“Formal education will make you a living; self-education will make you a fortune.”
- Jim Rohn
Lucrative is something that brings you a great deal of profit. Today, at the time of writing this article, lucrative side hustles are one of the hottest trends on social media, Google, and even in social gatherings.
What is the definition of a lucrative side hustle?
A lucrative side hustle refers to a secondary job or activity that is engaged in addition to one's primary job, which generates a significant amount of additional income. This extra work is typically flexible and can be pursued outside of regular working hours. The term 'lucrative' emphasizes that the side hustle is particularly profitable or financially rewarding
Most people find it difficult to start a side hustle; therefore, 'How to make money online for beginners' is a question that I often come across.
Considering the fresh nature of most side hustle seekers, I am writing this article. So, here are the primary takeaways:
- Starting a freelance writing side hustle.
- Online tutoring classes.
- E-commerce and dropshipping as a side hustle.
- Affiliate marketing.
- Social media management.
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What Are 5 Lucrative Side-Hustles to help you start erning money online?
1. Freelance Writing and Content Creation
Did you know that according to a recent survey, freelancers may make up 80% of worldwide employment by 2030?
Starting a lucrative side hustle, such as freelance writing, is one of the most beneficial types of work. A standard native English writer on Upwork charges 10 to 30 USD per hour. However, my advice is not to work on an hourly basis. If you charge per word, like most freelancers, your speed and negotiated rate will decide your earnings.
Specificity is key while searching for entry-level freelance writing opportunities. A freelancer writes articles, white papers, blogs, and other text-based content for clients to get money. Home offices, coffee shops, and coworking spaces are common for freelance writers.
All you need is a laptop and an internet connection if you can write well, are willing to study new topics, and want to reach clients.
Building a strong portfolio ensures you get a good number of orders. So, work on that.
A few platforms that I can recommend are:
- Fiverr is for most beginners, but it grows with you.
- Upwork for long-term and serious clients.
- Personal blog.
Finally, when you start as a freelance writer, you will realize that there is a lot of competition. But if you are committed enough, I can guarantee an ideal lucrative side hustle that has the potential to evolve into your primary source of income with a lot of freedom.
2. Online Tutoring or Teaching
Another one of the most lucrative side hustles of 2023 is online tutoring. It is a very vast field, and almost every degree holder can start today. You may have a technical or non-technical background, science or arts, philosophy or psychology, literature or human science; you name it - everyone can become an online tutor and make a handsome amount of money while working from home.
Starting a tutoring business is admirable. You're teaching the next generation and shaping their future while investing in your success. Making your passion for teaching into a tutoring business is worth the time and effort due to its many benefits. A tutoring business is one of the easiest small companies to establish. Some of the main benefits of this lucrative side hustle are:
- Home-based or internetwork
- Minimum upfront costs
- Flexible hours
- Increase your income
- Never stop challenging yourself
- Be your boss
- Opportunities for expansion
You have two options: either start your own legal online tutoring business or sign up with one of the tutoring services. Some of them are:
If you decide to set up your personal tutoring business, you must spend a lot of time and money on advertising and marketing your services. However, if you decide to become a tutor on one of the major tutoring platforms, you will be paying a part of your earnings as a commission, and their rules and regulations will also bind you.
My advice? Start polishing your skills and sign up with one or two platforms above. Next, gain some experience, and while you are doing that, make your tutoring website and grow it through advertising, marketing, social media, etc.
3. E-commerce and Dropshipping
Amazon, Alibaba, Walmart, and numerous other e-commerce giants rose from billions to hundreds of billions of dollars during the last decade. However, they only cover a small part of a huge undiscovered global e-commerce market.
Dropshipping, a revolutionary retail concept, sprang from e-commerce. This strategy relies on flexibility and efficiency to offer products without inventory management.
Also, dropshipping simplifies supply chains by shipping products directly to customers. With this dynamic pair, the online economy thrives since entrepreneurs may trade without traditional barriers.
Furthermore, beginning e-commerce requires strategic considerations, such as choosing the correct products and finding dependable suppliers. Online stores are virtual storefronts where smart entrepreneurs choose from many options to create an appealing product lineup. Finding reliable suppliers is essential for smooth transactions and timely deliveries in the complex digital economy.
The success of an online mart depends on strong marketing strategies and business management beyond its inception. In the competitive e-commerce market, entrepreneurs must master digital advertising, social media interaction, and SEO optimization.
Lastly, a simpler method is to open and promote a Shopify store through social channels, SEO, and paid advertising.
Also, you can find a supplier from China. Focus on one or two products at the start, then grow from there.
4. Affiliate Marketing
Another one of the most lucrative side hustles that has been ongoing for almost two decades is called affiliate marketing. Believe it or not, it is one of those 'make money while sleeping' side hustles.
Affiliate marketing pays affiliates to promote other companies' items. The affiliate finds a product, promotes it, and gets a cut of the sales. Sales are recorded via website affiliate links. It is as simple as that!
Some of the steps that you can take to succeed are:
- Products should match personal interests and experience.
- Choose products that appeal to the target audience for genuine promotions.
- Use blogs, social media, and YouTube to build an online presence.
- To build authority and loyalty, consistently create valuable material.
- Encourage genuine involvement to establish a niche community.
- Use digital marketing methods to reach more people.
- Paid advertising can boost audience growth.
- Influencers can help you reach new audiences.
- Increase visibility and organic visitors with SEO.
My advice? It is best to start working on your blog and social media handles. You will have three modes of earning when you have enough organic traffic or reach.
- Affiliate marketing.
- You own products or services.
- Google AdSense when Google will run their ads on your blog.
5. Social Media Management
Our final lucrative side hustle is social media management, a skill that remained hot in 2023 and will only get hotter and more in demand in the next years.
Why is it so popular? Well, simply because over four billion people are on social media. Your role as a social media manager is to identify the target audience of your employer and post content accordingly.
Also, social media managers develop plans to gain followers, manage social campaigns, produce content, analyze data, and connect with stakeholders.
Here is an overview of what you need to learn and do:
- Social media managers need analytical skills to understand data and metrics. Use Google Analytics and social media analytics to evaluate campaigns and change methods.
- Target-audience-specific content strategy development and execution are essential. Understand platform peculiarities and develop brand-aligned, engaging content.
- Building and maintaining a brand community involves good communication. Respond to comments, messages, and audience engagement to build community and brand loyalty.
- Basic graphic design abilities improve content presentation. Using Canva or Adobe Creative Suite lets you make stunning images.
- Use Hootsuite, Buffer, or Sprout Social to schedule posts, track mentions, and manage numerous accounts.
Similarly, for finding Social Media Management clients and portfolios, adopt the following:
- Attend industry events, join online networks, and meet relevant professionals. Networking builds relationships and finds clients.
- Start with free or reduced services to establish a portfolio. These initiatives' successes can be testimonials.
- Display your abilities and successful initiatives. Case studies, before-and-after statistics, and client testimonials show your expertise and influence.
- Social networking and a quality website can boost your online presence. Regularly share industry insights, suggestions, and examples to attract clients and demonstrate your competence.
In the end, I believe if you take only one of the abovementioned lucrative side hustles and start polishing it, it can become a great asset.
Choose wisely; don't pick something that you don't like to do. If you cannot teach for more than an hour, go for something else. If writing is not your thing, try dropshipping of affiliate marketing.
Thanks for the Read, and Good Luck!