As a career professional, it can be difficult to find the time or energy to have a side hustle. Between your regular work schedule and your personal life, finding the time to commit to a side hustle can feel draining.
However, we’re going to show you how to make money on the side as a career professional without committing too much of your personal time.
With nearly 80% of Americans in debt, with the average debt figure at an astonishing $38,000, finding a side hustle can be a worthwhile endeavor. This $38,000 figure actually excludes an individual’s mortgage payments, which have historically been the leading cause of monthly debt owed.
Debt and financial stress can have negative effects on more than just your credit score. In addition to depression and anxiety, individuals with high levels of debt report marital stress and even migraines.
Clearly, with such pronounced symptoms it would be worthwhile to learn how to make money on the side to help alleviate some of those symptoms.
Utilize Your Established Skills
As a business and career professional, you are already well positioned to take advantage of your skill sets and knowledge base.
This can be done in a plethora of ways, but perhaps the most compelling is to begin consulting for companies within your industry.
Now, of course, you will want to confirm that this isn’t against your current employers’ terms. But, if you find that you are in the clear, then consulting can be an extremely lucrative side hustle. On average, career professionals can garner between $50 to $150 per hour. Definitely not chump change.
Establishing a consultancy service doesn’t have to be as difficult as you think. You can utilize your current network of contacts and colleagues. If you’ve ever worked with a vendor or client, you can reach out to them to see if they can recommend you to their own network.
Again, tread carefully so you are not competing against your current employer, so try to offer a service which your current employer is not fulfilling or offering.
Look to the Future
A majority of the workforce in America is younger, college educated professionals. These professionals have seen their parents face the financial crisis and recession and are much more wary of their career prospects.
If you are in a competitive industry or one that requires specialized skills, you can begin offering tutoring and one-on-one sessions.
These sessions can be geared towards new graduates who may be unsure of their future or career plans.
By offering them a pathway towards a well-paying career, you can leverage your current knowledge to help you begin a side hustle. This would be a win-win for both parties and can be extremely lucrative in the right niche.
Look to Freelance Sites
Many companies and employers are looking to complete one-off projects and tasks and will typically turn to the big online freelance sites.
These sites, including Fiverr and UpWork, have a ton of available projects and tasks that require specialized skills.
Consider signing-up for one of those services and offering your work. It may be worthwhile to undercut your competitors in the beginning to gain a book of business and positive reviews. However, as your reputation and ratings increase, you will be able to garner a substantially more significant rate.
The current median rate on UpWork is $20 an hour. When bidding on projects that you have a strong, well established understanding in, you will be able to knock-out multiple projects effortlessly.
Putting in just ten additional hours per week can help you to bring in an additional $800 a month.
Tutor Incoming Students
According to MIT, high-income families spend nearly $9,000 on tutoring services. For low-income households, this figure is $1,300. In America, tutoring can be a lucrative source of additional income, particularly for specialized exams.
As a business professional, you can impart your knowledge and expertise in your field onto incoming students. This can be an even more lucrative endeavor if you took, and excelled in, in the LSAT, MCAT, or GRE exams.
As someone who took those exams and did well in them, you can tutor younger students who may be studying for their own exam.
If you have familiarity with tax laws and regulations, you can offer your services to individuals and businesses.
Although this is a highly seasonal side gig, it can be particularly worthwhile, with some tax preparers indicating they brought in over $30,000 during the busy season.
Although this is a more long-term solution, one of the best ways to make money on the side is to publish an ebook.
E-books have grown in popularity in recent years, with 20% of all book readers stating they have read an e-book in the past year.
E-books can be written on nearly any topic, from fiction to nonfiction. However, as a career professional, your best bet may be to write an ebook on your field and the nuances of your own industry. Why? Simply put, this is an untapped market that is vying for qualified, well-written material.
If you are one of the top ebook publishers on Amazon, you are looking to earn an additional $10,000 or more a year. Definitely not chump change or something to scoff at. This side gig is particularly great due to the flexibility and ability to proceed at your own pace.
Learning how to make money on the side, particularly as a career professional, can be a bit daunting. You will want to approach the topic logically and in a way that won’t interfere or compete with your current employer. However, there are a plethora of options and choices available.
With so many American families in debt, looking for a side hustle and gig can be the perfect way to generate some additional cash.
This can also be one of the best ways to build up your network and work in the community. Doing so can help you further your own career and career trajectory.
Robert Moses is the founder of thecorporatecon.com. He currently lives in Atlanta, GA with his beautiful wife and adorable cat.