We understand the need of having a separate business to earn extra money; we call that a side hustle, and today, almost everyone seems to have one of those.
Due to the ever-increasing economy, it has become imperative to have an extra income stream in recent times. Nigerians have such entrepreneurial abilities that we find ourselves doing two to three jobs or businesses to keep up with living expenses.
Thankfully, there are so many avenues to making extra money nowadays. We have technology, and with the introduction of remote workplaces, the process is easier. It is now simpler to have an additional source of income separate from your daily 9 to 5.
As we termed them, Side Hustles are additional jobs that a person takes on with their primary job to supplement their income. There is a delicate balance to be achieved in running a lucrative side business.
Here are eight business ideas to earn extra money! Sshhhh, don’t worry, we won’t tell your boss. Don’t also miss the bonus idea at the end of the article!
1. Teach an online course.
The world is becoming a community of global learners, and the advance in technology makes it possible to learn and teach from anywhere. You can monetize your expert knowledge on specific topics by creating an online course. It could be a skill, a language, or even something that people need and would be willing to pay for. There are several simple methods to earn income from teaching: selling e-books, hosting a webinar or using programs like Udemy and Coursera to locate your paying audience.
2. Take up a Freelance role.
Freelancing is one of the fastest-growing industries. Several platforms cater to and provide access to freelance roles such as Fiverr, Upwork, Freelancer, Hubstaff, and Wave. You can take on contract work with skills like copywriting, editing, proofreading, graphics design, web development, UI/UX design. It’s an excellent way to be a part of several different projects for a specified time and earn extra money.
3. Influencer Marketing.
Social media advertising is here to stay; it has become one of the easiest ways for companies to reach their target audience. You can tap into this market by building a solid social media presence with a good number of followers. You might just be approached by these companies looking to market their products or services as it aligns with the content on your account. If you have the right marketing skills with valued content, you can earn a good amount.
4. Start a Blog.
This is one of the best low-cost business ideas you can start today. It’s a great way to make passive income from the content you’re already creating through affiliate marketing and ads on your blog site. Your blog can grow and create more revenue streams from email subscribers, blog sponsorships, etc. This business idea is super easy to implement as there is a wide range of content to choose from for your blog.
5. Drive for Uber or Bolt.
If you have a car and are looking to earn some extra money on the side, this is a really good idea. It is easy to start and can still be a fairly lucrative way to make money as a side business idea on nights and weekends, with the option of working only when you want. A great tip is to be a person familiar with roads and be sure to calculate the costs of extra fuel, tires, wear & tear, and usage on your vehicle before you begin.
6. Start a YouTube channel.
While this might not pay out immediately, there is something to be said for YouTubers who make lots of money in the long run. The key here is to consistently create great value-driven content for your audience and watch your channel grow. Your videos would start generating income from all the ads being displayed, and the best part is, YouTube does all the work running the ads centred on your content. This is a fun way to earn a bit more on the side just for keeps.
7. Start a catering business.
Food can never go out of style. People would always eat, and that makes this business idea super lucrative. Though it might take a bit of investment, time, and exceptional cooking skills, it would definitely pay off when you have loyal customers who advertise your business. If you enjoy cooking for large numbers of people, this idea is a money maker.
8. Start a gift package business.
Holidays and celebrations are a special time, and people in this kind of business usually make a lot of money during that period. While this might be a seasonal business idea that has its boom during special holidays, it is important to remember that someone has a birthday every day.
There are so many different business ideas that can be used to create more income, depending on skills, time management, and effort. However, one major easy way to earn more money is through investment. Yes, we said 8, but we are giving you a bonus idea!
Bonus Idea: Savings & Investments
You can literally just have your money work for you through our sister company, BizVest. You can start your investment journey today and watch your money grow. It’s simple, really, and we’re here to help you. Visit www.biznuture.com to learn more and even chat with us.