Starting a side hustle can be a nerve-wracking experience. Overwhelming, time-consuming, and confusing at times.
I remember starting my first side hustle. I had a LOT of doubts and insecurities holding me back.
But after creating a plan and finding my niche, I wrote about things I was confident in and created content for people who were interested in the same things I was.
This week’s newsletter is all about making sure your hard work pays off!
Meaning you get paid to do what you enjoy and create a side hustle that you can benefit from.
If you are wondering how to start your side hustle in a variety of sectors and which opportunity will work best for you, we have you covered.
What you can expect this week:
- Trends. Wondering which side hustles are most popular in 2023? We’ve gone deep into the data and ranked the top side hustle business models trending right now.
- Strategies. We spotlight a series of strategies for monetizing your side hustle, including subscription services, freelancing, and more.
- Tool of the Week. This is where we look at a tool that will help you monetize your passion and start earning that extra income you’re striving for.
Trends
Every day, billions of people visit Google to search for information.
The cool thing?
Using Google Trends and other research software, you can analyze the phrases that people are typing into that search bar.
Google search data provides deep insights into the trends and interests of the time. What’s hot. What’s not. And where there may be opportunities for a side hustle.
This week we took the time to collate hundreds of thousands of data points associated with making money. As it turns out, when you pair the words “make money” with a range of other topics, it gives you some amazing insights into the industries, business models, and platforms, that people are seeking out.
While this data alone shouldn’t be the only reason you choose a niche for your side hustle, it can guide you on the most popular ways people are looking to make money.
Below are five graphs broken down by category that summarize our insights.
Social Media
The above graph focuses on “Social Media.” Many side hustlers are looking for opportunities to make money by growing a loyal following on social platforms; with YouTube, TikTok, Instagram, Reddit, and Facebook being the most popular.
We found it interesting that YouTube was four times more popular than all other social platforms combined! It’s also worth noting that TikTok has skyrocketed to number two in the social media ecosystem for making money. This tells you how powerful video content is at the moment.
The most common ways people make money on social media are with sponsored brand partnerships, selling products, and affiliate marketing.
Commerce
Speaking of selling products, next up we took a look at the commerce category for making money. Basically, this is people looking to sell stuff online.
Amazon, eBay, Shopify, Etsy, and Fiverr are all featured on this list, with a notable dominance to those looking to make money with Amazon.
Self-Expression
We were pretty surprised to find “blogging” reign supreme in the self-expression category. Making money from a blog has been around for decades, and while social media might appear to be the sexier form of content in 2023, blogging is a proven way to start a side hustle.
Other forms of self-expression that rate a mention for making money this year are podcasting, photography (pictures), writing, and music. If you have a passion for these creative arts, you can turn them into a side hustle.
Investing
Of course, not all money-making endeavors are businesses. Many people search for information about investing in stocks, real estate, crypto, and forex. These are more personal hobbies rather than business models, but they’re still worth mentioning in the discussion. It can turn into a sizeable side income if you get serious about investing.
Miscellaneous
This final graph includes a few topics we found interesting but didn’t fit in another category.
The gig economy sees people making side income in so many different ways. For example, interest in Doordash and Uber has increased dramatically in recent years.
If you’re enthusiastic, you could have several side hustles going simultaneously to maximize your extra income.
Strategies
While you’re mulling over whether a side hustle is the right thing to do, the question of whether it’s going to be PROFITABLE may be running through your mind. Like any business whether it’s online or offline, not all will be profitable.
However, the perks of running an online business are that your overheads will be low and you will be able to reach a global market. You have the world at your fingertips! Starting your side hustle in the online world is a smart first step because profitability is easier in the short term.
So let’s focus on monetizing an online side hustle by breaking down some trending business models.
Subscription Services
The subscription service business model has grown in popularity over the years as it works across a wide range of industries and niches.
What is a subscription service you ask?
Companies such as Netflix are considered a subscription service. This can also be said about language learning sites, beauty and apparel companies such as Pimsleur, BIRCHBOX, and Trunk Club.
Subscription-based online businesses make money by customers paying for a monthly service. In return for payment, the customer will receive access to a specialized offering. This could be physical in the sense of a box being delivered or access to classes and courses.
Do you think you have a side hustle idea that could work as a subscription service?
The beauty of subscription services is that you can be guaranteed recurring revenue from consumers. For example, let’s say you launch a monthly beauty box. You can ask your customers what they want from their monthly subscriptions and curate products that best suit their needs. Each month they will give you feedback on what products were sent to them and you can use this to keep creating bespoke beauty packages.
This is a model implemented by beauty subscription companies such as Bellabox.
But don’t think the beauty industry is the only idea you could use for a subscription service! You could do health foods, crafting videos, beers, dog treats, golf tips, music lessons, nail art, men’s hair care… The options are endless!
