The concept of having a side hustle is not new, but it certainly has become extremely popular in recent years. I think even more so with millennials looking for ways to make extra cash. No matter your goal for starting a side hustle, it’s a great way to: build extra income, help you learn skills and potentially become a full-time business.
There are of course a ton of articles on this concept, but I wrote this for one reason: side hustles that have full-time income potential. Here you won’t fast-cash side hustles, so if that was what you are looking for, sorry! You also won’t find suggestions like Uber or filling out surveys.
1. Starting a Blog
Blogging has become a lucrative gig and has become one of the most popular side hustle ideas people gravitate towards. However, growing it and making money does not happen overnight.
Building an audience takes time. Writing great content takes time and patience. Plus, you’ll have to learn some marketing basics to help you succeed. And it also may take spending some money upfront just like any business but will cost much less to start.
I’ve seen tons of people quit their 9-5 and work on their blogs full-time. Even in the personal finance space look at examples like Making Sense of Cents, Millennial Money, etc. Countless others, doing six to seven-figures a year!
2. Dropshipping Business
A dropshipping business also has massive potential to generate full-time income, without working 40 hours a week. Yet, similar to blogging, this requires some patience and some upfront costs.
What is dropshipping? It’s where you have a store that doesn’t keep the products it sells in stock. Instead, when you sell a product, you purchase the item from a third-party and then that third-party ships directly to the customer. As a result, you never have to handle the product.
3. Amazon FBA
This side hustle idea has gained a lot more traction in the least few years, but still has plenty of room for people to succeed. The “FBA” stands for Fulfillment by Amazon and it is a service that lets you store your products in Amazon’s fulfillment centers. They then pick, pack, ship, and provide customer service for these products on your behalf.
Many people do this with their own products, but you can actually do this similar to a dropshipping method. Essentially, you can find products from wholesalers you like, purchase those products in bulk, send to Amazon, and then sell those products via Amazon.
If it sounds like a money-scheme to you, trust me it did to me at first too. But the more you dive into the process, the more you realize it can be an incredible money opportunity.
4. Website Domain Flipping
A great side hustle that can be relatively easy and fetch you full-time income is flipping domain names. Whether you buy a domain relatively cheap or get a good deal from a domain marketplace, that domain can be very valuable to a big brand or other entrepreneurs.
However, the short “.coms” are the most attractive, yet are also getting harder to find good available ones to invest and hold. Yet, there are many other variations like .org, .co, .io, .biz, etc. that are also popular. I still don’t know how investedwallet.com was available when I started this blog! But glad I nabbed it because it’s an ideal domain name.
5. Flip Items on eBay
Many of us probably have had stuff we didn’t want anymore and tried to sell it online, or if anything, at a garage sale. But with a powerful place like eBay and the many others like it now, you can make some serious cash flipping stuff on these sites.
6. Consulting Business
If you have specialized talent or skill that can benefit other brands and companies, starting a consulting business could be a good side hustle for you. This one might take the most time to get rolling, but again, can start generating five-six figure income. The challenge here is networking, building relationships, and proving your skill sets.
Plus, you’ll need to figure out your game plan, website, your pricing for your knowledge and time, etc. However, once you start to build some credibility and have a process in place, it becomes easier to get business.
7. Freelancing
Starting a freelance business is pretty similar to consulting, except instead of just providing expert advice as a consultant, you are executing or doing the work too. Freelancing also has a huge wide range of options, so whatever you are passionate about or skilled at can be a freelance offering.