Seeking ways to boost your income? A side hustle could be your solution. Thanks to the internet, you can access a vast range of opportunities worldwide. Whether you’re looking for quick cash or are willing to invest time and money for greater returns, there’s a side hustle for you. Explore the options listed in this guide to find the perfect fit for your financial goals.
Why earn extra income in 2024?
Earning extra income in 2024 is a wise choice for several reasons. The economic landscape continues to evolve, and having supplementary sources of income provides financial security and flexibility.
Consider freelancing, where you can leverage your skills to take on remote projects and earn additional money. Alternatively, you can explore the world of cryptocurrency, whether through mining or staking, to capitalize on the growing digital asset market and potentially generate substantial returns. Here are a few ways you can maximize your side hustle.
Affiliate marketing
Affiliate marketing, or performance-based marketing, is a popular way to earn some extra money. It involves the promotion of another company’s product or service in exchange for income. Think of an affiliate as the salesperson for the company. When a customer (known as the referral) finds the product and purchases it through the affiliate’s dedicated link, the affiliate gets an agreed-upon commission.
Affiliate marketing is one of the most lucrative side income ideas available. It is a popular tactic that brands leverage to drive sales and boost growth. For brands, it’s a no-brainer.
There is every indication that this trend will increase in the future, especially as affiliate marketing spending is reported to grow by 10.1 percent annually. Wondering how to begin affiliate marketing and if it can generate significant side income? Here’s how.
Find an affiliate platform
However, you need to start with a platform. A platform is where you build your audience. This could be on a website or on social media. For websites, setting up a blog today is easy and fast. There are thousands of tutorials online that can get you started. Whatever you do, you stand a chance of succeeding with a blog if you niche down.
That way, you can build a specific audience to which you can promote your affiliate links. For social media, one platform suitable for beginners is YouTube due to its low barrier to entry and how quick it is to grow your account.
However, you should also be aware of a few things before you jump into the world of affiliate marketing to earn extra income:
- Sell things you’re interested in: This is critical if you own a niche on the internet. You want to sell stuff you’ve used in the past and are interested in it. That way, it becomes easier to grab the attention of your audience. You can’t run a sports blog and sell baby diapers.
- Look out for commission rates: The commissions on your chosen affiliate platform determine how much you earn. Before settling in with a client, you should compare rates, read their policies, and ensure they’re terms you can work with.
- Stay current with trends: The affiliate marketing space is fiercely competitive. You want to ensure that you stay on top of all trends to remain competitive. Keep up-to-date on strategies to improve your conversions and, in the long run, your revenues.
Cryptocurrency mining
The cryptocurrency industry is quite vibrant. With rising bitcoin prices and interest from Fortune 500 companies like PayPal, there’s never been a time as good as now to earn extra income from mining from home. There are several ways to eke out a side cryptocurrency income. However, none seems more popular than mining.
Bitcoin mining is the process of validating transactions on the network and creating new BTC. It’s a critical blockchain component and a profitable way to earn rewards. These rewards come in terms of units of the cryptocurrency in question.
Mining is indeed a great side hustle to earn extra money. To set up a traditional mining rig system, in most cases, you need expensive hardware procurement and lots of technical know-how, which could be quite pricey. Besides the cost of electricity, mining rigs for a small bitcoin operation could cost thousands of dollars.
Other expenses that should be factored in are power bills, backup generators, cooling fans, and others. But you don’t have to go all in to mine bitcoin.
You can also benefit from cloud mining without purchasing specialized mining hardware. Cloud mining involves paying a service provider to mine cryptocurrencies for you in exchange for a subscription fee. With cloud mining, you can mine several cryptocurrencies without requiring large investments upfront.
Cryptocurrency staking
Another significant side hustle idea to earn extra money is staking. With blockchain, transactions have to be validated. Some cryptocurrencies do this through mining or proof-of-work, while others use a proof-of-stake consensus. Staking is the process of validating transactions and earning new rewards. The stake (your digital asset) incentivizes the network’s maintenance through ownership.
Staking functions as an alternative operating consensus to mining, which, as we noted earlier, can be pretty expensive and challenging. With staking, you need minimal technical knowledge and setup to begin.
How staking works
- Meet the cryptocurrency’s minimum balance and deposit the tokens into
When you meet the cryptocurrency’s minimum balance, they deposit that amount of the asset into the network as a stake. - The stake’s size is directly proportional to the node’s chances of being selected to make the next block.
