Earn an Extra $500 a Week With These 20 Side Hustles

Published on February 21, 2024 at 9:18 am by Afifa Mushtaque in Lists, News

In this article, we will look at the ways one can earn an extra $500 a week with these 20 side hustles. We have also discussed some tips and tricks for making $500 a week in passive income. If you want to skip our detailed analysis and want to check out the top 5 directly, head to 5 Side Hustles That Can Earn You an Extra $500 a Week.

Do Side Hustles Really Work?

Prices are rising across the board, leaving around 66% of Americans reliant on each paycheck, as per a LendingClub report. In response, 44% of the population has adopted a side hustle, a 13% increase since 2020, according to LendingTree.

Anuj Nayar, LendingClub’s financial health officer, stresses the importance of supplemental income for financial stability, regardless of income level. To determine if a side hustle is right for one, they must consider preferences, goals, time commitment, work-life balance, and duration of involvement. Even dedicating a few hours weekly can yield several hundred dollars monthly, potentially covering expenses like rent hikes.

They offer opportunities to supplement income, pursue passions, or test entrepreneurial ideas without quitting a primary job. Side hustles can provide financial flexibility, skill development, and personal fulfillment. Success depends on factors like dedication, time management, and market demand. While they require effort and persistence, side hustles can lead to additional income streams, career advancement, or even full-time self-employment for those willing to put in the work. To read more about side hustles, see the 15 Best Side Hustles From Home.

How to Make $500 a Week On the Side?

One effective way to earn $500 a week on the side is by utilizing platforms like Airbnb Inc (NASDAQ:ABNB). If you have an extra room, apartment, or even a vacation home, you can list it on Airbnb for short-term rentals. By optimizing your listing with attractive photos, competitive pricing, and thoughtful amenities, you can attract guests and generate consistent income. It is one of the best ways to make $500 a week through a passive income.

To earn an extra $500 with Airbnb Inc (NASDAQ:ABNB) during the holiday season, consider strategic hosting tactics. Firstly, optimize listing visibility by updating descriptions, enhancing photos, and setting competitive pricing. Capitalize on seasonal demand by offering festive-themed amenities or packages. Additionally, consider targeting niche markets or catering to specific traveller needs, such as pet-friendly accommodations or family-friendly spaces. Offering add-on services like airport pickups, guided tours, or meal packages can further boost earnings. Moreover, maintaining flexibility with booking policies and promptly addressing guest inquiries or concerns fosters positive reviews and repeat bookings. By maximizing occupancy rates and providing exceptional hospitality, hosts can easily surpass the $500 mark during peak holiday periods.

To shed light upon the success of earning income through Airbnb Inc (NASDAQ:ABNB), here’s a story. In 2019, Jamie Stark Inlow embarked on a new journey, leaving her 9-to-5 job and settling on a mini farm in Scottsville, Virginia. With determination, she converted a neighbor’s spare apartment into an Airbnb Inc (NASDAQ:ABNB) listing, sparking the inception of her property management business, Be Still Getaways. Fast forward to 2022, Be Still Getaways earned just under $2 million, and projections for 2023 hinted at a $3 million in revenue! However, the path to success wasn’t without its challenges; Inlow had to juggle three jobs initially, reinvesting every penny back into her company. Yet, strategic scaling and relentless perseverance paid off, enabling her to quit her other jobs and focus solely on her flourishing enterprise. If she can do it, you can too! To read more about ideas on passive income, see the Best Ways to Generate Passive Income for Beginners.

Most Profitable Side Hustles in 2024

In 2023, Upwork Inc (NASDAQ:UPWK), the world’s leading work marketplace, revealed the most in-demand skills across different sectors. With the ongoing talent shortages, companies increasingly rely on freelance professionals. Moreover, In the US, 60 million individuals engaged in freelance work, making 39% of the total workforce which is indeed an unprecedented figure. To read more about freelance skills in demand, see the Most In Demand Skills for Freelancers.

Notably, sales & business development, data entry, accounting, and 3D animation witnessed major year-over-year growth. As the Upwork Inc (NASDAQ:UPWK) report indicates, the freelancing industry offers professionals avenues to diversify income and acquire new skills, presenting a positive outlook amidst economic uncertainties. Thus, many of the common side hustles in 2024 are essentially remote work.

Moreover, freelancing on Upwork Inc (NASDAQ:UPWK) offers a platform for individuals to showcase their skills and connect with clients globally. With a diverse range of categories, from writing and programming to design and marketing, freelancers can find opportunities tailored to their expertise. The platform facilitates communication, project management, and payment processing, streamlining the freelance process. However, competition can be intense, requiring freelancers to differentiate themselves through quality work and excellent client communication. Success on Upwork Inc (NASDAQ:UPWK) often hinges on building a strong profile, delivering exceptional results, and cultivating positive client relationships to secure ongoing projects and favorable reviews.

Grisha Bruev/Shutterstock.com

Our Methodology

To list the side hustles that can help earn an extra $500 a week, we looked at side hustles/jobs with three main features. The side hustle must be scalable, and flexible, and must involve low start-up costs. After finding 30 such side hustles, we shortlisted the side hustles that pay at least $500 a week. Since the amount of money earned with these side hustles is largely dependent on the number of hours you invest in the hustle and sometimes even the number of years of experience you possess in the field, we have scored these on the basis of the three features we mentioned rather than their earning potential. However, for each job, we have given an estimate of the amount one can expect to make.

