CFI Blog

Profitable Side Hustles For Busy Moms & Make Money

As a busy mom, I know firsthand that balancing family and work can be a challenge. But what if there were ways to earn extra income without sacrificing precious family time? Welcome to the world of side hustles, a realm of opportunities that can fit snugly into your hectic schedule.

Whether you’re looking to pay off debt, save for a vacation, or simply want a little extra spending money, a side hustle can be a game-changer. In this article, I’ll share some of the best side hustles for busy moms like us. So, grab your coffee, sit back, and let’s explore these exciting opportunities together.

Understanding Side Hustles for Busy Moms

Understanding Side Hustles for Busy Moms

Recognizing the appeal that side hustles hold for many busy moms becomes obvious when looking at their undeniable benefits. Financial gains, personal development, and career adaptability rank high among these advantages. Side hustles offer an opportunity to earn extra income, that possibly facilitates managing expenses more securely. It’s also a chance for moms to cultivate skills outside of their primary profession, potentially enriching their career prospects in the process. For example, a teacher might take tutoring as a side hustle to earn extra, while also refining their teaching skills.

Challenges Faced by Busy Moms

Balancing work, side hustles, and family obligations can indeed present a multitude of challenges for busy moms. Time management muddles as one of the most daunting obstacles. Struggling to allocate time effectively amongst family duties, work commitments, and side gigs is a common dilemma faced by numerous busy moms. Numeric evidence shows that 67% of working moms in the US complained of not having enough time to perform their familial roles adequately while maintaining a side job.

Adapting to the unpredictable demands of a side hustle gets daunting too, especially when the mom tries to fit it into a routine without disrupting family schedules. For instance, a mom running an online store as a side hustle might face unexpected customer service issues that might take more time than initially anticipated.

Yet the difficulties don’t derail determined moms from venturing into the realm of side hustles. They perceive these challenges as stepping stones towards achieving their financial and personal development goals. Their experiences, underpinned by a strong resolve, make them resilient and equip them to better adapt to the continual expectations a side hustle entails.

Popular Side Hustles for Moms

Popular Side Hustles for Moms

First, let’s consider three lucrative opportunities paving the way for busy moms: Freelance Writing or Editing, Virtual Assistant Services, and Crafting and Selling.

Freelance Writing or Editing

Freelance Writing or Editing often tops the list of side hustles for moms. Here, time flexibility and skill diversity play a significant role. For instance, moms with experience in industries like healthcare, finance, or technology may find niche writing opportunities that value their specific expertise. This side hustle not only yields a substantial income but also fills their passion for writing. The Bureau of Labor Statistics pegs the median pay for freelance writers at $63,200 annually, showcasing its potential as a profitable side venture.

Virtual Assistant Services

In our digital space, Virtual Assistant Services have found immense popularity among hustling moms. The repertoire of tasks can range from data entry and email management to social media handling and customer relationship management, allowing moms to leverage their multitasking skills. Virtual assisting provides the convenience of location flexibility and allows moms to set their own working hours. The U.S. Department of Labor, in 2020, reported that the average annual salary for virtual assistants was $41,920.

Crafting and Selling

For creatively inclined moms, Crafting and Selling stand as one of the alluring choices of side hustle. From bespoke jewelry and home décor items to customized clothing and accessories, the horizons are wide open for exploration in this field. According to Etsy, one of the largest online marketplaces for homemade goods, its sellers made more than $2.39 billion in sales in 2020. With perseverance and quality craftsmanship, this side hustle has the potential to transform into a thriving home business.

Side Hustle Average Annual Income (in USD)
Freelance Writing/Editing 63,200
Virtual Assistant Services 41,920
Crafting and Selling Varies (Etsy sellers made $2.39 billion in 2020)

The selection of the right side hustle ultimately rests in matching individual skills and interests with the chosen venture’s time demands; this helps ensure a sustainable side hustle that fits seamlessly into their existing busy schedule. Therefore, freelance writing or editing, virtual assistant services, and crafting and selling can provide not just additional income but also a rewarding and flexible work experience for moms.

