Are you ready to take control of your financial future? Side hustles have become a popular way for hard-working professionals to diversify their income streams, gain financial freedom, and explore new passions.
Below, you’ll learn more about the world of side hustles, including two primary strategies known for their passive income potential, scalability, and proven track records. Additionally, you’ll see an example of a side hustle success story, and how a lender like UFS can help you write a success story of your own!
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What Exactly Is A “Side Hustle?”
Side hustles are activities or business ventures that afford you the opportunity to bring in income outside of your primary job or career. A side hustle can revolve around one of your skills or passions and can be used as a way to create another income stream, explore new kinds of work, or even form a new career path.
Real Estate and Franchise Business Side Hustles
In recent years, the appeal of side hustles has captured the attention of many, and it’s no wonder. Side hustles offer a means of securing financial freedom and diversifying your income streams without quitting your day job. But it can be difficult to know where to start.
There are too many side hustle opportunities to count. They include eCommerce shops, affiliate marketing, tutoring, and online coaching. However, two side hustle strategies stand out for their scalability, passive income potential, and proven track records – real estate and franchise businesses.
Real Estate Investments
Real estate is a popular side hustle you should consider. You’re able to generate passive income through rental properties and provide yourself with a stable cash flow outside your primary job. You can build wealth as your property values increase over time and enjoy tax deductions like mortgage interest, property taxes, and depreciation.
Furthermore, investing in real estate can protect you against inflation. You’re able to safeguard your investment by raising rents. Additionally, your property’s potential for long-term appreciation can serve as yet another protector for your wealth.
Franchise Businesses
Investing in a franchise business as an absentee or semi-absentee owner can be a rewarding side hustle. A franchise usually comes with a proven business model, operational support, and brand recognition that will help jumpstart your success. As a franchisee, you’ll also benefit from established systems, training, and ongoing support from your franchise. These advantages can reduce the risks typically associated with starting a business from scratch. Popular franchise investments with side hustle potential include:
Pest Control Franchises: By investing in pest control, you’re able to serve your local community by providing essential, high-demand services to create safe and comfortable environments in both commercial and residential areas. As a franchisee, you’ll benefit from cutting-edge technology, proven business models, and extensive support networks as you build a lucrative and rewarding business. Review our list of pest control franchises.
Coffee Franchises: There are plenty of rich opportunities in the space of coffee franchises. As a franchise owner, you’ll be part of a bustling market that indulges in one of the world’s most popular drinks. You’ll also be able to leverage the support of established brands and dedicated consumer networks. To learn more about crafting your own thriving, community-driven coffee business, check out our list of coffee franchises.
Pet Care Franchises: Investing in pet care can be a smart move, as it capitalizes on the booming pet care industry driven by people prioritizing their pets’ well-being. By joining a reputable pet care franchise, you gain access to a strong brand name, effective marketing strategies, and valuable support in areas like training, operations, and product sourcing. If you have a passion for caring for animals, see our list of pet care franchises.
A Side Hustle Success Story
Dr. Alan Savoy, a successful gastroenterologist, ventured into the side hustle world by starting his own hot sauce company called Savoie Sauce. This company is a reflection of his Cajun background and his passion for cooking. To kickstart his side hustle, Dr. Savoy turned to Unsecured Funding Source (UFS) for help, which specializes in providing physicians (and other professionals) with the right loans to finance various projects, including side hustle start-ups.
Burnout played a significant role in Dr. Savoy’s decision to diversify his income through side hustles. Like many medical professionals, he faced immense pressure and a growing sense of dissatisfaction in the healthcare industry. By expanding his income footprint, Dr. Savoy was able to alleviate some of the stress and focus on other exciting ventures. Today, he is not only a hot sauce entrepreneur but also a partner at UFS, helping other physicians start their side hustles, such as opening franchises or acquiring medical practices.
How UFS Helps Busy Professionals Start Their Side Hustles
Alternative lenders, like Unsecured Funding Source (UFS), can play a pivotal role in helping busy professionals like Dr. Savoy fund their side hustles. In addition to quick and easy applications, competitive rates, flexible repayments, and no collateral requirements,UFS is also able to help get your side hustle up and running through:
Industry-Specific Expertise: At UFS, we have experience in various industries, including the medical field and franchise start-ups. This expertise allows us to better understand the unique challenges faced by professionals and provide tailored funding solutions to help them achieve their side hustle goals.
Personalized Support and Guidance: We offer personalized support and guidance throughout the funding process. We can help professionals navigate the complexities of starting a side hustle, ensuring they make informed decisions and avoid common pitfalls.
Networking Opportunities: Working with us can open doors to valuable networking opportunities, connecting professionals with others who share similar interests and goals. This can lead to valuable partnerships, mentorship, and support as they pursue their side hustles.
Non-Traditional Credit Evaluation: With UFS, we understand various factors contribute to your creditworthiness. Our non-traditional credit evaluation methods allow busy professionals with good credit and income to secure the financing they need for their side hustles without putting valuable personal or business assets on the line
Refinancing Existing Debt: Professionals may have existing debt from previous ventures, student loans, or other financial obligations. We can work with them to refinance and consolidate their debt, potentially securing more favorable terms and reducing their overall financial burden.
Get Started On Your Side Hustle Today
At Unsecured Funding Source, we specialize in meeting the financing needs of busy professionals. With over 15 years of experience, we’ve helped clients access more than $500 million in unsecured capital by working with over 250 lenders nationwide.
We offer a variety of unsecured loans with quick pre-approvals, competitive rates, and a simple application process. Whether you’re looking to open a franchise with our Jumpstart LoanSM, launch a practice with a Medical Practice Loan, or get a side hustle off the ground, we’re committed to finding a flexible financing solution to fit your needs.
Don’t wait to protect yourself with multiple streams of income! If you’re a busy professional seeking financing solutions for your side hustle or small business, let’s talk. You can reach out to us at 866-475-4254 or apply now online.