The modern world has made it really easy for anyone to get started on a side hustle. In fact, most entrepreneurs get started with some sort of side gig. Transitioning those side hustles into standalone businesses that can financially support them usually begins with understanding how to make a significant amount of profit, but not all side hustle ideas are lucrative enough to evolve into something financially stable.
Below, 10 entrepreneurs from YEC share their experiences and suggestions for side businesses that are set up to work, and even suggest a few critical steps for success long term.
1. Social Media Monetization
A lucrative side hustle I’ve had and seen done successfully is monetizing social media content, specifically Instagram and TikTok. An average social media influencer can make between $500-$2,500 a post depending on their following, engagement and audience. The first step someone can take to achieve this is picking a niche and starting to upload quality content on a consistent basis.
2. Instagram Marketing
Instagram marketing is one side hustle that really works well. All you need is some good photography skills and a convincing way to present your story. Of course, you need to know how to use proper hashtags to increase your visibility. If you want to try it, you can do it right now. Just make sure you have some amazingly high-quality pictures to begin with.
3. Affiliate Marketing
Affiliate marketing is an excellent way to make a little bit of cash on the side. The best part about this side hustle is you set all of the rules. Build affiliate partnerships with brands you know and trust and promote them on a personal website. Not only do you get to talk about the products you love, but you can also make a hefty monthly profit.
4. Web Design
My first side hustle started while I was still at the university: web design. Let me tell you, it proved to be very successful as it grew into the two companies we have today. I think it doesn’t matter what direction you choose as long as you are passionate about it because an idea is nothing without execution. Make a promise to yourself that you’ll show up daily to do the work and then keep it.
5. A Hobby Blog
I’ve seen people make extra money by creating a hobby blog. They create a website where they post about a specific topic they like and put paid advertisements and a Patreon on their blog. This is a great option for people who want to make more money without diving into an unfamiliar topic or industry.
Airbnb is a great source for those who are willing to rent out a spare room or even their entire home. It gives you extra income. You’ll get paid 24 hours after a guest checks in to secure a slot. The best part is you may find someone who’ll stay long term and will take care of your home. – Daisy Jing, Banish
7. Digital Courses
The most lucrative side hustle is something that can make you money while you sleep. Build something that is digital, can be purchased at any time and is automated. This can be a course, a series or a service. The first step is to start it. Come up with a name, incorporate it and get it started. It will take time, but take that first step and “open” your business.
8. Selling Items Online
Selling items online is a great side hustle. You can use websites like eBay or Amazon, or apps like Mercari or OfferUp. Once you generate some revenue, you can then scale the business by buying items at a discount and flipping them online. Where to find that inventory? Check out clearance sections at electronics stores and other retailers, garage sales and even pawn shops.
9. Private Tutoring
When I was starting Tailored Ink, I was also a private writing tutor on the side. Eventually, I was tutoring the kids of billionaires. Anyone thinking about starting a lucrative side hustle has to be honest about what they’re good at, not just what they’re passionate about. They aren’t always the same thing. While I’m great at tutoring, I would never want that to be my full-time job. – Han-Gwon Lung, Tailored Ink
10. Online Freelancing
Online freelancing offers an endless list of lucrative opportunities that you can pursue. As everything moves online and content continues to be king, there is an ever-growing list of options to choose from. From writing to making videos to managing social media, the possibilities are limitless if you are a little tech-savvy, have some writing skills and are passionate about what you do. – Blair Thomas, eMerchantBroker
If you enjoyed this article be sure to read through our other recent expert roundups as well!