If you’re willing to put in the work, the gig economy can be great — no boss, no time clock, just you and your ambition. When you find a side hustle that works for you, it can definitely get pretty lucrative, as long as you put in the work. There’s a lot of room for creativity, too. People have found all kinds of ways to make money on the side.
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Some of these methods can be unconventional or even completely unregulated. If you get into these, you’re operating without even the protections you’d get working for Uber or DoorDash. That means they may come with a certain degree of risk. The question is, how much risk are you willing to tolerate? You’re largely on your own.
Before you dive in, you should know where the danger may lie — and whether the payoff is worth it.
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Flipping Products Online
If you like digging for treasure, and you’ve got a nose for secondhand items, this could be a good option. Think thrift stores, garage sales, or even discarded junk. In many cases, it might just need to be cleaned up or need simple repairs. You can sell the things you find on Facebook Marketplace, eBay, or even Craigslist. You don’t need any kind of license to buy and resell used goods. The only rules are those of the platform you choose to sell it on.
The risk is that you’re basically on your own when it comes to resolving disputes. And if you’re selling items locally, there’s the risk that comes with meeting up with a stranger. Keep yourself safe by meeting in a public place if possible.
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Selling Virtual Goods
Digital assets can be bought and sold just like real-world ones. Many people will pay well to get a rare skin or sought-after weapon in MMORPGs, such as World of Warcraft. This business is subject only to the game’s terms of service. You’ll want to check the terms of service of each game before deciding to sell goods there.
But look out: fraudsters, hackers, and “rug pulls” are all things to look out for. If a game and its servers shut down, anything you’re holding instantly becomes worthless. Platforms rarely offer recourse if you’re ripped off, and it’s almost impossible to get your money back if something goes wrong.
Domain Name Flipping
You can make a lot of money buying and selling web addresses. All you need to do is buy domains through any registrar, like Hover, Cloudflare, or Namecheap, for example. You can then list them for sale on an aftermarket marketplace, like Afternic or Sedo, at whatever price you think people will pay. You can sell domains at a price you set or through an auction.
There’s no regulator for domain flipping. But if you buy a name that’s too similar to an established brand, you could violate their trademark. And of course, if no one wants to buy your names, you risk losing the money you’ve invested.
Reselling Tickets
In the United States, there are no federal laws against reselling tickets. But the laws vary a lot from state to state. For instance, in New York and California, it’s illegal to sell tickets on the day of the event within a certain distance of the venue. You also cannot sell tickets for a set percentage more than their face value.
However, Alaska, Texas, Utah, and Vermont have no restrictions on ticket scalping. But that doesn’t mean it’s without risks. This is another side hustle where you could be scammed. It’s possible to buy counterfeit tickets. If you resell them, even unknowingly, you could be in legal trouble.
Pet Sitting and Dog Walking
You don’t need any special license or certification to provide pet services like feeding and walking.
You can advertise locally or on a site like Rover, set your own rates, and build repeat clients. The flip side is liability. If you’re walking a dog who bites someone, there’s no pet-sitter regulatory board to arbitrate claims. You’re responsible for protecting yourself from lawsuits and any harm to animals or people.
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This article originally appeared on GOBankingRates.com: 5 Unregulated Side Hustles That Could Make You Rich — But Are They Safe?
