What is a Side Hustle and Why Does Everyone Need One??
A side hustle is an activity or business you do to earn extra money – on the side – while working a full-time job.
You can start a side hustle from home or offline, and ranges from driving for Uber to creating and selling courses online. (two examples I've done myself)
In this post, I will be sharing the top ONLINE side hustles ranked by 3 factors:
Scalability.
The potential for you to REMOVE yourself from the day to day. Whether it's hiring a team of people or using technology, we always want to see how quickly we can automate our side hustles.
Barterability
This measures how in demand your skill is and how willing other people are to trade services. When you first start, you will be cash tight. Strategically trading what you do for what someone else does is my favorite strategy early onto grow fast.
Barrier to Entry
Once you find the winning blueprint, how easy is it for someone else to come in and copy you? We don't want to build castles on top of sand. Make sure any business you build has a competitive edge OR a very deep moat that discourages other people from copying what you've accomplished.
Use this list of side hustles as a guide to see where you are exposed.
2020 is the perfect year to start a side hustle.
Having an extra income stream diversifies your risk and allows you to pivot if something unforseen (like a pandemic) disurpts your plans.
If you have a full time job where you need to work in an office, find an online side hustle to start. If you are making the majority of your income by selling your time, start a side hustle that will provide a passive income stream.
If you don't have ANY money now, pick a Starter Funds Side Hustle to turn to whenever you need seed money starting a longer term side hustle.
The Best Online Side Hustles
Build Conversion Focused Websites
Location Independent Side Hustle
Description
Helping people create and update their websites, landing pages, or sales pages are still a very lucrative side business. This side hustle also some complementary benefits other than money.
Once you're proficient with this skill, you can test different variations of sales pages and landing pages FAST which makes you highly sought after advantage in the online business arena.
This is also a VERY scalable model. With cost efficient labor in India, Russia, Philippines, etc you can find capable people anywhere in the world to help you deliver while you keep bringing in new clients.
Scalability
barterability
barrier to entry
Pros
Cons
Run Facebook Ads for Businesses
Location Independent Side Hustle
Description
This is a very lucrative side hustle and a great skill to have because marketing is something you need to learn REGARDLESS of the platform. The strategies you learn running ads will require you to learn how to write ads, find the right target of people to show the ads to and to analyze your results and improve consistently.
Ads used to be in newspapers, then radio, then TV, now it's on social media. The platform will always change, but the strategies have remained consistent for over 70 years.
Scalability
barterability
barrier to entry
Pros
Cons
Create an Online Course
Location Independent Side Hustle
Description
This is one of the most obvious and popular side hustles now. I would only recommend doing this once you've had some success and testimonials from consulting. Consulting is the perfect validation test on your ability to deliver a transformation for people.
If you are able to deliver a transformation to multiple people, then that's your course.
My only advice now is to PRE-SELL your course before you create it. Take the testimonials you already have and your process and tell people about it. See if you can get 10 people to pay you to join the course. If you can get 10 paying clients, then make the course.
Scalability
barterability
barrier to entry
Pros
Cons
Consulting
Location Independent Side Hustle
Description
Consulting is where people pay you for your professional advice and support. For example, if you are really good at creating engagement through Instagram, you could become a social media consultant and advise businesses and individuals how to maximize their efforts on Instagram. In exchange for your advice, you would be paid the fee you charge.
I love this side hustle because you have MORE knowledge than you think you do.
And there are many people who know LESS about this knowledge that would pay to learn it from you.
Scalability
barterability
barrier to entry
Pros
Cons
Accounting & Bookkeeping for Entrepreneurs
Location Independent Side Hustle
Description
Online entrepreneurship is taking off right now. Along with that, these online companies need the SAME services as traditional businesses. If you have experience with accounting or you're good with numbers, this is a VERY high demand field that a lot of online businesses need.
What I love about this side hustle is that it's completely online and it's scalable once you set up your processes.
If you're interested in learning more about accounting, you can watch a few of videos from the Youtuber: Accounting Stuff to see if it's something you want to dive into.
In my opinion,the two best accounting softwares you should become an expert in are either Quickbooks or Xero. Once you gain expertise in either of these softwares, you will be ready to start taking on your very first clients.
Scalability
barterability
barrier to entry
Pros
Cons
Investing
Location Independent Side Hustle
Description
Disclaimer: This side hustle is ONLY for sophisticated investors OR if you're working with a proven mentor with a good track record.
Right now, I am learning how to trade options with one of my investment mentors. I'm only investing a small amount to learn ($200). But with experience, comes greater gains and greater risk.
This is a great sidehustle if you understand money is a TOOL and you're not emotionally attached to money. If you're scared to lose the money you're investing, you're investing too much or you're not emotionally fit enough to get into this sidehustle.
Scalability
barterability
barrier to entry
Pros
Cons
Copywriting
Location Independent Side Hustle
Description
Copywriting is a skill where you write something in order to promote ideas or opinions or even a person or business activity.
The goal of Copywriting is to get the reader's attention and persuade them to take a desired action like buying a product, clicking a link, watching a video, etc.
This skill is highly sought after. It's easily one of the best skills you can acquire if you don't already have it because EVERY business needs it and you can use this skill in any of your future businesses.
Some examples of how people use copywriting :
Scalability
barterability
barrier to entry
Pros
Cons
Graphic Design Service
Location Independent Side Hustle
Description
If you're talented here, you're safe from losing your job from AI and the robots.
Creativity is a large moat and companies will have difficulty replacing human creativity with machines.
IG stories, FB ads, posters and commercials. Every successful business is online now. This is a skill that is growing in demand every year.
Scalability
barterability