By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

20. Housekeeping

IM Score: 11

Housekeepers in metropolitan areas such as San Francisco, New York City, and Washington, D.C., typically earn higher wages, sometimes exceeding $500 per week. These regions have higher costs of living and demand for household services, which drives up wages.

19. Website Tester

IM Score: 13

Website testing offers a lucrative side hustle opportunity for individuals seeking to boost their income. Companies like TestingTime offer projects paying up to $55 per hour, deposited directly into PayPal or bank accounts within 10 days. It’s a flexible and accessible way to earn extra cash.

18. Selling Stock Photos

IM Score: 15

To achieve handsome earnings in stock photography, photographers must focus on quality, market demand, and strategic investment. By producing high-quality images aligned with popular themes, photographers can attract more buyers. For instance, Diana Mironenko’s success, earning up to $700 per photo, reflects the value of niche specialization and consistent effort.

17. Petsitting

IM Score: 16

Pet-sitting has become as a profitable summer job, fetching up to $40 hourly. As travel increases, pet owners seek reliable care for their companions. Platforms like Care.com and Rover facilitate connections, though fees apply.

16. Mystery Shopping

IM Score: 18

Mystery shopping is a market research technique where individuals, known as mystery shoppers, are hired to anonymously evaluate and report on the quality of service, compliance with regulations, and overall customer experience provided by businesses.

Service Evaluation Concepts offers mystery shopping for popular brands like Aveda, Cartier, and Macy’s. Certified brand agents, with advanced training, gain privileged assignments and higher pay potential within an hourly range of $10 to $50.

15. Resume Writing

IM Score: 20

To start resume writing as a side hustle, begin by establishing your online presence with a professional website. Even if you are starting, you can demand competitive rates initially, such as $150 per hour, and then gradually increase them as you gain expertise and demand grows. Leverage your background and expertise to stand out, and continually invest in expanding your skills through certifications and learning opportunities. With this side hustle, one can easily make $500 a week from home with minimal work.

14. Junk Hauling

IM Score: 21

Junk hauling refers to the service of removing unwanted items, debris, or waste from a particular location, typically residential or commercial properties. This can include furniture, appliances, construction materials, yard waste, and other miscellaneous items that are no longer needed or desired by the owner.

From our observations, junk removal services typically range from $70 to $570 per job, with the majority falling between $150 and $350. When measured by square footage, the average cost is approximately $1.50 per square foot.

13. Editing and Proofreading

IM Score: 23

Proofreading costs vary based on factors like skill level and market. Experienced proofreaders may charge more but offer faster, specialized, and high-quality work. Novice proofreaders might have lower rates to attract clients. On platforms like Upwork Inc (NASDAD:UPWK), rates range from $20 to $60 per hour, depending on expertise. It is also one of the Low-Stress Jobs for Seniors.

One can definitely earn an extra $500 a week with this side hustle for free.

12. Internet Marketing

IM Score: 25

The evolution of internet advertising has transformed it from a gamble into the cornerstone of many companies’ marketing strategies. In the United States, digital advertising consistently sees double-digit growth in revenue annually, reaching a total expenditure of $209.7 billion in 2022, with a 10.8% increase from the previous year.

With a growth potential as high as this field, one can surely earn an extra $500 a week with this side hustles online.

11. Video Editing

IM Score: 27

In 2021, the median annual salary for film and video editors was $63,520. They primarily work in studios or offices, with those in the motion picture industry facing intermittent employment gaps. A bachelor’s degree in film or broadcasting is typically required, along with proficiency in digital cameras and editing software. Job growth in this field is forecasted to increase by 13% between 2016 and 2026. It is one of the jobs that pay $500 a week with no experience.

10. Voice Over Artist

IM Score: 29

Pursuing voiceover as a side hustle can be financially rewarding, as seen with Alice Everdeen’s experience. By offering her services on platforms like Fiverr, Alice earned approximately $200,000 in just over two years, with potential monthly earnings reaching up to $15,000. Despite initially expecting modest returns, her inviting voice attracted numerous clients, leading her to match her full-time income within months.

9. Bookkeeping

IM Score: 30

With basic accounting skills and software, one can manage finances for small businesses or freelancers, earning extra income on a flexible schedule while providing valuable services essential for businesses’ financial health.The average salary for a Bookkeeper is $21.85 per hour in United States.

8. Become a Virtual Assistant

IM Score: 31

On Upwork Inc (NASDAQ:UPWK), virtual assistants in North America, with over 1,000 hours and a 90% success rate, typically earn different rates based on their expertise. Administrative/Data Entry VAs earn $12-20+ hourly, while Marketing/Customer Service/Accounting Support VAs command $20-35+ per hour. Advanced/Executive Assistant/Consultant VAs earn higher, ranging from $38-50+ hourly. It is one the easiest side hustles that can make $500 a week.

7. Graphic Designing

IM Score: 32

Graphic designers on Upwork Inc (NASDAQ:UPWK) charge rates averaging $25. Rates may vary based on expertise, experience, and reputation. Seasoned designers may charge more for faster, higher-value work.

6. Local Tour Guide

IM Score: 34

Despite a rebound in global tourism, with 87% recovery observed from January to September 2023, there’s a prevailing trend of “lockdown backlash,” as people eagerly seek out travel and entertainment experiences. This increase in demand presents opportunities for local experts to capitalize on, particularly in offering specialized tours through platforms like Viator or ToursByLocals. Whether it’s a craft beer tour in Denver starting at $58 or a crime tour of L.A., there’s a market for diverse experiences.

Click here to see the remaining 5 Side Hustles That Can Earn You an Extra $500 a Week.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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