How Viable Are These Money-Making Ideas, Really?

Over recent years, ideas for side hustles have proliferated the internet. The basic premise is so simple: if your budget isn’t quite adding up, then you can supplement it with a “side hustle” as income. There are thousands of articles dedicated to side hustles and what they can do for the finances of a family, but how viable are these side hustles really, and what are the drawbacks in engaging with them? We assessed some of the most common suggestions to find out.

Pet sitting

A common suggestion as a side hustle, and one that appeals to the animal lover in everyone – but is highly unlikely to actually be viable. Pet sitting is an entire business; it requires far more time and investment than a side hustle ideally should. You may also find that pet owners expect you to have some kind of animal care qualification and, again, going to those lengths just for a side hustle is rather extreme. If you want to offer a pet sitting service, do so with the intention of turning it into a genuine business, not a form of supplementary income.

Driving side hustles

Driving side hustles are incredibly popular, with courier companies and the likes of Lyft, Postmates, and Uber allowing you to use your own vehicle to generate income. These can be profitable, but it’s important to be aware of the potential downsides.

Perhaps the biggest issue with delivery side hustles is the risk factor. It is undeniable that the more time you spend on the road, the higher your risk of being involved in an accident. This is a particular cause for concern if you use a motorbike, as is common with courier work; as www.EmrochandKilduff.com/fredericksburg/motorcycle-accident-lawyer/ detail, motorcycle accidents are far more likely to be deadly than those you may sustain in a car, and the same risk applies to bicycle accidents. As a result, it is best to only engage with delivery side hustles you can do on four wheels rather than two.

Survey sites

We’ll keep this one short and sweet: for the time investment required, survey sites are not a viable option as a side hustle. You will be earning a minuscule amount per hour, and too many survey sites have folded in the past – taking customers’ hard-earned money with them.

Dropshipping

Dropshipping is a commonly-suggested side hustle, and you can find out more about how it works at https://blog.hubspot.com/marketing/dropshipping-101-successful-online-retailer. Unfortunately, judging the viability of dropshipping is difficult, as this is a side hustle that can be profitable – but it will require a lot of effort. Dropshipping is not a simple side hustle; it will require a learning process, financial investment, and continual refinement.

So why not just dismiss it, as we did with dog walking? Because dropshipping can work well on a part-time basis, you don’t need any qualifications, and – when the initial learning process is complete – it does not have to be particularly time-consuming. However, you should still be careful, and seek to learn as much about the process prior to trying it for yourself.

In conclusion

Side hustles can help you to take control of your finances and earn a little extra spending money, but they are predominantly a way of papering over cracks. If you are facing continued financial stress, then you would likely be better off spending the time you would on a side hustle looking to improve your education or gain more experience in your primary job – genuinely, tangible benefits that should help you to earn more in the future.