A side hustle is a convenient way to create a second income source. It’s a great way to convert a skill or passion into a source of additional income requiring as little management and maintenance as possible. Here are some viable options that turn out to be very lucrative and accessible to anyone with an internet connection.
Online trading
Crypto trading, Forex trading, and investing in stocks are some of the top choices for millions of people worldwide, especially during pandemics; the volatility of markets is a great opportunity for profit by speculating on the price of various assets. No need for huge capital to start your online trading business.
Many brokerage services offer opening accounts and start trading for as little as $250. With the effect of compounding strategy, you can make your funds grow steadily and at some point diversify the assets on several markets.
The important step is to check broker review to see if the platform offers multiple asset trading as well as other trading conditions such as fees, spreads, account types.
Create Youtube channel
YouTube represents one of the most-watched platforms on the Internet. Therefore, becoming a video maker can be very profitable if done right.
With over two billion users, there are many niche markets you can tap into – as long as they have an audience and business potential. From vlogs to streaming video games to cover songs, the choice is endless.
The income you get will depend on your monetization channels. Most YouTubers make money from Affiliate Marketing, Referrals, and Google AdSense. Some also offer lectures and online courses.
To start your career on YouTube, you will need to learn editing skills and purchase good video equipment.
Other than that, focus on building your subscriber base. Businesses typically seek to partner with influencers who have a large number of loyal followers.
Become Podcaster
Podcasting is booming, and it’s one of the most promising distance business ideas on this list. The USA alone has over 140 million podcast listeners, and more and more businesses are partnering with podcasters to advertise their products.
As with other content creators, choosing the right niche is important. If you choose a popular topic, make sure your podcast stands out from the competition.
Or choose something specific and timely. At such times, you can do a program entirely devoted to social distancing or protection from the coronavirus.
Those with a large number of listeners can join podcast advertising networks like Midroll.
If you want to get into podcasting, invest in some great audio equipment and an editing program, like Adobe Audition.
You can publish your podcast in two ways: by joining a podcast hosting platform or by creating your own website. The latter choice gives you more control over your brand and monetization.
Once your podcast episodes are ready, publish them and add them to Spotify and Apple.
In conclusion
Whatever side hustle seems interesting to you, beware that you will probably have to develop some additional skills besides your existing skill set. Also, expecting instant success is far from realistic. A minimum of six months of dedicated work is required to start reaping the first profit. But once that point reaches you are on a good way to start thinking of quitting your nine to five job.
