The Need For a Second Income Stream
The need for financial flexibility and security has become increasingly apparent in the world we live in today. A full-time job provides stability, but having a second income stream can offer a cushion against economic uncertainties, unexpected expenses, and provide the means to pursue personal goals and aspirations. Juggling a full-time job and a side hustle may seem daunting at first, but with the right mindset and approach, it's very much achievable.
Almost 40% of adults in the United States engage in a side hustle, as per a recent Bankrate study, indicating that they generate additional income apart from their main job or other primary income sources like family support or trust funds. Side hustles are particularly prevalent among younger demographics, with 53% of Gen Zers (ages 18-26) and 50% of millennials (ages 27-42) reporting that they earn supplementary income on the side, according to Bankrate.
Before You Select Your Extra Income Ideas
Before diving into the world of side hustles, it's essential to take stock of three things. These are
1. Your Existing Skillset
2. Your Interests & Hobbies
3. Market Demand and Dynamics
The very first thing you need to ask yourself is, “What am I proficient at?” What skills do you possess that are in demand in the market? You must do a self-assessment, to recognize your strengths and marketable skills. Whether it's writing, graphic design, programming, or project management, understanding where your expertise lies is the first step towards a successful second income stream. Sometimes, the most fulfilling side hustles stem from personal interests and hobbies. Whether it's photography, crafting, or cooking, aligning a side hustle with one's passions not only makes the journey more enjoyable but can also lead to greater success. An integral aspect of choosing a side hustle is assessing the demand for the skills or products you offer. It’s imperative to do a thorough market research to identify gaps and opportunities. Understanding the needs of the target audience is crucial for tailoring a side hustle that not only aligns with personal interests but also addresses a market demand, increasing the likelihood of financial success. At the intersection of these three things, lie the best of extra income ideas that can get you the financial success and freedom you have always longed for.
Top 10 Side Hustle Ideas
Let’s now get down to the meat of the topic. How to make extra income while working full time? As with every new thing you start, this too can look a bit difficult at first, but once you take that initial first step, things typically do fall into place. Also, we must add that creating a second income stream becomes much more achievable with the assistance of a virtual assistant service like AskSunday. We say so based on our own experience where our clients have thanked us profusely for making all the difference between success and failure for them in their side income journeys. So, below we list down the top 10 side hustle ideas where individuals have made real money, at times more than what their primary jobs used to pay them.
Potential: Anywhere between $40,000 to $100,000 of extra income, according to Upwork’s article on how much freelancers make.
Requirements: Expertise in at least one skill area such as content writing, photography, video editing, social media marketing, book-keeping etc., and a
How to Get Started: Get yourself registered on one of the popular freelancing websites such as Upwork, Guru, or Freelancer, make a portfolio of your work, and bid for projects. Hire a virtual assistant for research, email management, and scheduling, allowing you to focus on writing and securing clients.
2. Virtual Assistance Services:
Potential: By providing Virtual Assistance Services, you can make an extra income between $22,000 to $60,000 a year, according to this article on Flexjobs.
Requirements: Having a good command over written and verbal communication, good analytical abilities and comprehension skills, adept at time management and project tracking and execution. Tasks could be anything from booking appointments, making travel plans, managing someone’s calendar, to blogging, graphics design, content writing etc.
How to Get Started: If you think you have the skills required to be a virtual assistant, and some extra time to devote to this side hustle, there are enough virtual assistant companies looking for talented candidates out there, that you can seek to work with.
3. Affiliate Marketing:
Potential: Believe it or not, the top 1% of Affiliate Marketers earn in six to seven figures monthly, while the top 15% earn between $80,000 to $1,000,000 annually according to Refersion. That is why it makes it to the list of top 10 extra income ideas.
Requirements: Basic knowledge of affiliate marketing, a digital asset like a blog or a youtube channel that has an audience you can monetize.
How to Get Started: Employ a virtual assistant to do research for just $129, on the latest in the affiliate marketing domain. What categories and platforms pay more versus less, what their payouts look like, eg. Whether they pay for every click or for every actual sale, payment frequency, dispute resolution mechanism, contract terms etc. Your virtual assistant can also help you monitor affiliate links, analyze performance metrics, and adjust strategies based on the data provided. Additionally, your VA can also help you manage your social media strategy, including your digital assets, be it a blog, YouTube, Facebook, Instagram, LinkedIn, Reddit, or Twitter/X. Just work with your VA for the initial one or two months very closely, so they understand what your brand is all about, set clear expectations with them and automate your earnings from the third month onwards!
4. Online Tutoring:
Potential: You can make as much as $50-$70 per hour for advanced subjects like SAT prep or Calculus. For beginners or for tutors without a higher educational degree, the earning potential can be somewhere between $20-$40 per hour.
Requirements: Proficiency in a particular subject, a stable internet connection, and a quiet environment for tutoring sessions.
How to Get Started: Create a profile on tutoring platforms such as Skooli, Wyzant or eTutorWorld, set your availability, and engage with students to provide personalized learning experiences. If you need to do research to prepare your coursework, a design expert to create classroom presentations etc, you can hire a virtual assistant to do it all for you, just for $129/Month.
