Could your side hustle be profitable? Could your side business help you build wealth for the future? In this post, I am going to share what I think are the 3 best side hustles you can start this weekend that meets three criteria for building wealth.
When I was looking to earn an extra income while I was working full time, I knew it had to be doing something using the internet because that seemed like a logical way forward in making some extra cash. After numerous attempt at making money on the side doing all sort of things, I failed at many and I have also been scammed.
I don’t wish anyone to lose money. I’d like you to start something like side hustles that are worth starting that you actually enjoy as well as making you money so that you are in total control over the outcome.
Although there is no 100% guarantee that you will be able to earn a full-time income doing any of the below, there are a plenty of people who are generating a good income starting with a side hustle, turning it into a profitable hobby and some have moved away from their 9-5 jobs doing it.
For these best hustles to make the top three in my book, there are some conditions they each had to meet. I explain them here.
What’s not included in the list
While there are many other side hustles I can think of that you can start this weekend, I have not included side hustles like one to one service such as tutoring, cake decorating or even Amazon FBA. This is simply because they don’t meet the wealth building criteria I have set below.
Criteria #1 It’s scalable
What I mean by scalable is that the profit you make is not dependent on the number of hours you work. So for example, let’s say a cake decorating service will require one or two hours of your time to earn a set of money. This may be charged per hour or per cake. But in order for you to earn twice as much money, you will have to work twice as much in time to earn that. I am not criticising those type of businesses, I am simply pointing out to you that it is perhaps something you want to think about, too. Especially if what you already do as a main job pays you an income based on the number of hours you work. Here I am using this criteria which I consider as important when choosing a side hustle.
Criteria #2 Low cost startup
Businesses like Amazon FBA has become one the most popular ways for ordinary people to set up an online business without having to have a warehouse to store a large quantity of physical stock and the number of successful business owners who are earning plenty of money are increasing. However, in order for you to start this business, you will need to order the goods you are going to sell in advance. This means you need to commit yourself to buy a minimum quantity of 500 items to start with to have in your inventory. Obviously, the cost of the inventory is dependent on the item you are going to sell but even if you are buying something for £10 to sell at £25 each, you will need to spend £5,000 for your inventory. Although it is not a huge amount to invest as a start-up business, I have excluded from the list of the best ‘side hustles’ you can start this weekend.
Criteria #3 Earn while I sleep
Before the internet became readily available, there were a set of hours that businesses used to be open. Even with mail order businesses, people sent in orders by post and you had to deal with them the following day. Alternatively, you sat by the telephone taking orders from customers one by one. If you got so busy that one person could no longer handle the call, you would have had to employ someone else alongside to take the additional calls. Those times are gone. You can now have orders handled and even payments taken while you are sleep, all via the internet.
If you are selling something and you can sell them to whoever wants to buy regardless of where they are in the world and whatever time of the day, that is simply a good customer service, isn’t it?
So, lets now talk about the three best side hustles you can start today that meet the above criteria.
1. Blogging as an Affiliate Marketer
When I first started on trying to earn money from an internet business, I signed up for a program teaching how to earn an income as an affiliate. This program opened up my eyes to how affiliate marketing worked as a beginner. But I underestimated the power of blogging as part of an affiliate marketing business at the time. Instead of blogging and creating quality content, I was placing paid ads on social media as one of the first activities. This cost me a lot of money and brought no result.
I would have given up on the idea of earning any money if I had not come across another affiliate program.
It taught me the best way to blog so that it can be read by people as well as teaching me how to earn money from blogging properly.
I am glad I didn’t give up on sticking with my side hustle.
Affiliate marketing is still one of the simplest ways to earn money online and you can start this with very little investment. The only thing you need is a personal computer and an internet connection. By choosing the right program and a system, you can scale up and generate residual income.
It is true that there are vast numbers of people who are blogging but are not making any money from it. This is because the act of blogging itself does not create an income, you have to know exactly what to do.
This includes doing it professionally.
What I mean is you need to blog in a professional way so that you target a specific audience and you blog for a purpose.
Blogging to earn money is not by ranting or just speaking your mind. Although having just said this, Mark Manson has just come to my mind who is the author of The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life. He started as a blogger and see where it got him. He does have a way to engage his audience and keep them interested in reading. Since then, I have noticed others started using the similar method of ‘swearing’ in their book titles and texts. But somehow it does not work as well. It is best to stick with your own style of writing and be authentic in your voice.
I mentioned having a purpose when blogging such as giving the readers some useful information on a particular topic or niche. There is money to be made in absolutely all sorts of different topic and niche. In my other article, how to make money online – the process explained, I explain that you don’t even have to have a good idea or even target a mass audience.
But if you are new to blogging or affiliate marketing, I recommend getting your blog up and running step by step as quickly as possible so that it can start generating an income. This will save you a huge amount of your time and avoid overwhelming yourself with what needs to be done to get your site to start earning money. Instead of spending time on researching how to set your site for SEO for example, you will want to dedicate your hustle time to blogging.
You can open a free account with Wealthy Affiliate here.
2. Selling your own digital products
Creating and selling your own digital products has become very profitable in the last few years. If you have skills or knowledge in particular subjects which people want to learn about, this could be a very lucrative option for you.
When we talk about digital products there are a few different options such as they can be presented in a few different forms. publishing and selling your own digital book, selling online digital training course or, even your own webinars and podcasts.
Digital products can be presented in a few different forms;
Publishing your own book
Actually your book does not have to be just digital. I published my own book through Amazon Direct Publishing and your books can be sold as a physical book. You can also sell books as an ebook online via Amazon or create an audio book to sell from sites like Audible. Audio books are becoming very popular for people to enjoy books in recent years.
If you are interested in getting started how to publish and sell books online successfully, here is the program I recommend.
Webinars are seminars delivered via internet and attendants can be in the comfort of their own home or workplace to attend. What you deliver does not have to be live and can be delivered as per demand. For example, you can record a live webinar using meeting and conference software like Zoom and sell the recorded version to many more customers. You can produce a seminar style content at the fraction of the cost of hiring a venue or recording equipment. You have your audience online and it is an effective way to show your credibility. You can use webinar to promoter your existing products and service or use webinar to sell webinars. The potential is enormous.
If you are interested in learning specifically how to set up and promote your webinar, I recommend this course.
3. Applied Multi Level Marketing
Multi Level Marketing has existed for decades and some people have experienced difficulty in growing their business in the past. One of the reasons is because finding customers face to face is difficult for many. However the development in technology has completely transformed this business model for some companies. There are multi level marketing companies which are still using the traditional method of face to face referral but other companies are making use of the power of the digital technology. But this does not mean you lose the essence of the business model. In a way it is more connected way of doing the business than ever.
I’m told that in the US, the majority of millionaires have been created through using this business model and this is why it needs to be included in this list of side hustles. The company I recommend does not deal in physical products like cosmetics, household products or health supplements. So there is no need to hold stock, deliver goods or interact with people face to face unless you prefer to do so.
To explain what Multi Level Marketing business model and this particular company that uses modern method, I recommend, I need to write another whole article. But meanwhile, email me at firstname.lastname@example.org with a short message of where you saw this information and I will send you a short video to explain how it works.
I hope you find the information useful. Please let me know by commenting below. Thanks!
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