A side business or side gig is perfect for those who work and want to earn a bit of extra cash on the side. Not all side businesses are created equal and some have the potential to earn you over six figures per year depending on your level of success.
As a rule of thumb, YouTubers earn around $0.25 – $4.00 USD per 1000 views ($0.35 to $5.00 AUD). This income is based on the type of advertising served, viewer engagement and clicks. This can be quite lucrative when you start receiving tens of millions of views regularly. There have been several famous YouTubers that started out in minimum pay jobs before growing their channel to earn millions.
Many YouTubers started off doing it casually but focus on it full time after their channels skyrocket in popularity. If you have a passion for something and have enough technical ability to learn how to film and edit footage. YouTube is a potential six-figure side business down your alley.
Instagram is one of the world’s most popular social media platforms in 2018. It has over 1 billion users worldwide. Users make money from Instagram through paid promotion, and are usually known as “influencers”. Joe Gagliese, the co-founder of Viral Nation, told Vox that micro-influencers (someone that has 10,000 to 50,000) followers can get a minimum of a few thousand dollars a post. If you extrapolate that over a yearly period, it can add up to six figures quite easily.
Freelancing is a good way to earn side income if you have a specific skill that people are willing to pay money for ad hoc. Common skills include video editing, photography, website design and development, coding, admin, etc. Freelancing is best if you have access to a network of potential customers or contracts. If you work in a field where there is constant work then it may be a good idea to get business cards and contacts so that when you freelancer you can get steady work rather than be constantly looking for work.
Alternatively, if you want to find clients online, good platforms to start on would be Upwork, Freelancer and Fiver. These platforms are large and have millions of potential clients. The downside is that these platforms are notorious for having too many freelancers that will do work for very little. Most of the freelancers also come from third world countries where their cost of living is much lower and can afford to do work for less.
4. Online courses
There are many education platforms now which allow people to post up online courses and sell them. If you have a special skill and have good presenting skills, teaching online may be the perfect side business for you. It doesn’t take much to earn six figures if you’re selling a course for $15.
Some courses have hundreds of thousands of views and whilst not every course has that many views, it certainly is achievable if you have several popular courses. The most popular websites to list your courses at the moment are Udemy and Udacity.
For the uninitiated, podcasts are basically talking back radio but in a format that resembles an episode. People love listening to them whilst on the train to and from work or whilst driving. A successful podcast might have hundreds of thousands of viewers. As a result, they’re extremely attractive to advertisers of their niche. Thisweekinstartups founder Jason Calacanis reportedly earns approximately $500,000 in profit per year from their podcast.
In a similar fashion to other social media type businesses, your income in running a podcast will solely depend on your reach and niche. To be successful, you will need to focus your podcast on a niche where there are large companies that would pay to access your viewers.
6. Affiliate marketing
Affiliate marketers can make a lot of money. Ozbargain is a good example of how a highly efficient affiliate marketer can work. People click on links and the referrer is paid a percentage of any sales for a certain duration. Affiliate marketing is a good way of earning money if you have lots of viewers/followers on social media or a popular podcast/blog.
There are two main ways of getting affiliate codes to earn money. You can go directly to a company that sells services or products online and get a custom code but you can also join affiliate networks to use their code. Commission Factory and Clixgalore are two popular affiliate networks. Many YouTubers earn affiliate income by plugging Amazon products on their video descriptions.
7. Doing handyman work
Tradies or tradesman can earn good money working on the side. If they can do a decent job over the weekend they can earn thousands adding potentially six figures onto their bottom line. Most tradespeople we speak to who do work on the side started by getting contacts in their industry. If you’re not qualified but have some skills, perhaps you can pick up some handy work that doesn’t require qualifications.
8. Writing an eBook
Amazon’s self-publication platform Kindle Direct allows individuals to publish and sell your own eBook. To be successful you will need to write a category topping eBook. Much like the normal book publishing industry, you will receive residual income as people purchase your eBook months and even years later. You don’t need to be the best author to do well, you either need to do well in your niche or in a category that is thriving. You don’t even need to be the best writer – some authors outsource their writing.
While not everyone is musically talented, for those that have a knack for electronic music, DJ’ing is a possible side hustle. In terms of income, the sky’s the limit. Diplo was a teacher before becoming a DJ. Now he earns millions per year jet-setting across the world. Obviously not every DJ earns millions per year but venues regularly pay $1,000’s for reputable local DJs that can bring in crowds.
10. Martial Arts & Fitness
Most martial arts and fitness classes are at night, so they are the perfect time to have a side hustle after working your day job. You might not earn over six figures starting out but it can easily transition into a very profitable business once you have a critical mass of clients.
Most people work out or take their martial arts training sessions at night time. This is perfect for someone who is interested in this space and has a day job.
Regardless of the side business idea that you end up pursuing, the potential income and the level of success that you will achieve is almost always dependent on your ability to execute your idea and the amount of effort you put in.