7 Best Side Hustles For Accountants To Make Extra Money

Side hustles have become a greater necessity than ever before.  Everyone’s looking for ways to create additional streams of income.  And it’s not surprising considering issues like student debt faced by so many people.

According to Statista, in the U.S. the largest area of debt is home mortgages at $9.14 trillion with student loan debt the second biggest area at 1.44 trillion.

When you consider that in 2019 the average graduate who left College owes $37 172 in student loan debt you get an idea of the impact of student debt on so many people.

The struggle is real for so many people who have graduated from college and are now trying to stay afloat and repay their loans.

If you are an accountant but feel like you are being strangled by student debt or simply looking for ways to generate extra income, this one for you!

Read on for 7 side hustle options you can choose from to begin generating some extra income today!

best side hustles for accountants

1. Affiliate Marketing

Affiliate marketing is a great way to start earning online for those who have no prior experience with online marketing. It’s a fantastic way to get your foot in the door and start learning how to build an online business and generate income.

You may well be wondering if it is a lucrative option but when you consider the fact that  “Affiliate marketing accounts for 15% of all digital media revenue” you can see that it definitely is!

But let’s first look at what affiliate marketing is.  Affiliate marketing is when you promote a company’s product or products online and receive a commission for every product bought.

An example of a product you could promote through affiliate marketing is Stellar Data Recovery.  Stellar Data Recovery is an information technology company that provides software that helps with data recovery.

It’s a very handy tool for both business owners and accountants alike.  It’s not only a great idea but it fills a much-needed service – data recovery is essential for any business!

The Stellar Data Recovery affiliate program offers a 3 tier commission structure.  Take a look at their commission structure.

Stellar Data Recovery Affiliate Commission Tiers

Entry Level 30% commission
Performing affiliate level

(generate sales  over $5000 per month)

40% commission
Super affiliate

(generate sales over $10 000 per month)

50% commission

Their products are priced from $39 – $999 and you can earn up to $350 per sale.  They offer a 240 day cookie period to help you get as many sales as possible in addition to providing promotional material you can use.

Let’s take a closer look at the advantages and disadvantages of affiliate marketing.

Advantages

  1. Low start-up costs
  2. You can set your own working hours
  3. It’s a passive income
  4. Flexibility
  5. No expertise required
  6. No customer aftercare

Disadvantages

  1. You don’t have control over the affiliate program (commission structure and terms are set)
  2. Your income level is not guaranteed
  3. Competition
  4. Only paid for sales made
  5. Can’t establish your own customer base

Key Things To Consider

  • Affiliate marketing is an extensive subject and there’s much to learn. Invest the time into learning as much as you can to give yourself an edge.  Having a good affiliate marketing course can really cut down the amount of time you need to learn about affiliate marketing, you can check out my favorite courses here
  • Affiliate marketing can be competitive – to capture the interest of your audience consider writing reviews in which you explore both the pros and cons of the product you are marketing. Be prepared to do a few reviews before trying to make a sale.
  • Marketing is the name of the game and an effective tool in this regard is Email marketing. Once you build a list of subscribers to your blog you can reach them via email marketing.  It’s always good to bear in mind that while it’s a great way to target your audience you shouldn’t don’t overdo it as this just spams them and won’t result in sales.

2. Bookkeeping Services

Many small businesses need someone to take care of their bookkeeping services.  Bookkeepers record the financial transactions of a business through things like their expenditure and income, profit and loss records.

Small businesses may not require, or be able to afford to hire someone to work for them full-time in this capacity. This makes it the perfect opportunity for a part-time side hustle!

The average salary of a full-time bookkeeper in the U.S. is $58,958 per annum.  That’s a significant amount for a small business to pay who may still be trying to establish themselves. That’s where you come in!

While you would charge less in your part-time capacity, you can provide the service they need while still generating a good amount of cash for yourself.

Craigslist is an example of a place where you can find work in a part-time capacity as a bookkeeper.

What then are the advantages and disadvantages of offering this kind of service?

Advantages

  1. Flexibility
  2. Good income potential – you can charge per hour
  3. Minimal start-up costs
  4. Consistent work

Disadvantages

  1. You are accountable for the financial side of a business. You may be held responsible for mistakes.
  2. Need to make sure your client’s data stays secure
  3. It could be time-consuming

Key Things To Consider

  • Give yourself a competitive edge by offering your clients a package deal for your services – this will add value to what you are offering them. A variety of services at a great value!
  • Have personal recommendations on hand as referrals that can help you in landing new clients.
  • Consider getting bookkeepers insurance – it’s a good investment and a way to safeguard yourself for any liabilities that may arise.