Why have subscription services become so popular?
It’s no secret that the popularity of subscription services is on the rise and the reason can be attributed to the below:
- It allows you to create a targeted product that appeals to a niche range of people. Whether you want to appeal to chocolate lovers, candle makers, or guitar players, there will be people who want to either subscribe to your physical products or have online access to content. Subscription services allow you as a brand to curate products and content that truly resonate and delight your key demographic.
- It appeals to people’s curiosity. Are they wanting to learn a new skill? Try new products? Psychologically, the anticipation of waiting for a new class to launch or a new box of goodies to arrive will make the receiving of it more satisfying!
- Subscription services also appeal to value and convenience. By having something conveniently available online or delivered routinely to their door, the stress is low. It frees up people’s time trying to find new services and products.
What about freemium subscription services?
Freemium is the combination of FREE and PREMIUM. A business model which gives something to the consumer at no cost. However, only the basics can be accessed for free with extra features and premium content being offered at a set fee.
You may have seen it with certain media outlets where you pay a subscription service to see premium news articles or courses where you get the first few lessons for free before having to pay for the rest of the course.
Canva is the perfect example of a freemium service. You can sign up and use the platform, however, if you want to have access to certain images, layouts and marketing brand kits, a monthly fee is required.
Freemium is a service many bloggers also use to create an income as they can offer a certain percentage of their content for free before charging followers. As we say at Side Hustle Strategies, people join for the content but stay for the community. So you must create high-quality assets that entice people and make them want to stay!
Further Reading:
- The Complete Guide to Subscription Business Models in 2022: Learn about different types of subscription business models, why they work, how they tranform the business landscape in our complete guide for 2022.
Freelancing
Think you have a way with words? Maybe you are great at creating graphics or drawings. Have a background in teaching? Know how to create websites?
Freelancing could be the side hustle for you!
To kickstart your freelancing career you need to have a serious think about what skills you have that could be utilized by clients. (Everyone has something they can sell)
As a freelancer, you have the power to be your own boss. You can dictate which clients you work with and how many hours you work. You can choose to work one-off jobs or work with clients on an agreed-upon rate in an ongoing capacity.
With the freelancer market expanding every year, there are a wide variety of sectors to work in. However, the most common side hustle freelancers can be found in design, social media management, proofreading, editing, and writing.
Sites such as Upwork, Fiverr, Toptal and Dribble are some of the internet’s best places to advertise yourself as a freelancer. Each will be slightly different in its set-up and approach but the end goal is the same; to connect clients with freelancers that will provide a quality service.
For some sites, you can set up a free profile and get working right away! You’ll need to put time, thought and care into writing your profile and showcasing samples of work to highlight your talents.
To give you an insight into the world of freelancing, the team put me through a Q and A on my freelancing career.
Why did you become a freelancer?
The driving force in becoming a freelancer was to give myself the freedom to work from anywhere in the world. I have plans to go overseas and follow my dream of becoming a scuba instructor so I wanted to create an opportunity to have security and a source of income while I did my training.
How long have you been a freelancer?
I have been a freelancer for the past 5 years. My specialities are writing and voice work. The jobs I do vary from client to client. One day I could be writing a newsletter for sustainable yoga mats, the next I’m recording scripts as a character in a video game.
How did you choose what you would do as a freelancer?
I have always had a knack for writing and decided to use my talent to write for other people. I work full-time in the media industry so I combined my knowledge in media with my writing skills.
During my time at uni, I used to volunteer as a music review writer. I had no intention when working for that company of becoming a freelancer, but when it came to starting my freelance profile, I already had all these articles I had written! The first few jobs I landed were writing for music event companies and writing musicians’ bios for their websites. So I have that little writing gig to thank for helping me launch my freelance career!
I also do voice work for clients too. Working in media I have access to recording equipment so have done voice work for client advertisements, online games and apps.
What’s your top tip for people who want to become freelancers?
Good question! I have a few!
The first thing I would say is don’t be afraid to do jobs at a cheap price first. It’s not forever, plus if you complete the job to a high level you will get a good rating from the client and positive feedback. The first writing job I ever did was a 500-word article about one of Drake’s concert performances. I did this for $10! But after I did the job my first rating was five stars and I received some fantastic positive feedback. I did a couple of jobs like this until I had a nice collection of work that future clients could read and see why I would be the best fit for their job.
The second piece of advice, after you’ve done the hard work and completed jobs at a cheaper price, know your worth. If you think you are a good designer, writer, whatever it is, make sure you charge your time appropriately. Once you become experienced working as a freelancer you will start to figure out how long it takes you to complete certain tasks. Make sure you don’t sell yourself short. The clients that you want to work for will appreciate your honesty with your pricing. Plus it shows them you value your skills and have confidence in what you will deliver.
