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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:

  • 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.

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.

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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Improve Workflow with Advanced Diagramming for $20

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Improve Workflow with Advanced Diagramming for $20

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.

When embarking on a large team project, communicating all of the ins and outs of it and then keeping track of everyone’s work in relation to the plan can grow overly complicated fast. In essence, that’s why diagrams and project tools have proven to be so valuable to businesses over the years.

For a deal on one of the world’s best business planning and diagramming tools, you might want to hop on this very limited-time opportunity. Today only, you can get Microsoft Project 2021 Professional (PC) or Microsoft Visio 2021 Professional for Windows for $19.97 (reg. $29.99).

Visio makes it easy for business professionals and teams to create and share data-linked diagrams of all varieties. The program makes creating these diagrams simple with a wide range of templates, which users can customize using any of over a quarter-million shapes available on Visio’s online content ecosystem.

Visio users can automatically generate org charts using common sources like Excel sheets, and docs from Exchange and Microsoft Entra ID. In addition to org charts, businesses commonly use Visio for creating network diagrams, floor plans, flowcharts, and various brainstorming tools like fishbone diagrams and SWOT analysis docs.

From 13 reviews by verified purchasers in the Entrepreneur Store, this deal has an astonishing 5/5 star average rating. One recent five-star review described the appeal well, stating, “Incredible deal on Visio 2021 Pro! I can do floor plans, network diagrams, and more. Extremely happy with this purchase.”

Also available for $20 for one day only, Microsoft Project Professional allows users to take the data they learn from diagrams and actualize it into effective, successful projects. It features pre-built project management templates, timesheet trackers, schedule builders, and more. Project Pro is also rated 4.4/5 stars on Capterra and GetApp.

Don’t forget that this is the last day when you’ll be able to get:

StackSocial prices subject to change.

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Red Lobster Speaks Out on ‘Misunderstood’ Bankruptcy Filing

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Red Lobster Speaks Out on 'Misunderstood' Bankruptcy Filing

It may be the end of an era for beloved seafood chain Red Lobster, which officially declared bankruptcy on Monday after months of speculation and dozens of abrupt restaurant closures.

Now, the company is speaking out to loyal customers — and investigating the role that its shrimp supplier may have played in its demise.

Related: Red Lobster Suddenly Shutters Dozens of Locations Without Warning Employees, Begins Auctioning Off Equipment

In a letter posted to social media, Red Lobster thanked customers for their nearly five decades of loyalty and assured the masses that the chain wasn’t going anywhere.

“Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business,” Red Lobster wrote. “In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”

Red Lobster noted that companies including Delta Airlines and Hertz “emerged stronger” after filing for Chapter 11 (Delta in September 2005, Hertz in May 2020) and found ways to bounce back.

“Birthdays, graduations, anniversaries, and yes, weddings. We’ve been here for them all,” the chain penned. “Red Lobster is determined to be there for these moments for generations to come.”

Red Lobster’s downfall was a slow burn, primarily blamed on an $11 million loss in November 2023 due to the chain rollout of an “Endless Shrimp” promotion. The deal offered customers all the shrimp they could eat for $20, and it proved to be a bit too popular.

Last week, it was reported that stores had begun shuttering without warning around the country, with dozens auctioning off all of their furniture and equipment online and some employees claiming they were given no notice ahead of time.

In a filing on Sunday, Red Lobster CEO Jonathan Tibus called out former CEO Paul Kenny and Red Lobster’s seafood supplier and owner, Thai Union, regarding decisions made surrounding the “Endless Shrimp” promotion and that Red Lobster is “currently investigating the circumstances” around the decision to make the promotion permanent instead of limited-time.

Related: Endless Shrimp Deal Is Too Popular, Red Lobster Loses $11M

“I understand that Thai Union exercised an outsized influence on the Company’s shrimp purchasing,” Tibus wrote. “[Red Lobster is] exploring the impact of the control Thai Union exerted, in concert with Mr. Kenny and other Thai Union-affiliated entities and individuals, and whether actions taken in light of these parties’ varying interests were appropriate and consistent with applicable duties and obligations to Red Lobster.”

Thai Union completed its purchase of Red Lobster in 2020.



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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

The best commencement speeches are often motivational and thought-provoking, leaving new graduates optimistic as they head into the “real world.”

But for the Class of 2024 at the University of Massachusetts Dartmouth, new grads walked away with more than just a wealth of knowledge — they left their ceremony with an extra $1,000 in their pockets.

Related: ‘There Is More To Life Than Work’: Bill Gates Delivers Emotional Message To Graduates About Learning To Take A Break

Last week, the founder and CEO of Granite Telecommunications, Robert Hale Jr., spoke to grads at the University of Massachusetts Dartmouth about their futures and shared a story about a time when his business suffered a $1 billion loss in just one day to explain the importance of perseverance through failure.

“It’s okay to fail,” Hale told graduates. “Life will give you challenges and if you take those challenges you’ll fail from time to time — don’t worry about it … don’t fear failure, understand that it’s just part of the process, and if you use that fear of failure to motivate yourself, you’ll be better for it.”

Then, as he wrapped up, he shocked the audience by announcing he was giving each graduate graduate $1,000 — but there was a catch.

“These trying times have heightened the need for sharing, caring, and giving,” Hale told students. “Our community needs you and your generosity more than ever.”

The students were given two envelopes with $500 each — one was intended for the students to keep for themselves while the other was for them to give to someone else in need.

Related: Sheryl Sandberg’s Advice to Grads: Banish Self-Doubt, Dream Bigger and Lean In, Always

“As the degree conferral was about to begin, Hale came forward and let the graduates know he had one more bit of advice for them. He told the eager crowd that for him and his wife Karen, ‘the greatest joys we’ve had in our life have been the gift of giving,'” UMass Dartmouth said in a release. “Hale let the Class of 2024 know that the two large duffle bags being brought up on stage by security were packed with envelopes full of cash.”

There were roughly 1,200 students in UMass Dartmouth’s 2024 graduating class.

Hale’s current net worth is an estimated $5.4 billion.



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