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Lucrative Side Hustles That Don’t Take Much Time

5 Lucrative Side Hustles That Don’t Take Much Time

If you’re like nearly half of working Americans, you’re leaning on side gigs to make ends meet. In order to help create a work-life balance and pay the bills, finding lucrative side hustles that don’t take much time is key. 

Let’s put this in perspective. 

In the U.S., 85.8% of males and 66.5% of females are working over 40 hours a week

Of these full-time workers and 51% part-time workers, 4 in 10 report needing side hustles to pay regular living expenses

This adds an average of 12 extra hours to the workweek, generating about $1,122 a month according to a Bankrate.com survey.

While it’s nice to have an extra chunk of change, it’s important to note that side hustles vary in time and effort. Whether you’re driving for Uber, tutoring online, or renting your stuff, weighing out income vs. time is critical before you jump in. 

Some side hustles can eat up a lot of time, putting a dent in family time, self-care, and leisure. 

This begs the question: Is it worth it?  

The answer is: It can be, especially if you find a side hustle that lets you bank without much effort.  

Keep reading for our top 5 lucrative side hustles that don’t take much time.

 

#1 Rent Out a Room Or Rent Out Your House

Rent Your RoomThe share economy has its benefits, especially if you have an extra space to rent out. 

With sites like Airbnb, VRBO, and Home Away, travelers save money on accommodations, and you monetize on a space, making it an asset.  

It’s a win-win for everyone. 

Let’s take Airbnb as an example.

With revenues of $2.6 billion in 2018, Airbnb has established itself as the largest peer-to-peer hospitality service

In fact, an estimated valuation of about $35 billion makes Airbnb valued more highly than many individual hotel chains. 

How much can you make?

According to research from low-interest lender Earnest, on average, hosts make $924 a month–depending on destination, quality of your home, hosting ratings, and frequency of rental. 

Buying or leasing a number of apartments or homes to rent out full-time could lead to a 6-figure income (#RetirementGoals). 

But, let’s not get ahead of ourselves. 

There is some work and investment involved in becoming a host. 

Yet, as an option, home/room hosting overall is one of the top lucrative side hustles that does not take much time. 

Here’s what you need to know: 

  • A successful Airbnb rental needs to be nice. No need to make it HGTV worthy, but making sure your space is clean, uncluttered, and appealing helps. 
  • Even if you’re not aspiring to be a superhost, investing in basic equipment such as a digital keyless entry system, good WIFI, and kitchen staples go a long way and make for happy guests and good reviews.
  • Income from hosting is not a constant flow. High and low seasons in vacation destinations drive this change, but if you’re in a city with attractions (e.g. Rose Parade, Sundance Film Festival), you have opportunities to increase nightly stays.
  • Communicating with guests can take time. Once you have a list of instructions and recommendations though, it’s smooth sailing. 

 

Whether renting a spare room or your entire home, Airbnb spans the spectrum of couch-surfing to luxury home. 

In comparison, sites like VRBO or Home Away which are owned by the same company, only handle whole-home rentals and is more like renting a suite from a company. 

Airbnb charges hosts a 3% fee that covers the cost of processing payments. 

HomeAway, which owns VRBO.com, charges hosts for listing their homes on the site. 

People planning to use the site regularly can pay $349 annually to advertise their property and are not charged a commission for each booking.

 

#2 Pet Sitting 

Pet sitting side hustleWe love our pets…cat’s outta the bag on that one! 

So, it’s no surprise that the pet-sitting industry is developing into one of the most lucrative side hustles that don’t take much time. 

According to a survey released by Pet Sitters International (PSI), this industry generated more than $440 million in revenue from 22 million-plus pet-sitting assignments in 2017

Talk about discretionary income potential!

For the comfort of their pets, many owners who travel prefer a private home to a kennel. 

Some even request that a sitter stay at their house so their pet’s routine and environment aren’t disrupted. 

The benefits are two-fold: pets get loving care in the absence of their owners and anyone interested in this field has a chance to earn a side income. 

If you dig animals and have a safe environment to care for them, diving into professional pet care services, which are high in demand, is the way to go.

But, how easy and lucrative is it, really? 

Enter Rover.com

Rover is a streamlined app for dog boarding and more (see #3 below) that connects  “pet parents” with people who will treat their pets like family. 