Online Opportunities

Online Opportunities

As a busy mom, I understand how important it is to find flexible and lucrative opportunities that align with my responsibilities and skills. To thrive in these online ventures, mastering time management and harnessing personal interests become quintessential cornerstones.

Online Tutoring or Teaching

Teaching or tutoring online presents a remarkable avenue, especially for moms who have academic skills to share. Whether it’s math, science, language arts, or even a foreign language, there’s a high demand for knowledgeable, passionate tutors. Online platforms like VIPKid and Chegg Tutors offer structured setups that simplify interaction with students globally. According to PayScale, online tutors earn an average hourly rate of $19.72. The key here is flexibility since educators have the power to choose their preferred working hours.

Selling Products on E-commerce Platforms

Another fantastic way to monetize skills and interests is by selling products online, be it handmade crafts, vintage items, or digital products. Platforms such as Etsy and eBay simplify the commerce process, allowing sellers to reach a vast customer base. These online marketplaces post the items for a small fee, handle transactions, and offer some seller protections. Performing market research before deciding on a product to sell can be helpful in increasing sales potential. As per Statista, Etsy sellers earned an average annual income of $1,000 to $10,000 in 2020. Success in this endeavor requires creativity, dedication, and constant stock market trend lines analysis.

Managing Time Effectively

Managing Time Effectively

Balancing a side hustle with family responsibilities, let alone managing it effectively, seems like a daunting task, especially for busy moms juggling many roles. However, effective time management strategies and the right tools can turn this daunting task into a manageable one. Let’s delve deeper into these aspects.

Tools and Apps for Time Management

Steering oneself towards efficient time management often requires proper tools. Luckily, digital advancements offer us numerous time management apps available for this purpose. One example includes calendar apps like Google Calendar, which allows busy moms to keep track of appointments, deadlines, and personal events. Its reminder function ensures no essential tasks slip away unnoticed.

Another example involves task management apps like Asana or Trello. These tools provide a platform for organizing and prioritizing your tasks, reducing the risk of being overwhelmed by to-do lists. The apps allow users to mark tasks according to their urgency, ensuring important tasks take precedence.

Finally, there are productivity apps like Forest or Focus Keeper. They use techniques like Pomodoro, where work gets broken down into intervals usually of 25 minutes, separated by short breaks. This technique prevents burnout and maintains a steady productivity level.

Tips for Balancing Family and Side Hustles

As for balancing family and side hustles, few tips come in handy. Foremost, setting clear boundaries is very crucial. This could mean having specific hours dedicated only to your side hustle. During these hours, minimize distractions and focus entirely on the task at hand.

Secondly, delegating tasks is also very helpful. Delegate chores or responsibilities to other family members, if possible, to free up some time for your side hustle. I’ve found cooperative family supports make the balancing act much smoother.

Lastly, remember that it’s okay to say no. Overcommitting to tasks can lead to burnout or can affect other aspects of your life negatively. Prioritize and take on what’s manageable. Remember, maintaining a balance between your family life and side hustle is the real goal here.

Financial Considerations

Financial Considerations

While embarking on a side hustle as a busy mom, there are crucial financial factors you’ll need to consider. These include setting financial goals, understanding tax implications, and budgeting.

Setting Financial Goals

A clear understanding of your financial objectives can light the path to side hustle success. The side hustle, whether it’s online tutoring or selling products, needs to justify your investment of time, skills, and materials. For example, if you’re crafting handmade items for sale on Etsy, establish a minimum monthly income as a target. Those aiming to make an extra $400/month should, in turn, determine how many items they need to sell at what price. Having a firm financial goal not only helps to evaluate the viability of your side hustle but also to strategize and focus your efforts.

Understanding Tax Implications

Side hustles generate additional income, and it’s important to acknowledge tax implications. As a rule, the Internal Revenue Service (IRS) considers all income, even from side jobs, as taxable. Financial experts recommend setting aside 25-30% of your side hustle income for taxes. Consider seeking guidance from a tax professional to understand specific obligations, especially if you’re earning a substantial amount from your side venture.

