Extra Income Ideas to Help You Generate Cash for Your Business

Rising costs of living, high interest rates, and layoffs in certain industries: There are many reasons you might want to look for extra income ideas. Or maybe you’re a small business owner looking to augment your income while you get your business up and running.

Whatever the reason, the good news is that there are myriad ways to top up your income, and there’s bound to be an option that will suit your goals and your skill set. The focus here is on feasibility: We want to provide realistic strategies to help you secure more money alongside your main source of income.

These aren’t get-rich-quick schemes, but they’re not long-term strategies either. We’re looking for effective tactics to put some extra dollars in your pocket. So, whether you’re saving for a downpayment, dream vacation, or just looking to tie yourself over for a few months, here are some of our top suggestions…

Turn your existing assets into cash

Take a hard look at what you already own and consider if you’re utilizing it to its fullest potential. Oftentimes, we’re already sitting on something valuable and simply don’t consider monetizing it because it might be minorly inconvenient or require a little effort. But these are often the easiest ways to get extra income.

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1. Rent out your parking space

If you have a spare parking space, you might have a lucrative little earner with virtually no effort. 

If you live in a prime downtown area in a major US city, a parking space can be worth as much as $770 a month (New York) or $300-$400 per month (Boston, San Francisco, Seattle). And, of course, there’s an app (or two) for that! Check out JustPark and Spothero.

Consider your location and any applicable bylaws, condo, or strata regulations. But this is a no-brainer if you’re in a prime spot and don’t use that space!

2. Offload unused clothes/furniture and electronics

Okay, this one might involve a little effort, but we know you have it in you: We’ve all got “stuff” lurking in closets, garages, and even storage lockers. And just because it’s fallen out of your favor, doesn’t mean somebody else won’t be willing to pay a pretty penny for it.

Channel your inner Marie Kondo and consider what really sparks joy for you (and what you actually use.) Those designer bags and shoes, expensive clothing that never quite fits, furniture that you’ve inherited but never found a spot for, or electronics you’re no longer using may all add up to a pretty penny.

There are many ways to offload this stuff: Friends and family may long have had their eye on something you own and would pounce at the opportunity to take it off your hands (and you’ll feel good about where it’s going!) But you can also look at local businesses, like consignment stores and secondhand furniture shops.

But there are also many online marketplaces, including:

• Bonanza is an online marketplace that lets you sell clothes, books, DVDs, and much more without paying a monthly store or listing fee.
• BookScouter is a great place to sell used textbooks through 30+ vendors (including Amazon and BookByte) to get the best price.
• Depop is a circular fashion marketplace where anyone can buy, sell, and discover desirable, affordable secondhand fashion
• eBay, the OG marketplace, is still going strong!
• Facebook Marketplace connects you to people in your area looking to buy anything from old wedding supplies to concert tickets and furniture. (You can also find yard sale groups.)
• Gazelle buys and sells pre-owned consumer electronics — phones, tablets, iPods, and Apple laptops — to help you cash in on your old equipment.
• Kidizen allows you to resell your kid’s unused clothes or clothing they’ve grown out of.
• Mercari is an online marketplace that lets you sell just about anything, from clothing to tech to sports equipment.
• Poshmark is a great place to sell clothes, shoes and even home decor
• Reverb is a place to sell musical equipment and instruments for a low fee (plus it has an easy-to-publish listing page).
• Tradesy is a destination for used women’s clothing. You can sell bags, shoes, clothes, and wedding dresses.
• VarageSale is a virtual garage sale website that lets you sell new and used items locally.
• Worthy is a place to sell used (mostly diamond) jewelry, including rings, watches, necklaces, earrings, and more.

3. Rent out a spare room

Leasing out an unused room can be a fantastic hustle idea for accruing additional income with relatively low startup expenses. Whether you have an extra bedroom, converted basement area, or even a holiday home, look for a streamlined approach to matching you with travelers in need of temporary lodging.

Online platforms such as Airbnb and Vrbo simplify the process of showcasing your space and orchestrating reservations. According to Airbnb, the typical US Airbnb host earned over $13,800 in 2021, an 85% increase compared to 2019. (Pro-tip: If you live in a condo or strata make sure your bylaws permit short term lets).

If you live near a college or university, you may prefer a longer-term tenant, and students are always looking for accommodation near campus. While hosting or renting may come attached with risks like property damage or theft issues, many people find the positives far outweigh these potential negatives.

4. Consider selling/downgrading your car

This may be a bigger pill to swallow, but it’s definitely worth consideration: Do you really need your car? With many of us now working from home, the need to own a car may have diminished slightly. Or maybe if you’re a two-car family, you could consider going down to one vehicle.