And it makes it easy to manage your pet-sitting business from anywhere Rover is available. 

The process is simple: 

  1. Create your profile 
  2. Accept requests 
  3. Get paid 

 

While set-up and operations require a minimal amount of time, what about the numbers?  

To assess earning potential, consider how many animals you’re able to care for on a monthly basis and how many hours you’d like to put in. 

How much can you really make?

One of the appealing aspects of Rover as a side hustle is its flexibility.

Sitters are able to set their own rates and schedules. Obviously, this influences how much you’re able to make. 

Sitters who treat Rover like a part-time job, taking two or three dogs for two weeks out of the month, earn an average of $1,000/month

Meanwhile, those who treat Rover like a full-time job, working 4 weeks out of the month and taking 2-3 dogs at a time, earn an average of $3,300/month.

Bonus Tip: With the other pet care services Rover offers (dog walking, house sitting, doggy day care), you should be able to easily increase the amount of cash you bring in each month

Here’s what you need to know:

  • Rover offers complimentary insurance for all services booked through the app, as well as access to 24/7 vet consultation and partnerships.
  • While easy, Rover’s application process is also thorough. Applications are carefully reviewed and background checks are required. Like other sharing economy services such as Uber and Airbnb, rating is encouraged after the service is completed.
  • Client payments and invoices are all taken care of electronically. For a 15% service fee, you receive the network, advertising, and tools to build your dog-sitting business. Rover’s service fee is 15% of your earnings, and offers you access to the network, advertising, and tools to build a successful full- or part-time dog-sitting business.

 

#3 Dog Walking 

dog walking side hustleIf pet sitting requires a bit more commitment than you’re able to give, but dogs are truly your spirit animal, dog walking is another option for side hustling. 

With the pet care service industry booming, the market is favorable for animal lovers looking to make supplemental income. 

According to The Penny Hoarder of U.S. Census Bureau data, part-time, non-farm-animal caretaker (aka pet sitting) jobs increased 82.4% between 2007 and 2017.

Part of that growth is thanks to a recent rise in pet-sitting and dog-walking apps, Rover, Wag, and Fetch!Pet Care to name a few. 

Like pet sitting, the earning potential of a dog walker varies. Depending on your location, how many dogs you walk, and how frequently, makes a difference in how much you pocket. 

How much can you make?

After you take into consideration the fees on different apps, average dog walkers make around $17.50 per walk.  

Here’s a scenario: if a Wag walker were able to do 5 consecutive 30-minute walks, five days a week, making $17.50 per walk, he/she would earn about $22,000 annually.

If a walker were to do an hour-long walk, he/she could make up to $30 per walk.

The amount will increase if you walk more than one dog at the same time. 

Not too bad for a service that has very low liability, a high happiness index, and a chance at improved fitness!

Luckily, there are many dog-walking apps to shop and get started. 

Here’s what you need to know:

  • Your pay will be less when working for a company, but you save time in not having to do the job finding, scheduling, etc. 
  • Dog walking isn’t totally expenses free. Transportation, if needed, will add a cost for gas or bike maintenance. Dog-walking insurance and health insurance for you are also recommended
  • Your income may be inconsistent due to clients coming and going or dogs getting sick. Also be mindful of slow seasons, and be ready to ride them out.

 

#4 Rent Your Car 

Rent Your CarPersonal cars, like homes, are some of our most expensive assets and tend to be highly underused. After all, most people only drive an average of 2 hours a day. 

So, why not monetize your parked vehicles as a side hustle? 

Renting your car can subsidize the cost of ownership since it’s one of the lucrative side hustles that doesn’t take much time.  

How much can you make? 

Car rental income depends on the type and condition of your car, the city you live in, and the platform you use. 

On average, owners make $500+ a month renting their cars

A quick look at recent listings for available Turo rentals in Seattle provides some insight: A 2015 Honda CR-V is listed for $50 per day. 

Other cars listed in the Emerald City include a 2009 Ford Ranger for $35 a day and a 2016 BMW X5 eDrive for $99 a day.

There are several online options for renting out your car. 

Getting started is pretty easy, and, in most cases, you can have your car listed in under an hour. The trick is comparing platforms and finding the one that is right for you. 

TURO

Known as the “ Airbnb for cars,” Turo is the best known option for renting out your personal vehicle. 