- If the node creates a block, the validator gets a reward. This is similar to how miners get rewards for validating transactions on a proof-of-work blockchain.
As with mining, you would also have to check to see if an asset you want to stake is profitable. Some of the best proof-of-stake coins include Tezos, DASH, Tron, NEO, Cosmos, and VeChain. Alternatively, you can use platforms like Staking Rewards to discover staking rewards, the percentage of coins staked, and other valuable details.
Freelance services
If you’ve got a skill and would like to get paid for it, freelancing might be the perfect way to earn extra money. Through freelancing, you can lend your skills to an organization and help them grow and achieve their goals. In return, you get paid.\
Freelancing has become pretty popular, thanks to the rise in remote work and the emergence of the “gig economy.” It benefits all parties involved – companies can get top talent to handle jobs for them without worrying about costs like health insurance, unemployment benefits, sick leave, etc. On the other hand, the freelancer also gets greater convenience to work and can secure gigs from as many sources as possible.
Platforms like Fiverr, Upwork, Freelancer, and more provide opportunities for you to showcase your skills and land freelance gigs.
As with most things, sales might be slow when you start. The freelance job industry has gotten very competitive, and you’ll find top talent duking it out for jobs no matter the niche. As a beginner, you might struggle to get your first gig. Even when you do, there’s a big chance it would be for less than you’re worth. This trend could also continue for your first few gigs, but keep at it.
Freelance sites run on the principle of ratings. The higher the reviews and ratings you get from clients, the faster you’re able to move up the rung of top-rated freelancers in your field. Soon enough, you’ll be able to bid for the big-ticket gigs and get paid big bucks.
Rent extra space on Airbnb
Airbnb is the world’s leading online home rental platform. Like Uber, Postmates, and Lyft, the service has become a poster child for the “shared economy.”
With Airbnb, you have the option to list your home, whether it’s your entire house or any available space like a basement or spare room, for visitors who are willing to pay a fee. This service has witnessed a significant surge in popularity in recent years, mainly due to its cost-effectiveness compared to traditional hotel accommodations.
How much extra income can you earn on the side as an Airbnb host? Statistics show that an average Airbnb host can make up to $924 a month. That’s pretty high. However, the numbers can vary based on a myriad of factors, including:
- The apartment’s location and neighborhood
- The size of your space
- The cost of renting your space
- How often do you rent the space out
- The home and its aesthetic appeal (furnishing, maintenance, etc.)
- Your rating on Airbnb (which will determine demand)
Airbnb features
While these factors are important, your rental price could also be a deal-breaker. You’ll struggle to get clients if your space is too pricey. With Airbnb, you need to learn how to set the right price – one that favors you and the client.
Luckily, Airbnb has several platforms that can help you earn extra money. The service’s metrics section allows you to compare your rental with others in your area. It also shows you when you should consider reducing (or raising) your prices, depending on expected changes in demand.
You can set minimums for how long people can stay in your home. For instance, a weeklong minimum will help you offset the cost of turnover (including upkeep, cleaning, and more).
There’s also the possibility of earning additional charges for guests or any other services you might provide (cleaning, equipment rentals, city tours for foreign tenants, etc.)
Drive for Uber or Lyft
In your spare time, you could join Uber or Lyft and chauffeur people around in your car.
These services have done a great deal to help people with additional income. According to an NPR report, an average ride-share driver makes between $8.55 and $11.77 per hour net the platform’s commission. Other sources pin the median monthly income of a ride-share driver at $155 per month and an average of $364. This isn’t so high, but considering that it’s your side hustle, it should do fine.
Now that we covered its financials, you should also be aware of some requirements before you work for a ride-share company driver.
Driver requirements
- You should meet the minimum age to drive in your city.
- Have a valid driver’s license.
- Have at least a year of licensed driving experience in the United States (for people under 23, this increases to three years).
- Provide proof of residence in your state.
- Pass a screening process that includes a possible background check and a review of your driving record.
- Meet your state’s minimum auto insurance requirements.
“Whether you want to make more money for a big life event, like buying a house, having a baby, hosting a wedding, sending a kid to college, or you have extra time and want to save a little, side hustles are a great way to make some cash.”
Indeed editorial team
Earn extra income your way
Choose a side hustle aligned with your interests, skills, and capabilities, especially if you have a 9-to-5 job. Select a side hustle you’re passionate about and willing to commit time to. Enjoy the process, make money, and you may even surpass your main job’s earnings.
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