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Side hustles are no longer just a weekend passion project, they’ve become a lifestyle for many. In fact, as of early 2023, almost 50% of Americans have a side hustle, even if they were making $100,000 a year in their traditional 9-5 job.
So why has it become such an important aspect of life for so many people?
One of the key reasons people are drawn to side hustles is the freedom they offer. The opportunity to be our own boss and choose our own business path is too good to pass up. However, according to Bankrate, 41% of people who have a side hustle do it to make a living.
For most people, when they hear “side hustle,” what comes to mind is driving for Uber or Lyft, delivering for Door Dash, GrubHub, Instacart, or running errands for TaskRabbit. While these are all viable options, the truth is that there are many different side hustle avenues you can pursue. Let’s take a look at four passive income sources that make great side hustles.
Related: Best Side Job Ideas for 2023
1. Create an online course
The Internet has had a huge impact on our society over the past 30 years. Few people would object to that. But what many people don’t consider is how easy it has become (and even more (at an affordable price).
What started in 1989 as a new and exciting way to earn a college degree eventually expanded into the world of massive open online courses (MOOCs). MOOC providers such as Coursera aggregate content from a variety of universities and colleges, including Stanford University (creator of Coursera), Princeton, University of Michigan, University of London, and Indian School of Business.
However, MOOC providers are not limited to partnering with universities. One of the most popular online education sites, Udemy was founded in 2010 and will have 64 million learners, over 210,000 courses, and over 75,000 instructors as of 2023. I am.
This site is primarily intended for people who want to improve or develop skills related to their job or position. For example, a writer who primarily writes blogs and articles might take a course in copywriting or direct response writing. Instructors can showcase their unique skill sets and expertise by uploading videos, presentations, source materials, or other relevant content to help learners understand and grasp their field. Masu.
Skillshare, like Udemy, is an online educational course for people who want to learn and share knowledge. The difference is that Skillshare meets more of a need for people looking for an outlet for their creativity and a way to earn an income.
For example, if you’re a casual singer, taking a breathing or music theory class might be interesting to explore. Similar to Udemy, teachers on Skillshare can earn passive income by creating courses based on their passions and letting the automated nature of the platform handle the rest of the transactions.
These are just two examples of online courses, but there are other sites you can use to demonstrate your expertise while earning profits.
Related: 7 Passive Income Ideas to Make Money and Build Wealth in 2024
2. E-commerce
Did you know that online shopping has been around since the late 70’s? Surprised? Obviously, it wasn’t what we know today, but it was certainly the first of a thousand cuts that would weaken the brick-and-mortar retail empire. It started with telephone lines and television. One particularly bright British inventor discovered that he could combine the two, connect consumers and businesses, and bring down kingdoms.
Of course, this was just the basics of online retail. Soon after, Boston Computer Exchange (BCE) took advantage of this idea and became the first e-commerce company to sell used computers.
Fast forward to today, and e-commerce is just a part of our daily lives. The global e-commerce market is expected to total $6.3 trillion in 2023, with nearly 21.2% of total retail sales occurring online. Sites like Amazon, Red Bubble, and Etsy make it easy to find unique items and gifts, and also provide a selling platform for those who love to showcase their artistic crafts.
Using an e-commerce store is a great way to share your creativity and earn extra income while doing what you love. Etsy has become a popular hub for artists, designers, and other creators (totaling approximately 7.5 million active sellers as of 2022) using this domain to build their own businesses.
3. Mobile app development
We talked about how the invention and growth of the Internet changed the way we learn and shop. But the meaning goes further.
Many of these programs started on the desktop, but the rise of smartphones also meant the rise of mobile apps. Mobile apps are not just limited to education and shopping. You’re probably reading this article on your smartphone’s browser, right?
Apps are often created and programmed by large programming departments, but this is not always the case. Mobile apps are often created by independent programmers to fill a need that larger manufacturers may have missed.
If you have a talent or interest in app design, programming, or coding, and you identify a market need, app development can foster a steady stream of passive income through monetization (in-app purchases, direct sales, advertising). I can.
Related: This graduate student started a side hustle to help pay for tuition. Last year, he made more than $115,000, more than his full-time job.
4. Create content
Parallel to the shift from physical to digital markets, there is also a shift away from traditional markets. marketing To digital marketing. Today, digital marketing is a rapidly growing industry that is already dominating the marketing world and looks like it will continue to grow.
As a result, the demand for high-quality content, already high, increases year on year. For writers, photographers, digital artists, and other creators looking for ways to earn money through content creation, there are countless opportunities to harness the power of digital marketing.
Depending on your skills and interests, you can combine these to earn a multifaceted income stream.
For example, if you’re a writer who also does design work, you can serve one corporate organization or work for multiple companies, depending on the services you need. Content creation services can be very lucrative, but depending on the company you work with, the fees and length of time required for the service may vary.
Related article: Retired UPS employee starts people-centered side hustle that brings in more than $500,000 a year – and “Anyone can do it if they put their mind to it”
the world is open
Building a passive income stream can start with small things you can do while working a traditional 9-to-5 job. But for many of us, that side hustle can become the career we really want.
I myself was completely dissatisfied with my previous work environment. I wanted the opportunity to enjoy and actually live the life I wanted, instead of feeling like years were being taken away from me. Although it may take time, effort, and a lot of energy, side hustles are very often a source of true passive income for people all over the world. Whether you’re running a side hustle alongside your current job or aiming to make it your full-time career, there are endless opportunities to generate additional sources of income.
They are waiting for you outside.
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