Why Side Hustles?
Side hustles have completely changed my life, and I'm hoping they can change yours too. The reason I'm so passionate about side hustles is that they've provided me with extra sources of income from the age of 13 all the way up to 26 when I quit my full-time job as a doctor. Side hustles unlock the ability to live life on your own terms - you get freedom from doing the things you don't want to do and freedom to do the things you do want to do.
How to Make Money with a Side Hustle
The first law of making money is that you make money when you provide value to people who are delighted to pay for that value. There are three main vehicles for providing this value: services, products, and content. In this video, we'll be focusing on two content-based side hustles and four service-based side hustles.
Ideally, we want our side hustles to provide flexibility, be fun, and generate decent finance. Side hustles enabled by the internet tend to best fulfill these three criteria.
Side Hustle #1: Be a Writer
One example of a successful writer-based side hustle is Jack Raines, who started a newsletter about finance and travel while still a student at Columbia Business School. After building an audience of tens of thousands of readers, Jack is now able to charge around $1,400 per ad in his newsletter, earning him $5,600 per month from just four newsletter issues.
Jack also monetizes his platform by offering consulting calls for $300 per 45-minute session. The key to Jack's success is that he consistently provided value to his audience through his writing, which then allowed him to monetize that audience.
The barrier to entry for starting a writing-based side hustle is extremely low - you can create a free account on platforms like Substack or Beehive and start publishing content immediately. The key is to provide genuine value to your readers, build an engaged audience, and then explore different monetization avenues.
Side Hustle #2: Be a Content Curator
Content curation is distinct from content creation, where you curate and share content created by others rather than creating it yourself. One example is Eduardo Morales, who grew an Instagram account called "Pin Lord" from 0 to over 100,000 followers in less than two years by curating and selling enamel pins.
Eduardo makes around $3,500 per month from this business, demonstrating that content curation can be a viable side hustle. Another example is Alex from "Alex & Books," who curates and shares insights and book summaries on Twitter and Instagram, building a large following that he can then monetize in various ways.
The advantage of content curation is that it can be a quicker path to monetization compared to content creation, which often follows a "J-curve" where you invest time and effort upfront before seeing financial returns.
Side Hustle #3: Be a Thumbnail Designer
Designing thumbnails for YouTubers is a service-based side hustle that can be quite lucrative. Dill Toma, for example, turned his thumbnail design skills into a full-time job, charging over $250 per thumbnail for his clients. Another example is Matt Brighton, who made over $10,000 designing thumbnails on Fiverr.
The key to success as a thumbnail designer is to hone your design skills, understand the branding and style of the YouTubers you want to work with, and then proactively reach out to them with examples of your work. Many YouTubers are actively looking for talented designers to help them create eye-catching thumbnails.
Side Hustle #4: Be a Research Assistant
Providing research assistance to authors, content creators, and entrepreneurs is another service-based side hustle opportunity. Drew Birnie, for example, landed a job as Mark Manson's research assistant while still a PhD student, and Billy Oppenheimer became Ryan Holiday's research assistant through a cold email.
The value you can provide as a research assistant is in your ability to efficiently find, synthesize, and extract insights from information sources. If you enjoy research and can demonstrate your skills, there is often high demand from busy creators who need help with this task.
Side Hustle #5: Be a Remote Sales Rep
Another service-based side hustle is to become a remote sales representative. The idea is to work with companies that need someone to handle sales calls, demos, and client education remotely. Wuter Toi Toy Nissan, a 20-year-old student in the Netherlands, was able to sell $250,000 worth of ads for a newsletter in just 60 days while studying full-time.
If you enjoy sales, communication, and building relationships with customers, this could be a lucrative side hustle opportunity. The key is to find the right company or product that aligns with your skills and interests.
Side Hustle #6: Be a Web Designer
Web design is a classic service-based side hustle that can be quite profitable. Chris Misterek, for example, taught himself web design and was able to earn over $3,000 per month from his web design work on Upwork. However, the better approach is to build your own portfolio and network, as Chris could likely earn much more by finding clients directly.
The demand for skilled web designers remains high, especially for startups and small businesses that need a professional-looking online presence. By learning the necessary skills and building a strong portfolio, you can position yourself as a valuable service provider.
Remember, the key to success with any of these side hustles is to provide genuine value to your customers or clients. Focus on developing skills, building an audience, and finding creative ways to monetize your expertise. With dedication and persistence, a side hustle can unlock a new world of financial freedom and flexibility.
So, what action will you take as a result of watching this video? I'd love to hear your thoughts in the comments below.
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