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By Katie Dunsworth-Reiach
Special to the Financial Independence Hub
For many of us, the cost of calling cities like Toronto and Vancouver home has made a side hustle a true necessity. This is something I embraced after I purchased a home in Vancouver, and quickly felt the weight of a new mortgage and shrinking savings account take effect. Creating an extra income source seemed like a great idea, but the concept of working a second job or picking up a weekend shift also seemed to defeat the purpose of city living. How can you enjoy the best a city has to offer when you have to work around the clock just to afford it?
Enter the sharing economy. From Uber to Airbnb there’s a growing list of stand-out ways to leverage existing assets and skills to make a second income. I began dabbling with the idea when I first started hearing about the sharing economy. I liked the simplicity of signing up and being able to run my side hustle off my phone. The main appeal was that I could set my own hours, rates, and accept or decline the offers that appealed to me. It also exposed me to new people and interests and sometimes barely felt like work. Making extra income actually became a passion.
Five years later, I have multiple side hustles on the go and have been able to increase my savings by more than $20,000 a year: something that has allowed me to pay down my mortgage faster and make room for more travel and retirement investments.
With a simple sign-up, and sometimes a quick background check, most reputable sites will have access to a network of clients, and you can start earning income within a few weeks or less.
My favorite ways side hustle gigs have come from:
1.) Rover.com
Dog walking to dog sitting, this pet care app has uncovered the massive need for loving pet care. Rover gives pet parents and non-pet parents alike the chance to be temporary pet parents, all while earning a little extra cash. Touted as the AirBnB of pet care, Rover matches pet owners with pet sitters and walkers in their area via the app. Sitters create a profile and set their own rate and service offerings, from walking to overnight boarding. Pet parents can pick their ideal sitter and leave reviews post-pet care. Extra income and a play date with a dog is a match made in heaven for many. Considering sixty-five percent of Canadian households own at least one pet and Canada’s pet care industry is worth roughly $7 billion, Rover solves the problems of the pet care demand.
2.) Poshmark
Popular social commerce platform, Poshmark, has 50 million users and recently entered Canada, allowing people to easily sell new and gently used clothing, accessories and home goods.
Anyone looking to make some quick cash can simply snap a photo post it on the platform at a price point of their choosing, and Poshmark helps with the rest by sending required postage and coordinating payment logistics. This is ideal for the person who has too many clothes but doesn’t want to leave the comfort of their home.
3.) Airbnb
A peer-to-peer short-term rental services that has become an alternative for many travelers. You can be a host and rent out your house, apartment, extra bedroom, basement or even your couch. You are covered for up to $1 million if anything were to happen to your property during a reservation.
4.) Task Rabbit
Task Rabbit is an online marketplace that matches handy-people to consumers in need of completing a handy task. From struggling to mount a TV to the moment when you give up building an Ikea wardrobe, Task Rabbit has a wide network of more than 140,000 people who can swoop in and save the day. Handy-inclined individuals can choose tasks that fit their wheelhouse and within the same day be on site helping others with tasks that seem near-impossible to the untrained person.
No matter your financial situation, these platforms make it easy to earn boost your income. With easy accessibility and the ability to be your own boss, the popularity of the side hustle economy shows no sign of slowing down.
Katie Dunsworth-Reiach is the Principal of Vancouver’s largest and most disruptive PR firm and is Chair of the Board of Small Business BC. Katie co-founded a money-mentoring business and was featured on Oprah. By 2009, Katie was co-hosting her own W Network series and had co-authored the financial best-seller Smart Cookies Guide to Making More Dough. Katie has been recognized as one of the youngest women to rank on the 40 under 40.
