How to start a lucrative side hustle in 3 steps: You don't need to trade 'your time for money' (2024) (2024)

Some people run lucrative six-figure side hustles from their backyards. Others, off their cell phones.

Launching one of your own can be that easy if you know where to start. That's according to Kathy Kristof, whose blog has reviewed over 500 different side gigs, and Cody Berman, who co-runs an online course called Gold City Ventures that teaches people how to start online businesses.

Both experts say anyone can start a side hustle and determine if it'll be successful in three straightforward steps:

Step 1: Figure out what you can monetize

Any side hustle starts with a single question, says Kristof: How can you monetize "interests and skills [and] resources" you already have? Most side hustles need to check at least one of those three boxes to succeed, she notes.

If your interests include guinea pigs, you might design and sell a new kind of pet enclosure. If you were good at school, you could earn extra money by tutoring. Some people earn cash off their their houses, pools and backyards by listing them on platforms like Sniffspot, Swimply or Neighbor.

Once you've decided what to monetize, figure out your probable time commitments. If you want to be an Uber or delivery driver, your earnings will be directly tied to the number of hours you work. Airbnb-style side hustles are more passive, but require resources — like owning a house you're not living in, for example — and both time and money for upkeep and maintenance.

Fully "passive income" side hustles usually take a lot of time to get off the ground, but can earn you cash even when you're offline — often through ad revenue, or people purchasing some kind of content you've created.

"There are other ways to [earn] that aren't just trading your time directly for money," says Berman. "If you build a digital product that does really well, like a killer blog post or YouTube video or podcast episode ... you can put the work in once [and get] paid in perpetuity."

Step 2: Decide if you, or a platform, should run your business

Your next question, Kristof says: "How much of your business do you want to do alone?"

Building an audience from scratch is certainly doable, and likely your most profitable option. It can also be challenging and time-intensive, which is why plenty of people choose to outsource some of that work — like paying for websites or listing their side hustles on extant platforms.

Dog-walking app Rover, for instance, is free to join and connects you to customers who are already looking for your services, but keeps a 20% cut of each dog walk. Airbnb and Etsy also take 3% and 6.5% from each sale, respectively.

Beyond the transaction fees, such marketplaces present another challenge: They probably already have established, popular sellers, and you'll have to figure out how to compete. Kristof says she spoke to one dog-walker who made a name for himself on Rover by specifically seeking out flight attendants who'd need regular care for their pets.

The platforms' search algorithms may shift to prioritize different skills, availability or audiences — potentially causing your earnings to rise or fall without warning, some side hustlers have reported. But without their access to customers or built-in legitimacy, you'll have to build your own brand without a road map to earn any money at all.

Step 3: 'Go out and test it'

The most important part of starting a side hustle is actually starting it, says Berman.

"I have so many friends who have been talking about starting a side hustle for two years, and they're still in the planning phase," he says. "You have to create that first product, even if it sucks ... Go out and test it."

Your tests can start by enlisting friends and family to use your services, provide you with honest feedback and leave positive reviews online to boost your account, Kristof says. At the same time, you can use those early days as a test for yourself: Do you have the disposition and level of determination to see your side hustle through?

"Being customer service-oriented, wanting to dazzle your customers, is giant. That's the sort of person people go back to time after time," says Kristof.

Berman adds: "It comes down to the side hustler. I think you can be successful with more side hustles than you think ... I honestly think people [who succeed] don't give up."

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FAQs

How to start a lucrative side hustle in 3 steps: You don't need to trade 'your time for money'? ›

The majority of side hustles that require zero upfront investment typically tend to be brain-related work; for example, they could involve coaching, consulting, design, and other virtual work.

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What is the best side hustle to start with no money? ›

The majority of side hustles that require zero upfront investment typically tend to be brain-related work; for example, they could involve coaching, consulting, design, and other virtual work.

Tell Me More ›

What is the best side hustle to make money in 2024? ›

Selling Digital Product

Selling digital products is one side hustle that can be explored by everyone. Digital products are items that you can easily sell online without having to meet the customers. It ranges from online courses to eBooks and many more.

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How to side hustle $1,000? ›

To make $1,000 fast, consider these five side hustles.

  1. Delivering groceries for Instacart. Full-service Instacart drivers are 1099 contractors who do both the shopping and delivery for orders. ...
  2. Ride-hailing driver. ...
  3. Doing odd jobs on TaskRabbit. ...
  4. Search engine evaluator. ...
  5. Binge-watching House Hunters.

Mar 1, 2024

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How do I make side money ASAP? ›

How to make money online

  1. Pick up freelance work online. Make money online through websites such as Upwork, Fiverr and Freelancer.com. ...
  2. Test websites and apps. ...
  3. Learn to use AI tools. ...
  4. Take surveys for money. ...
  5. 5. Make money from your blog with affiliate links. ...
  6. Sell your wares on Etsy. ...
  7. Self-publish an e-book.

