In an ideal world, you’d have a large chunk of money to invest in dividend stocks or maybe a rental property, and then be able to use the passive income to supplement your current income.
That’s a perfect case scenario.
In reality – many people don’t have a big enough cash investment that will allow them to make a decent amount of passive income.
Here are a few ideas for some side income that don’t require any large investment to get started.
Starting a Blog
A website can be a great way to earn income and while it likely won’t replace a full time income for most people, it can provide a nice side income for some spending money.
The steps are fairly simple and can be done by anyone: register a domain, choose a hosting package, design some graphics, create some content and build the site over time.
The total cost for a website can be as low as $10 to register a domain name and $4 per month for hosting.
Here are some real-life examples of people who have turned a blog into a small business that is generating some serious money:
The returns can be huge – the more traffic you have coming in, the more income you can generate.
Anyone can do it from literally anywhere in the world – no special skills are needed.
Consulting is another way to earn income on the side for anyone with specialized knowledge in a certain field.
Maybe you are an expert at website design, social media marketing or starting up a small business.
Whatever your area of expertise is, you can provide value to others by offering your time & skills in an effort to help them with their needs.
In my experience I’ve seen consultants related to website design make a significant income on the side by helping create websites for others. I also know consultants in social media, business cost control and accounting make steady income on the side by offering their time to others.
The costs to become a consultant can vary depending on the industry but most costs are minimal: a website (as little as $100), business cards ($30), and a social media presence (costs vary).
Hobbies are another easy way to make some income. It’s easy to continue doing the things you love and can be rewarding to teach others about your area of interest.
Some hobbies that have successfully been converted into small businesses are: wedding photography, home renovations, fence building, accounting, nutrition & meal planning, music lessons, autobody repairs – the list is virtually endless.
Whatever your interests are, there is a good chance you can use them to earn an income on the side – with very little costs to get started.
Conclusion: you don’t need a large amount of money to start earning some money on the side. With some hard work, time, dedication and basic research anyone can turn a hobby or area of expertise into a small income stream.
No matter what your interests are, there is a good chance they can be converted into an income-generating side business.
Have you considered turning your hobby into a small business?