Types of Side Hustles
65% of millionaires have at least 3 income streams but some of these income streams can be difficult to create. Rental income takes a lot of original capital to put a deposit on a Buy To Let (BLT). Others take a huge amount of time to build up, such as royalty income, as you have to create a product that will continually be used and bought.
Having multiple types of side hustles are a great way to create extra income to boost your savings rate, increase the amount of capital you can invest into the market and overall boost your financial independence.
You don’t need to quit your job to create these side hustle ideas, the overall idea is for them to supplement your income. But that doesn’t mean that if things really take off you can’t become self-employed through your hustles. It is doable but remembers a lot of work would have gone into getting to such a stage.
The fact is there are some people out there whose lives are busy enough without extra work on their plate. Remember it’s okay to not want to do extra work, sometimes you are tired at the end of the day after a long day’s work or you wish to spend your spare time on other things.
Many of the best side hustles come from skills you already have, and the hobbies you enjoy can very likely be turned into a side income. Figuring out how to make money is the next stage to overcome. These hustles can vary massively between difficulties, amount of input time and sometimes amount of input capital. The Return On Investment (ROI) can vary massively.
List of side hustles
Doing surveys can be a quick and easy way to earn a bit of money when you have spare time. You will find most surveys only take between a couple of minutes to a quarter of an hour. You can fit these surveys around a busy lifestyle or when you are relaxing in the evening, you can add a bit more cash to go towards your savings or investments, or maybe towards an item/experience you’ve always wanted.
Most survey sites won’t make you rich as it all comes down to how much time you have to allocate towards it but it certainly does help add up those pounds and pennies.
Here is a small list of a few survey sites/apps I have used and have been recommended by others.
Are you an avid shopper? Maybe you are the household shopper for the family and would like a little cashback over time. There is a way to make money from your purchases! You are able to make money just by taking photos of your receipts and uploading them to an app.
Everyone shops and normally has a small booklet of receipts in our wallets or purses, we may as well put them to use, and with minimal effort, you can make money with them, instead of just chucking them away.
There are normally two types of apps which pay you for your receipts, first is simple receipt apps where they only want a photo of your receipt. The other is cashback apps where they want you to purchase a certain item and then send your receipt.
Here is a small list of a few receipt apps which you can use.
Youtube can be a great way to create an additional income source but it’s also one of the hardest ones to break into. You have to create quality content, which isn’t as easy as it sounds, and be consistent with not just the quality but also the content style and upload schedule.
If you have the time and skills for creating a youtube channel then there are multiple ways you can create money from your brand. Typically when we think of making money from youtube we think about their monetisation program where if you tick all their boxes you’ll run Adsense on your videos and for so many views you make money.
To apply for Youtube monetization you need at least 1000 followers and 4,000 hours overall watch time on the channel over the last 12 months. This is quite a feat to reach in the Youtube world and many will fall before this hurdle.
Though making a quality youtube channel can be difficult there are many way to create an income source from the channel, many of which require a dedicated following but are doable. Here are some other ways to monetise youtube without the youtube program: Sell merch (T-shirts/mugs), Create sponsored content, Affiliate program, BuyMeACoffee/Patreon.
Blogging isn’t one of the easiest ways to make money but the great thing is that anyone can do it. All you really need is a niche and a passion. Once you find the topic which you want to blog you next need patience and dedication. It can take time to build a following and traffic to your blog. You will make mistakes at first and learn a lot as blogging isn’t as simple as whacking a load of text onto a website.
You can find blogging platforms which are free to use. These are best for the casual blogger and if you are building up an audience/following, it’s typically easier on the pocket as monetizing a blog can take time. The pros of these free platforms are that they are exactly that, free! They are also typically super easy to set up and use but the cons are that they come with limitations on the customization and video/photo uploads. You may be restricted by the placement of adverts (or AdSense) or the use of affiliate links.
Here are 3 examples of free blogging sites.
- WordPress.com – This is a free basic blog hosting service that’s easy to use. You’ll have to put up with WordPress ads and branding unless you pay a monthly fee, and you can’t put ads on your site. There are also limited options for customisation and expansion.
- Blogger – Google’s free blog hosting service, Blogger, is really simple to use. But, the customisation and design options are very limited, and there aren’t a lot of options if you want to add new features.
- Medium – With Medium, the emphasis is on the writing rather than design. It’s used by lots of journalists, writers and experts and is a great way to share your work with a particular community. You can’t run any ads and it’s difficult to create your own personal branding.
Once you have your site running and a following behind you, or a high and constant flow of traffic, you can then start to think about monetizing your blog space.
There are a few ways of creating money from a blog and they can also be fairly passive, depending on how your blog is set up.
Some of the ways you can make money are:
- Affiliate marketing (more on this next)
- Banner adverts (Adsense)
- Sponsored content
- Guest blog
- Selling digital products
Affiliate marketing is an income source which can be created by anyone and does not require a degree or any kind of specialization. Affiliate marketing is simply an advertising tactic. Generally what happens is a company/seller rewards internet sites/individuals a sum of money for each referred client that goes and uses the promoted company’s service or buys their product.
Who’s involved in affiliate marketing?
- Affiliates: The affiliate is the person with the website or platform to host ads in exchange for a commission. Normally to become an affiliate you need some kind of platform with a following of people/an audience.
- Affiliate platforms: These platforms can sometimes be directly from the company itself which offers an affiliate program and you can get sites/companies which exist that act as an intermediary between advertisers and affiliates who offer such programs.
- Clients: The clients are the ones who make a purchase online. They are the ones who use the products or give away their data and with this, they guarantee the affiliate to earn a commission.
There are different events which can happen for a commission payout. These depend on the type of product or service which is being marketed. The 3 most common are:
- Payment for sale: Once someone makes a purchase through your link a commission will be earned.
- Payment by lead or by registration: Generally used for companies which want to collect data such as email addresses. Collecting email addresses can be used to send out advertising directly to consumers.
- Pay per share: The advertiser may be interested in achieving a different action.
Affiliate marketing can be used and applied on most platforms depending on what kind of affiliate program applies to your niche. You can affiliate digital products via a link in a Youtube description on your video. Create a Facebook/Instagram/(Insert any social media) page/group and share an affiliate link or place a link on your website.
Summary of the types of side hustles
While we have identified 5 types of side hustles, with many do-able from your mobile phone, these all vary in the amount of time needed, the return on investments and the amount of initial capital you may have to invest into yourself.
The easiest of all these side hustles are the receipts and surveys. These can be apps which are quickly downloaded to your phone. While these are the easiest they have a low return.
If you have a busy lifestyle but looking for that extra little bit of money, then these are the ones to look into.
Youtubing, blogging and affiliate marketing, these types of side hustles take capital to start up and time to amass a following to make money.
Most blogs do not survive the first year, the same with Youtube channels, due to the amount of time needed to edit and produce content.
While side hustles are considered earned income, regarding income streams, there are 6 other types of income streams anyone can earn. Check out the other 6 types of income streams to see if you can increase your income.