How much does it cost to start a side hustle?
How much does it cost to start a side hustle?
& how to do it for less than $500
I was talking to my friend (a reporter at CNBC) last week about side hustles. We talked about this Bank Rate article that shares that average person makes $891 a month from their side hustle.
I won’t lie to you.
There aren’t any magic side hustles that can bring in endless cast fast.
Most require time, energy, persistence, a unique angle, and some money to get you started.
Every side hustle I’ve ever tried didn’t make money for months. Usually right before I was about to quit one, I’d land my first customer or second customer - but that was after I put in a lot of sweat equity to make it stand out and function.
So today, I want to share some low-cost side hustles to try if you want to get going with an idea but don’t want to pour money into it without knowing if it’ll work first.
Scroll to read those…
Love,
💻 But First: My Tech Stack
I’ve been eyeballing a lot of X threads of people’s tech stacks — the tools they swear by for their business and life. So I decided to keep a running list of my own right here. I’ll update this each week with the best tools I use as a solopreneur:
Social Media & Marketing:
Tailwind: Makes it super easy to schedule 100+ pins a month on Pinterest.
Flodesk: Marketing emails that are easy to design and send.
Event Share: Lets all guests upload photos to one spot at/after an event
Any Email Finder: Gives you anyone’s email. I use this for outreach.
48-Hour Logo: A speedy fast way to get logo designs for your bizz.
ReplyGuy: A service that mentions your bizz on Reddit and Twitter.
Website:
InstaWP: A fast and easy way to build a Wordpress website.
Weebly: Free website builder that requires zero coding or skills
Opt-in Monster: Helps you capture leads on your website in a handful of ways
Swift Brief: Scans your website and suggests + writes SEO blog posts for it.
Content Creation:
Fiverr: Outsource work and get quick results. I use it for editing, social media, and design.
Typefully: Writes you catchy, personalized, and engaging Linkedin posts
Hemingway: Edits your writing in real-time to make it perfect and professional
Random but Good:
Toggl: A time-tracking tool that organizes how you spend your minutes.
Cratejoy: My go-to last minute gift for a birthday or holiday.
Classpass: Not tech but it’s part of my life stack. I take workout classes using this app.
Make Money Stack:
Poshmark: I sell clothes and other items around the house
Etsy: Dreaming up what to sell on this platform.
Survey Junkie: Get paid to take surveys
Howl: How I get affiliate/brand deals as a creator
💸The Real Cost of Starting a Side Hustle
In today's gig economy, many people are looking to start side hustles to supplement their income or pursue their passions. But how much does it really cost to get started? The good news is that many side hustles can be launched with minimal investment.
Let's explore the costs involved and some affordable options to kickstart your entrepreneurial journey.
Starting Costs: What to Consider
The initial costs of a side hustle can vary widely depending on the type of business you want to start.
Let's break down some common expenses:
1. Business registration fees:
- What it means: Costs associated with legally registering your business.
- How to learn more: Check your local government's website for information on business structures and registration processes.
- Typical cost: $50-$500, depending on your location and business structure.
2. Website hosting and domain name:
- What it means: Expenses for getting your business online with a professional website.
- Check out Showit: Both of my websites are designed on this platform.
- Typical cost: $10-$150 per year for a domain name and basic hosting.
3. Marketing materials:
- What it means: Business cards, flyers, or online ads to promote your business.
- How to learn more: Explore design platforms like Canva for DIY options or research local print shops for professional materials.
- Typical cost: $50-$500, depending on the quantity and quality of materials.
4. Equipment or tools:
- What it means: Necessary items to perform your service or create your product.
- How to learn more: Research industry-specific forums or YouTube tutorials to understand essential equipment for your niche.
- Typical cost: Varies widely depending on the business type.
5. Inventory (for product-based businesses):
- What it means: Initial stock of products to sell.
- How to learn more: Research suppliers on platforms like Alibaba or local wholesalers.
- Typical cost: Varies based on product type and minimum order quantities.
6. Software or subscriptions:
- What it means: Digital tools to manage your business, like accounting software or design programs.
- How to learn more: Read reviews on software comparison websites like Capterra or G2.
- Typical cost: $0-$50 per month for basic plans of most small business software.
10 Side Hustles You Can Start for Under $500
1. Freelance Writing or Editing
Cost: $0-$200
Start by creating profiles on freelance platforms like Fiverr. Invest in a grammar checker tool like Grammarly ($0-$140/year) to improve your work quality.
2. Virtual Assistant Services
Cost: $0-$100
Use your organizational skills to help businesses remotely. Set up a LinkedIn profile and invest in a reliable headset for client calls ($50-$100).
3. Social Media Management
Cost: $0-$200
Offer your social media expertise to small businesses. Consider purchasing a scheduling tool like Buffer ($15/month) to streamline your work or Tailwind, which is for Pinterest. I’m looking to hire a Pinterest expert now and they charge $$$ big money for their monthly services.
4. Online Tutoring or Teaching
Cost: $0-$100
Utilize your knowledge to teach others online. Invest in a good webcam ($50-$100) for clear video lessons.
5. Pet Sitting or Dog Walking
Cost: $0-$100
Start locally by advertising your services on apps like Rover. Budget for basic supplies like leashes and waste bags.
6. Graphic Design Services
Cost: $0-$300
Use free tools like GIMP or invest in an Adobe Creative Cloud subscription ($20-$50/month) to offer design services.
7. Podcast Production
Cost: $100-$400
Start with a decent microphone ($50-$200) and free editing software like Audacity to produce podcasts for clients.
8. Personal Shopping or Styling
Cost: $0-$100
Leverage your fashion sense to help others. Invest in a few style books or online courses to enhance your expertise.
9. Handmade Crafts or Artisanal Products
Cost: $100-$500
Start creating and selling unique items. Initial costs cover materials and basic packaging supplies.
10. Resume Writing and Career Coaching
Cost: $0-$200
Offer your expertise in job searching and career development. Invest in resources to stay updated on industry trends and resume best practices.
10 Examples of Low-Cost Startups
Many successful Etsy sellers started with just their craft supplies and a smartphone camera for product photos.
2. Dropshipping Store
Platforms like Shopify offer affordable plans to set up an online store without holding inventory.
3. YouTube Channel
Content creators can start with just a smartphone and basic editing software, gradually upgrading equipment as they grow.
4. Personal Training
With a certification and some basic equipment, personal trainers can start by offering sessions in local parks or clients' homes.
5. Mobile Car Detailing
A basic set of cleaning supplies and a willingness to travel to clients can kickstart this service-based business.
6. Food Blog or Cookbook Author
Start with a free blog platform and your own recipes, potentially leading to cookbook deals or sponsored content.
7. Virtual Event Planning
Use your organizational skills to plan online events, utilizing free tools like Zoom or Google Meet to get started.
8. Upcycling or Furniture Flipping
Source free or low-cost furniture to refurbish and sell, using basic tools and supplies.
9. Local Tour Guide
Showcase your city's highlights by offering walking tours, starting with just your knowledge and enthusiasm.
10. Subscription Box Service
Curate themed boxes of products, starting small with local partnerships and minimal inventory.
Actionable Advice for Budget-Conscious Entrepreneurs
1. Start with what you have: Utilize existing skills and equipment to minimize initial costs.
2. Leverage free and low-cost tools: Take advantage of free versions of software and gradually upgrade as your business grows.
3. Focus on marketing through social media and word-of-mouth: Build a following organically before investing in paid advertising.
4. Reinvest profits: Use early earnings to fund business improvements and expansions.
5. Network and collaborate: Connect with other entrepreneurs to share resources and knowledge.
6. Learn continuously: Take advantage of free online courses and resources to enhance your skills and business knowledge.
7. Start small and testa your market: Begin with a minimal viable product or service to gauge interest before scaling up.
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