Yahoo Finance 5 Lucrative Side Hustles That Can Make You Six Figures
Making six figures from a side job might sound like a dream come true, but it’s a reality for some people. These folks have figured out a path to a great income that doesn’t involve a typical 9 to 5, though they’re still putting in the work.
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Alex Spinoso, MD and CEO of Genesis Lifestyle Medicine, pulls in six figures from his side hustle of reading bloodwork for people.
“My best advice for someone looking to make at least $100,000 annually from side hustles is to utilize what you are already an expert at,” Spinoso recommended. “What specific set of skills do you have that people would pay money for?”
Once you have this narrowed down, Spinoso said, “start to reach out to people who you know need your service through either direct marketing or word-of-mouth. Work backward from $100,000 and figure out, based on your client’s cost of using your services, how many people you would need to help or sign up in order to make $100,000.
“Break this number down monthly and shoot for that goal! Pretty soon you’ll have an easy six-figure side hustle.”
Nearly a quarter of American consumers (23%), especially younger generations and side hustlers, have considered starting their own business in 2024, according to an Intuit QuickBooks “Entrepreneurship in 2024” Report.
The primary driver behind their decision? Inflation. The report noted that the rising cost of living has pushed Americans to look for additional sources of income. They’re going to need it as the average US consumer feels they need to earn a whopping $230,000 per year to feel successful.
While starting a business isn’t easy, 53% of new businesses say digital tech (e-commerce, social media and remote work) has helped break down barriers to entrepreneurship. So much so, that even more baby boomers have begun working remotely than ever before.
Here are some other ways to hustle your way to a six-figure side gig.
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Mow Lawns
While it might be hard to believe, it is possible to earn six figures on the side doing lawn care — especially if you have a steady stream of clients and you’re willing to hustle during the week and on the weekends.
If you’re struggling to find clients, reach out to neighbors and members of your community. There are even apps that connect homeowners to local lawn care professionals, such as GreenPal.
“Many of our lawn care vendors are part-timers,” said Bryan Clayton, the CEO of GreenPal, an app that is best described as Uber for lawn care. “Some are firemen, some are teachers [who] use our app in the summer to make extra money, while others are college students that work afternoons and weekends. It is the perfect way for them to make extra money.”
He said, “Our average vendor makes around $55 per hour mowing lawns on our system. They set their own hours and pick the clients they want to work for. It is the perfect side job.”
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Offer Remote Professional Services
If you don’t want your hustle to include driving from job to job, offering remote professional services is another option. The key to reaching six figures quickly is to leverage your professional skills and expertise to provide a service that your clients are willing to pay you handsomely for but that won’t take up much of your time.
“My wife and I have full-time jobs, but we operate a remote law firm as a side hustle,” said Shawn Bryer of The Hive Law.
“Our area of practice is divorce and estate planning. Most divorces require lawyers to show up to court for contested issues. We solely focus on uncontested divorces. This allows us to resolve issues between spouses remotely without going [to] court. Instead of going the traditional route with a law firm, we have set up our law firm in a way that works around our lifestyle.”
Bryer said they work about nine hours per week on the law firm on average. “We are also averaging 15 uncontested divorces per year. At $7,500 per uncontested divorce, divorces alone bring us about $112,500 in revenue per year. That doesn’t include the estate planning that we also do for clients.”
Start Multiple Blogs
Making six figures from blogging won’t happen overnight, but with a solid, proven plan and dedication, it’s possible to build up to that amount of revenue over time. Many former bloggers have moved over to the much easier to monetize platform, Substack — which allows for paid subscribers and doesn’t rely on advertising dollars to make income.
And while there are success stories of people making six figures per year from a single blog or Substack, you’re more likely to reach this goal if you are able to get multiple content-rich blogs up and running like the following successful blogger.
Jeff Campbell from Middle Class Dad is a blogger who stated that he makes around $300,000 annually. Campbell quit his day job a few years ago, but prior to that, he said blogging was a side hustle.
“The articles on the sites are between 1,000 and 2,000 words usually and are designed to simply answer questions searchers are typing into Google,” Campbell said. “I make money through a combination of display ads and recommending products I get a commission on (often, but not exclusively, through Amazon).”
Become an Affiliate Marketer
Another side hustle is affiliate marketing, where you earn a commission for promoting a company’s or advertiser’s product or service. To become a successful affiliate marketer, you need to choose at least one platform, such as blogging or social media and build an audience who is willing to buy what you review or recommend.
Affiliate marketing could potentially lead to six figures in earnings if you are strategic and dedicated. But it is a hustle that takes a lot of dedication to pay off.
Most people who make it work are posting regular content on a social media platform where they amass enough followers who will click on the advertiser’s embedded links, earning the marketer the revenue they so covet. If you have that type of bandwidth and creativity, and an eye for the type of products your audience will buy, then this could just be a perfect addition to your content creation.
Become a Third-Party Seller on Amazon
Becoming a third-party seller on Amazon might be another good way to bring in six figures (or more) on the side.
“When I saw the potential of Amazon, I decided that it could be a good side hustle,” said Ian Sells, founder and CEO of RebateKey. “Back then, I only spent around 10 to 12 hours per week on Amazon. It was not until I crossed the million-dollar mark in sales that I decided that it could match my full-time career. That was the time when I decided to switch.”
But don’t jump in without educating yourself first. “Having some guidance from someone who is used to the field or industry you are interested in can help you have a good start and prevent you from committing mistakes,” Sells said. “There are a lot of online communities for these purposes.”
In short, the first thing you’ll need to do is research which wholesale products you can buy that will sell well on Amazon and that will yield at least a 30% return. Then, you’ll need to find someone to loan you the seed money to buy those products in bulk, secure a storage space and buy shipping materials. To scale your business, you’ll need to reinvest your profits for at least the first year.
Whether one of these side hustles works for you, or you use your creativity to brainstorm others, these are good places to start drumming up extra cash.
Jordan Rosenfeld contributed to the reporting for this article.
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