Next would be your profile and how you interact with clients. When setting up your profile, make sure it looks coherent and professional. Showcase your skills clearly and concisely and if you have samples to show people already, even better. Also, remember to show your personality. Use a nice picture that professionally reflects who you are. Make sure you set yourself up for success.
Remember that customer service is a must. You are dealing with clients that are paying you to deliver a service. Be professional, polite and confident. My most loyal clients are ones I have created a professional bond with, there is clear communication and we value each other’s time and energy.
And lastly, find your niche! This will take some time to realize, but you will start to find you attract certain kinds of clients and jobs. I have written for a wide variety of businesses but have found that my niche has developed in the mindfulness, small business and music sector. I have worked with yoga publications, yoga mat companies, business coaches, musicians and meditation apps. When you work with these kinds of clients regularly your confidence and competence in writing for these sectors will shine through making you more valuable to the client.
Last question, what are your top sites to help you freelance?
This is a great question! I know how daunting it can feel to decide what sites to sign up to and what tools are best to make sure you complete your jobs to the highest level for your clients.
I freelance through Upwork. The process to sign up is incredibly easy and if you are a paid member they have policies in place that protect you if you come into any issues, such as not getting paid by a client. But I do know there are other sites more suited if you are a freelancer that focuses more on graphics and design, so it may not be the best fit for everyone.
I would also highly recommend Copyscape. Copyscape is a plagiarism checker that allows you to submit your work to make sure there is no other content like it online. It’s a great safety tool to have if you want to check your work. I usually load $20 on it and it will last me the whole year.
And lastly Grammarly! If you invest your money in making sure your content is of the highest quality, clients are going to appreciate it and want to work with you again. Spell checking is a task that should never be underestimated, especially if you freelance as a writer.
Further Reading:
- The highest-paying side hustles on Fiverr, according to a new report:Over 8,600 part-time freelancers collectively earned 2 billion in earnings on Fiverr during the pandemic, according to new analysis.
Amazon FBA
Want to sell physical products and start an eCommerce business? Amazon FBA is a great place to start.
What is Amazon FBA?
Fulfillment By Amazon (FBA) is a service offered by Amazon that assists in storage, packaging and shipping to customers. FBA allows sellers to ship products directly from an Amazon fulfillment center, where the stock is stored with Amazon shipping your products and managing customer support.
How can I sell on Amazon?
To sell on Amazon all you need is a product, a seller account, and a means of getting your product to your customers.
Fortunately, the Amazon market is huge and is growing more and more as people shift to ordering online. Despite a global pandemic disrupting the world’s economy, Amazon is not only surviving but thriving!
Among total consumers, 51% are making purchases on Amazon weekly or more and 15% purchase 2-3 times a month.
What is the best product to sell?
A very valid question! Before investing in a product you will need to get an understanding of what consumers want and how to price your product so you can make a profit.
To do this we suggest you let the data guide you on your product selection. Don’t rush this as it will give you the essential preparation to succeed in creating a profitable side hustle.
Amazon’s top-10 selling products are:
- Home & Kitchen at 40% of sales
- Sports & Outdoors at 21% of sales
- Toys & Games at 19% of sales
- Beauty & Personal Care 19% of sales
- Health, Household & Baby Care 18% of sales
- Kitchen & Dining at 16% of sales
- Office Products at 15% of sales
- Garden & Outdoor at 14% of sales
- Tools & Home Improvement at 14% of sales
- Pet Supplies at 13% of sales
When selecting a product to sell there are things you should consider to give you the best chance of success. These are:
- Profitability
- Demand
- Competition
Check out the below video to learn all about Amazon FBA and the best way to sell!
Further Reading:
- 8 Online Business Models To Explore For Your Side Hustle: Finding the right online business models is necessary for creating a thriving business or side hustle. These shortlisted models are proven to be successful.
- Selecting a Side Hustle Based on the Right Business Model for You: From subscription services to freemium, learn how to choose the right side hustle for you based off the business model you want to explore.
- Amazon Product Categories – List of Best Selling Categories: We surveyed over 1000 sellers to learn about the best selling Amazon product categories for 2021. Learn about what to offer as a new seller on Amazon.
Tool of the Week
Now for an online tool that will help if you are looking into Amazon FBA.
Marketplace SuperHeroes is a company providing training and advice to educate people in selling via Amazon. With pointers on how to build a real business, how to get the first sale quickly, finding the best products and scaling strategies, Marketplace SuperHeroes will teach you techniques to master this online marketplace.
You can delve into their Masterclass series but if you want to see if it’s right for you they offer a free training session. How good!
They also provide educational videos on Amazon FBA via its YouTube channel.
You can watch their videos here.