A lot of us have probably been around the internet and seen many people talk about this thing called 'multiple sources of income.'
Multiple sources of income can be anything that you do on the side that makes you some extra income - even side-hustles.
The best part about a lot of these things is that they have:
- Potential to scale,
- Potential to automate,
- and potential to replace whatever you're doing.
Now you might have already seen 100s of YouTube videos, read 100s of blogs talking about the 'the X best side-hustles that will make you a millionaire.'
I'm afraid it doesn't work like that.
What is realistic however is the opportunity to eventually turn this thing into a full-fledged business.
This all sounds great and all, but you're probably thinking how on earth are you supposed to build a new source of income whilst working full-time or learning?
Today, we're going to talk about the top 5 best side-hustles you can start today and earn an extra $1000 per month or more.
Guess what? They don't need you to work from 6am to 10pm to make them work, they only take a few hours of work a day.
Most of these side-hustles you may not have heard of before, or they aren't talked about too much.
Now as a disclaimer: there's lots of stuff out there that may be 'underrated' but has not made money for anyone.
These 5 side-hustles are all proven side hustles that can become your main source of income with little time and patience.
Sell stuff on eBay
This has been my favorite side-hustle so far.
In one of my previous blog posts - how to make your first dollar online - I explain how I started this side-hustle whilst working full time.
At the time, I was working at an Amazon warehouse.
I would work around 6 days a week, and even up to 12 hours per day - the average day was around 10 hours.
On the side, however, I managed to make an extra £1000-£2000+ per month from selling things on eBay.
In order to make money on eBay you need 1 thing.
You need a supply of products that are in demand.
Luckily for me, I had a family friend who supplied me with goods to sell online.
I had the chance to sell a wide range of things - mostly in the technology space.
I would sell things such as toothbrushes, blankets, speakers, home equipment, shavers and more.
In my experience, people loved speakers and shavers the most.
There's a very simple saying that says 'If it works, keep doing it.'
So that's what I did.
I kept on selling more and more of these products and I was able to make upwards of £2000+ per month as commission.
We had a 80/20 profit share - where I took 20%.
We eventually pushed it up to 30%.
Although I no longer do this side-hustle, it has been my favorite thing to try because it made me money almost immediately.
I've been selling stuff online for a long time, even before this.
All you have to do in order to try this hustle is find something trending on eBay.
Most things will sell for the right price - so your best bet is to go for something evergreen (tech).
Next, you will want to search online and find a place to get these supplies for the lowest price possible.
Gumtree and Facebook marketplace are two great places to find cheap things.
Most sellers will also be happy to sell their goods for a reduced price.
So negotiate in order to broker a deal.
Now finally, post the item(s) on eBay and make sure you have good images, descriptions, and titles.
In terms of delivery, we were quite ineffective.
We used an expensive delivery method since we didn't know how the eBay delivery system works.
You can start by using a local post office, but if you want to do this long-term, you will need to learn to save on delivery.
In the US, there are 2m vending machines in operation, collectively bringing in $7.4B in annual revenue for those who own them.
Vending machines are one of the coolest businesses in my opinion.
It's similar to real estate - only on a micro-scale.
In real estate, you can have different units and apartments or complexes making you a steady stream of income per month when you rent out your properties.
You can own property in another country but have a management company to manage all your properties.
You just pay them a monthly management fee and you keep the rest.
This is very similar to vending machines.
You may have seen some videos on YouTube of people checking on their vending machine profits.
Like real estate, it's an amazing way to make money but does require a bit more time than other hustles to set up.
It also requires a larger upfront investment.
When I worked at Amazon, the lunchroom had some vending machines and a coffee machine.
The coffee machine was free and actually the only reason I managed to work there for around 6 months.
The vending machines were not free.
As soon as we'd get sent to break, you would see a swarm of people line up for a coffee and a snack.
On average, some of my friends would buy something from the machine around 2-3 times a day.
This was when I realised that we are doing physically intensive labor in order to earn £100 per day.
There were people who were earning over £100 per day by having their real estate (vending machines) in an extremely convenient place.
One article says, a well-stocked vending machine in a safe, high-traffic location can generate over $400 a month profit.
Although this may not sound like a lot, you can easily scale your operations by buying more vending machines and placing them in a new place.
Let's go through an example using the $400 per month figure above.
Let's say there is a busy hospital nearby with 4 floors.
You can have 4 vending machines, one on each floor.
This may cost you around $2000 (give or take) to set up.
If each machine generates a $400 profit per month, you will have $1600 in profit per month.
Now to completely sell you on this idea, you can automate your vending machine business too.
