As the cost-of-living increases and the global economy becomes less stable, families find it harder to live a comfortable life and make ends meet. You never know when your job could be replaced by a machine or wiped out by a competitor. That’s why it’s always best to have as many streams of income as you can.
Teaching an Online Course
Thanks to the power of the internet, you can reach thousands of people who are looking to learn a new skill. Whether you’re fluent in a language or extremely talented at maths or even dancing, you have the opportunity to teach an online course. You can even create an online course and sell it rather than offer online lessons.
Real Estate Management
There’s so much money to be made in the real estate market, it’s really a no-brainer. The obvious place to start is purchasing a property and renting it out. Similarly, you could renovate an old home and flip it for a profit. However, you can also try to manage properties. Rental management in Downtown Toronto is extremely profitable and in-demand.
Second Hand Seller
You know what they say – one man’s trash is another man’s treasure. Try becoming a second-hand seller and scour the market for the best deals possible. Make sure to take great pictures or spruce up your items before you add the for-sale tag. Ask customers to leave a great review and watch the sales roll in.
Vending machines have been around for decades, and for good reason! Depending on their location, these machines can make anything from $300 to $700 dollars per month. Plus, a second-hand machine isn’t too expensive if you’re working with a tight budget. Make sure to be mindful with the products you stock and organise the cash collection process with plenty of care.
If you prefer a side-hustle that involves more travelling and socialising, you could find that event photography is the perfect pick for you. Wedding photographers can charge anywhere from $1,000 to $10,000 dollars per event, so it’s definitely a lucrative stream of income. If you don’t have any prior experience, offer to shoot your friend’s wedding for free and build up a portfolio.
Last but not least, you can combine a hobby with a side-hustle. If you love working out, you can become a personal trainer and combine your weekly workouts with an extra sum of cash. Help people reach their goals and get the body they’ve always dreamt of. Plus, you can even help coach people online through motivational speaking.
By diversifying your revenue streams, you become more profitable and more stable. You don’t have to be a business whiz or millionaire to get these ideas rolling. All you need is a bit of inspiration and plenty of determination. Hopefully our list of business ideas has given you the ammunition you need to get out there and start bringing in cash!