Yahoo Finance 5 Lucrative Side Hustles That Can Make You Six Figures
Making six figures on a side job sounds like a dream come true, but it’s actually a reality for some people. Alex Spinoso, MD and CEO of Genesis Lifestyle Medicine, pulls in six figures from his side hustle of reading bloodwork for people.
“My best advice for someone looking to make at least $100,000 annually from side hustles is to utilize what you are already an expert at,” Spinoso said. “What specific set of skills do you have that people would pay money for?”
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He said, “Once you have this narrowed down, then start to reach out to people who you know need your service through either direct marketing or word-of-mouth. Work backward from $100,000 and figure out, based on your client’s cost of using your services, how many people you would need to help or sign up in order to make $100,000. Break this number down monthly and shoot for that goal! Pretty soon you’ll have an easy six-figure side hustle.”
Nearly a quarter of American consumers (23%), especially younger generations and side hustlers, are considering starting their own business in 2024, according to an Intuit QuickBooks “Entrepreneurship in 2024” Report. The primary driver behind their decision? Inflation. The report noted that the rising cost of living has pushed Americans to look for additional sources of income. Starting a business isn’t easy, but 53% of new businesses say digital tech (e-commerce, social media and remote work) has helped break down barriers to entrepreneurship.
Here are some other ways to hustle your way to a six-figure side gig.
Mow Lawns
While it might be hard to believe, it is possible to earn six figures on the side doing lawn care — especially if you have a steady stream of clients and you’re willing to hustle like crazy during the week and on the weekends.
If you’re struggling to find clients, there are even apps that connect homeowners to local lawn care professionals, such as GreenPal.
“Many of our lawn care vendors are part-timers,” said Bryan Clayton, the CEO of GreenPal, which is best described as Uber for lawn care. “Some are firemen, some are teachers [who] use our app in the summer to make extra money, while others are college students that work afternoons and weekends. It is the perfect way for them to make extra money.”
He said, “Our average vendor makes around $55 per hour mowing lawns on our system. They set their own hours and pick the clients they want to work for. It is the perfect side job.”
According to the company’s website, many of the company’s lawn care vendors are making $200,000 per year through GreenPal alone.
Learn More: 26 Ways To Make $1,000 Fast — In a Week or Less
Offer Remote Professional Services
If you don’t want to hustle like crazy and drive from job to job, offering remote professional services is another option. The key to reaching six figures quickly is to leverage your professional skills and expertise to provide a service that your clients are willing to pay you handsomely for but that won’t take up much of your time.
“My wife and I have full-time jobs, but we operate a remote law firm as a side hustle,” said Shawn Bryer of The Hive Law. “Our area of practice is divorce and estate planning. Most divorces require lawyers to show up to court for contested issues. We solely focus on uncontested divorces. This allows us to resolve issues between spouses remotely without going [to] court. Instead of going the traditional route with a law firm, we have set up our law firm in a way that works around our lifestyle.”
Bryer said, “We work about nine hours per week on the law firm on average. We are also averaging 15 uncontested divorces per year. At $7,500 per uncontested divorce, divorces alone bring us about $112,500 in revenue per year. That doesn’t include the estate planning that we also do for clients.”
Start Multiple Blogs
Making six figures from blogging won’t happen overnight, but with a solid, proven plan and dedication, it’s possible to build up to that amount of revenue over time. And while there are success stories of people making six figures per year from a single blog, you’re more likely to reach this goal if you are able to get multiple content-rich blogs up and running like the following successful blogger.
Jeff Campbell from Middle Class Dad is a blogger who stated that he makes around $300,000 annually. Campbell quit his day job a few years ago, but prior to that, he said blogging was a side hustle.
“The articles on the sites are between 1,000 and 2,000 words usually and are designed to simply answer questions searchers are typing into Google,” Campbell said. “I make money through a combination of display ads and recommending products I get a commission on (often, but not exclusively, through Amazon).”
Become an Affiliate Marketer
Affiliate marketing is when you earn a commission for promoting a company’s or advertiser’s product or service. To become a successful affiliate marketer, you need to choose at least one platform, such as blogging or social media and build an audience who is willing to buy what you review or recommend.
“Affiliate marketing is an excellent opportunity for smart passive income with which you can replace your 9 to 5 day job and make six figures per year,” said Ronald Williams, a career counselor and founder of BestPeopleFinder. “I spend 20 to 25 hours per week selecting and selling other people’s products. The formula is simple: select, contact and sell. Of course, there are many tiny steps in between, but the focus must be on these fundamentals.”
“My best advice (what I have learned in four years) in this regard is that you must not yield. Have great patience, repeat processes, look for public interest when selecting a product and let the destiny work for you while you sleep,” Williams said.
Become a Third-Party Seller on Amazon
Becoming a third-party seller on Amazon might be a good way to bring in six figures (or more) on the side. “When I saw the potential of Amazon, I decided that it could be a good side hustle,” said Ian Sells, founder and CEO of RebateKey. “Back then, I only spent around 10 to 12 hours per week on Amazon. It was not until I crossed the million-dollar mark in sales that I decided that it could match my full-time career. That was the time when I decided to switch.”
But don’t jump in without educating yourself first. “Having some guidance from someone who is used to the field or industry you are interested in can help you have a good start and prevent you from committing mistakes,” Sells said. “There are a lot of online communities for these purposes.”
In short, the first thing you’ll need to do is research which wholesale products you can buy that will sell well on Amazon and that will yield at least a 30% return. Then, you’ll need to find someone to loan you the seed money to buy those products in bulk, secure a storage space and buy shipping materials. To scale your business, you’ll need to reinvest your profits for at least the first year.
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