Could you make do with a combination of public transit and car-sharing services, and how much extra money would that save you? (Think about the savings not just from the perspective of car payments but also from gas, parking, and insurance!)

And if you absolutely do need a car (we get it!), could you downgrade your current vehicle to a cheaper, more fuel-efficient model? 

Monetize your professional and personal skills

Whether you’re a full-time employee or a business owner, you have myriad professional skills that can be turned into a lucrative side hustle. The answers here won’t be the same for everyone: Depending on your profession, your network and connections, and more you’ll need to think creatively about your situation. But here are some thought-starters to get you going.

5. Do you have a teachable skill?

Everyone has a teachable skill if they think hard enough. Maybe you’re a great people leader, a talented professional creative, or a leader in a business niche like marketing, accounting, or strategy.

Or perhaps your teachable skill comes from your hobbies: Painting, knitting, woodwork, gardening or candle-making. These are all teachable skills! Make a list of your favorite hobbies and pastimes or things you do that make you feel great, and focus on the one you think you have enough interest in to share with others.

Whether you decide to create your own online course, or simply run workshops whenever you have spare time, you’re bound to generate some supplemental income teaching on the side.

• Teachable is a platform to design courses, lectures, and workshops to share online.
• Skillshare lets you reach students worldwide by sharing your skills through a course you’ve created.
• Udemy is a popular choice for folks looking to share their skills and knowledge with the masses.

6. Create (and monetize) online content

If you’re a small business owner, this might challenge you to think differently about how you package and monetize your offering. For example, you might be a dog trainer who works in-person with clients. However, with this approach, your earnings potential will always be capped by how many clients you can cram into one day. What if there were a way to train more clients with a less hands-on approach? 

Many business owners turned to these strategies during the pandemic (e.g., personal trainers offering online courses). But this idea has legs beyond the pandemic and is a great way to generate passive income once you’ve set it all up.

There will always be people who prefer a remote learning experience or who can’t afford one-on-one time. Turning your expertise into online content and inviting subscriptions is not just an effective way to increase your income; it also allows you to grow your business and influence!

7. Sell your crafts for extra money

Maybe your skills are less about services and more about craft. If you make art, jewelry, do woodworking or glassblowing there are many ways to monetize these hobbies. Should you possess the talent for crafting distinctive pieces, platforms like Etsy are perfect marketplaces where your jewelry designs, knitted scarves, original paintings or calligraphy artworks can be showcased.

• Artnet makes it easy for buyers to find contemporary art. With curated galleries, serious buyers can peruse art from all over the world.
• Etsy is an online marketplace for makers to sell their art. You can sell anything from macrame wall hangings to original acrylics on canvas.
• Redbubble is a global print-on-demand art platform that pays artists every time their products are purchased.
• Saatchi Art is an online art marketplace that gets over 1.6 million visitors a month. You can reach global art collectors using this platform.
• Society6 lets you print your art on literally every single item imaginable. From bath mats to backpacks, they do it all!

More income ideas: Take on small odd jobs for extra cash

There are all kinds of small odd jobs that aren’t quite at the traditional “trade” level but still require trust, maturity, and professionalism to fulfill. Indeed there are probably too many to list, but they can range from delivery services to odd jobs around houses, helping people declutter and clean, or picking up junk and taking it to appropriate waste management facilities. 

If you’re looking for very ad hoc work for a quick cash injection, ask friends and family if there’s anything you can take off their to-do list. But there are also lots of gig economy apps and opportunities you can tap into.

8. Participate in paid online surveys

Engaging in paid surveys provides an easy and convenient method for acquiring extra income. While not substantial enough to cover all of your bills, it can offer some additional cash that might come in handy for weekend plans. For just a few minutes invested, you could earn from $2 up to $10 per survey.

This hustle idea is ideal for individuals seeking a way to generate supplementary funds during their free time without needing to dedicate long hours.

For those interested, there are various reliable platforms where one can participate in such surveys.

• Branded Surveys
• Swagbucks
• Survey Junkie
• MyPoints.com
• Toluna

Register on these sites and begin answering surveys to tap into this avenue of earning money online. Remember, though, that qualifying for every survey isn’t guaranteed, and typically, numerous completions may be necessary before the option to withdraw earnings becomes available.

Nevertheless, given its minimal entry requirements and flexibility with timing, engaging in paid surveys stands as a sound side hustle choice when looking at ways to bolster your income.

