10 Innovative Side Hustles to Increase Your Income in 2024
You might think that side hustles are just about making extra cash. While that’s true, they’re also about carving out your slice of freedom in a busy world. It’s not just about the money; it’s about what that money enables you to do.
Whether it’s creating a cushion of security, exploring new interests, or paving the path to full-time entrepreneurship, side hustles can be your launchpad.
1. 🚗 Make Money with Your Car through Car-Sharing Platforms
Turn your idle car into a money-making machine. Car-sharing platforms like Turo have revolutionized the way we think about vehicle ownership. By renting out your car when you’re not using it, you can effortlessly tap into a source of passive income.
Earning Potential
The earning potential for making money with your car through car-sharing platforms varies depending on the platform you choose and other factors such as the type of vehicle, location, and how often it’s rented out. Here are the details from the provided sources:
- Turo: The largest peer-to-peer car sharing marketplace, Turo, states that the average car listed on its platform earns $10,516 annually[2]. This figure is based on the average earnings across all cars listed on Turo, so individual earnings can vary. The site takes a commission of 40% on your rentals, but offers less comprehensive coverage options that reduce the commission to 15% or 20%, though these come with deductibles in the event of an accident[2].
- Getaround: This platform allows car owners to set their own rates and accepts older cars than its competitors. However, it requires more effort from the host, including communicating with guests and cleaning the car after each trip. Getaround charges fees to its hosts, which will impact monthly earnings[1].
- Avail: Avail is highlighted for its low-effort approach to car sharing. Once you join and create an account, you choose your sharing dates and location, then drop off your car and keys. Avail handles the rest, including vetting drivers, promoting your vehicle on the platform, key exchanges, cleaning, and refueling if necessary. This platform trades higher earning potential for guaranteed income and minimal effort, but specific earning figures are not provided[1].
Given these details, the earning potential can significantly vary based on the chosen platform, the car’s availability, and how actively the owner manages their listings and rentals. Turo offers a clear average annual earning figure of $10,516, but it’s important to consider the platform’s commission rates and the additional tasks required to maintain the vehicle and manage rentals.
Citations:
[1] https://availcarsharing.com/sharing/comparing-car-sharing-platforms
[2] https://sidehusl.com/making-cars-earn-their-keep/
[3] https://www.nerdwallet.com/article/travel/airbnb-for-cars-best-app-rent-peoples-cars
[4] https://www.centralwcu.org/articles/car-sharing-side-hustle-pros-and-cons
[5] https://www.youtube.com/watch?v=MaRocjgR8dE
[6] https://www.creditdonkey.com/rent-out-your-car.html
[7] https://www.reddit.com/r/personalfinance/comments/8t0h13/ive_gotten_curios_about_carsharing_apps_like_turo/
[8] https://walletgenius.com/finance/earn-passive-income-through-rideshare-rentals-heres-how/
What Reddit Users Think
Reddit users have shared a wide range of experiences and opinions regarding the profitability of using Turo as a car-sharing platform. Here’s a summary of key points from the discussions:
- Earning Potential Varies: Some users report making a decent profit, with earnings ranging from $400 to $800 a month per car[1][3]. Another user mentioned making at least $500 per month and sometimes upwards of $1000 on Getaround, another car-sharing platform[2]. However, these figures can vary greatly depending on factors such as the type of car, location, and how actively the car is rented out.
- Expenses and Effort: There are significant expenses and effort involved in maintaining the cars, including insurance, car washes, maintenance, and dealing with parking or tolls[1][3]. One user highlighted the importance of having a system for cleaning and maintaining the cars to ensure profitability[4].
- Type of Car Matters: The type of car you offer for rent on Turo can significantly impact your success. Users have found that unique or high-demand cars, such as luxury or performance vehicles, tend to attract more renters and can command higher rental rates[1][4].
- Insurance and Damage Concerns: Several users expressed concerns about Turo’s insurance policies and the potential for damage to their vehicles. One user mentioned that Turo charges for their insurance, but owners must also have their own insurance, and renters use their insurance, which can complicate claims[1]. Another user shared a negative experience with their car getting impounded and having to pay out of pocket to retrieve it[6].
- Not as Passive as It Seems: While some users initially thought of Turo as a source of passive income, they quickly realized that it requires active management, including dealing with maintenance, insurance claims, and customer service[5]. One user specifically stated that Turo is not passive income and involves quite a bit of work[5].
- Market Saturation and Competition: The level of competition and market saturation can also affect profitability. Some users noted that low pricing by competitors can drive down rental rates, making it harder to turn a profit[3]. However, others believe that those offering low rates will eventually exit the market[3].
