Here at Evviva, we are committed to helping you build a life of abundance by reaching financial independence by your 40th birthday! Once you’ve found your FU# (your investment target for financial freedom) and set up your foundational accounts with the Fast 5, it’s time to start making money to build your freedom.
This is where side hustles come in!
How To Use Side Hustles
Side hustles are designed to fill the gap between what you currently make and how much you need to earn to fund your abundant life. They are side gigs that can earn you flexible money around your busy schedule. For instance, you might drive for Uber one weekend a month or freelance copywrite on the side to supplement your income, making your monthly investment money and even some additional spending money.
If you haven’t found your FU# or set up your foundational accounts, make sure to do that now.
- FU#
- Fast 5
Here at Evviva, we’ve taken the guesswork out of side hustling. We have pre-vetted side hustle guides, allowing you to pick what interests you and jump right in.
Everything guide is completely free!
Side Hustle Categories
We have broken side hustles into three main categories based on the earning potential and level of support for each hustle. As a general rule, the more support you get from other companies, the lower the earning potential, so keep that in mind.
The three categories of hustle are Cookie Cutter, Platform, and Do-It-Yourself Hustles. Let’s break these down now.
Cookie Cutter Hustles
Cookie Cutter Hustles are the easiest to get started with. They have the most support systems, but as a result, have the lowest reward profiles.
Think of Cookie Cutter Hustles as plug and play. Another company has taken the time to develop a business model and client base, then they hire you as a 1099 contractor to do pre-specified work. Great examples of Cookie Cutter Hustles are gig economy jobs like Uber or Door Dash. You only work when you want to, but these companies take high commissions from what you earn.
Pro’s:
- Low barrier to entry
- Large support systems
- Very flexible schedules
Con’s:
- Low potential for increasing earnings
- Few options (largely rideshare or food delivery gigs)
- Fees to company can be high
Platform Hustles
Platform Hustles are our middle tier of hustles. They require a bit more time and effort, but have much higher reward potentials and more flexibility.
Think of Platform Hustles as building your own contracting business with the support of existing platforms. These are still 1099 gigs, but allow you flexibility in what you’re doing. By building these hustles on platforms like Upwork or Fiverr, you get to choose what work is best for you, while still having a platform like Upwork handle payments and other time consuming business tasks. Examples of Platform Hustles include, freelance copywriting, coding, and graphics design.
Your options are limitless with Platform hustles and you still have a ton of support, though that support will come at the cost of some fees, usually a percentage of earnings for payment processing, customer connections, and all of the other services your platform provides.
Pro’s:
- Tons of hustle options
- High earnings potential (ability to greatly increase hourly rate over time)
- Flexible schedule
- Support from a platform
Con’s:
- Requires more creativity than Cookie Cutter Hustles
- Fees to platforms
Do-It-Yourself Hustles
Do-It-Yourself Hustles are the highest reward hustles, with no fees and complete control over how much you can make.
Think of Do-It-Yourself Hustles as traditional entrepreneurship. These are opportunities, where you set up your own business without dependency on pre-existing platforms or companies. These include things like starting a landscaping business, creating a product or service to sell, or becoming an affiliate marketer.
These hustles are the most rewarding and flexible, but require a bit more creativity, research, and time investment on your end. You have to present yourself in the best light possible in order to get customers and build a profitable business.
Pro’s:
- No commissions to pay to an organizing platform
- Complete control over earnings and service offering
- High earning potential (ability to greatly increase hourly rate over time)
- The ability to sell the business eventually
Con’s:
- Requires more creativity, research, and investment than Platform Hustles
- Riskier than Cookie Cutter or Platform Hustles
Picking The Right Hustle
Now that you know the three types of hustles and what separates them, it’s time to decide which one is right for you. Think about how much support, risk, and creativity you’re comfortable with, then choose the kind of hustle that best fits your needs.
If you have a very busy schedule, it might make more sense to go with a Cookie Cutter Hustle. If you’re looking for more flexibility, but don’t want to take too much risk, a Platform Hustle might be the right choice. Lastly, if you’re feeling adventurous and willing to invest some time in building your own business, try starting a Do-It-Yourself Hustle.
As you hustle more, you will build skills and confidence to move into more advanced hustling. For example, if you start out doing some freelance editing and copywriting, you may find that you really enjoy the work and have a natural talent for that work. This might lead you into shifting from a Platform hustle freelancing to starting your own blog!
It’s amazing what doors will open when you start exploring. Check out our comprehensive list of step-by-step hustles that we’ve vetted for you and see what sparks your interest!
Remember, there’s no one-size-fits-all answer here. The best hustle is the one that fits you and your goals. Good luck!
