In today’s ever-evolving digital landscape, the concept of earning extra income through a side hustle has gained massive popularity. More and more individuals are embracing their entrepreneurial spirit to explore alternative avenues for generating extra income and achieving financial freedom. According to a study conducted by Bankrate, 45% of Americans have a side hustle to supplement their primary income. In this article, we’ll take a closer look at eight great entrepreneurial side hustles that have proven to be profitable — provided you’re willing to invest your time and energy first. So, read on to find out how you can use wagering offers from platforms like Bet365 or even leverage your knowledge through online consulting.
1. Freelancing
Whether used by digital nomads or by individuals already in a 9-5 job, freelancing has become a popular side hustle. As the name suggests, when you freelance, you are able to work with several different brands, companies or individuals on a self-employed basis.
Thanks to the advent of digital technology, finding freelance work has never been easy. Whether you’re a writer, graphic designer, software engineer or marketing executive, platforms like Upwork, Freelancer, and Fiverr provide access to a large marketplace where you can showcase your talents and connect with clients worldwide. Plus, the flexibility of remote work and the ability to set your own rates mean that freelancing offers good earning potential.
2. Affiliate Marketing
Affiliate Marketing is probably one of the oldest ways to earn some side income, and it’s still an activity millions of people on a global basis are involved in. As an affiliate marketer, you can generate revenue by promoting products or services and earning a commission for each sale or lead generated through your referrals.
In parallel with the rise of eCommerce, affiliate marketing has become a lucrative opportunity. By partnering with programs like Amazon Associates, ClickBank, or ShareASale, entrepreneurs can create content, build an audience and earn passive income through affiliate commissions.
3. Matched Betting
While it falls under the banner of real money iGaming (the online gaming sector encompassing betting, online casinos and remote poker), matched betting has been gaining traction as a unique side activity. Unlike other forms of betting, matched betting is relatively risk-free. The concept behind it is to take advantage of the free bet offers and promotions offered by online bookmakers in order to guarantee profits, regardless of the outcome of the event being backed.
Essentially, matched betting involves using a promotion to place a bet with a bookmaker and then laying the same bet with a betting exchange. It’s a relatively simple process that anyone can learn to do, plus there are a number of online platforms available that can walk you through the process. It’s important to state that matched betting can fall under gambling restrictions, so it is only suitable for adults to participate in.
4. Asset Sharing
From spare rooms to spare time, you can leverage the assets you already have to launch a profitable side hustle. Thanks to platforms like Airbnb or Vrbo, you can rent out your spare room to paying guests and holidaymakers without needing to take on a year-round lodger. Meanwhile, websites including Fat Llama allow you to list and rent out pretty much anything, from consumer tech to sports equipment, tools and construction equipment.
You can even monetize your car without having to sell it by offering ride shares on apps like Uber, BlaBla Car and LYFT.
5. Real Estate Crowdfunding
If you fancy yourself as a part-time property mogul, real estate crowdfunding could be a great option for you. Real estate has long been considered a sound investment, but the financial barriers to entry can be daunting and incredibly difficult to overcome.
Real estate crowdfunding platforms like Fundrise and RealtyMogul allow individuals to pool their resources and buy into real estate projects with lower investment thresholds. This passive income stream provides the benefits of real estate investment without the need for hands-on management, making it an attractive option for those seeking long-term income generation.
6. eCommerce and Dropshipping
In the digital age, the eCommerce industry has experienced exponential growth and now presents a lucrative opportunity for anyone with an entrepreneurial mindset. Starting an online store has become more accessible with platforms like Shopify and WooCommerce, which run on a dropshipping basis. Dropshipping essentially allows individuals to sell products without the need for capital investment or ongoing inventory management.
By partnering with suppliers, entrepreneurs can list products on their personalized online stores and, when a customer makes a purchase, the supplier handles the shipping process. This model minimizes upfront investment and streamlines operations, making it an accessible business venture.
7. Print on Demand
Another innovative way to sell products as a side hustle is through print-on-demand (POD). Using POD, you can design and sell all manner of custom products, such as t-shirts, mugs, and phone cases, without the need for purchasing and maintaining an inventory of stock or significant upfront investment.
Platforms like Printful, Redbubble and Society6 handle the crucial elements of POD, including printing, shipping and the full spectrum of customer service, leaving entrepreneurs to focus on creating compelling designs and marketing their products. With so many consumers now seeking personalized or custom clothing, accessories and merchandise, POD can be a low-risk, high-reward opportunity.
8. Online Consulting
If you’d like to be able to earn a side income using your specialized skills or knowledge, setting up an online consulting side hustle could be the option for you. As an online consultant, you can leverage your particular experience while helping businesses, organizations, and individuals meet their goals and objectives.
As with all things digital, working as an online consultant means you’ll be able to provide services to as many clients as you want in the hours of your choosing. Online platforms like Clarity.fm (for business consultants) and Coach.me (for coaches) enable entrepreneurs to connect with clients seeking guidance in areas including business, career, finance, health, and personal development.
And Finally…
While you’re no doubt raring to go and are filled with inspiration for setting up a side hustle, before you get started, it’s important to note that you will need to invest time and resources to get your venture off the ground. It’s essential to conduct thorough research, understand market dynamics, and spend time honing your skills if you want consistent, measurable results.
