So, you’ve finally decided that you need extra income for you to reach your goals.
Maybe it’s retiring early or saving up money for a year of sabbatical leave. And yet, you are clueless about where to start. What else can I do to earn extra income on top of my salary?
There are many sideline options but how do you know which is the best for you? You don’t want to be announcing that you’re opening a café and yet you don’t have the time or budget or the skills to even make coffee.
Even if it’s just a sideline, you still want to be 100% committed to what you are going to start. You should maximize your skills, talent, and, most importantly, your interest. If you are going to invest your time, money, and effort, you want to make sure you will earn from it.
Here are the things you need to consider.
- How much time can you allocate in this sideline?
- How much money do you plan to invest?
- Who can help you in this venture?
- What are the skills you need?
Make sure you answer these questions honestly because entering a business, no matter how small it is, is like marriage. Without sufficient foundation, it can easily crumble.
Here is a list of various sideline options you may consider exploring:
- Sari-sari store
If you need to be at work, you’ll need someone to operate this sideline for you. You can sell the essentials targeting the needs of your neighbors from instant noodles, soft drinks, coffee, candies, you name it. You need to ensure that your store is well-stocked replenishing every week or as necessary. It is the easiest because you don’t need to advertise your store. You just have to wait for the next customer.
- Required time: At least 12 hours a day
- Required capital: It depends how big is your shop but you can start from PHP 40,000.
- Renting out a room
If you have an extra room in your house that is close to the tourist areas of your city, you might consider renting it out to tourists. Or if you want something long term, you can rent it out to students or employees who need to stay close to their workplace.
- Required time: Five hours a day for cleaning, entertaining the guest and answering queries
- Required capital: N.A. but you have to make sure that the room is clean and livable.
This is the business for you if you enjoy cooking, but it can also be demanding as it requires more of your effort. It is a long process starting from going to the market, cooking, packaging, and delivering it to your clients. And if you think of doing this as a sideline on top of your job, you will need to hire some help otherwise build a solid schedule when you are able to cater, like the weekends. Don’t overestimate yourself.
- Required time: 10 hours
- Required capital: PHP 60 to sell 500 grams of graham cake
- Starting a restaurant or a café
If you are opening one in your backyard, say you got the perfect location where there’s a reasonable amount of traffic, you can consider running a part-time restaurant or a café. Netflix’s Midnight Diner is a perfect example of a part-time restaurant that opens only at midnight. It targets employees who work at night or comes home late at night when the rest of the restaurants are closed.
- Required time: 8 hours
- Required capital: A carinderia that does not require a fancy setting will cost at least PHP 20,000.
- Virtual jobs that allow you to work from home.
If you have writing and SEO skills, you may think of running your own blog. You can also be a virtual assistant or a website developer. There are foreign companies out there who outsource these jobs where you can work on a per-project basis. The good thing about it is you don’t need to have any capital; you just have to advertise yourself out there (e.g. LinkedIn account). If you are thinking about this job and you still don’t have the skills, you may want to invest in online courses from Udemy or Skillshare.
- Required time: 5 hours
- Required capital: None
- Part-time teaching jobs
With technology, there are multiple applications out there where you can teach and earn such as Palfish, Boxfish, Tutorlab to name a few. You can also apply to your local universities to become a private tutor or start a website where you can accept clients directly. If you are passionate about sharing your knowledge and patient enough until your students understand the lesson, they’ll certainly love you.
- Required time: It depends on how much you want to earn, but you can allocate an hour a day.
- Required capital: None
Out of these ideas, are you able to choose one that suits you? There are a lot of other options but I’ll let you digest these for a bit. In pursuing your Passion Hustle, remember not to sign up for it just because of the extra money because it is not enough motivation.
We’re all about pursuing our Passion Hustles because we are trying to design a life well-lived. Besides, if you love what you do, the money will follow. 🙂
P.S. Here’s a free Passion Hustle worksheet, which will help you in identifying your brand, the first step in starting a Passion Hustle. Good luck!