Here are a few tips that can become your hobby or sometimes life hustle. The best thing about these hustles is they can also become your dream career.
Write a Book
This method suits experts in their field or those who have coped with a difficult life situation or know how to write stories. Sometimes, a book is written by blog authors with large audiences. You can publish a manuscript in two ways: through a publisher or yourself.
If you work with a publisher, it prints, promotes, and sells the book. The author receives a percentage of the sales. In the United States, author royalties are typically 10-15% for print sales and 20% for e-books. For instance, with a 10% royalty on the sale of 500 books at $100, you could earn $5,000.
If you publish yourself, you pay for the print run and promote and sell the book. This path is more complex, and suits experienced writers with a solid personal brand. But the income is also higher here.
Come Up with Something New
Elon Musk’s first business was Global Link. Its first product was an electronic directory of local businesses. They have combined a map of cities and the “Yellow Pages.” It was the first online travel guide to California.
A year later, Musk renamed the company Zip2, and after a while, he collaborated with 160 newspapers. In addition, his company developed online directories, connected corporate e-mail, and published news from publications on the Internet.
Open an Advertising Agency
Every product needs advertising – you can make good money in this area. For example, offer website promotion, contextual, or social media advertising, but you should be good at this.
There is also outdoor and outdoor advertising. If you need to buy expensive equipment for the first one, negotiate with the city authorities, then you can organize promoters to distribute leaflets for the second one.
In her fifth year, the psychologist and founder of the Upgrade course, Alla Klimenko, earned $20 thousand. She had her own advertising agency. Before that, she was a marketer in a publishing house. At school, she worked as a promoter, so she knew the processes from the inside. Her fellow students were employees of the company. Alla recalls that up to 500 people worked at some events, and she led them.
Buy a Franchise
One lucrative income-generating method is purchasing a franchise from a renowned brand. The franchisor grants the use of its trademark and assists in acquiring equipment, materials, staff training, etc. The franchisee gains access to a profitable business model, typically in exchange for a lump-sum fee and ongoing royalties.
In the United States, franchises like Subway, Mcdonald’s, and The UPS Store may operate without a lump sum payment. Entrepreneurs must find premises and cover additional expenses like equipment, employee salaries, etc. The payback periods vary:
Subway:
- Initial Investment: Varies (typically $116,000 – $263,000)
- Payback Period: 1.5 to 3 years
McDonald’s:
- Initial Investment: Varies (typically $1 million – $2.3 million)
- Payback Period: 2 to 4 years
The UPS Store:
- Initial Investment: Varies (typically $150,000 – $370,000)
- Payback Period: 2 to 4 years
Rent Out an Apartment
Dmitry Tomchuk, the founder of the investment fund Fison, believes that it is a mistake to think that renting out real estate brings passive income. Everything that you rent requires control, money, and repairs.
Yulia Kirilyuk, CEO at Althaus, says that renting apartments is profitable. But, to make tenants happy, the homeowner needs to think through everything to the smallest detail:
- Provide additional services, such as cleaning, parking space, etc.
- Make a professional renovation with functional design and quality materials; this will help keep the apartment in the premium price segment.
- Offer transparent terms of cooperation.
- Renting a one-bedroom apartment with renovations and appliances in a residential area in the United States can cost $700. The same apartment near the metro may range from $900. In the premium segment, prices are higher.
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