- 31 March 2023
- Public Relations
Side Hustles: How To Get Into The Passive Income Game
As a small business owner, taking on a side hustle is an excellent way to increase your income without taking much time away from your business or life. Side hustles are meant to create additional income but can also be personally rewarding when used to fill a passion.
These days, there are many ways to get into the side hustle game. But if you’re still on the fence about whether or not you should start one, let’s explore the benefits of why side hustles are beneficial for small business owners.
The Benefits of Side Hustles
Side hustles can give you a sense of financial security. If your business experiences slow seasons or your cost of goods increases unexpectedly, your side hustle income stream can help cover your expenses and stabilize your finances. The revenue you make from your side hustle can also be used to pay down debt, save money, and invest.
Five Ideas for Generating Side Hustle Income
- Affiliate marketing
Affiliate marketing is a form of marketing where you promote other people’s products and earn a commission on sales. This type of marketing can be done on channels like Amazon, Instagram, and TikTok by posting videos or photos of you using someone else’s product and influencing others to purchase it. The affiliate marketing industry is set to grow a whopping $2.7 billion by 2024, with Amazon reigning supreme as the top affiliate marketing network to date.
Aside from the revenue, affiliate marketing is great because you don’t have to create your own products to make money. You simply market someone else’s, build your audience, and earn commission.
- You’re the expert
Do you have a hobby that produces a product? For example, do you knit scarves, make jewelry, or refinish furniture? You can sell it all online by setting up an e-commerce store on platforms like Shopify and Etsy. The setup is easy and it allows you to sell your products 24/7 without having to actively market them. A huge benefit of having an e-commerce site is that sales can scale quickly. If you have a popular product, you can potentially sell hundreds of units without putting in any extra work.
Are you a great chef, makeup artist or do you love testing out new products that you bring home? Create quick videos to showcase your skills and share them on social channels. Be sure to include affiliate links. You’ll earn income from views and potential purchases of the products you showcase.
- Digital products
Digital products, such as e-books, online courses, and software, can be an excellent way to create side hustle income. The global massive open online course market is expected to grow from $9.38 billion in 2021 to $40.61 billion in 2026. Tap into a quickly increasing industry by creating a course about your skillset or passion, and share it on platforms like Skillshare or Udemy.
Digital products tend to be evergreen, meaning they never change or need updating. Once you’ve put the work into developing one, you can load it up to the platform of your choice and watch the money roll in.
- Start a blog
Not only can blog writing be a creative outlet, it can also bring in additional income. By creating high-quality content that resonates with your audience, you can eventually monetize your blog through advertising, affiliate marketing, and sponsored content.
Another option is to host your blog on a writing platform like Substack. Substack allows independent writers and publishers to create and distribute newsletters while charging readers a subscription fee. The platform takes 10% of the subscription revenue, but the rest goes to you.
- Offer online tutoring
Online tutoring allows you to share your knowledge from the comfort of your home with the added benefit of a flexible schedule. You can help students improve their academic performance while building a loyal customer base of repeat clients. Expect to earn anywhere from $15 to $100 an hour, depending on the subject matter you teach.
Check out online tutoring platforms like Wyzant and TutorMe to find students or create a website or social media channel to advertise your services.
Side hustle possibilities are endless. No matter what type of side hustle you pursue, take the time to research your options and find something you enjoy. The extra effort will be worth your extra time.