3. Amazon FBA

The largest online shopping platform in the world is beyond doubt the place to consider using for a side hustle.

When you consider that “More than 50% of all Amazon sales come from 3rd party sellers” you realize that this is an option that must be explored further.

So without any further ado what exactly is Amazon FBA and how does it work.

Amazon provides a platform via Amazon FBA (Fulfilment by Amazon) where you can send your inventory to Amazon to be stored in their warehouse and when you receive orders Amazon handles the entire process for you.

They handle everything from packing your products to shipping to providing 24/7 customer service support.  It’s all conveniently handled for you by Amazon.

There are many things you can sell on Amazon, and having an accounting background can help you understand how to organize your business and how to handle international transactions.

Although there are not a lot of accounting products that you can sell on Amazon (at least that I can think of), having an understanding of how to calculate profits and losses will benefit you in deciding what products to sell on the platform.

What are the advantages and disadvantages of selling via Amazon FBA?

Advantages

  1. Less time-consuming for the seller
  2. Free shipping for the buyer
  3. Speedy delivery via Amazon shipping
  4. Storage space provided by Amazon
  5. 24-hour customer care support provided by Amazon
  6. Buyers get Amazon Prime

Disadvantages

  1. FBA Fees apply
  2. The seller has less control over the packaging and shipping process
  3. It’s easy for goods to be returned via Amazon’s returns policy
  4. Can be challenging to keep track of your inventory

Key Things to Consider

  • Amazon is a very vast platform with an immense amount of products for sale. You need to give careful thought to the fact that you need to make it as easy as possible for consumers to find your product.  To help you decide this, having a great Amazon FBA course like Amazing Selling Machine can you help you greatly.
  • Be sure to check out the price you set for your product against similar products to give yourself the best chance of a sale. People shop on Amazon because they believe they will get the lowest price.  Bear this in mind when it comes to pricing.
  • Your product description will need to be accompanied by an image of your product. It’s worth investing in getting a professional to do your images.  This gives you a polished, professional look which in turn gives you credibility with your customers.  All essential ingredients for making a sale

4.    Become A Private CPA Tutor

Anyone pursuing a career as an accountant will inevitably have to face writing the CPA exam.  For most people writing the exam, the stress is enormous and they may well require tutoring.  This is where you come in!

According to a market research study done by Technavio “the private tutoring market in the U.S. is set to grow at a CAGR of nearly 7% during 2018-2022”.

Tutoring is an area that is only growing and you can generate a tidy stream of income for yourself here.

An example of a company you could work with as a tutor is Wyzant CPA Tutors.  They offer the services of experienced, professional financial accounting tutors who are able to tutor those studying to write their CPA exam.  The rate charged for tutor services is between $70 – $100 per hour.

There’s definite potential here to generate a good side income!

What then are the advantages and disadvantages of tutoring?

Advantages

  1. There’s always a demand for tutors
  2. Flexibility
  3. No start-up costs
  4. Potential to earn well as you charge per hour

Disadvantages

  1. You need to have patience!
  2. You need to be able to adapt your teaching and methods to your student
  3. Can be time-consuming

Key Things To Consider

  • Put a cancellation policy in place so that you are covered if your client doesn’t give you enough warning time before canceling
  • Consider earning tutoring certification over-and-above your qualifications to give you an edge in getting clients. Possible certification options are the American Tutoring Association or the National Tutoring Association amongst others.
  • While it’s good to decide beforehand what teaching method you will use and have a strategy in place, be prepared to remain flexible and adapt as necessary to suit your client.

5.    Kindle Publishing

Amazon, the largest online shopping platform online makes it possible for anyone to write a book and self-publish it through Kindle publishing.

If you’re wondering why you should consider using Kindle publishing then consider this statement issued by an Amazon spokesperson “Amazon’s US and worldwide Kindle book sales grew in 2017, and continue growing in 2018 with particular strength in Kindle Unlimited, Amazon Publishing and Independent Publishing”. Kindle publishing is clearly just going from strength to strength.

An example of a subject you could address in an e-book is tax.  Many small businesses need info regarding tax and how to structure their businesses and run their financial dealings according to tax laws.

