In today’s economic climate, just about everyone could use a little extra income. Many people have discovered endless earning opportunities on the internet, especially since the 2020 pandemic. You can make these income-earning opportunities work for you too, but you need to put in the hours. These online side hustles are a great starting point for anyone looking to build a new internet income stream.
How to Make Extra Money from Home
You can do just about everything from the comfort of your home these days, including building a business. Many entrepreneurs took this opportunity to launch online business ventures.
However, building a successful business takes dedication, time, and effort. You need to put in the work to make your dream a reality. This list of the best side hustles will give you some business ideas, but it’s up to to you to make them work,
The Best Side Hustle for Beginners
Starting a business takes time, capital, and commitment, but everyone has to start somewhere. If you’ve got enough time and dedication, you can launch your online side hustle with relatively little capital. These are a few of the best low-startup-cost side hustles you can start from your computer today.
Amazon is the largest U.S. eCommerce market, so it’s an ideal place to host your online store. Consumers trust the Amazon brand, and they see you as a credible vendor if your store is on the site. If your store gets large enough, you can even enlist Amazon to handle the shipping through its network of fulfillment centers. All you have to do is create the listing and send Amazon your merchandise, and they handle all the logistics.
First things first, you need to set up an Amazon seller account. Amazon vendors have the option to choose from a variety of fee structures, so make sure you select the right one for your business. Once Amazon approves your account, you’re going to need some stuff to sell.
You could look for deals at local brick and mortar stores to resell for a markup. If you use the Amazon barcode reader app, you can scan products at stores to see how much they’re selling for on Amazon, so you can easily see if you have a chance to make a profit. This technique is time-consuming, but you can find a lot of deals on the clearance rack.
If you decide to go the traditional route, you’re going to need a supplier. You can find lots of low-cost products to sell on Alibaba, but you might find better deals with a specialized supplier. You will have to do some research to find the best supplier for your store.
Now you need to create your listings. Make sure you take as many pictures as possible and include detailed descriptions of the products. It’s is especially important in a competitive marketplace like Amazon.
Now you’re selling, but you still have work to do. You need to monitor your inventory so you can stay stocked and keep moving merchandise. However, it may take some time to determine what sells and what doesn’t. Keep detailed records of product sales so you can have better insights into effect inventory management.
eBay is still one of the top eCommerce markets on the web. The company earned a reputation for its auction-style selling system, but these days you can also sell directly with a set price using the “buy it now” option.
eBay allows users to sell used items, so it’s one of the best places to get started for beginners. Clean out your closets and throw the stuff on eBay for a hands-on crash course in online selling.
You can get started by listing items you no longer use. Once you get a feel for it, you may branch out and find goods at thrift stores, garage sales, or even swap meets. The key is to keep your costs low so that you can maximize sales profits.
When you create your listing, use sharp images that clearly show the product’s condition and features. Outline any defects upfront in the item description field to ensure the buyer’s expectations align with reality.
You also need to decide whether to include shipping costs in your product price. Listings with free shipping tend to perform better, but you may have to raise prices to compensate for the added value. If you decide to bill for shipping, research similar listings to see what they’re charging so you can price your shipping costs competitively.
Start Your Freelance Career
More and more people are taking their talents and making money on their own by freelancing. If you have a skill or talent, chances are you could make money. The internet makes it easy to communicate with clients and collaborate on projects from all over the world.
Start marketing yourself online and create a professional web presence. Start with a domain and create a professional-looking website. Many sites use WordPress, but site-builders like Wix and Squarespace are equally effective. Plus, they often include dozens of professional templates and user-friendly features.
Your website should showcase your skills, qualifications, experience, and portfolio. If you are just getting started, consider honing your skills on Upwork or Fiverr. The extra experience will help you get your foot in the door with potential clients. LinkedIn sales navigator can also be a helpful tool for finding new leads.
Next Level Side Hustles
If online selling doesn’t appeal to you and working freelance isn’t your forte, you may want to consider some of these other side hustles. Some of these hustles require more expertise or capital, but you could make some serious cash if you take the time to master them.
Companies will pay you a nice commission for selling their products, and you can quickly turn these opportunities into a full-time side hustle.
However, affiliate sales is a highly competitive industry, so you might have trouble gaining traction in the space. Having an established web presence and being familiar with SEO helps tremendously.
Setting up an Amazon affiliate account is a great place to start. When you sign up, you can create tracking links for the products you want to promote. Place these tracking links wherever you’re advertising the items, and you’ll get paid whenever someone buys.
You don’t need to stock and ship products to make money selling online. Instead, you can promote and sell products from a dropshipping partner, a supplier who stocks the products and fulfills your orders.
Dropshipping arrangements are particularly attractive for marketing-savvy vendors because it allows them to earn money online without worrying about stocking, shipping, and other logistical operations typically associated with online retail.
Shopify provides tons of resources to help you set up your dropshipping operation. The Oberlo app can automatically populate your store with products to sell, so setup is a breeze. Plus, Shopify offers world-class support and educational resources for its sellers.
Planning for Your New Side Hustle
A new revenue stream sounds like a lot of fun, but you should always consider the possible tax implications of additional income. Otherwise, you could wind up with a large and unexpected tax bill. Chat with a Tax Hack pro to make sure you understand the tax complications associated with your new side hustle and stay ahead of the game. Click here to schedule a session with one of our experts today.