10 Side Hustle Ideas for Young Professionals
The ever increasing cost of living and educational tuition has given rise to hefty student loan debt for many new graduates. It is evident that we must become more financially aware and create more avenues to improve our financial stability. One term that has gained a lot of notoriety lately is the “side hustle”. Everyone seems to have one or are trying to figure out a way to get one. A side hustle is a way to produce extra income outside of your 9 to 5 job that will give you a bit of freedom to pursue your passions, purchase things you need or want, lower any financial worries or help you to become financially independent.
While the term may be new and trending, the concept of a “side hustle” has been around for a long time . I remember growing up and seeing my friends and family who had regular 9 to 5 jobs utilize their nights and weekends to make extra income. One worked at the local bank but baked cakes and catered out of her home on weekends, another operated an at home car wash on Saturdays. After graduating college I worked as a Chemistry Lab Tech and tutored Chemistry after hours and on weekends for $20 per hour. Truth be told it was with this “side hustle”income that enabled me to rent my first apartment in Washington DC, purchase furniture and have a small savings prior to starting dental school in 2010.
All side hustles aren’t created equal. There are some that will make you a little bit of money and others that can potentially produce enough to replace your 9 to 5 job . Either way, there are different types of side hustles that everyone can take advantage of. Here are some ideas:
1. Create a Blog
Blogging is a proven online business model and just might be the perfect side hustle. You can do it on your own time, build passive income streams, meet new people, build a network and ultimately unlock a lot of opportunity. There are a lot of individuals that are making a significant income from blogging. However, it does take time - you have to commit a certain percentage of your week to it. I like to call it my 6-10 (opposite of a 9 to 5). You also have to offer enormous amounts of value, be consistent, build an audience to begin the monetization process.
2. Advertising & Affiliate Marketing
Affiliate marketing is an extremely attractive industry. Income is produced through commission based marketing of another person’s or company’s products. Your followers represent a consumer market for the targeted brand. Many bloggers have been able to generate substantial revenue through affiliate marketing—and this trend doesn’t seem to be going away anytime soon.
3. Become an Brand Ambassador
A brand ambassador is a person who is hired by an organization or company to represent a brand in a positive light and by doing so help to increase brand awareness and sales. On social media, mainly Instagram, anyone can start a side hustle by becoming an influencer. You can build an Instagram following around anything such as your dog or even your photography. You can then monetize your Instagram account by doing sponsored posts, Instagram takeovers or selling products on your website. Tip: be sure that you believe in the product or brand that you’re advertising. For example, I’m a dentist and I really love Quip and Risewell products and regularly recommend them to my friends, family and patients - so I have no problem being their brand ambassador.
4. Freelance Writing/Services
If you’re looking for something relatively simple that can draw from your existing well of experience, you can’t go wrong with providing a service on a freelance basis. From web development to graphic design, writing or editing, there are countless opportunities for you to flex your creative muscles and earn a substantial side income. You can use sites like Upwork, Freelancer or Fivverr to advertise your services.
5. Start a Podcast
Podcasting is another great way to earn passive income and is becoming increasingly more popular. I personally listen to a lot of podcasts and I learn a lot from them all. Typically podcasts make money through sponsorship, advertising, affiliate marketing, coaching & consulting, public speaking events and many more.
6. Write an Ebook
You can write on an area of expertise or an area that you’re passionate about, turn it into an ebook and sell it. It costs nothing to produce but time. You can even go a step further and sell it as a paperback that earns you money only when it sells, removing much of the prior friction it took to get published.
7. Locum Tenens
For example, if you’re a dentist you can offer your services on off days or even on the weekends in someone else’s practice. Usually with a locum tenens position you can do as much or as little as you like. You can choose to do simple oral hygiene exams only or as much as a typical day at the office. Locum tenens positions usually do not require a contract and pays either a flat rate (per diem) or an hourly wage. I don’t know about you, but it doesn’t get much simpler than making an extra $600-$1000 per day checking behind the hygienist after they’ve done a prophylaxis treatment. I am sure there are avenues for other medical professionals.
8. Invest In Real Estate
You can purchase property, flip it and then sell it. You can purchase a home and use it as a rental. You can get into a commercial real estate venture as a fractional owner via crowdfunding. This allows you to put up a small percentage of the total cost and own a percentage of the property which entitles you to a equal percentage of the rental profits. Real Estate can be lucrative but remember nothing comes without risks. Do your research and consult a real estate professional for more information.
9. Rent Space In Your Home or on Airbnb
Airbnb has rapidly changed the game when it comes to options of where we stay when on vacation. More people than ever are choosing Airbnb for their hospitality needs instead of traditional hotels. If you have a spare bedroom in your home that your aren't using, instead of just using it as storage you can put a bed in it and a few other pieces of furniture and rent it out on Airbnb. If you don’t have a spare bedroom, you can consider renting your home when you go on vacation rather than having it sit empty. Additionally, you can purchase property and use them as Airbnb properties (another form of real estate investing).
10. Create a Product and Sell online
If you are creative and have developed a product, you can sell it on online and generate substantial income. If you have a website you can create a shopping page and sell the products there or sell via an e-commerce website such as Shopify or BigCommerce. Alternatively, you can sell crafts and hand-made items on Etsy. Download my FREE guide on how to turn your hobby into a lucrative side hustle.
Your side hustle can help you make some extra money each month and potentially replace your 9 to 5 income. It can also help you develop new skills, build your personal brand or portfolio and help you achieve more freedom. Take the risk by starting the business or pursuing that new hobby you’ve been curious about. A side hustle is your best opportunity to live life on your own terms. And with more money in your pocket, there’s nothing stopping you from making your dreams come true.
Some relevant podcasts that I listen to:
Some Side Hustle books I’ve read that I recommend:
