MC Journal: Diversify income

COVID SAFE SIDE HUSTLES IN 2021 THAT WILL MAKE YOU MORE MONEY 

With unemployment rates maintaining a strong footing, the U.S. economy contracted a firm 32.9% in the summer of 2020. Many parts of the economy are seeing much more damage than others, and labor recovery is minimal in other sectors. The K shaped recovery has greatly benefitted white collar workers capable of flexibly working from home or remotely compared to blue collar workers needing a physical presence in the workplace. As many Americans are combatting the lackluster job market, many young people are diversifying their efforts and bringing in as much income as possible from multiple sources. 

In light of the enduring global pandemic, it is still highly pragmatic to maintain social distancing and minimize the likelihood of infection and any potential adverse events associated with Covid-19. Here are 10 side hustles that are relatively safe from excessive direct human contact to boost your income streams while protecting you and your loved ones. 

1. TUTOR ONLINE VIA ZOOM 

One of the best ways to bring in additional income, especially while in school or working a full time job, is to help others either academically or professionally. The emergence of countless video sharing and streaming platforms has provided a convenient way to meet up with clients and offer dedicated time to educate, assess, and help improve someone else's skills. The ability to screen share and give step by step instructions in real time has been a reliable alternative to meeting in person, and a lucrative way to earn some extra bucks! 

The earning potential of tutoring can vary depending on the specific subjects, goals, and needs of individuals. But typically on the lower end of the pricing zone, tutors can start out between $20-30 dollars per hour, with regularly scheduled meetups to assist with homework or projects. 

With more experience and expertise, you can make your way up as a more committed private tutor, who can then potentially charge up to $50 an hour or even up to $80 an hour! Talk about some nice income potential! 

For those operating solo or within a small team outside of an agency, negotiating your rates would be key, and many clients are willing to commit to a longer term agreement on a monthly or semi-regular basis. 

2. RESELL PERSONAL OR IN DEMAND ITEMS

There is always a treasure trove of unique paraphernalia, collectibles, and useful items in one's closet, attic, or garage just waiting to find its way into a loving home. The potential resale value of items are of course based on market supply and demand, but nonetheless even old couches, clothes, and work tools can go for a pretty penny when offered on Ebay, Craigslist, or Offer Up. If you're not using it anyway and it doesn't have deep sentimental value, there's a great benefit to decluttering and making a nice sale. 

If you're a more market savvy individual who has a knack for consumer trends, then you'll be able to find more in demand items such as collectible cards, shoes, car deals, or even flamethrowers! Any products with a constrained supply will naturally see an attractive price increase when there is ample or growing demand. Build your seller's status on a platform like Ebay, Amazon, or Rakuten, and you may earn up to $100k in sales, which is what a third of seller's are able achieve. But keep in mind, this takes consistent and dedicated effort in order to find the right products to meet consumer demands.  

3. BE A PERSONAL SHOPPER OR DELIVER 

The rapid growth of the sharing economy has permitted a budding demographic of on demand workers who are shopping and/or delivering products and services to their willing clients. Mobile services have enabled companies like Postmates, Doordash, Ubereats, and Grubhub to really capitalize on the to-your-doorstep economy, and this is a great way to bring in some extra cash if you have the time and energy. 

4. BECOME A VIRTUAL ASSISTANT

Versatile and flexible, many virtual assistants are bringing their skillsets to small businesses and fortune 500 companies alike. Many virtual assistants provide services in social media marketing, data entry, organizing staff, and customer support. The demand is growing, and business owners are always looking for talented individuals who can pivot and make solid decisions on the fly. 

Many assistants can expect around $15 to $19 an hour in initial pay, with more experienced VA's earning up to $50k annually. 

Build your network with as many businesses as possible. These relationships will open doors to high level positions with greater incentives and pay. 

5. OPEN A SHOPIFY STORE

If you have entrepreneurial ambitions, tendencies, and spirit, opening a Shopify store from scratch is a pure play that imposes no limits. You can explore products and services in specific niches, build an audience, and serve your customers. Keep in mind that this is no easy endeavor. You will be thinking about operations, financials, marketing, sourcing, customer service, and every angle of infrastructure. Aligning yourself with the right team will be paramount as the number of moving parts increase. But Shopify offers a way to rapidly open your own store while minimizing startup costs and initial pitfalls.

Smaller stores can earn up to $10,000 a year while bigger brands easily do millions in sales annually. 

Ecommerce has a compounded annual growth rate close to 15% and is showing no signs of slowing down. This macro-trend is not one to sleep on. 

6. HOST AN ONLINE EXPERIENCE

One of the most creative developments throughout 2020 was the advent of online experiences, from cooking sessions to magic shows, escape rooms, and comedy skits. Sharing your passions has never been easier. Both AirBnB and Online Experiences have been the go-to platforms for hosting wanderlust events. 

Giving people the chance to connect culturally has been undoubtedly lucrative. Some earners have brought in up to $20,000 in a single month while the most charismatic and entertaining have managed to clear $150k in just 30 days. 

Want your fortune told? Maybe you want to learn how to make a killer cocktail. Online experiences are here to stay for the most enterprising earners. 

7. BECOME A COACH

The demand for personalize coaching is higher than ever, with workers around the globe needing proper guidance and direction. The most important consideration in coaching is your experience and finding your niche. Targeting too broad an audience often results in fewer conversions. Fitness coaches and career coaches have been establishing themselves for years on various social media platforms, leading with value and offering a clear value proposition for their potential clients. 

Communication skills are a crucial part of the coaching process and will be the bulk of the matching decisions between coaches and clients. Improve these skills carefully and consistently. 

Many coaches easily add an additional $15,000 in income at the end of the year. The most prolific coaches clear 6 figures per annum, but these individuals are in the 90th percentile within the industry. 

8. AMAZON FBA

If you have a knack for trending or collectible products, building a fulfillment infrastructure with Amazon FBA is a great option for making sales. Amazon handles the physical work for you, taking care of the pick, pack, and shipping process, allowing you to focus on growth and strategy. This is without question a competitive and fast paced marketplace. Finding a winning product will require experimentation, testing, and iteration to determine what the market needs. 

Selling wholesale goods on Amazon can bring in $3,000 - $4,000 a month, depending on the product. Trending products in 2021 include handheld device accessories, doormats, and household storage containers. The internet really is your oyster when it comes to potential products. 

9. PERFORM FREELANCE WORK ON FIVERR 

The sharing economy has been extremely robust in the past decade, growing at double digit percentages and continuing to compound year after year. Fiverr has become a melting pot of skills and talents on demand and with clear criteria for collaborative work. Many budding artisans, writers, and technical programmers are able to find a variety of projects to work on through Fiverr's platform. You can build your skills and portfolio while gaining a ton of invaluable experience with direct clients in the industry. Your earning potential depends on your negotiated gigs and the consistency of your projects. It is not uncommon to see freelancers earning thousands, with some resume writers raking in up to $50k a year from their work. 

10. BUY AND SELL REAL ESTATE 

Although this endeavor requires capital, often times at significant levels, the risk and reward dynamic is attractive to many. The soaring prices of real estate through the pandemic has garnered a lot of attention from investors. In metropolitan regions where supply is tight and demand is high, the opportunities are much more limited. However, to the dedicated investor, finding properties that have potential as rentals or renovations can offer significant returns that help create income and build wealth. 

During a recession, one of your greatest assets will be your ability to adapt, diversify, and develop your personal human capital. 

Forging a path toward financial independence is a lifelong journey, starting with your ability to diversify and stabilize your income. Creating multiple sources of income insulates you from broad market recessions and decreases the likelihood of individual black swan events.