Best Side Hustles Of 2020
According to Fortune, 49% of Americans under age 35 have a side hustle. They’ve been increasing in popularity, and they’re expected to gain even more traction in 2020.
Side hustles are defined as a secondary job a person takes on in addition to their primary occupation to supplement their income.
That’s a pretty broad definition. And maybe that’s because there’s such a large variety of side gigs to choose from. Do you have a hobby you like to spend time on outside of your job? Odds are you can turn that hobby into a lucrative side hustle.
Do you like to plan and curate content that tells an engaging story? Consider managing the blogs or social media platforms for a local business.
Do you like to seek out new spots to hike and climb on the weekends? Become a climbing instructor make money by teaching others what you love to do.
Do you enjoy tinkering with your hands and fixing household things? Consider freelance repair positions.
There are infinite ways to find a side hustles that will bring in a bit of extra income, and they might not even feel like extra work.
Need some more ideas before you run off and get your business going? Here are a few side hustles to get your wheels turning.
Most Popular Side Hustles
We know, ride-sharing is listed on everything you have ever seen or read about side hustles. But it’s still so popular, and at average rates between $15 –- $20 per hour, it’s worth mentioning.
Postmates, Uber Eats, Shipt
Don’t want strangers dirtying up your car? Opt for a food delivery side gig instead of a people delivery one. Pay is about the same, and you never have to worry about cleaning up after strangers.
Do you live in a prime location and happen to have an extra room or 2? You have all the tools you need to rent your space out to one of the 2 million guests who stay in Airbnb rentals each night around the world. On average, those who rent their home to Airbnb renters make about $924 per month, although this number varies greatly depending on location, how often you rent out your home, and the amenities you offer.
We live in a gig economy. Companies and individuals everywhere are searching for quality content, but may not be looking to bring someone on full time. Here’s where you come in. Depending on the skills you already have, freelancing might be a great option for an initial side hustle. Sites like FlexJobs, Fiverr and UpWork are flooded with side gig opportunities. You can find projects in graphic design, copywriting, software development and many, many more.
If you have the pleasure of living in NYC and you’ve attended an Ivy League university, you can earn $125 or more per hour tutoring in person. Even if you didn’t attend an Ivy league university, experienced tutors in NYC can still make around $75 per hour. If none of this applies to you, no worries. Companies like VIPKid and Tutor.com still give you the opportunity to make up to $25 per hour tutoring online. You’ll be able to directly help kids get better grades and improve their English-speaking skills from the comfort of your own home. Prerequisites include citizenship of the U.S. or Canada, a year of teaching or similar educational experience and a bachelor’s degree.
Most Lucrative Side Hustles
Real estate is the original side hustle, and still holds the title for the most common side gig. In order to become a real estate agent, you would need to take a real estate course, pass a course exam, find a brokerage to sponsor you, then pass the state-mandated exam. The plus side is that most states allow the option to take the real estate course online, which is more convenient for those who choose this side gig.
While this side hustle requires a larger investment up front, real estate also has the potential to yield a higher return than most side hustles. The average wage for a real estate agent working 6 hours a week breaks down to $90 per hour and shakes out to about $29,000 per year.
At an average of $86 for 4 hours per week, management consulting can bring a high return with less work. Management consulting is great for experienced business professionals in every industry. If you have a wealth of knowledge for how to be successful managing projects or people, you could be a major asset. Large companies bring in outside management consultants all the time to help carry out projects or restructure teams when they don’t have the bandwidth themselves. This may take a bit longer to get off the ground, but the return will prove worth it once you build your client list and your reputation grows.
If you find that you’re the go-to person for all your family members when something breaks on their car, you should consider flipping automobiles. You can make $2,500 per car on average, depending on the type of vehicle you’re selling, and how much work you put into fixing it up. If you’re not great with flipping cars, you can flip basically anything for profit if you’re willing to put in work. Pay attention to the regulations for this and any side hustle, though. In most states, you’re allowed to buy and sell up to five cars per year without needing to get a dealer’s license, but it’s best to check if that’s true for your state before picking up a wrench.
