A recent study by Zapier shows that 2 out of 5 people have a side hustle. This is because the number of available side hustles is limitless. With a bit of investment of your time and money, you could make top dollar in a year.
If you are scared that you can’t manage a side hustle with your 9-5, the good news is you can. You can have a side hustle and only dedicate 10 hours weekly to it. If you choose to be a content creator, you can create bulk content during the weekend and schedule their posting.
3 Ways to Earn $20,000 Yearly Through Side Hustles
1. Open an E-Commerce Store
When it comes to e-commerce, getting your research and business strategy right can set you up for a good while. A recent Zip Recruiter report shows that an e-commerce business in the United States averages $68,900 yearly.
Change how you’re paid; change your life.
Richie Norton
However, you can’t just skip to the good part; you must put in the work and the investment. First, you must research and decide on the products you want to sell. Do these products address pain points, or are they in high demand?
Once you have gotten that down, you will need to:
- Define Your Strategy: Your business strategy should reflect your careful and practical research of the market, your competition, your marketing channels, and your target audience. It should include the product delivery method, the documentation you need, and how you’ll fund the business. Some popular research tools for e-commerce include Amazon Best Sellers, Oberlo, Jungle Scout, Helium, and Google Trends.
- Select your preferred platform: The next step is handling business technicalities. So, you will choose a name for your business, open a designated store account, and obtain licenses (where applicable). Platforms like Shopify, Amazon, and Etsy simplify the process for you, depending on your target store location.
- Set up operational structures: You must also decide how to source and ship your products to your customers. However, in 2023, these tasks can be outsourced as well. You can outsource product sourcing to Alibaba or Oberlo and order fulfilment to ShipBob or Fulfillment by Amazon. Outsourcing saves time and resources, so you can focus on growing your business. Remember to choose reliable partners to ensure your e-commerce success.
Now, you’re a store owner! You should make everyone know about your business. Start by utilizing social media platforms before exploring optimized and paid content.
How Much Effort Does It Require?
Building an e-commerce store is hard work, especially for side hustles. You may need to sacrifice some evenings and weekends and always be on top of industry trends.
You may have to dedicate about 10-20 hours weekly. However, it may decrease as your online store comes together.
So, to open an e-commerce store, you must learn to prioritize and practice effective time management. If it still looks like something you can’t handle, you should consider outsourcing some tasks. If executed properly, it will all be worth it in the end.
2. Go into Freelancing
According to World Bank data, there are about 1.56 billion freelancers globally. These numbers are only possible because of how broad and flexible the market is.
There are many opportunities, including graphics designing, video editing, content editing, web designing, tutoring, and writing. If you enjoy writing, you may want to take it seriously. You could take courses to hone your skills and learn to provide businesses with what they want, like optimized content.
Once you decide what to do, you may have to create personal projects portfolio. This gives you an edge when searching for freelance jobs on platforms like LinkedIn. Other platforms include Toptal and PeoplePerHour.
You should not be scared off, believing the market is saturated. As long as you have value to offer and put your work out there, you will find good-paying jobs.
Somewhere someone is looking for exactly what you have to offer.
Louise Hay
A freelance writer averages $49,000 yearly, and a web designer $81,187. Freelancing can be a very lucrative side hustle, so you should invest in acquiring the necessary skills.
How Much Effort Does It Require?
Freelancing will require a significant amount of effort, discipline, and motivation. This is especially the case when you are just starting. You must develop your skills, work on personal projects, build your brand, and find clients.
You will have to dedicate some hours to make good money. You may have to work for as much time as you can spare. However, things get more manageable when you have a brand and clients. Then, you can choose hours that are convenient and outsource.
3. Start Social Media Influencing
Businesses are willing to pay good money to influencers with a large and loyal following. It is because creators can sway people to buy a product or carry out some activity.
So, if you already have a good following, interact with your audience, and get good engagement, you are off to a great start! If not, you may want to think about what value you can offer.
You don’t need to obsess over having hundreds of thousands of followers when you’re just starting. Instead, you should focus on building a loyal audience. It is obtainable when you have value to offer on things people are interested in or curious about.
If you work as a dermatologist, you could recommend skin care products for specific skin types and share your expert opinion. You could do this on Facebook, Instagram, and Twitter; people interested in your content will gravitate toward you.
Once you have grown your following, you can make money through ads, partnerships, affiliate marketing, subscriptions, etc. You become a celebrity in your small way, and the possibilities are endless.
When it comes to how much influencers make, it may vary based on several factors. They include engagements, number of followers, type of content, and the industry. However, Statista says an Instagram influencer can make anything from $195 to $1,804 per post.
How Much Effort Does It Require?
You must dedicate about 14 hours weekly to your social media accounts to make a reasonable income. You will need to engage with your audience, monitor your analytics, reach out to brands and ultimately create content.
The best thing about influencing is that you can create bulk content for different days during the weekend. You could use Hootsuite, ContentCal, and Sprout Social to schedule posts. Down the line, you can hire experts to manage your social media while you focus on creating content.
The bottom line on Side Hustles
The layoff wave has been scary, and while it may never get to you, having multiple income streams never hurt anyone. You can do so many things with a stable income from different sources!
Don’t feel restricted by this list, as there are 1001 side hustles, and there’s something you would be okay with and even have fun doing. Perhaps, it’s time you discovered it.
