These days it’s not so much about wanting a side hustle, but needing a side hustle to make ends meet.
Here in The U.K nearly half the population have a side hustle just to cope with rising costs.
The thing about online side hustles is that they can be handy not just for extra cash to pay a few extra bills, they could also eventually generate a full time income
Some side hustles can potentially grow enough to provide you with enough income to give up your full time work, although there are important steps to consider first.
Here are 4 online side hustles that can, and have become, full times gigs for people who have worked hard toward achieving that goal.
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Blogging
There are plenty of bloggers out there that started out sharing their passions via their blog, without even realising it was an opportunity to generate income.
However, by blogging about what you love, or what you know or want to learn about, could be turned into an almost unlimited income.
It’s fair to say however that although blogging can generate a side income relatively easy, turning it into a full time gig requires hard work and persistence.
Nonetheless, a blog or website of your own offers a potential to create numerous income streams, whether that be through affiliate marketing, display ads, or selling digital products.
To build a blogging business you need to create lots of content. That could be either by writing articles, creating podcasts or YouTube videos. A steady stream of valuable information for your blog readers is what is required.
The aim of a professional blogger is to be a leader, or authority, in their niche. By achieving this goal, they gain the trust of their audience, meaning that said audience is more likely to buy products the blogger is either selling or promoting.
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Make Money On TikTok
I wanted to specifically include this social media platform simply because I joined recently, and was blown away by how addictive the site is.
I never thought I was someone who could get drawn in to a social media platform, but the TikTok algorithm got to know my interests very quickly and just gave me more and more of what I wanted to watch.
I guess it’s the same for millions of other users that find themselves engaged with the content it puts on their feed.
With so many engaged visitors, there is no question about the huge potential the site has for its users to generate a good income from it as a creator.
However, as with any online venture, you have to put an enormous amount of work in. Not only that of course, you have to be able to create something that keeps your followers coming back for more.
There are a few ways to generate an income from TikTok, these include;
Partnering with brands
Once you have built a following on TikTok a brand could ask you to make a video in which you talk about how great their products are.
These are called sponsored content, and you may receive payment or free products depending upon the arrangement.
Some of the most well known TikTok members earn up to $5 million from various top brands, however you don’t have to be a major influencer with tens of millions of followers to get a brand deal.
Some brands work with micro influencers with less reach due to better engagement and/or deals that are more suitable to their budget.
TikTok Creator Fund
The creator fund was set up in 2020 to pay its users $1 billion over a three year period.
This isn’t for everyone unfortunately because you have to be located either in the U.S, U.K, France, Germany, Spain or Italy.
You also have to be at least 18.
If you fit the above criteria then you have to build a following. Provided you have at least 10,000 followers, and your videos have had 100,000 views in the last 30 days then you’re good to go.
You will probably need a huge amount of views to earn anything substantial from the fund however. One thousand views often adds up to just a few cents, although you can earn more than this.
Promote Affiliate Products
Another way to earn on TikTok is by promoting other people’s products. This is known as affiliate marketing.
This differs to sponsored content in that you are not being paid to create a video in which it is tailored to the brand’s product.
Instead affiliate marketing involves getting either an affiliate link or code from the company who’s product you are promoting.
When that link or code is used you will receive a commission for any sales made. You can promote a variety of products that are related to your niche.
Success with affiliate marketing (as with blogging) or on any platform, involves building trust with your audience. Your videos need to be engaging and demonstrate your knowledge and experience of the products you are promoting.
Like all platforms, TikTok is constantly evolving. New income opportunities will continue to emerge. For example, in 2023 they have introduced an opportunity for creators to publish paid content called series content
Finally, it’s important that you comply fully with TikTok’s terms and conditions if you want to make money from the site. Failing to do so will get your account banned.
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Teaching English Online
You don’t have to have a degree, or a teaching qualification to teach English online. However, having one, or both will help you to earn more.
If you want to make online teaching into a full time occupation then you need to work on your credentials, whether that be with qualifications or gaining experience.
Once your experience and skills improve, so will your income.
Like most online earning opportunities, teaching English online is a very flexible profession given that you can work from anywhere in the world, and you can often set your own schedule.
It can also be a very rewarding career too knowing your have helped others in a big way.
You will of course need to ensure you have the right equipment to ensure your online teaching is successful.
A good quality PC/Laptop/Mac along with a decent webcam and headset along with a workspace that is both comfortable and quiet is essential.
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A Dropshipping Business
A dropshipping business is a very popular online business model.
With this model, the seller promotes products (which they do not stock) on their website or storefront. When they receive an order, the dropshipper is notified and the fulfilment (storing and shipping products) is completed by the dropshipper.
The benefits of this business model to the seller are obvious in that it is efficient and has lower overheads. It also appeals to new starters with only a small investment.
Given the small set up costs, dropshipping is competitive, and profit margins may be small. Due diligence is also needed when choosing the dropshipping company as you may be paying too much.
However, this business model can be scalable and become a full time gig.
The flexibility of dropshipping allows you to test different products so you know what works best. Once you find what works for you and provides a profit, you can grow your orders without worrying about having to increase your inventory.
Final Thoughts
Thanks for reading my article today, I hope you found it helpful. There are of course many other side hustles that could lead to a full time income not covered here.
Starting a side hustle is always worth trying. If it earns you a little extra, then in todays economic climate it’s going to help you with some bills.
However, if you want to take it to the next level and grow the income into what you consider to be a full time wage, then be prepared to work hard.
Nonetheless, if your side gig involves doing something that you love, for example creating engaging TikTok videos, or blogging about your favourite hobby, then the work you put in will be more rewarding and worthwhile.
There are hundreds more articles and reviews about making money online here on my website Wealthinflator.com. You will find all my latest posts HERE