When the timing is just right, you can supercharge your side hustle earnings.
If there's a big event happening in your town, for example, and there are no more hotel rooms, that could be the perfect time to list your place on Airbnb, assuming you're allowed. Or if it's late and the bar crowd is heading home, you can take advantage of Uber's surge pricing model to earn more than usual.
Here are three ways you can take advantage of timing to earn more money with your side hustle:
- Plan ahead to capitalize on local events. Consider what's happening in your area. That might be a one-time-only event like hosting the Super Bowl, or annual affairs like marathons, college graduations, and festivals. The impact of that event on your area may present an opportunity.
- Pick up extra work during bad weather. If it's raining, snowing, or maybe just too darn hot, a lot of people are reluctant to go out to eat, or even drive. That may create opportunities to deliver food, or hop in your car and provide rides via services like Uber or Lyft. One ride-share expert, the Rideshare Professor, says a simple rainstorm creates enormous opportunities for drivers. "When it rains, you make more money," he says in one of his many YouTube videos.
- Make note of upcoming holidays. There are many seasonal events that happen, too, that you can take advantage of. Ride-share prices surge on holidays, like New Year's and St. Patrick's Day, allowing drivers to earn more. And during the holidays, many people are traveling and looking for places to stay or cars to rent, opening more opportunities.
Here's how real people have made this strategy work for them.
Jon Pierson, a 37-year-old Airbnb superhost living in Athens, Georgia, says he's able to make half of his annual mortgage in just six weekends renting out his house during football games at the University of Georgia.
Pierson's house typically rents out for $175 per night, but when demand spikes—for a football game, or during graduation weekend, for example—the price can be four times as high, up to $700 per night.
For Pierson, being savvy about timing his rentals has allowed him to earn as much as $34,000 per year on Airbnb.
Kevin Ha, who runs personal finance site Financial Panther, tells Grow that he, too, has found Airbnb to be a gold mine when big events come to his hometown of Minneapolis.
Ha says that when Super Bowl LII was played in Minneapolis in February of 2018, he rented out his house to fans in town for the big game. Generally, his four-bedroom house would rent for $250 per night, but for the Super Bowl, "I was able to rent it out for $1,250 per night," he says.
There's another annual tradition that Ha, 32, is also able to work to his advantage. Every summer, when students vacate the nearby University of Minnesota, they tend to discard a lot of valuable items, including furniture.
It's become something of an annual tradition: Ha swings by, picks up the discarded stuff, and flips it on websites like Craigslist, sometimes to other students, for a profit. "People throw away tons of stuff," he says, "It's easy to just go around and pick it up." From just one collection, Ha says, he made $1,300 over the course of a year.
All told, that kind of side hustling helped Ha pay off $87,000 in student loans over the course of two and a half years.
More from Grow: