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5 Best Side Hustles To Earn An Extra $1,000 Per Month (And How To Get Started)

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5 Best Side Hustles To Earn An Extra $1,000 Per Month (And How To Get Started)

They say it’s never a good idea to put all your eggs in one basket. With predictions of a recession always in the air, it’s a good idea to have multiple streams of income. If you’re already holding down a regular 9 to 5 job but find that you’re not earning enough to live your desired lifestyle, then a side hustle can be a great way to achieve your financial goals.

There’s lots of different definitions of what a side hustle can be. Some people earn extra cash by taking on a part time job, while others launch a small business that they can attend to outside of their work hours. Here are five of the most popular ones that can help you make an additional $1,000+ per month.

Transcribing Audio Files

If you’re new to the world of side hustles but have a lot of free time after your regular work hours, transcription jobs are an excellent way to earn extra income while working from home. All you need is a stable internet connection, a reliable computer, and you’re good to start earning $5 to $20 per hour.

Transcription jobs involve listening to an audio file and transcribing it into a text format, which is utilized in various applications. Here are a few examples:

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  • Legal teams use video recordings of legal depositions for transcriptions and accurate record-keeping
  • Content creators use transcriptions for their existing content to repurpose to other platforms
  • Streaming services such as Netflix
    NFLX
    use transcriptions for their subtitles, making the service more accessible to their viewers

Transcription jobs can be found on lots of different job boards, but there are also specific transcription services such as Scribie.

Translating in Another Language

If you are already fluent with another language other than English, then this is the perfect side hustle for you. With businesses becoming increasingly global, the ability to communicate in another language has become a prized ability that you can turn into some serious cash.

It’s worth noting that some languages are more in-demand than others. According to Indeed, the highest-paying translation jobs are in Portuguese with the average annual pay clocked at $242,179 although this can vary depending on your qualifications and experience.

To get started, I recommend looking at more gig-focused platforms like Fiverr and Upwork to get started. This is especially crucial for new freelancers, as these websites make it easier for you to look through different postings and find credible opportunities. You can also check out translation services such as Stepes and Translated.

Airbnb Hosting

If you have a spare bedroom in your house that nobody is using, then you may be staring at a reliable and lucrative money-making opportunity. With some elbow grease and a bit of creativity, you can transform that unused space into a profitable side hustle through Airbnb hosting.

With that said, I’m not here to sugarcoat it for you. Airbnb hosting can definitely be a lucrative side hustle, but it’s no cakewalk. There are certain risks and lots of work required to make it a success. These risks include dealing with impolite guests, property damage or theft, neighbors getting upset, and even potentially violating local laws, all depending on where you live. There’s also the cost of cleaning, higher utility bills, taxes, and Airbnb’s host fee.

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If you’re comfortable with these risks, then you can start by signing up and creating a profile with Airbnb. Take photos and videos of your spruced up room, and make sure to stock on necessities such as spare blankets, pillows, toiletries, and other items that your guests may need. The happier your guests are, the more likely they’ll be willing to leave positive reviews, which is what you want to attract future bookings.

Affiliate Marketing

Think of affiliate marketing as a kind of partnership where individuals help spread the word about products or services for another company.

Affiliate marketers earn a commission whenever someone they’ve sent their way makes a purchase, clicks a link, or takes some desired action thanks to their marketing magic. It’s like getting rewarded for recommending your favorite restaurant to a friend.

To succeed in affiliate marketing, it’s extremely helpful to have an established and engaged audience that trusts your content, which requires time and a lot of effort. That being said, affiliate marketing can be an excellent way to monetize passion projects that have a community aspect attached to them (e.g. blog, YouTube channel, podcast)

Dropshipping

Last but not least, this specific side hustle has taken social media by storm the last few years.

Dropshipping refers to a business model in which entrepreneurs can sell products to customers without holding any inventory. Instead of purchasing products in advance and risking your hard-earned capital, you can partner with suppliers who handle inventory storage, packaging, and shipping. The dropshipper only purchases the product from the supplier once a customer places an order, with the supplier taking care of the rest.

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Once you’ve found a supplier, getting a dropshipping business started is as easy as putting up an online shop on platforms like Facebook Marketplace. You can also create your own website using platforms like Wix or WordPress. How much you earn as a dropshipper depends on how much product you can sell. The most successful dropshipping businesses have an average profit margins range of 10% to 45%.

Dropshipping can be overwhelming at first, especially if you’re a complete beginner to e-commerce. That being said, there’s also a ton of tutorials and reading materials out there written by experts that will help you get started. One of the best places to start is this excellent tutorial from Shopify.

Some Words of Advice

Side hustles are an excellent way to earn some extra cash, but it’s critical to understand that you shouldn’t be sacrificing your physical and mental wellbeing for it. If you find yourself already spread too thin at your current full time job, it’s best to find a side hustle that is more flexible when it comes to effort and your time.

But if you are eager to take on a new challenge and earn outside of your typical working hours, then a side hustle could be a great new opportunity. Let me know which one you are most interested in trying out!

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Cut Costs, Not Features with This Microsoft Bundle Deal

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Cut Costs, Not Features with This Microsoft Bundle Deal

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.

For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.

While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.

However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.

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For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.

Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.

Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.

If you need a productivity boost without eating into savings, take a closer look at this bundle.

Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).

StackSocial prices subject to change.

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3 Trends That Will Change the Future of Entrepreneurship

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3 Trends That Will Change the Future of Entrepreneurship

Opinions expressed by Entrepreneur contributors are their own.

The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.

Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.

I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.

Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.

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Related: 21 Success Tips for Young and Aspiring Entrepreneurs

1. Young entrepreneurs on the rise

For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.

These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.

However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.

2. Tech gender gap narrows

One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.

This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.

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3. Optimistic outlook for Black and Hispanic entrepreneurs

Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.

Related: I Wish I Received This Advice as a Young Entrepreneur

A promising future

Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.

Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.

The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.

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These Are the Top Side Hustles to Work Less, Make More Money

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These Are the Top Side Hustles to Work Less, Make More Money

In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

Related: Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

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The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know

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