10 Lucrative Side Hustle Ideas
In a digital world, side hustles are one of the best ways to increase your income so you can pay off debt, save up for a big purchase, or reduce your financial stress especially now as employers are becoming more open to bringing on freelancers and contract workers.
In this article, we will explore 10 lucrative side hustle ideas you can try out in 2020 to earn extra income. Let’s get started!
1. Start a blog
We will be honest: blogging isn’t the easiest way to make money. But, the great thing is that anyone can do it, and it looks amazing on your CV.
All you need is something interesting to say and enough patience and dedication to build traffic and gain followers.
As a blogger, you’re in complete control of when you work, how you monetize your blog, and what you write about.
You can write your blog in the evenings, on your lunch break or during your weekends. Blogging is a long game, so be prepared for that because it does take some work before you start earning.
2. Become a Virtual Assistant
A virtual assistant (VA) is a person that can give support to other businesses from a remote location. Thanks to high-speed internet, document sharing and cheap conference calling systems, virtual assistants are in high demand by entrepreneurs and online businesses that need help but don’t want to bring on full-time staff in a specific location.
This is one of the most flexible options you can choose. As a Virtual Assistant, you can customize your services depending on your skills or passions. From appointment scheduling to inbox assistance, there is a wide array of items that busy professionals need help with.
Just be aware that you’ll need to have excellent time management and be willing to hustle for each client if you want to make it in the VA world.
Having strong time-management skills can ultimately lead you to accomplish more tasks and work for many clients.
3. Start a Dropshipping business
Dropshipping is also a little under the radar, as this side business idea is a subset of eCommerce: Dropshippers sell products to customers that are shipped directly from the manufacturer or supplier, which leaves you plenty of room for profit and frees a lot of time that could be spent on finding a niche to sell to, marketing your products, reaching new buyers, or helping your customers.
There is a lot of options to consider when building your eCommerce website, such as Magneto, Shopify or WooCommerce, these platforms provide customizable themes, drag and drop editors, and custom domains.
4. Sell Graphic Design Services
If your friends are always asking you to create signs or posters….then graphic design might be an excellent side hustle for you. You don’t need to master all aspects of design, either. You can focus on logos, website themes, or whatever else you like.
To get started, you’ll have to set up a portfolio on your website or you can use social media sites like Instagram to display samples of your work. Another approach is to use a platform such as Creative Market.
The Creative Market website
When you set up an account with Creative Market, you can display your graphic design work to millions of potential clients. It works as your digital storefront. Some benefits of using this option, in particular, are that you can set your own prices and you are not locked into selling on Creative Market exclusively.
But what if you’re not good with design?
You can use Shopify apps such as Printful and Printify allow you to easily upload custom designs to products like t-shirts, mugs, canvas bags, pillows, and more, so you can directly import new products into your Shopify store.
5. Baking or Cooking
Do friends and family gush over your homemade cookies? Do you make the most amazing homemade desserts? If you have a cooking skill, you can turn your passion into income. Even if you are not the next Master Chef, you might find your food sales business to be a lucrative one.
Check with your city before you start selling to make sure you have appropriate licenses and permits. Once you are legal, you can sell online, through local grocery stores or restaurants.
6. Online Tutoring
If you have academic chops to help students with an array of subjects such as math, writing, a foreign language or any other class where students from kindergarten through college may struggle, you could have a business on your hands. It is a great way to supplement your existing full-time income with a little more cash.
You can put up posters and get the word out locally if you want to work with students in your area or use Social Media to promote your services online.
7. Manage Social Media Posts
If you are great with social media and know how to reach people on various platforms, you could start your own social media management side business.
Running Facebook ads for small businesses is simply digital marketing through Facebook, which continues to be one of the best online platforms for small businesses to increase their traffic and visibility.
If you’re great at networking, up on all the latest social platforms, and can juggle 10 accounts at once, managing social media posts might be just the right side hustle for you. When you’re able to showcase your social media talents to potential clients, you really don’t need any other special qualifications.
There are a few skills and applications you might want to be able to demonstrate knowledge of, however. This can help set you apart from the competition. For example, mastering applications like Hootsuite can give you a leg up on your rivals.
8. Narrate audiobooks.
If you love to read books and have a voice that people love listening to, try audiobook narration.
To get started narrating, you will need:
- A mic
- Pop screen
- Recording and editing software
- A quiet space and a computer
With the rise of Audible, the demand for audiobook narrators is climbing so it will be fairly easy to find work. To start looking for work, you should start networking on Facebook groups and online forums where people are audiobook narrators.
9. Set Up a Consulting Service
If many of the above options appeal to you, but you’re more of a “big picture” kind of person, you can always set up a consulting service. This can cover a wide range of professional areas or skills. It’s also an excellent way to make use of abilities you have that you might not be using in your day job.
You’ll first need to establish your experience and expertise in the category you’re offering consulting services for. You can make use of platforms like Linkedin if you want to present a more professional image.
Keep in mind that to start up a successful consulting business, you will have to put together a clear outline of the agreed-upon work for each client. It’s vital to make sure upfront that all parties are on the same page in terms of what the consult will include.
10. Create YouTube tutorials.
Although this isn’t the quickest way you can make money with a side income, creating YouTube tutorials can help you earn a respectable amount of income as long as what you deliver is engaging and keeps people interested for long enough.
You could also use free tutorials to upsell viewers on products and services you might be offering
Which Side Business Idea Works for You?
There you have it, our master list of the most promising side business ideas to try this year. Ultimately, the side hustle that will work for you comes down to your interests and skills. The most successful businesses start out as a passion project. So choose the side business idea for which you’re most willing to sacrifice your free time, have fun with it, and you just may find yourself watching your side hustle grow into a full-time career.