Key Takeaways
  • Side hustles are a great way to bring in more income.
  • As side hustles are becoming more common, finding one that is cost-effective and meets your skillset is important.
  • Before determining which side hustle you wish to pursue, research its income, the money required to begin, and its risk.
Are you ready to make some real money moves?

Since the cost of living has drastically risen over the past six months, paying for expenses on one income alone may not be feasible. If you’ve heard the popular saying, “one income is too close to none,” you may better understand the importance of multiple income streams. 


CapWay is on a mission to help millions of Americans to bank smart and learn about money. Whether you want to learn about side hustles, passive income, or investing, CapWay has the key to help you unlock the next level of your personal finance journey. 


Below are three part-time side hustles that can help you pocket extra cash.

 

Definition of a Side Hustle


A side hustle is a job in addition to your regular work to increase your income. Many different side hustles allow you to offer your services, with some requiring little to no money to start the business. Below are some cost-friendly side hustles you can start with little to no money. 


1. Delivery Driver


Amount of Capital Required: A functioning car

Average Income: $19/hr

Risk: Low

 

Becoming a delivery driver for UberEats or DoorDash is one of the most common side hustles. This job requires little to no capital, as the car itself is the only necessity. The key factor to remember about becoming a delivery driver is the changing pay rate. Although these delivery drivers get paid an average of $19 per hour, their rate is dependent on the tips they receive and the number of orders delivered.


Recommended Read: 5 Ways to Make Extra Money With Your Car

 

delivery driver

Image Credit: New Africa / Shutterstock.com

 

Consequently, these variations in pay can lead to a driver having great paydays but also having some mediocre ones as well.


In regard to the risk, there are not many downsides to this side hustle. The only issue you may encounter is if a person falsely states you did not deliver their food, it would trigger a negative review and may cause your account to be suspended. However, by recording and photographing all food pick-ups, you will have physical evidence to back up your claim and reduce the chances of getting banned by Uber or any other delivery driving service.

 

If you wish to learn about how you can become an UberEats or DoorDash driver, click the respective links to receive more information. 


2. Virtual Assistant


Amount of Capital Required: A functioning computer/laptop

Average Income: $24/hr

Risk: Low


A virtual assistant is another part-time side hustle many people have begun partaking in. On average, those who work as a virtual assistant will earn about $24 per hour. As this pay is higher than being a delivery driver, it also comes with more responsibilities. For example, the main tasks of a virtual assistant are to conduct the necessary administrative duties.

 

person on laptop

Image Credit: fizkes / Shutterstock.com

 

Some of these duties include scheduling appointments, making phone calls, and ensuring that everyone is up to date with the necessary information they need. Therefore, a virtual assistant is an underrated role as they have many tedious yet vital tasks that need to be done to keep the business operating. 


Furthermore, the risk associated with being a virtual assistant is low; the worst-case scenario is that you will lose your job. Still, since you have gained critical, transferable skills, finding a job requiring a similar skillset elsewhere will become much easier. 


If becoming a virtual assistant intrigues you, click here to learn more about the steps you can take to become a virtual assistant. 

 

3. Influencer/Blogger

 

Amount of Capital Required: None

Average Income: Depends

Risk: Moderate


Starting a blog and becoming an influencer regarding your niche is a side hustle that has the potential to give you passive income if it takes off. However, the beauty of posting on social media and becoming an influencer allows you to focus on what you enjoy. 

 

food influencer

Image Credit: My Ocean Production / Shutterstock.com

 

For example, if you enjoy cooking, you can make food content and broadcast it to the world via social media and your blog. The good thing about creating a side hustle online is that there is no capital required; other than the items you may want to purchase to produce high-quality content like a highly technical camera or a laptop.


Unfortunately, the downside is there is no steady income for influencers and bloggers, as it can take a while until you can monetize your content. According to Statista, 59% of all content creators do not monetize their content in the first 12 months due to a small following.

 

Recommended Read: How Your Business Can Monetize Social Media

 

As a result, the risk of this side hustle is a bit higher compared to being a delivery driver or a virtual assistant, as there is no guarantee the time spent working on your craft will allow you to be financially compensated. 


Pros of Side Hustles


Before you begin contemplating whether starting a side hustle is the right choice for you, it is essential to weigh the pros and cons to make an informed decision. There are many benefits to getting into side hustles, with the main advantage being learning new skills.

 

side hustle

Image Credit: Ariya J / Shutterstock.com

 

Granted, you can do a side hustle with your existing skillset, but if you decide to branch out and try something new, your value will increase. Consequently, if you extend your skillset, you can be presented with better career opportunities down the road. If you increase your area of expertise, pick a field you are interested in so the new concepts do not seem like a chore. 


Along with earning more money, you can also meet new people depending on which side hustle you choose. If you find a side hustle that allows you to meet new people, these new connections may be helpful if and when you decide to advance your career. 


Cons of Side Hustles


Despite side hustles providing many benefits, some disadvantages should be considered. The main con of a side hustle is the risk of failure. The side hustle’s objective is to provide extra money on top of the money earned from your full-time job. However, not all business ventures work out, and the possibility of your side hustle not living up to your expectations could happen.

 

However, everything in life carries a risk, so always maintain a positive mindset when you work on your side hustle. Mental fortitude will help you overcome challenges you may face in your side hustle that could impact your business’ success. So, do not go into side hustles thinking you will become rich or it will fail. There are no good side hustle ideas, only good work ethics, so always do your best to produce the highest caliber of your work. 


The second downside of a side hustle is having less spare time. A side hustle is usually done after the work from your full-time job is finished. Consequently, you have less time to yourself as these two tasks are time-consuming. However, depending on your long-term ambitions and goals, this tradeoff could be worth it.

 

Recommended Read: How to Maximize your Time and Money While Working from Home


Since working on a side hustle is time-consuming, it can be physically and mentally exhausting. Moreover, it requires a lot of perseverance, as lack of rest can affect the quality of your work.


Thus, when working on your side hustle, ensure that you have given yourself enough time to rest and reset. Resetting physically and mentally allows you to put your best foot forward when working and increases your chances of outputting the best work possible. 

 

The Money Wrap-Up


There are various side hustles that you can do to increase your monthly income. However, the key thing to remember is to find a part-time profession that is also cost-effective. Earning more money is great, but if most of your supplemental income will have to pay for the associated expenses, it is not worth it. 


Therefore, pick a role with low expenses, whether you pursue becoming a delivery driver, virtual assistant, content creator, or another desired side hustle. By finding a cost-effective side hustle, your additional income can help you become more financially comfortable amidst the rising cost of living. 


Disclaimer: The information above regarding side hustles should not be considered financial advice. Always do your independent research before pursuing any side hustles. CapWay is not liable for any financial losses incurred.


Main Image Credit: TheCorgi / Shutterstock.com

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