectives, financial situation, and free time. Despite what some astute marketers and coaches might suggest, no side business is a surefire success or a way to get rich quick. A side business demands focus, dedication, and follow-through just like any other type of enterprise. But when done properly, they have enormous potential for growth and profit. Who knows, while it might help balance the higher cost of living, it could also be the start to a new career.