Did you know the average millionaire had 7 income streams? Side hustling can add extra income streams to your pocket that can help a lot of young people get through college or survive on a minimum wage part-time job.
We live in an age where so many of the millennial generation has some kind of self-employment alongside the main job. There are a few reasons for this;
There has been a huge rise in part-time work and 0 hours contracts which leave many people short of earning a full wage packet. Increasingly employers are cutting hours and prefer to hire casual part-time staff.
Millennial have become very savvy to the multiple ways to make money online and thought marketing via social media. This has opened up so many possibilities many are taking advantage of.
People's aspirations are changing. The full-time corporate world is looking less appealing. Many want more control over their own lives which self-employment offers. Working flexible hours, wearing what they want, living where they want, reducing computing and of course not having to answer to a boss.
Infinite scope to grow an income. Everyone wants to get rich quick these days. If you are locked into a salary job you can only earn what that job allows. Running your own business allows for infinite possibilities to be achieved. Of course many don't achieve riches but even earning some extra cash independently can be very satisfying.
So what kind of side hustling is possible with very little to no investment? What is the trends and what is realistic? There is a lot of bad advice out there online that is misleading people. Here are some popular side hustling Ideas;
- The niece website with affiliate marketing. This has been popular for a few years. You pick an area of interest that doesn't have too much competition. Set up an attractive website that provides some kind of information or useful content. Once you have built up a good traffic to your site you can start to make money through advertising and affiliate marketing. Amazon has one of the most generous affiliate marketing schemes on offer with 7% commission to you or any sales through your website link. So say your site reviews and recommends an item sold on Amazon. You can put the link for the item leading people to click on it and buy. If you're clever you can find the right niche and use it to directly sell through Amazon etc making a nice passive income with little work for you.
- Instagram. Now many work out how they can increase followers with great images but they don't know how to turn this into profit. The best way is to have a link to your insta bellow your bio that leads to a landing web page with a product or service for sale. You may link up with a company to get them sales to earn commission for your self or you might have your own. Lots of people also get paid to wear companies cloths or promote products through lifestyle images. This is a great earn and can also lead to free clothes, holidays and much much more. Go on to insta and look around you will see lots of travel bloggers for example that have exploded on insta. See The Blonde Abroard she pulls in crazy stats and now travels for a living. Nice!
- Blogging. Like the above blogging is a great way to build an audience and sell a product or service if your own or an affiliate. Blogging has become the new freelance journalism. It's a quite an easy way to create regular interesting content. You will need an area of the topics such as travel or lifestyle. Keeping your audience interested. Promoting this is easy with social media and publishing it on a website.
- YouTube can be a great platform to build a business. Video is 80% of advertising online and YouTube is now the second biggest search engine behind Google. Start a channel with no more than three areas of interest. Could be lifestyle, health & fashion or lifestyle, music & fashion. You will need to make good quality videos and you will absolutely need to be putting out a couple per week if you really want to succeed. Again you can use affiliate marketing or get sponsorship when you subscribers are high. Companies will send vloggers free stuff to review when their numbers are high enough. Great way to get freebies which you can review and sell on. You can also use this to link over to a website to promote an online course or something your selling. For inspiration look up SBTV's story to fame. From filming Grime freestyles to a huge media company.
- Membership sites are the future! Memberships and subscriptions give you a regular monthly income. The best example of this is when Netflix took over blockbuster! Now people have monthly online memberships to courses or clubs and email out monthly packs of online goodies or there are the product subscription boxes. With subscription boxes, you get a monthly package in the post. These can be anything from groceries, clothing, beauty products. There was a company that send out men's razors every month to their subscribers and they sold that company for 1 Billion!
- Selling a product online is a good way to make money or even sell other people stuff online and take the commission. You only need a website and then you need to source the products. of course, you may need some investment for this option unless you start small and build it up. Again uses the above social media streams to link in and promote your products. The key to success her is the niece market. Find out what is popular and not many other people are doing it. You will need to be unique and stand out. It is increadable what some people have made their fortunes from. Vintage clothing upselling on ebay and the next thing you know they are a multi million dollar company! Look up Nasty Gal for inspiration.
- Freelancing your services. There are a number of ways you can be a freelancer. Fiver in a great online site that you can sell your services in almost anything and you charge $5 for it. So if you are a graphic designer you can do lots of people for $5. nothing too time-consuming of course but if you get a lot of little jobs this can really pay off. Also, its better to work for yourself from your home than work for someone else. Keep your overheads down and you can have a great income.
In this digital age there are so many ways to earn extra income and be independant with an infinate earning potential. Why not try out a few ideas and see where it leads you.