Aug 7, 2024

Learn More Now ›

How can I make quick cash without a job? ›

How to make money without a job

  1. Launch an ecommerce store.
  2. Sell stuff that you already own.
  3. Start a blog.
  4. Pick up odd jobs.
  5. Produce online courses.
  6. Sell print-on-demand products.
  7. Write an ebook.
  8. Rent out unused space.

Jan 17, 2024

Read On ›

What side hustles pay weekly? ›

Overview: Side hustles that pay weekly

Side HustleEarning PotentialDifficulty
Babysitting or House Sitting$350-$500Low
Freelance Writing and Content Creation$250-$1000High
Dog Walking or Pet Sitting$250-$350Low
Online Surveys$100-$200Low

3 more rows

Mar 22, 2024

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How to earn extra cash from home? ›

How to Make Extra Money Online or From Home

  1. Tutor online. ...
  2. Become a user experience tester. ...
  3. Take surveys. ...
  4. Get cash back from apps. ...
  5. Teach English. ...
  6. Get paid for your creative skills. ...
  7. Offer your services as a virtual assistant. ...
  8. Become an influencer.

Mar 22, 2024

Read On ›

How to make $150 a day side hustle? ›

The easiest way to earn $ 150 a day is to find a job that pays that amount . If you don't have a job that pays that much , you could start your own side hustle . You could monetize a hobby , offer services like pet sitting or tutoring , or do freelance writing or web design .

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How to start a side gig? ›

Tips for Starting a Side Hustle

  1. Maintain a healthy work-life balance. ...
  2. Consider skills as well as interests. ...
  3. Start small and scale up. ...
  4. Don't underestimate the power of word-of-mouth and free marketing tools. ...
  5. Consider financing options carefully. ...
  6. Understand the risks and common reasons for failure.

View Details ›

What is the #1 side hustle? ›

1. Freelancing. Freelancing is a tried-and-true way to earn extra money and deserves a top spot on any list of easy side hustle ideas. Freelancers deliver work on a per-project basis for one or more clients and you can schedule it in your spare time.

Get More Info Here ›

What side hustle makes money the fastest? ›

Hands-on and local side hustles

  • Deliver packages. ...
  • Deliver groceries and other items. ...
  • Rent out your home or spare room. ...
  • Become a rideshare driver. ...
  • Wash and detail cars. ...
  • Mow lawns and do other landscaping tasks. ...
  • Give neighborhood tours. ...
  • Offer pet sitting and dog walking services.

4 days ago

Get More Info Here ›

How can I double my $1000? ›

How Can I Double $1000? If your employer offers a dollar-for-dollar match contribution, you can double $1,000 by investing it in your 401(k). Other than that, there's no easy or risk-free way to double $1,000—you can invest the money in individual stocks, but there will be risks involved.

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27 Best Side Hustle Ideas for Beginners (2024 ...The Ways To Wealthhttps://www.thewaystowealth.com ›

How to start a lucrative side hustle in 3 steps: You don't need to trade 'your time for money' (2024) (4)

These are the side hustle ideas that actually work in 2023 — whether you're looking to make a little extra cash or start a scalable online business.

How to start a lucrative side hustle in 3 steps: You don't need to trade 'your time for money' (2024) (6)

Discover 30 profitable side hustle ideas to help boost your income in 2024. From creative crafts to work-from-home jobs, find a side hustle that suits your life...

How to start a lucrative side hustle in 3 steps: You don't need to trade 'your time for money' (2024) (8)

Side hustles can help you save extra money, pay off debt, invest for the future, go on vacation, have some extra spending money, or possibly even quit your 9-5 ...

Tell Me More ›

How can I make an extra $1000 a month consistently? ›

Let's dig in!

  1. Start Freelance Writing. If you love to write, picking up freelance writing may be your ticket to an extra $1,000 a month. ...
  2. Begin Blogging. ...
  3. Practice Graphic Design. ...
  4. Assist with Bookkeeping. ...
  5. Become a Virtual Assistant. ...
  6. Sell Something on Etsy. ...
  7. Manage Social Media Accounts. ...
  8. Complete Online Surveys.

Jul 15, 2024

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How to make 100k a year side hustle? ›

Below are three side hustle ideas worth exploring, which can generate earnings of up to $100k or more within a year.

  1. Public Speaking. ...
  2. Freelance Information Security Consultant. ...
  3. E-commerce Store.

Mar 15, 2024

Learn More ›

What gig job pays the most? ›

15 Highest Paying Gig Economy Jobs for 2023

  • Grocery Delivery. Median monthly income: $3,672. ...
  • Handyman. Median monthly income: $100. ...
  • Landscaping and Gardening. Median monthly income: $100. ...
  • House Cleaner. Median monthly income: $100. ...
  • Photographer & Videographer. Median monthly income: $100. ...
  • Mover. Median monthly income: $2,800*

Learn More ›

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