Side Hustle % of Tax To Set Aside
Online Tutoring 25%-30%
Selling on Etsy 25%-30%

Understanding these financial considerations can help streamline your side hustle, ensuring your efforts are not only rewarding but also financially viable and compliant. It contributes to the broader picture of achieving work-life balance as a busy mom and becoming a successful entrepreneur.

Conclusion

So there you have it. Side hustles are a fantastic way for busy moms like you and me to earn extra income, grow personally, and adapt to our careers. Whether it’s freelance writing, offering virtual assistant services, crafting and selling, online tutoring, or selling products on e-commerce platforms, there’s something for everyone. The secret to success? It’s all about effective time management, aligning your skills with the right opportunities, and keeping an eye on market trends. Don’t forget that balancing family and work is crucial to avoid burnout. Tools like Google Calendar, Asana, and Trello can help us manage our time better. Financial considerations are also vital. Setting clear financial goals, understanding tax implications, and budgeting can ensure our side hustles are not only rewarding but financially sustainable. Remember, it’s not just about making money, but about achieving work-life balance and entrepreneurial success too. Here’s to our success as busy, hustling moms!

Frequently Asked Questions

What benefits can a side hustle offer to busymoms?

Side hustles can offer busy moms financial gains, personal growth, and career adaptability. They can contribute towards enhancing skills and opening opportunities for career transition or advancement.

What are some popular side hustle options for moms?

Popular side hustle options for moms include Freelance Writing, Virtual Assistant Services, Crafting and Selling. Online Tutoring or Teaching and Selling Products on E-commerce Platforms are also gaining popularity.

What are the average income prospects for an online tutor and an Etsy seller?

Online tutors can expect an average hourly rate of $19.72, while Etsy sellers can generate annual incomes ranging from $1,000 to $10,000.

What factors contribute to successful side hustling?

Success in side hustling requires effective time management, aligning skills with opportunities, and staying informed about market trends.

How can busy moms manage time effectively for side hustles?

Busy moms can use time management tools and apps like Google Calendar, Asana, and Trello to organize their time. Setting boundaries, delegating tasks, and learning to say no are also crucial for preventing burnout and maintaining a healthy balance.

What are the key financial considerations when starting a side hustle?

Important financial considerations include setting clear financial goals, understanding tax implications, and budgeting. It’s recommended to set aside 25-30% of side hustle income for taxes to ensure financial sustainability and compliance.

Author Profile

Kathy Hardtke
Kathy Hardtke
I am thrilled to have been invited to blog about my experiences trading stock and options with Rich Dad.  Since 1998, when I picked up my first Rich Dad book “Rich Dad Poor Dad”, I have been hooked on Robert and Kim’s philosophies on becoming financially free through investing.  Their books and courses have changed my life as well as my daughter’s life, whom I am now teaching all I have learned about trading stock and options.

My experience has been in the real estate and finance industry for 20 years.  I was a Realtor with ERA, a Mortgage Loan Officer with Bank of America, and a Financial Advisor with Morgan Stanley.  Each time I chose a career that I thought I would get “the inside track” on investing and each time I learned it was just a “job”, although very good job and I was lucky enough to enjoy my career.  Simply put, these jobs would only get me a paycheck but never take me to financial freedom and the dreams and lifestyle I was looking to achieve.

With that said, I have no desire to make millions to have expensive “things” but I do have a dream to not only become financially free for myself and my family but also for others.  I started an organization called GROW Africa to help others.  We build wells in the farthest reaches of the earth in the bush of Zambia.  The women and children have to walk up to 4 hours each way to carry as much water as they can carry back.  I thought that was such a basic human need, that I felt I needed to do something about it, and did.

What is super cool about the training I received through Rich Dad Education on trading stocks and options is, now that I am educated on the Rich Dad stock trading system, I can trade anywhere in the world, including while I am in remote Africa building wells, providing water for those with little or none, as long as I have a power source and a satellite internet card.  Now that is freedom!

I am looking forward to sharing my experiences about trading stocks and options and walking with you on the path to financial freedom.  This is a process of building your wealth consistently over time, then passing it on to your children creating generational wealth.  I wish you all success and can’t wait to hear some of your stories of success as time ticks on!

Leave a Comment