May
8, 2021
5 min read
Opinions expressed by Entrepreneur contributors are their own.
It never hurts to have multiple income streams, especially when you’re building a business. Having a side hustle (or two) can be an excellent way to keep money coming in, easing your anxiety and lessening some of the financial burdens that come from entrepreneurship.
More than one-third of Americans have a side hustle, according to a recent study by Zapier. Get on board with one of these 10 high-earning side hustle ideas that can help you earn money fast without ever leaving home.
1. Start a Youtube channel
There’s a lot of ad money to be made on YouTube. For example, my wife is a Registered Nurse here in Los Angeles. During her days off, she has been sharing her healthcare and personal experiences of pregnancy and parenting an infant on her YouTube channel. It’s a creative outlet for her that helps others broaden their knowledge while also earning some ad revenue.
2. Run Instagram or Tiktok ads for other businesses
If you’re a world-class marketer, you can make a lot of extra money by marketing for other brands that aren’t so savvy in reaching the Gen-Z audience. Work your network to uncover business owners you know who need this service. You can make $1,000 a month or more without taking up too much of your time.
3. Domain flipping
The right domain names can be incredibly lucrative, and brands will pay big money for them. By the age of 20, I had sold 25 premium domains to Fortune 500 companies. You’ll need to be on the lookout for domain names that could be lucrative. Once you have bought and registered them, you can place them on auction websites like Godaddy and Flippa then sell them to the highest bidder.
Related: How to Negotiate the Price of a Pricey Premium Domain
4. Sell your creative skills
Do you love to paint, draw, write or do something else creative? There’s a market for it on marketplace websites like Fiverr and Upwork. Make some extra cash doing what you enjoy.
5. Sell an online course
Teach others how to become a master of your craft with online courses. Once the initial setup is complete, this is an excellent way to earn passive income. There are plenty of platforms out there to try, like Thinkific, Teachable and Kajabi.
6. Build an ecommerce store
Shopify makes it a breeze to build an ecommerce store from scratch. I have helped several artists and influencers launch lucrative Shopify stores from home that earns them passive income every month.
7. Get paid for your advice
Consultants are in high demand. Even better, being a consultant is entirely flexible. You can consult for as many or as few hours as you want in a given month. Register as an expert on Clarity and charge $10 a minute or more for your time. People can schedule calls with you to hear your advice and discuss their ideas, and you get paid for talking about your experiences. It’s a win-win situation.
Related: How to Start a Consulting Business: Your One Page Business Plan
8. Invest in rental properties
Buying properties that you can rent out is a good investment strategy. It requires some upfront costs, but you will recoup those costs once you get a renter in the unit. Plus, your unit will become more valuable over time. Use a site like Bigger Pockets to learn more about becoming a real-estate investor and to discover good deals in your area.
9. Become an indie hacker or solopreneur
One of the best ways to make money is by starting your own business. If you want to work for yourself and control what kind of job you take on, becoming an indie hacker or solopreneur may be the right option. Join a community like Indiehackers and connect with others who are also starting or growing their businesses.
10. Write a book
You have a unique story. Write it down, then sell it on Amazon. Use Amazon’s self-publishing service to have your book distributed on Kindle or paperback. Be sure to work with an editor before publishing to ensure that your book is polished and professional. Once it’s online, you’ll get paid as people buy it. In addition to earning some extra income, you’ll build your reputation and increase your digital profile. This can be very helpful as you launch your new business.
11. Become an affiliate marketer
Build a website that markets to a specific niche. Then, add affiliate links that are relevant to that niche. You’ll make a small amount of money every time someone clicks on the affiliate link and buys something. This requires some upfront work, but can be an excellent way to earn passive income while honing your business skills.
12. Selling NFTs
Non-fungible tokens are a hot topic these days. They represent an emerging class of crypto assets, and they offer the possibility to transact unique digital goods such as collectibles, in-game items and other memorabilia. NFTs can be sold on platforms like OpenSea, Rarible and Foundation, and they’re a great way to earn money on the side if you are an artist.
The decision to start a side hustle should not be taken lightly. You’ll need the right skills, knowledge and training to succeed in this endeavor. Fortunately, there are many resources available for those who want to take on their own side hustle from home with little or no experience.
Related: What Is an NFT? Inside The Next Billion-Dollar Crypto Sensation.