By writing the info in layman’s terms and writing it in an easy and simple-to-understand manner you can address a pertinent issue within this niche.

Let’s look at a little closer at the advantages and disadvantages of Kindle publishing.

Advantages

  1. Access the marketplace quicker
  2. You have control of the marketing process and setting the price
  3. Earn more money
  4. Costs little to produce
  5. You can produce quality content in a shorter format
  6. Mistakes can be easily rectified
  7. You have the option of publishing in both digital and print format

Disadvantages

  1. There is competition
  2. Some people prefer buying a paper book
  3. You are bound to the Amazon platform for a certain period
  4. It takes time to build up sales
  5. Formatting the e-book may be difficult

Key Things To Consider

  • Consider the type of book you want to write (ie: fiction, educational book etc) as different types of Ebooks need to be formatted differently. Familiarize yourself with Amazon’s formatting requirements beforehand so you adhere to their requirements.
  • Familiarize yourself with the difference between Amazon KDP (Kindle Direct Publishing) vs KDP select. With Amazon KDP you are able to sell your book on other platforms aside from Amazon because you are not bound by exclusivity to them.  By contrast with Amazon KDP Select you give Amazon exclusive distribution rights for your Kindle books.  You are bound to only work through their platform for a certain period.  Weigh up the pros and cons for each of these options and see which one will fit your needs best.

6.    Create An Online Course

The internet has forever shaped the world we live in.  So much of our lives have moved online,  including learning.

Consider this statistic: According to Forbes, “The worldwide e-learning market is projected to be worth $325 billion in 2025

It’s well worth looking into creating your own online course!

An example of a place through which you can sell your online course is Udemy.

Udemy is an online learning platform offering a vast array of free and paid-for courses on a variety of topics.

There is no fee charged to those who create and host courses on Udemy.  In fact, you can publish as many courses as you want.

In terms of what you can earn, the breakdown is as follows:

Udemy Payments to Instructors

Instructor Promotion

(Where student buys using an instructor coupon)

Udemy Organic

97% revenue of sale goes to the Instructor

50% revenue of sale goes to Instructor where no instructor coupon used.

Paid User Acquisition Channel Sales 25% revenue of sale goes to instructor in most cases

(Source: Udemy)

Let’s take a look at the advantages and disadvantages of online learning courses:

Advantages

  1. Good source of passive income
  2. Can lead to further opportunities like speaking engagements, invitations to develop other online courses, etc
  3. Recognition
  4. You own the course

Disadvantages

  1. Time-consuming writing the material and setting up the course
  2. Can be overwhelming if you have never created a course before
  3. There’s no guarantee you will make money

Key Things To Consider

  • The big issue is always figuring out the niche you should target for your course – one handy tool it to take a look at your website analytics. This will give you a good overall picture of how your audience responded to the content on your website. This can help you determine the needs of your audience which you can address through your course.
  • When creating your course don’t feel like you have to start from scratch. Use the info you already have on your website but expand it and go more deeply into the material.  Create content that gives value to your audience.

7.    Tax Consultation

As we have mentioned before, small businesses will always require a tax assistant.  By employing someone part-time they are able to get this essential service while staying within their budget.

When you consider that the average amount earned by Tax assistants in the U.S. is $22.33 per hour, you can see that there’s potential here to earn some cash.

The average person is lost in the woods when it comes to figuring out tax forms.  Most people are terrified of filing them out incorrectly and getting into trouble.

That’s where you come in! You can assist small businesses and even individuals with filling out their tax returns and doing deductions correctly.

What then are the advantages and disadvantages of being a Tax assistant?

Advantages

  1. Job security – taxes will always be a fact of life and people will always need help with them!
  2. Job satisfaction
  3. Flexibility

Disadvantages

  1. Can be stressful
  2. Carries a lot of responsibility
  3. Time-consuming

Key Things To Consider

  • Decide which area you will focus on – Tax consultation is a very broad area ranging from non accredited consultants who fill out simple tax returns all the way through to complicated tax issues which need to be dealt with by CGA’s or CPA’s.
  • Before you set your hourly rate, take some time to research and find out what competitors are charging and price yourself accordingly to attract clients.

So there you have it! Whether you are looking at side-hustle options due to trying to crush heavy student debt or for any other reason, you now have some awesome ideas to get you going! Why wait? Start hustling today!

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