Did you know that men are more likely to have a side hustle than women, according to a new Bankrate.com report., and they make more while doing so. Male side hustlers earn an average of $989 per month with their secondary gigs, nearly triple the $361 earned by women.
“The most popular side jobs are home repair/landscaping, online sales, crafts, and childcare,” according to Bankrate.com.
However, this is just the average side hustler, those who find the right online business and invest the time to develop their business can earn far greater amounts.
According to industry leading online business educators Sophie Howard and Rachel Rofe, some students of theirs with the right mindset and application are making upwards of $12,939 per month. However, it’s important to recognise that such a result is not typical.
Check out the webinars which both Sophie and Rachel offer as a quick start guide to their online business courses.
Sophie Howard
Rachel Rofe
Before you start your side hustle, or online business however, you need to work out what type is right for you and your circumstances. Below are just some of the things that you should think about doing:
1- Kick things off by making a list of what your interests are, and what you consider your skills to be. After all, if you don’t have the appropriate skills for the work, it’ll be an uphill battle. Even if you do have the skills, if it’s not something you’ll enjoy you won’t want to spend your free time doing it.
2- Be realistic about the time you’ll have available. Estimate how many hours or days a week you’ll be able to spend working on your side hustle. Don’t forget you still need some sleep and free time to unwind and spend with your family and friends.
3- Set an income goal. Be clear on why you want to make the extra money and how much you want to make so that you can explore side hustles that have the potential to reach that goal. If you only need to make a few extra dollars, it might be enough to clean out your closets and sell a few things on eBay. But if your goal is to make hundreds or even thousands of dollars, consider higher-earning gigs like renting out a room, setting up an ecom store or selling digital books online.
What about offline side hustles, are they even worth considering?
More traditional offline side hustles have historically been more common place, however that trend has changed significantly in the last 10 years with the emergence of more saleable and potentially profitable online business style side hustles.
Examples include:
1. Pet Sitting. Help pet owners ease their pet separation anxiety by pet sitting while they’re away. Not only do you get paid, you also get to play with a cute fluff ball for a few hours – depending on the pet in question!
2. Tutoring. If you know the history of the World War 2 like the back of your hand or you can speak spanish with stunning fluency, perhaps you could help students study for exams as an after-hours tutor to earn some extra income.
3. Driving. If you have a car and commute to or from work, you are in a prime position to start making extra cash. You can work before or after your regular job, on weekends and even during your commute to work.
4. Delivery services. Make extra money by delivering takeaway food to your local community today. Services like Uber Eats will pay you to run errands and deliver food, groceries, and other similar items to people. It’s a cool idea if you are already running around on a bike on your regular commute.
5. Importing goods from overseas, such as from China. Yes, you have read that correctly! In fact, this can be lucrative, if you are willing to put in the work. The nuts and crannies of this lesser-known offline business opportunity is to import products (usually from China) wholesale, and store them at Amazon’s warehouse, and sell them on Amazon. Amazon will deal with all the picking, packing, and shipping, and also getting the traffic (millions searching on Amazon already).
Some of the advantages of this business opportunity:
- Given that you must outlay money in advance, this higher barrier to entry sees lower competition than many other business opportunities
- If you can crack it, it’s almost infinitely scalable. There are people doing 8 figures a month! You read that correctly, 8 figures a month*.
Some of the likely challenges to consider:
This one is not for the faint of heart! We added to this list because the opportunity is so huge if you get it right… but it’s tougher to set up than the other opportunities. You will need to deal with suppliers in China, source products, make sure they are quality, then order them in advance and hope you can sell them. The A to Z Formula helps you have the highest chance of success with this, but there’s still a lot of work to do!
You can find out more about the A to Z Formula by attending Brendan Elias’ Workshop, which outlines the steps to get you started.
Click here to attend.