There are some companies that do vending machine management.
They may take 10% of revenue and so you'd be left with over $1200-$1300 in profit per month.
Now imagine having more hospitals similar to this one.
Each hospital is another $1300+ in profits per month.
Why not give it a try?
Create and sell digital stuff
I love digital stuff.
Digital products are one of the best ways to make money with little to no monetary upfront investment.
A digital product can be anything that you create and sell online.
You may be a great artist or designer.
You can sell your digital artwork infinitely online after creating it once.
There are a lot of places such as Gumroad and Etsy that you can sell your goods on.
Luckily for designers, there are massive platforms such as Pinterest which allow you to freely advertise your products.
The more visual the better because people love visually appealing things on Pinterest.
Not long ago, I made a digital icon pack for iPhone and sold it online.
It was a bundle of 3 packs, each with 130+ icons.
It took me a few hours altogether to create the icons on Canva.
I then spent $20 on Fiverr to pay a designer to create some icon thumbnails for me.
You can even sell course content.
Do you have a lot of experience in a certain field - more than what most people would have?
You would be able to create a course and publish this course for free or for a one-time fee on platforms such as Udemy and Skillshare which works slightly differently.
The best part about digital products is that you just create them once.
Since they're digital, they can be sold as many times as you'd like without having to worry about stock.
Another thing I've spoken about previously is starting a clothing brand online.
This (although not 100% digital) can be automated and sold like these digital products.
Print-on-demand sites such as Teespring allow you to design clothing items and sell them without holding any inventory.
All you have to do is design and sell them.
No - copywrite.
The first time I learned about copywriting, I was confused between the legal term too.
Copywriting is a lot more fun.
Copywriting is selling through words.
This skill will always be a highly demanded skill because companies are looking to sell products and services to clients through advertising.
When you read a sales letter, a Facebook advert, an email from a company's newsletter, you're probably reading their sales copy.
Copywriting is a skill that not many people have mastered.
Being able to sell people through your writing is a very high-paying skill to have.
An advantage of being a copywriter is that (similar to the marketing agency) clients will want to work with you long-term if you're able to bring them noticeable results.
If you're a naturally good writer, it does not mean you're also a great copywriter.
Although I'd say I'm a pretty strong writer, I was also luckily a great copywriter too.
See, copywriting doesn't have to be complex and full of jargon.
Copywriting is simply moving the readers with your words and getting them to do what you want.
Almost like witchcraft through words if you really master it.
If you're a really good copywriter, you can have clients pay you $1000s each month to write their sales copy.
The best part is, most businesses need a copywriter because they have things to sell.
What you can start to do is look at places you shop from and see if they have an email newsletter.
If they do, you can approach them and ask them if they need help with it.
Or if they don't have one, you can approach them and tell them the benefits of having one and the sort of return it can bring their business.
A lot of people teach copywriting, but not many tell you how good this skill can be to have.
Businesses value copywriting because when done correctly, it can increase the profits of a business with no extra costs (unless they hire someone to do it).
Again, you can go on Skillshare and learn copywriting within a few days.
From there, you can spend an hour or two per day searching for businesses that might need your service.
You can write them a really strong email using the techniques you've learned in order to sell them on hiring you.
To start off, you can charge a few hundred dollars per month.
Once you see the value you bring to the business, you can slowly increase it or even do a profit share.
Complete tasks on Taskrabbit
This one hurts me to talk about.
I remember a few years ago, my friends and I had an amazing, genius idea to start a business where people can pay others to do specific tasks for them.
I worked really hard (few hours on MS Powerpoint) to create a 'clickable' prototype of the product and how it will look.
All of this effort to only find out that there was a business, backed by Ikea, that did the exact same thing.
I was distraught and I thought that we could never think of any good ideas.
If only I knew how competition in business worked a few years ago.
Anyways - TaskRabbit is an app or software where people who need something done can connect with people who can do the job required.
You can get paid quite a bit on this platform because there are tasks for handymen and other laborious tasks to do.
If you have a lot of free time and looking to make some extra money on the side, Taskrabbit might be the best way for you to go.
Talking about Uber, you can even apply to be an Uber driver if you own a vehicle.
Driving is a great way to have some free time for yourself.
You can spend this time learning through audiobooks or podcasts, whilst making some extra money.
That is it for the 'Top 5 Most Underrated Side Hustles That Can Make You An Extra $1000+ Per Month.'
Which side-hustles are you going to try out?
Which side-hustles are you going to try out?
Are you already doing any of these side-hustles?
Let me know in the comments below.
Till next time,