Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
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For many, side hustles have become no longer just a passionate weekend project, but a way of life. In fact, as of early 2023, nearly 50% of Americans have a side hustle – even if they earn $100,000 annually at their traditional 9-hour job.
Why has it become such a critical aspect of life for such a large population?
One of the important reasons why people tend to turn to side hustles is the freedom they offer; The opportunity to be our own boss and choose our own business path is just too good to pass up. However, according to Bankrate, 41% of those who have a side hustle do so to make ends meet.
When most people think of “side hustles,” they think of driving for Uber or Lyft, delivering for Door Dash, GrubHub, and Instacart, or running errands for TaskRabbit. While these are all viable options, there are actually a variety of different side hustles you can pursue. Let’s take a look at four passive income streams that make great side hustles.
Related: The Best Side Hustle Ideas of 2023
1. Online course creation
The Internet has profoundly changed our society over the last three decades. Few would dispute that. What many don't consider, however, is how much easier (and more affordable) it is to further your education, upskill, or embark on a completely new career path thanks to the advent of online courses.
What began in 1989 as a new and exciting way to earn a college degree eventually evolved into a world of massive open online courses (MOOCs). MOOC providers like Coursera combine content from various universities and colleges, such as Stanford University (inventor of Coursera), Princeton, the University of Michigan, the University of London and the Indian School of Business.
But MOOC providers are not limited to working with universities. One of the most popular online education sites is Udemy, which was founded in 2010 and has 64 million learners, over 210,000 courses, and over 75,000 instructors as of 2023.
The website is primarily aimed at people who want to improve or expand their skills related to their professional roles and positions. For example, a writer who has primarily written blogs or articles may take a course in copywriting or direct response writing. As an instructor, you can demonstrate your unique skills or expertise by uploading videos, presentations, source materials, or other relevant content to help a learner understand and understand your niche.
Like Udemy, Skillshare is an online educational course for those who want to learn and share their knowledge. The difference is that Skillshare is aimed more at those who are looking for a creative outlet or a way to earn income.
For example, a casual singer might be interested in taking a course on breathing exercises or perhaps even music theory. Similar to Udemy, Skillshare allows teachers to earn passive income by creating a course around their passion and leaving the rest of the transaction to the automated nature of the platform.
These are just two examples of online courses, but there are other sites where you can showcase your expertise while making a profit.
Related: 7 Passive Income Ideas to Make Money and Build Wealth in 2024
2. Ecommerce
Did you know that online shopping has been around since the late 70s? Surprised? Of course, it wasn't what we know today, but it was certainly the first of a thousand cuts that would weaken the brick-and-mortar retail empire. It started with a telephone line and a television; One particularly clever English inventor discovered that he could combine the two, connecting a consumer with a business… and overthrowing a kingdom.
Of course, this was just the basis of online trading. Soon after, the Boston Computer Exchange (BCE) took advantage of the idea and became the first e-commerce company to sell used computers.
Today, e-commerce is a normal part of our everyday lives. The global e-commerce market was expected to reach $6.3 trillion in 2023, with nearly 21.2% of total retail sales occurring online. Sites like Amazon, Red Bubble, and Etsy make finding unique items or gifts easy and also provide a sales platform for those who enjoy showcasing their artistic crafts.
Using eCommerce stores is a great way to share your creativity and earn extra income while doing something you love. Etsy has become a popular destination for artists, designers, and other creatives (around 7.5 million active sellers in 2022) who use the domain to build their own businesses.
3. Mobile app development
I talked about how the invention and growth of the Internet has changed the way we learn and shop. But its effects go further.
While many of these programs began on the desktop, the rise of the smartphone also meant the rise of the mobile app. Mobile apps are not just limited to education and shopping. I bet you're reading this article in your smartphone's browser right now, aren't you?
Although apps are often created and programmed by large programming departments, this is not always the case. Mobile apps are often created by independent programmers, filling a need that larger manufacturers may have overlooked.
If you have a talent or interest in app design, programming, or coding and have identified a market need, app development can generate a steady stream of passive income through monetization (in-app purchases, direct sales, and ads).
Related: This graduate student started a part-time job to help pay tuition. Last year he earned over $115,000 – more than his full-time job.
4. Content creation
Parallel to the transition from the physical market to the digital market, the change from traditional marketing to digital marketing is taking place. Today, digital marketing is a fast-growing industry – it already dominates the marketing world and seems poised to grow further.
As a result, the already high demand for high-quality content is increasing every year. Writers, photographers, digital artists, and other creatives looking for ways to generate income through content creation have endless options with the power of digital marketing behind them.
Depending on your skills and interests, you can combine these to create a diverse source of income.
For example, if you are a writer who has also done design work, you could either provide services to a business organization or work for multiple companies depending on what service they need. Content creation services can be extremely lucrative, although depending on the company you work with, the compensation and length of time you receive your service may vary.
Related: This Retired UPS Worker Started a People-Based Side Job That Makes More Than $500,000 a Year — and 'Anybody With a Pulse Can Do It'
The world is open
Creating a passive income stream can start as something small, something you can do while working 9 a.m. to 5 p.m.; However, for many of us, this side hustle can turn into the career we really want.
Personally, I was downright dissatisfied with my previous work environment. I wanted an opportunity that didn't make me feel like it would take years off my life, one that I might actually enjoy and that would allow me to actually live the life I wanted. It may take time, effort and a lot of energy, but side hustles very often become real sources of passive income for people all over the world. Whether you're pursuing a side hustle at your current job or pursuing a full-time career, the opportunities to create an additional source of income are limitless.
They're waiting for you out there.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
