The gig economy is, as ever, booming.
Around 36% of the U.S. workforce is comprised of gig work, according to Deloitte. Going forward, that percentage is expected to increase. But not every side gig is lucrative. Or if it is, it’s not bringing in as much cash flow as you might hope. The good news is that there are ways to transform side gigs into steady monthly income — passive or otherwise.
Here’s how smart hustlers do it, according to financial experts Russell Moran and Cody Schuiteboer and how you can, too.
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Do Something You’re Genuinely Good At
With so many side hustles to choose from, you might have trouble deciding on one. But the side gigs that turn into something steady and lucrative are also ones that hustlers are often already good at — or else are willing to take the time to learn.
“As a young person I was in the computer field working corporate America for a couple of years and I started working a side business in financial services,” said Russell Moran, owner at Russell Moran Enterprises, Inc. “I had to get my teeth kicked in — it was not easy — but I eventually decided to go full time. That full time turned into a career. Now the sky’s the limit.”
Moran said he has since taken his passion for electronics, computer and tech and turned it into a passive income stream. He’s also using his own home equipment to build digital websites, all with very little (to no) overhead. Now, what started out as a side hustle earning $3,000 to $5,000 monthly is bringing in around $20,000 or so per month.
Even better is that he’s using knowledge he already has to create passive cash flow and help out others in the process.
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Create a Repeatable Business Model
When something can be done over and over again, you’ve got yourself the foundation for stability — particularly if its iteration can be automatic. Smart hustlers know this and use that knowledge to their advantage.
“Anything that creates repeatable business — whether online or in person — is how you generate steady income,” Moran said. “Real estate, Airbnb, financial services clients, digital sites — all repeatable. Do the same thing over and over with different industries and side gigs and they will produce results.”
But again, focus on what you’re good at. This could be technology or design. Or it could be working with people in an advisory or coaching capacity. The thing you choose will also help dictate how long it takes to start a successful long-term gig.
Don’t Expect Instant Results
The Kogod School of Business, which says that 40% of U.S. workers has a side hustle, reports that they’re typically earning around $1,200 a month on average. Some see five-figure months. It could take you months to start earning real money. Or it could take years. Depending on where you’re at with your current skills, it might be even faster.
“If you don’t know what you’re doing, it’s going to take a long time to get started. Don’t go into something expecting to make a lot of money up-front, especially with no knowledge of the field,” Moran said.
The key is persistence and patience, especially at the beginning.
Switch From Task-Based Gigs to Retainers
Those who want to create stability in their side gigs often do so by transitioning from one-off projects to retainer work. In other words, they focus less on task-based gigs (like ride-share or food delivery). It’s that repeatable income again.
“The freelance writer who has three retainer clients paying $1,500 each a month makes the same income as her gig-based counterpart, but she does it in predictable installments that change her budgeting,” said Cody Schuiteboer, president and CEO of Best Interest Financial.
If you want dependable monthly earnings, choose a gig related to your skill set and provide it on retainer. If that doesn’t work for you, then try for a subscription-based service.
Create Digital Projects for Recurring Income
Not every side hustler works directly with clients and that’s OK. Those who want to create stable income can still do so, just in a different way.
That method, according to Schuiteboer, is through digital products. This could be paid Substack newsletters or online courses. It could even be through eBooks, stock photography or design templates.
“What they all do consistently is the same,” he said. “Shift away from selling their time to selling an offering that provides repeatable income.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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