Finance expert Codie Sanchez explored a series of side hustles in a recent video to let her viewers know which viral side hustles are worth starting and which ones are little more than a scam or simply not worth your time.
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Here’s a look at which ones you should start — and which to stay away from.
Avoid: Affiliate Marketing
Sanchez laughed at a 14-year-old influencer flashing a Rolex watch he claimed he bought with the proceeds of affiliate marketing. He described it as “the laziest way to make money” and claimed to make $7,000 per month in passive income. Sanchez called claims of passive income a “huge red flag.”
Sanchez described affiliate marketing “as one of my least favorite businesses of all time.” She suggested you take “the smallest cut” and it requires having a “massive audience” because it is a volume game dependent upon high traffic.
Start: Trash Can Washing Scheme
Yep, this side hustle is what it sounds like — recommended for teens or any intrepid entrepreneur to earn money in the summers, the idea is that someone would offer their services washing out neighborhood trash cans, charging $15 each. If you wash 20 cans a day, that would add up to $2,100 per week.
Sanchez called the idea “cute” and doable, but suggested it will likely work best in affluent neighborhoods, and probably only as a part-time concept. She recommended tying the service to trash collection or some other service, such as power-washing houses.
While she called the amount of money it’s possible to earn “a little aggressive,” she said it’s a great idea for a young person with free time.
Avoid: Reselling Used Medications
Sanchez had a good giggle at a video of a man dressed up in green calling himself “the Therapy Gecko” who advised a caller that no, she could not resell medications like Adderall and Xanax that the pharmacy she works for no longer has use for. She made it very clear that this is an illegal activity. She called it a “verified scam.”
Start: House Painting Hustle
After writing off one video of a man purporting to be a handyman with dubious skills, Sanchez rubber stamped another independent home painting business, in which the man claimed to earn around $4,000 per house painting job over three to four days. Of course, Sanchez had questions, such as whether that profit figure was inclusive of labor, marketing and other costs.
She said it fulfilled the “Five Rs” which are: real estate agents, referral sources, repeat business, reviews and relationships
Avoid: Making Your Own Coloring Books
The self-publishing revolution has certainly made it possible for people to earn money publishing their own work. One self-proclaimed entrepreneur purported to make “a minimum of $20,000” by creating children’s coloring books in Canva and earning 60% royalties on the sales.
Sanchez said she wanted to like this idea, because the designs were adorable and it sounded like a great idea. The problem is that earning money through publishing is all about marketing. Sanchez suggested the likelihood of anyone really selling the thousands of coloring books necessary to earn that kind of money are slim. Sanchez called it a scam and compared it to making “a glorified PowerPoint for kids.”
Start: Ice Cream Cart
A fun passion project that turned into a lucrative side hustle had Sanchez virtually clapping — a woman started an ice cream cart that she hooked up to a bicycle, and had a ton of fun doing it. The woman started her side hustle for less than $8,000 while working a full-ime job, and within three months had tripled her initial investment. What really sold Sanchez was that the woman described herself as being “head over heels in love with what she was creating,” which made the time she put into it worthwhile.
“Obsession is often a good indicator of somebody who is telling you the truth,” Sanchez said. She also felt that the woman was transparent about the costs, the time it took and the work involved.
Avoid: Donating Your Plasma
While donating plasma is a very real thing that people can do, it’s not the kind of thing you can do often or easily enough to make that money worthwhile. As Sanchez said, “Donating parts of my body to make money is not at the top of my list of side hustles that I think we should participate in.”
Start: Demolition Side Hustle
One side hustle Sanchez loved, was a DIY demolition service. If you’ve got the physical ability and access to the tools, you might be able to take on this side hustle, in which people pay you to destroy old buildings, sheds or other big items and then repurpose the wood and other materials.
Sanchez called it “a good business” and one that could earn a lot of money over time.
When it comes to picking a good side hustle, learn to recognize what is a scam, too good to be true or not worth the effort, and pick ones that don’t consume your whole life.
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Sources
- Codie Sanchez, “Side Hustles You Should Start (And AVOID!)”
This article originally appeared on GOBankingRates.com: 4 Side Hustles You Should Start (and 4 You Should Avoid), According to Codie Sanchez
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