The rise of digitalization has opened a world of opportunities if you want to earn extra cash. These days, it seems like all you need to set up your own small business is a laptop and an internet connection. Let’s explore some side hustle ideas that you can pursue from the comfort of your own home.
Ways to make extra money online from home
More and more people are figuring out ways to earn extra cash working from home. If you play your cards right, you can be one of these home-based moonlighters. It just requires a bit of thought to determine what job suits your skill set and availability.
1. Sell your creative work
Do you have a knack for creativity? Whether it’s art, graphic design, jewelry, clothing, or home decor, you can sell your masterpieces online for some extra bucks! Etsy.com is a great place to start as this website caters to individuals looking to buy and sell homey crafts.
2. Become a freelance writer
If you excel at writing, editing, or proofreading (and you’re speedy!) consider being a freelance writer. Many companies and individuals outsource the written content they need for blog posts, articles, websites or any other purpose. If this is of interest to you, you can start by looking for freelance writing work with basic job websites such as Indeed.com and Upwork.com. The beauty of freelance writing is you could be in an entirely different country than your employer and still work!
These days, blogging is more than just a hobby. If you are dedicated, consistent, and passionate about your subject matter, a blog can actually earn money for you. You can write for other people’s or businesses blogs or you can set up your own. To start a blog, you’ll need a domain name and your own website. GoDaddy.com is your one-stop shop for domain names, while Wordpress and Squarespace are awesome resources for easily building and customizing your very own website or blog.
3. Write your ebook
If writing is a passion of yours, why not go a step further than blogging and freelancing and write an ebook? Amazon has made it easy for aspiring and established writers to get their work published through ebooks. Traditionally, publishing a book required support from a publisher and a significant financial investment. With Kindle eBook, you can publish a book within 48 hours. However, in order to make a profit, you will need to market yourself well. You can do that online too through blogging and social media. Besides an entrepreneurial spirit and some minor marketing ingenuity, a bit of writing ability wouldn’t go astray either. Luckily, anyone can be a competent writer with determination and practice!
4. Apply to be an Amazon Mechanical Turk
Do you have experience processing images and videos, data verification and clean-up, information gathering, and data processing? If so, you could be eligible to work as a mechanical turk for Amazon. You can learn more about mechanical turks and what they do here.
5. Become a Virtual Assistant
Busy individuals hire virtual assistants to do a range of tasks for them, all of which can be completed online from the comfort of your home. Examples of the kind of work virtual assistant do include replying to emails, data entry, and writing letters or proposals. Problogger.com and Upwork.com have good opportunities for virtual assistants.
6. Be an interpreter or translator
If you’re fluent in another language, you can make good money interpreting or translating online. With more and more companies going global, interpreting and translating information has become crucial. In fact, individuals working in this business are expected to make more and more money in the upcoming years. Look for jobs on Indeed.com as a starting point if this side hustle is relevant to you!
7. Teach English
A company called Vipkid has made it easier than ever for children to learn English. You can become a teacher with Vipkid so long as you have a bachelor’s degree and a year of teaching experience under your belt. For more information, visit Vipkid’s website. This side hustle requires a bit of patience and expertise!
8. Become a tutor
If you’re an expert in a subject, consider tutoring on the side. Graduate and PhD students have been tutoring for extra money for decades! The best place to start is reaching out to high school, college or university students within your inner circle. If you don’t have much luck finding work within your social circle, try applying to become a tutor with Tutor.com.
If you want to teach more than just one or a few people at a time, course marketplace platforms like Udemy and Skillshare and learning management systems like Thinkific and Teachable are popular places to sell your very own online classes.
Setting up your side hustle - a word about taxes
Unfortunately, the more money you make, the more taxes you must pay. With a job, taxes are fairly easy because you get documentation from your employer to complete your taxes. However, if you’re self-employed, it’s your responsibility to track your personal finances and figure out precisely how much tax you owe.
Below are three simple steps to tracking and reporting self-employed income on your tax return.
- Track income: You can easily track the money you make by using Google Docs or Microsoft Office. Every time you make money, simply write down the amount you earned along with the date. It’s good to have some supporting documentation, such as an invoice. However, the CRA readily accepts bank transactions as proof of income.
- Track expenses: If you incur expenses, you’re allowed to deduct the expenses against your income. For example, if you become a freelance writer and need to get a Microsoft Word subscription to write, you can deduct the Microsoft Word subscription fee against the freelance income you earn. Track your expenses the same way you would track income. However, since you get receipts when you make a purchase, be sure to keep a copy of those in case you get audited.
- Report your net income on your tax return: At the end of the year, take your total income and subtract your expenses, this is your net income. You report your net income on lines 135 to 143 or lines 162 to 170 on your tax return under self-employment income. You will also need to fill out a T2125 as a part of your tax return.
For more information, visit this Government of Canada resource.
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