It’s not unusual for people to have side income outside their prime job. A side hustle can help prepare you if you want to make a career change or want to enhance your skills and earning potential.
Remember that you would need to bring in close to $8,500 a month to earn $100K from your side hustle in a year, but with dedication and planning, it is possible. You will need to consider how to provide services to more people to bring in more income.
Based on their earning potential, here are some ways to earn $100K over the next twelve months:
1. Tutoring Online
Online tutoring pays an average of $30 – $100 per hour, depending on your skills and what you teach. With online tutoring, you can set the number of sessions you are willing to give and their duration. Furthermore, you can teach students of any age group and nationality.
Besides live sessions, you could also provide courses with pre-recorded lessons for various subjects, including math, science, musical instrument learning, a foreign language to English-speaking students, or English to foreign language speakers.
You can either find your students or join an online teaching platform where you can set the price for your services and find candidates. Some examples include Chelsea International Education, Varsity Tutors, and Wyzant.
2. Personal Trainer
If you have experience in gyming and know a few things about nutrition, becoming a personal trainer can bring you an income of about $70 an hour as a personal trainer. You can provide personal training or create online lessons that you can provide to a bigger group of clients. You can also include dietary advice with your fitness program with the proper certification.
3. Social Media and Digital Management
Small and medium enterprises often struggle to manage digital content and social media. You can offer them these outsourced services at an average of about $60 an hour. You provide your knowledge and experience to help them ensure they don’t miss anything critical in their marketing, content writing, and performance data.
4. Event Planning
You must enjoy planning events for this one and have excellent organizational skills. With event planning, you can earn up to 25% of the cost of the event, excluding vendor commissions. As a planner, you can earn commission from florists, entertainers, caterers, etc. You need to build a portfolio, but this is relatively easy if you have already planned weddings, birthdays, or even corporate events in the past.
5. Graphic Design
With graphic design, you can earn about $30 an hour providing freelance services to businesses. If you are already working in that field, you will have the software required to design anything from company logos to business cards and story illustrations.
6. Freelance Photographer
On average, a photographer can make about $24 per hour, but you would need to take a lot of photographs to make 100K as a side income. However, if you already have the equipment and love taking photos, there are several ways that you can increase your revenue with your picture-taking and editing skills.
Besides covering events, you should showcase your work on social media to enable you to broaden your clientele. The more in demand you become, the more you can charge, and you will soon become the go-to photographer for all events, including realtors and other businesses.
Finally, if you develop a reputation in a field like landscape or wildlife photography, consider selling on stock photo websites or media outlets looking for your type of photos.
7. Catering and Baking
An established catering or baking business can expect to bring in about $80,000 annually by catering for events, but with a side hustle; this may prove quite challenging. However, you can increase your income by teaching others, starting a YouTube channel, or writing a cookbook. You could also enhance your income with a food truck, pop-up, or ghost restaurant.
8. Start an E-Commerce Store
E-commerce continues to grow thanks to its accessibility, allowing customers to shop 24/7. Depending on if you prefer to make items like printed T-Shirts and jewelry or whether you prefer a drop shipping model, there are several platforms where you can take your business online. Likewise, depending on the items you plan to sell, you have several platform choices, including Shopify and Amazon. You can also consider Etsy and eBay for more niche products.
You will want to learn more about managing an online store if you have no previous experience, but many platforms do more than provide an online storefront. They also assist you in building your brand, managing transactions, etc.
9. Affiliate Marketing
If you have a media presence like a blog or social media account with many followers, you can make money from your blog by joining an affiliate network. You get paid whenever someone clicks on your partner site and buys something, but you must spend time creating content or making videos. Affiliate marketing can take time to build because you need an audience, but you can earn an excellent monthly income with time.
Some affiliate marketing networks you can apply to include Amazon Associates, CJ Affiliate, ShareASale, FlexOffers, or Rakuten Advertising. Once you apply for an affiliate program, you wait for their approval, and each company has a different threshold and payment schedule.
10. Flipping Cars or Houses
Depending on your interests and knowledge, home and car flipping can prove very profitable since they currently both have high profits. But, of course, you will need an initial investment amount with both of these.