Rent Out Your Car
You’ve heard of renting out your house, so why not your car? Companies like Turo, Getaround, and Maven, which is solely for GM vehicles, are just a few that specialize in car-sharing. Rates vary greatly depending on the type of car and your location, but you can make about $800 per month renting out your car through Getaround.
Side Hustles You Can Do From Home
If you naturally stay highly organized and enjoy assisting in furthering someone’s career, consider being a virtual assistant. Virtual assistants schedule meetings, send reminders and take on special administrative projects for the individuals they assist. Typical pay for a virtual assistant ranges between $30 – $55 per hour, but this varies depending on how many clients you service.
Proofreading Or Copy Editing
Do you have impeccable attention to detail and an in-depth understanding of the various nuances of the English language? If so, proofreading may be a great option for you. In the age where everyone is a content creator, people are desperate for an extra set of eyes to perfect their work. Consider joining one of the freelance sites we mentioned before, such as Fiverr or UpWork. You can easily control the amount of work you take on, depending on how much time you’d like to spend on your side gig that week. Pay can range from $25 – $45 per hour depending on the project and the client.
This is another writing side hustle that you can do from your couch at home. Technical writing typically involves taking sources and arranging them in a way that makes sense to a user in a final piece. These can include how-to guides, educational course content and even legal documents. Although this type of writing is typically very straightforward and what some would describe as more dry content, it can become a lucrative at-home business. Technical writing can bring in from $30 – $50 per hour depending on the project.
You can earn up to $60 an hour online bookkeeping. If you’re already a CPA or have a knack for accounting, consider helping out the thousands of small businesses in need of bookkeepers. A working knowledge of QuickBooks and Microsoft Office is a requirement for most bookkeeper positions.
Podcasts are steadily rising in popularity, meaning the need for podcast producers is too. If you have audio recording and editing experience, producing podcasts could be a great side gig to easily bring in extra cash. Expect to make $25 per hour on average as a podcast producer. The majority these positions are done remotely too, so you’ll be able to save time and money skipping the commute.
Active Side Hustles
If your primary job keeps you at a desk all day, here are some active side hustles that double as a break from the computer screen and as a way to get a great workout, all while making extra income.
Host a tour of your city, lead a hike, teach stand up paddleboard yoga, guide kayaking trips or climbing adventures. The possibilities are endless with Airbnb experiences. The best part about this side hustle is that the Airbnb app gets you in front of anyone looking to visit your city, taking the marketing aspect of your side hustle off your hands.
If you’re looking for multiday getaways from the office and you’re an experienced guide, check out Airbnb Adventures. These are multiday guided outdoor trips you could host. Most trips include food, drinks and local knowledge, allowing guides to charge more for their time. Hosts have the authority to set their own prices, meaning your income for these side gigs is completely up to you.
Personal Training Or Exercise Course Instructor
Motivate and encourage others to get a great workout and lead healthier lives. You could join a gym or offer private lessons. Either way, you’ll often be demoing exercises and assisting your clients with workouts, meaning you’ll be up on your feet exercising, too. Starting pay for personal training and exercise course instructors is about $16 per hour. If you gain enough experience, you could always break off and start your own personal training company or gym.
Rover – Dog Walking
We know what you’re thinking. This is pretty much the best side hustle ever. You really can hang out with dogs and get paid $12 – $26 per hour for it. Need we say more?
So what are the best side hustles of 2020? The very best is the one that applies the unique skills you already possess, teaches you new skills you can use in the future, and that isn’t capped or being paid by time spent. You want to find side hustles that have the potential to scale. Time-based gigs mean pay will always be contingent on how much time you spend on the task. Either way, supplementing low income with a side hustle for just a couple of hours a week can make a sizable impact on the health of your personal finances when done strategically. If you put in the time and effort to do it right, you might even be able to join the FIRE Movement and retire early.
Whichever side hustle you opt for, be vigilant when ensuring legitimacy of gigs. There are plenty of spam gigs out there looking to take advantage of the side hustle community. If you’re doing your due diligence with legitimacy and legislation, starting your small side hustle business can be a highly rewarding experience both financially and emotionally.
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