The only limitation to the things you can do for a side hustle is your imagination
A ‘Now hiring’ sign hangs near the entrance to a Fedex store in Miami Beach, Florida. Photo by Joe Raedle/Getty Images files Rather than perpetuating the doom and gloom in the news about rising interest rates and inflation, it might be more useful to discuss solutions. After all, we don’t have any control over the increased costs and there’s only so many things we can cut out of our budgets, so a better tactic would be to start thinking about how to increase our income.
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Before we get ahead of ourselves and start worrying about where you’re going to get the time to work another job, let’s start with the one you already have. Maybe you’re overdue for a raise or deserving of one. It never hurts to ask. It’s also good to see if your company offers the opportunity for overtime. This is a great way to earn some extra money to help offset some of those rising costs or even plump up your savings.
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If increasing your income with your current employer is not an option, start brainstorming about what interests or talents you have that can be turned into a side hustle — anything that provides an additional source of income outside your primary job.
This can vary from starting a side business to finding a part-time job. Before you hit the want ads, though, you will want to give some thought to how much time you’re willing to commit to working your side hustle. You also want to make sure it won’t conflict with your current job.
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Now think about ways to monetize your interests, skills and talents. Perhaps you love animals and enjoy going for walks. Why not combine the two and start a dog-walking service? If you work from home and have the room, consider offering doggy daycare for those pet owners who have had to return to the office.
Maybe you have a skill you can teach others? One option is teaching English online. Or maybe you have other talents that can be taught via workshops from home or online. For example, a lot of fitness and other classes went online during the pandemic and are still very popular. If you know how to do hair and makeup, but don’t have the time to work that kind of job part time, consider providing how-to classes/videos online.
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Do you have a vehicle? A great way to help offset some of the car-related costs is to use your vehicle for a side hustle. Whether it’s for deliveries or Ubering, make sure you track the mileage and expenses you incur so you can claim them against income at tax time. You can also offer your vehicle for advertising, which is a great way to earn extra money without additional wear and tear on your car.
What about all those crafts you’ve made over the years? Christmas is a good time to get a booth at a local craft show and sell your creations. If you like to bake, homemade goodies are popular at craft shows, too. If your talents are more technical, consider offering IT support or computer help for the elderly or technologically uninclined. If you’re really organized or a great planner, you can hire yourself out to help declutter a home or plan an event.
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Recommended from Editorial Forget the corporate PR campaigns, here’s how to really save on groceries There’s only five paycheques to Christmas so start budgeting now The squeeze is on: What to do when creditors come calling Do you own a home and have a spare room? Renting out a room for a student or short-term vacation rental can bring in some extra cash. I often recommend this for the seniors I counsel who are financially struggling on a fixed income but who want to continue living in their homes. If you have a garage or parking spot in a desired part of town, you can earn extra income without inviting a stranger into your home. Or maybe you have a vacation property or RV you can rent out when not in use.
Of course, if you’re short on time, you can get paid to do things you’re already doing, such as grocery shopping or meal prepping. It doesn’t take much longer to cook a larger batch or pick up more items if you’re already at the supermarket.
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Article content Expertise in areas such as painting and sewing can also be marketed. One of my kids has a side hustle where he paints apartments for rental units in between tenants. It’s proven to be a very lucrative way to make some extra cash.
The only limitation to the things you can do for a side hustle is your imagination. Do a little market research to see if your idea can be profitable. Check into municipal business licence and insurance requirements. Then be sure to put any money you earn from your side gig into a separate bank account. You will need to declare it at income tax time as well as deduct any expenses from it in a clear way.
Above all, make sure that earning extra money is not harming your physical and mental health. It’s counterproductive if you burn yourself out and end up not even being able to work your main job.
Sandra Fry is a Winnipeg-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt for more than 25 years.
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