5. E-commerce and Dropshipping:
Potential: Some successful entrepreneurs have reported earning six or even seven figures annually. However, it's important to note that such high earnings are not guaranteed, and success in drop shipping depends on factors like product selection, marketing strategies, and adaptability to market trends.
Requirements: A niche product idea, an e-commerce platform, and a virtual assistant for order and inventory management.
How to Get Started: Setup an e-commerce storefront, and delegate routine e-commerce tasks and social media strategy to a virtual assistant, ensuring growth in traffic and sales, as well as smooth order fulfilment while you concentrate on strategic aspects of your business.
6. Photography Services:
Potential: Well, if you are a photographer, there are many, many ways you can monetize your hobby and earn as much as $75,000 to $100,000 a year.
Requirements: Photography skills, quality equipment, and a willingness to learn new business models to sell your craft.
How to Get Started: You can start off by becoming a contributor on iStock, BigStock, and ShutterStock, or upload your photos to your own personal Flickr account and license them through Getty Images. You can start a photography course or a YouTube Channel as well. You can do freelance photography work for magazines and online publications. You can sell your prints on ImageKind or through Etsy. Hire a virtual assistant to explore and research on the ways to earn through photography, make a stunning website showcasing your portfolio, respond to client inquiries, schedule appointments, and manage your calendar, allowing you to focus on capturing breath-taking photos.
7. Sell Digital Products:
Potential: Frankly, there is no upper limit to what you can achieve selling digital products online. It all depends on the niche, your product quality, your marketing skills, and market dynamics. There are numerous success stories where dedicated and motivated folks earned way more from selling stuff online, than their full time job ever could.
Requirements: Knowledge of how to create digital products such as a course, a guide, a music album, a design template, a handbook etc.
How to Get Started: It has never been easier to create your own digital products than now in 2024. For designing guides, courses, decks, and templates, you have Canva, for creating music, you have Bandlab, and for selling, you have Etsy, Gumroad, Tunecore, Ditto etc. We have listed just a few, but there are many tools on the internet that will help your side hustle take off in no time. Hire a dedicated virtual assistant to do your research about all the available options, their pricing and reviews, and also take help from them to execute on your plan, once you are ready. This is a great way to generate and put your side income project on auto-pilot.
8. Graphic Design Services:
Potential: Contrary to popular belief, the advent of AI design tools has infact not taken jobs away from graphics designers, but just made their life a bit easier. The demand for graphic designers and video content creators is never going to go away. Not now, not in future. As of 2024, you can make anywhere between $40,000 to $80,000 doing Graphics Design and Video Making as a side hustle.
Requirements: Proficiency in graphic design is great, but even if you are not a professional design expert, and have an aesthetic sense, an eye for detail, and taste for design, you can still use plenty of available tools to get started and find clients, an online portfolio of your work will do wonders, and a virtual assistant for client and project management is what we would definitely recommend.
How to Get Started: Explore tools such as Canva, Midjourney, Playground, Invideo, Kapwing, etc., to understand what is possible, and what you can do. Employ a virtual assistant to do more research for you and then to handle client inquiries, schedule meetings, and manage project timelines, freeing you to focus on creative design work.
9. Real Estate Investment:
Potential: According to this article from The Motley Fool, the average earnings of a Real Estate Investor can range from $70,000 to $124,000 according to most sources. The report also lists the average earnings for each of the states in the US. Needless to say though, that $70,000 is not the bottom limit, nor is $124,000 the upper limit. These are just pointers to what the averages look like.
Requirements: Capital for investment, understanding of real estate markets, and a virtual assistant for research and administrative support.
How to Get Started: Delegate research tasks to a virtual assistant, ensuring you stay informed about potential investment opportunities while focusing on strategic decisions.
10. Blogging and Content Monetization:
Potential: This article from Digi-Preneur covers it all, including how much successful bloggers can expect to earn, which are the most profitable niches, which content management systems to consider etc. Generally, bloggers may expect to earn between $1,000 - $10,000 per month from affiliate deals, sponsored posts, advertising, and other income sources. A successful blog with high traffic has the potential to earn upwards of $50,000 or more every single month.
Requirements: Passion for a niche, basic writing skills, and a virtual assistant for research on tools and platforms, setting up your blog, content planning, graphics design, execution and monitoring.
How to Get Started: Choose a Content Management Platform such as Blogger or Wordpress after doing thorough research about the various options. Employ a virtual assistant to assist with content research, topic planning, content creation, scheduling and posting, creating a marketing plan to grow your website traffic through on-page and off-page SEO activities. This will allow you to create and put your blog on auto-pilot in as little time as 2-3 months.
Pairing your side hustle with the support of a virtual assistant like AskSunday can significantly enhance your ability to balance a full-time job and a supplementary income stream. By intelligently delegating tasks, you can optimize your time, increase efficiency, and set the stage for a successful venture.
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