The platform has allowed thousands of individuals around the U.S. and Canada to subsidize the ownership of their vehicles by matching renters with owners.

On average, owners who list their cars on Turo make $720 a month.

Payout is between 65% and 85% of the trip price, depending on the vehicle protection package you select.

 

GETAROUND

According to Getaround’s website, car owners make thousands of dollars per year sharing their cars through the platform. 

You can earn more than $800 a month renting your car through Getaround.

This means you could make more than $9,600 per year; enough to cover your car payments, and more. 

Getaround keeps a 40% commission to cover insurance, roadside assistance, and a 24/7 help desk. 

And here’s a bonus: Getaround hosts are offered dedicated parking spots in select cities, which is great if finding parking in your city is hard or pricey. 

 

HYRECAR

HyreCar specifically caters to rideshare drivers. 

This means that your vehicle would be rented and used by Uber and Lyft drivers to give passengers rides.

The average car owner makes $14,000 per year renting out their vehicle through HyreCar, according to their website.

Here’s what you need to know:

  • Income from renting your car greatly depends on where you live and the demand for your specific type of vehicle (i.e., SUV vs. compact car).
  • Consider the wear-and-tear expense that others would place on the car.
  • Remember that insurance has you covered. But, if you place sentimental value on your car, the stress of potential damage may not make renting worth it.
  • In most cases, the rental company will ensure that you and your car are protected. Make sure to read the fine print to make sure the offered protection plans give you peace of mind.

 

#5 Rent Your Stuff

Rent Your StuffA society of consumers, we all have stuff sitting in our garages and closets that are not being used. 

One of the fastest ways to make money as a side hustle is to rent things that are sitting idly, collecting dust. 

So, that road bike you thought you’d ride to work or that acoustic guitar you swore you’d learn to play can turn from a nagging reminder into an income-generating asset.

Renting things is not that time consuming, and it’s not as risky as you’d imagine.

Many peer-to-peer platforms include a verification process, customer support, insurance, plus transactions and customer reviews that give ease when renting your things. Most platforms are free to join and only take a commission on each rental.

How much can you make?

This all depends on what items you choose to rent out and whether you’re renting through a company like Loanables or doing it on your own.

There is potential for decent passive income renting things. 

  • A good quality camera can make you $100/day.
  • Bikes can earn around $40/day. 
  • Drones rent for up to $90/day (DJI Phantom Pro). 

 

Multiple listings are key in making this one of the most lucrative side hustles that don’t take much time. 

According to FatLama.com, you can earn “up to $3,000 a month renting out your stuff.” 

Their highest earner actually makes $6,726 /month according to their home page.

Talk about a lucrative side hustle that doesn’t take much time! 

Here’s what you need to know:

  • Consider the fees. Even though it’s free to list your items on most sites, a transaction fee of up to 10% of your earnings is possible.
  • Start with simple items that don’t have much value and aren’t easily damaged or can cause injury (i.e., lawn mower vs. patio furniture).
  • Ensure that you are protected. On some sites, the borrower is charged the market value of the item in case they fail to return the item, which is quite reassuring. Also, manage your expectations and experience; do not rent things that have sentimental value to you.

 

FAT LLAMA

You can lend practically anything on Fat Llama

Listing your items is free, and they provide an insurance policy of up to $30,000 for damages or other issues. 

Fat Llama also requires every user to submit identification documentation and complete a Smart Verification process.

In addition to 24/7 customer support, the company is committed to its purpose of connecting people and reducing environmental impact. This way you make some extra cash and feel good knowing you’re making a social difference. 

 

CRAIGSLIST

With more than 30 million visitors a month and a way to advertise for free, Craigslist is a platform that allows you to not only buy but also rent items. 

Even though there is no rental section to the site, you can rent out your things on Craigslist by listing them in the appropriate “for sale” section. 

People who thought they wanted to buy something might be happy to just rent it.

A tip: try selling and renting your things in the same ad, setting the purchase price high enough so that the rental fee looks reasonable. 

While there is more traffic on Craigslist over other apps, it falls short in offering protection like others do. 

Buyers and sellers are left on their own to work out solutions should problems arise. 

Tips and tricks to safely exchange items are offered, but there is no safety guarantee or insurance provided.

Since screening of users doesn’t exist, it’s a good idea to take down as much information as possible about your potential renter especially as you’d like to have the item returned. 

 

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