- Strategies for Success: Successful Turo hosts recommend starting with an older, cheaper car to minimize initial expenses and focusing on keeping costs low while maximizing rental income[1]. Others suggest eliminating car payments to improve profitability and choosing vehicles that are constantly rented out[4].
In conclusion, while there is potential to make money on Turo, success requires careful management of expenses, choosing the right type of car, and being prepared to deal with the challenges of running a car rental business. Experiences vary widely, and profitability is not guaranteed.
Citations:
[1] https://www.reddit.com/r/turo/comments/zqtjq4/how_profitable_have_you_found_turo_to_be/
[2] https://www.reddit.com/r/personalfinance/comments/8t0h13/ive_gotten_curios_about_carsharing_apps_like_turo/
[3] https://www.reddit.com/r/turo/comments/143ot9k/does_anyone_actually_make_money/
[4] https://www.reddit.com/r/turo/comments/11roobr/how_do_yall_make_money_doing_this/
[5] https://www.reddit.com/r/passive_income/comments/tvovgx/turo/?rdt=49402
[6] https://www.reddit.com/r/turo/comments/12ekk4y/this_turo_thing_is_not_lucrative_as_it_seems/
[7] https://www.reddit.com/r/turo/comments/1an331r/thinking_of_buying_a_car_cash_and_renting_out_and/
[8] https://www.reddit.com/r/turo/comments/14b82r7/turo_vs_uber_as_a_side_hustle/?rdt=47257
2. 🐶 Fetching Profits: Monetizing Your Love for Dogs
Turn walks into wealth and pets into profits. Create a Rover profile that shines with your pet care experience and enthusiasm. Schedule your services around your life, pricing competitively based on local rates. Go beyond walking: offer sitting or grooming services, and remember, reliability breeds repeat customers and referrals.
3. 🛋️ The Art of Furniture Flipping: Turning Old to Gold
Craft and sell unique furniture pieces. Scour local thrift stores and online marketplaces for undervalued furniture. Use simple restoration techniques—like sanding, painting, or reupholstering—to breathe new life into old pieces. Then, sell your creations through social media, online marketplaces, or local consignment stores, showcasing the transformation with before-and-after photos.
4. ⏳ Time Is Money: The Line-Standing Side Hustle
Capitalizing on patience in an impatient world. Use TaskRabbit to find gigs where your time spent in line turns into cash in hand. Be proactive: look for high-demand events or product launches. Offer a friendly service, updating your clients in real time, and ensure you’re equipped with necessities like snacks, water, and a power bank for your phone.
5. 👚 From Closet Clutter to Cash in Hand
Streamline your wardrobe and sell with strategy. Sort through your clothing and select items in good condition. Take clear, well-lit photos and write detailed descriptions for platforms like Poshmark or eBay. Research pricing strategies to remain competitive and consider offering bundles or discounts on multiple items to encourage larger sales.
6. 📜 Mobile Notary: Sealing Documents and Deals
Where attention to detail meets demand for convenience. Becoming a certified mobile notary might be easier than you think. Market yourself to local businesses, real estate agents, and law firms. Provide clear, concise instructions to your clients on what they’ll need for their notary appointment, and ensure you carry out your duties with the utmost professionalism and accuracy.
7. ♻️ Cashing in on Conservation: Recycling with Purpose
Your green efforts can lead to earning greenbacks. Set up a system for collecting cans and bottles, perhaps offering to pick up from neighbors or local businesses for convenience. Keep tabs on the best-paying recycling centers in your area and plan efficient routes to maximize your returns with minimal travel.
8. 🎤 Backstage Pass to Profit: Working Local Events
Where your organizational skills meet the spotlight. Seek out staffing agencies or direct opportunities for local events. Brush up on basic customer service skills, and ensure you’re knowledgeable about the event to provide excellent service. Flexibility is key, as is a willingness to take on various roles, from ticket taking to security.
9. 🔧 Furniture Assembly: Your Toolkit for Success
Spare tools and a can-do attitude can build your bank account. Offer your assembly services on TaskRabbit and similar platforms. Create a portfolio showcasing your best work. Stay organized, be punctual, and communicate effectively with clients. Your ability to turn a box of parts into a functional piece of furniture is a service in high demand.
10. 💧 Liquid Gold: Selling Water at Events
Simple, smart, and always in demand. Research event schedules and secure the necessary permits to sell water bottles. Source your supplies wholesale to maximize profit margins. Set up a clean, attractive display, and be mindful of the attendee experience—smiles and service can go just as far as the product you’re offering.
This isn’t just about making money—it’s about finding the intersection where your skills, interests, and the needs of others meet. These side hustles are stepping stones to greater financial freedom and personal fulfillment. So, take the leap and start shaping your future, one side gig at a time.
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