9. Use your car (assuming you didn’t sell it)

Engaging in a side hustle as a rideshare driver or food delivery services with organizations like Uber or Lyft, Doordash, or Skip the Dishes includes several perks:

• The freedom to tailor your work schedule
• A chance to earn the equivalent of a full-time job’s income
• Control over when you choose to work
• The choice between committing short-term or long-term based on personal necessity and fiscal objectives
• Gaining extra income without being tied down by the fixed schedules of conventional employment
• An opportunity for increased earnings during high-demand periods, backed up with features such as GPS and an Emergency Button within their applications for enhanced safety

Certain criteria must be fulfilled to embark on this path, including possession of an appropriate vehicle, successful completion of background screening procedures, and maintaining a current driving license. 

10. Occasional pet-sitting, dog walking, etc.

If you’re passionate about animals and seeking an extra income, consider side hustle ideas in pet services. Websites such as Rover and Care.com serve as a bridge between pet owners who require services like daytime care, sleepovers, and dog walking.

As a pet sitter, fees can range from $15 to $50 per engagement depending on animal type and requested service. Frequent clients often contribute to most earnings, which helps establish regular cash flow over time.

Of course, this is not a responsibility to take lightly: You must be deeply committed to the animal’s welfare and wellbeing to take this work on.

However, if it’s a good fit, pet-sitting grants you the flexibility to set your own schedule, making it not only profitable but also enjoyable to earn supplemental income.

11. Home cleaning, lawn care, or other small odd jobs

If you’re not afraid to roll up your sleeves, people regularly outsource many smaller odd jobs. For example, earning supplementary income through home cleaning services, gardening and landscaping work, or handyperson odd jobs is a solid and reliable venture. 

To be sure: These jobs can also be legitimate business ideas, but if you want to do them on a more ad hoc basis, canvass friends and families, put up some fliers in your neighborhood, and see if anyone bites. You might have an elderly neighbor who’s only too happy to have you offer odd jobs, like getting groceries or a monthly “deep clean” of their home.

Or perhaps you have a friend who regularly travels and would love you to come in, water their plants, and check their mail.

When side hustles become small businesses

Of course, if you’re really motivated, you can turn many of the above ideas into more stable earners. For example, if you want to launch a cleaning or handyman business in earnest, consider promoting your offerings on social networks like Facebook as well as specialized platforms such as Angi, TaskRabbit, and Handy. 

Once you become more established, you’ll probably also need to invest in:

Other more established side-hustle-to-business ideas include:

• Virtual assistants
• Freelance creatives, including writing, copyediting, translation and design services
• Transitioning from hobbyist to a professional artist or craftsperson
• Gardening and landscaping services, including power washing driveways
• Ad hoc advisory services can become a full-blown consultancy gig
• Start a dropshipping e-commerce site or your own online store
• Making money online with affiliate marketing, blogging, becoming an influencer (start a Tiktok, Instagram or YouTube channel)

If you aspire to be a business owner, testing your concept as a side hustle can be a great way of building confidence before you take the full-time leap. That way, you’ll have a few established customers and clients under your belt and you’ll have ironed out some of the kinks early on. Plus, you’ll know for sure that this is something you really want to do full-time and make some money in the meantime, regardless of what you ultimately decide.

However, if you’re really just looking for a short-term income top-up, you can keep things fairly casual and dip in and out of many of these suggestions as your cash flow requires. It’s empowering to know that you have so many options available to you!

Getting serious? Hot to scale from ad hoc to serious earnings

Extra cash ideas can quickly take off and become a major career change. It can be massively exciting when your side hustle gains traction and you decide to make it a full-time job. But this transition often means taking on other new responsibilities too.

If you’re getting serious about your own business, here are some next-level things to consider!

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More FAQs

How do I choose the right side hustle for me?

To select an appropriate side hustle, evaluate your abilities, passions, and time constraints. Investigate what excites you most and look into the possible income and prerequisites for various opportunities prior to finalizing your choice.

Can I pursue multiple side hustles at the same time?

Certainly! It is feasible to manage numerous side hustles simultaneously by employing efficient time management and setting priorities. Ensure that each endeavor receives the requisite focus it deserves.

How much money can I realistically earn from side hustles?

The income generated from side hustles varies based on the specific hustle chosen and the level of commitment you put into it. High-earning potentials are present in some ventures like freelancing or real estate investing, whereas simpler tasks such as completing paid surveys might provide modest additional revenue. Persist with your efforts and the results could astonish you!

Do I need any special skills or training to start a side hustle?

Launching a side hustle doesn’t always require specialized training or unique abilities, but possessing knowledge in a specific field can certainly elevate your potential earnings. Look to online platforms such as Skillshare and Udemy for courses that could sharpen your skills. Wishing you the best of luck!

How can I market my side hustle to attract clients?

Leverage social media, develop a professional website, and utilize word-of-mouth marketing to promote your side hustle. Registering with online marketplaces and freelance networks can facilitate connections with prospective clients.