Making six figures on the side sounds like a dream, but for some it's a reality. Alex Spinoso, MD and CEO of Genesis Lifestyle Medicine, derives his six numbers from his side job of reading people's blood tests.
“My best advice for anyone looking to make at least $100,000 a year on the side is to leverage the expertise you already have,” Spinoso said. “Do you have a specific skill that people will pay for?”
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“Once you've narrowed down your focus, start reaching out to the people you know need your services through direct marketing and word of mouth,” he says. “Work backwards from $100,000 and base it on the client's cost of using your services. Calculate how many people you need to support or sign up to earn . Analyze this number every month and aim for that goal! You'll soon be making a 6-figure side hustle. It will be.”
According to Intuit QuickBooks' Entrepreneurship 2024 report, nearly a quarter (23%) of American consumers, especially younger generations and side entrepreneurs, are considering starting their own business in 2024. Masu. What is the main factor in their decision? Inflation. The report noted that the rising cost of living has led Americans to seek additional sources of income. Starting a business isn't easy, but 53% of new businesses say digital technology (e-commerce, social media, remote work) has helped break down barriers to entrepreneurship.
Here are some other ways to land a six-figure side gig.
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mow the lawn
Believe it or not, it's possible to make six figures with a side hustle doing lawn care. Especially if you have a steady clientele and plan to be crazy busy during the week and weekends.
If you're having trouble finding customers, there are also apps like GreenPal that connect homeowners with local lawn care professionals.
“Many of our lawn care vendors are part-time workers,” said Brian Clayton, CEO of GreenPal, which is best described as the Uber of lawn care. “We have firefighters, we have teachers.” [who] Some people use our app to earn extra money in the summer, while others work in the afternoons and on weekends. For them it is the perfect way to earn extra money. ”
He said: “Our average vendor earns about $55 per hour mowing with our system. They set their own hours and choose the clients they want to work with. Just perfect. It’s a side job.”
Many of the company's lawn care contractors earn $200,000 a year from GreenPal alone, according to the company's website.
More information: 26 ways to make $1,000 fast in less than a week
Provide professional services remotely
If you're crazy busy and don't want to drive from job to job, offering remote professional services is also an option. The key to reaching six figures quickly is leveraging your professional skills and expertise to provide services that clients are willing to pay top dollar for, but it doesn't take long. yeah.
“My wife and I both have full-time jobs, but we also run a remote law firm on the side,” said Sean Breyer of Hive Law. “Our specialty is divorce and estate planning. Most divorces require an attorney to appear in court for contested issues. We focus solely on uncontested divorces. This allows us to Now you can resolve issues remotely without leaving your home. [to] court. We built our law firm in a way that fits our lifestyle rather than the traditional way of working with a law firm. ”
“We average about nine hours a week at a law firm,” Bryer said. “We also average 15 uncontested divorces per year. Each uncontested divorce costs $7,500. So that's about $112,500 a year just for divorce, and that doesn't include the estate planning we do for our clients.”
Start multiple blogs
Earning a six-figure income from blogging won't happen overnight, but with a solid, proven plan and dedication, it's possible to accumulate that amount of income over time. . There are success stories of people making six figures a year from a single blog, but if you can start and run multiple content-rich blogs like the following successful bloggers, you have a better chance of achieving this goal. It will be expensive.
Her middle-class father, Jeff Campbell, is a blogger who says he makes about $300,000 a year. Campbell quit his day job a few years ago, but until then, blogging was a side hustle.
“Articles on the site are typically 1,000 to 2,000 words and are designed to easily answer the questions searchers are typing into Google,” Campbell said. “I make money through a combination of display advertising and product recommendations for which I receive a commission (often, but not exclusively, through Amazon).”
become an affiliate marketer
Affiliate marketing is earning commissions by promoting the products and services of companies and advertisers. To be successful as an affiliate marketer, you need to choose at least one platform, such as a blog or social media, and build an audience that is willing to buy what you review and recommend.
“Affiliate marketing is a smart passive income opportunity that can replace a 9-5 job and earn you a six-figure annual income,” said Ronald Williams, career counselor and founder of BestPeopleFinder. I am. “I spend 20-25 hours a week selecting and selling other people's products. The equation is simple: select, contact, sell. Of course, there are many small steps in between. But we have to focus on these basics.”
“My best advice in this regard (what I learned over the course of 4 years) is to never make concessions. Be patient, iterate the process, look for the public interest when choosing products, and don't sleep. Let your destiny work out for you while you are there,” Williams said.
Become a third-party seller on Amazon
Becoming a third-party seller on Amazon could be a good way to make a six-figure income (or more). “We saw the potential of Amazon and decided this would be a good side hustle,” said Ian Sells, founder and CEO of RebateKey. “At the time, I was only spending about 10 to 12 hours a week on Amazon. It wasn't until I surpassed $1 million in sales that I decided it was comparable to a full-time career for me. That's when I decided to make a career change. That was the reason I did it.”
However, don't jump in without educating yourself first. “Getting mentorship from someone who is familiar with your field or industry can help you get off to a good start and avoid mistakes,” Sells says. “There are a lot of online communities for these purposes.”
So, the first thing you need to do is research wholesale products that sell well on Amazon and give you at least a 30% profit. Next, you need to find someone to lend you the seed money to buy those products in bulk, secure storage space, and purchase shipping materials. To expand your business, you will need to reinvest your profits for at least the first year.
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This article originally appeared on GOBankingRates.com: 5 Lucrative Side Hustles That Will Make You Six Figures