On average, house flipping can profit about $30,000 per house in the right market. Of course, it would help if you found a good place to flip, and you must work on a budget to not overpay for the property. Additionally, you must ensure that any upgrades you make don’t cut too deeply into your potential profits.
Flipping cars has also become a good hustle for car enthusiasts. Again, good knowledge of vehicles is recommended because you must buy the car for as little as possible by constantly scouring places like Facebook Marketplace, Craigslist, etc., before making any repairs and flipping it.
If you are good with cars and can find a good deal, you can make up to $10,000 with one car. The profit margins depend on the vehicles you choose, but this side hustle offers a lot of freedom in selecting cars and projects. Plus, it is an enjoyable way to make a living.
Finally, you can supplement your income with car detailing or auto repair services. You must invest in some professional equipment, but the effort is worth the return. With patience and dedication, you may make more money than you thought possible from cars and houses.
These are a few ways to make over $100K as a side income in twelve months. Of course, side hustles need dedication, but they can teach you valuable skills, helping you grow professionally or become an entrepreneur.
What is the best side hustle for making over $100K?
It depends on your skills and interests. Some of the most profitable side hustles include real estate investing, online courses, e-commerce stores, affiliate marketing, and flipping cars or houses.
How long would it take to make a six-figure income from a side hustle?
The length will vary depending on what kind of business you are trying to pursue. However, with hard work and dedication, it is possible to make a six-figure income within 12 months.
What platforms can I use to start an e-commerce store?
Popular platforms for starting an e-commerce store include Shopify, WooCommerce, BigCommerce, and Magento. Each platform has different features and tools to help you build your online store.
What skills do I need to become an affiliate marketer?
To become a successful affiliate marketer, you will need basic knowledge about digital marketing, SEO, copywriting, content creation, etc. Additionally, it helps if you have an active presence on social media or own a blog with many followers.
Are there any other ways to make money from flipping cars or houses?
Yes! You can also offer car detailing or auto repair services as a side hustle. This requires some initial investment in professional equipment, but the high-profit potential is high. You may make more money than you thought possible from cars and houses.
What should I consider before starting a side hustle?
Before beginning any side hustle, creating a business plan that outlines your goals, strategies, and budget is essential. Additionally, you should research the industry you are trying to enter and ensure there is room for growth. Lastly, prioritize your time and manage expectations to reach success without burning out.
Are there any government regulations or licenses needed for certain side hustles?
Yes! Depending on the type of side hustle (for example investing in real estate or flipping cars) there are specific regulations and licenses you must obtain before you begin. Researching the laws in your area and getting the necessary paperwork is important.
How can I make sure that my side hustle is successful?
The best way to ensure success with a side hustle is to create realistic goals and stick to them. Additionally, take advantage of resources such as mentors or online courses, find a support system, manage expectations, and don’t be afraid to ask questions. Lastly, be open-minded and remember that failure is part of the learning process! With hard work and dedication, you will reach your goals.
Side Hustles Based on Personality Type:
For those with an introverted personality type, starting an online course or e-commerce store can be a great way to make money without face-to-face interaction. With these types of businesses, you will have more control over your time and energy while making a meaningful income.
If you are a creative type looking for a lucrative side hustle, flipping houses or cars may be the perfect fit. This involves transforming existing assets into something new worth more than before. It requires creative problem-solving skills and knowledge about market trends and consumer demand.
For those who prefer to think analytically, affiliate marketing can be a great way to make money and sharpen your skills. This involves promoting products or services for other businesses in exchange for a commission. It requires research, market analysis, and strategy to be successful.
If you enjoy working with people, becoming an Uber driver or offering personal assistant services may be a perfect choice. These side hustles allow you to interact with customers while making a meaningful income. The flexibility is also a plus!
Starting a dropshipping business can be an excellent option for those looking for a more hands-on approach with an entrepreneurial spirit. This involves sourcing products from suppliers and selling them online with minimal effort. To succeed, it requires understanding customer needs, market trends, and e-commerce technology.
No matter your personality type, you can explore plenty of side hustles to make extra money. All it takes is research and dedication to finding your perfect fit!