Have you ever considered creating your own side hustle? It’s not just a weekend passion project anymore; it’s becoming a way of life for many. In fact, as of the beginning of 2023, nearly 50% of Americans have a side hustle — even if they’re making $100k annually at their traditional 9-5 jobs.
Why has it become such a critical aspect of life for such a large population? One of the important reasons people tend to gravitate towards side hustles is the freedom they offer. The opportunity to be our own bosses and choose our own business path is just too good to pass up. However, for 41% of those with a side hustle, it’s a way to make ends meet.
But there’s more to side gigs than just driving for Uber or delivering for Door Dash. There’s a wide variety of different side business paths you could pursue. Here are four passive streams of income that make great side businesses:
1. Online course creation: The internet has made it easier and more affordable than ever to upskill, advance your education, or jump to a completely new career path. Sites like Coursera, Udemy, and Skillshare offer opportunities to showcase your unique skill set or expertise and earn a passive income by creating and sharing your own courses.
2. Ecommerce: Did you know online shopping has been around since the late 70s? Fast forward to today, and nearly 21.2% of total retail sales happen online. Utilizing ecommerce stores is a great route for sharing your creativity and earning additional income while doing something you love. Sites like Etsy have become a popular hub for artists and designers using the platform to build up their own businesses.
3. Mobile app development: The rise of the smartphone meant the rise of the mobile app. If you have a talent or interest in app design, programming, or coding and you’ve identified a market need, app development can cultivate a steady stream of passive income through monetization.
4. Content creation: As a result of the shift from traditional marketing to digital marketing, the demand for quality content is amplifying by the year. Writers, photographers, digital artists, and other creatives have innumerable opportunities to make income through content creation.
Creating a passive income stream can start as something small, something you can do while working your traditional 9-5. However, for many of us, that side hustle can become the career we truly want. Whether you run your side hustle alongside your current job or are seeking to make it into your full-time career, the opportunities to create an extra source of income are infinite. They’re out there waiting for you.
