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10 Best Scalable Side Hustles with Proven Strategies for success- Make Money in 2023

Looking for the best low-cost, scalable side hustles you can start from home? In this article, I am going to walk you through the 10 best scalable, work from home side hustles for 2023. All these side hustle ideas can be started and run online from the comfort of your home.

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Making money online is so powerful because it’s the fastest and easiest way to make extra cash. According to Census.gov, E-commerce sales in the third quarter of 2022 accounted for 14.8 percent of total sales.

I don’t know about you, but with such a powerful demand, I want in. By the end of this article, you will be ready to start making great money online from your side hustles from the comfort of your own home!

What is the Side Hustle Stack?

The Side Hustle Stack is a carefully curated collection of resources, tools, and strategies to empower you in discovering, launching, and thriving in your side hustle ventures.

How Does it Work?

  1. Discover: Explore a diverse range of side hustle ideas and niches, from freelancing to e-commerce. There’s something for everyone.
  2. Learn: Access comprehensive guides, courses, and tutorials to gain expertise in your chosen side hustle. Learn the ropes and master the skills you need.
  3. Tools and Resources: Find essential tools, software, and platforms to streamline your side hustle. From project management to marketing tools, we’ve got you covered.
  4. Community: Connect with a supportive community of like-minded individuals. Share experiences, seek advice, and stay motivated.
  5. Grow: As you embark on your side hustle journey, track your progress and watch your earnings grow. The Side Hustle Stack equips you with strategies for scaling and success.

How Can it Help You?

  • Diversify Income: Whether you need extra cash or dream of a thriving business, side hustles offer financial stability.
  • Explore Passions: Monetize your hobbies and interests with guidance from the Side Hustle Stack.
  • Flexibility: Work on your own terms, balancing work, family, and life.
  • Skill Development: Acquire valuable skills that can boost your career or open new doors.
  • Financial Goals: Achieve financial milestones, from debt reduction to saving for your dream vacation.

Unlock financial independence, personal growth, and entrepreneurial fulfillment with the Side Hustles. Start your journey to a brighter financial future today.

Why is it difficult to find good, scalable side hustle ideas?

woman finding a scalable side hustle at home in her kitchen

I’ve spent hours searching online and have asked myself this exact question. The issue is the seemingly limitless amount of information available on the internet. There are too many options for one-time money-making hits, which is a time waste. I’ll narrow down the options here, focusing on the worthwhile side hustles. Below, I’ll go into depth on the side hustles that are scalable and will yield a strong passive income.

In this article, you will not only learn about making money online, but you will also learn about how to make the right money with the right business. I have personally tried almost every single one of these ideas, and I am currently profiting from them as I write this.

Go Deeper: Check out my article on the 42 best Side hustles in 2023 (with scalability rankings!)

So let’s dive in, and by the end of this article, you should be ready to get started!

The benefits of making money online with a Scalable side hustle

We could all use an extra wad of cash at the end of the month to save, invest, and get a great bottle of wine on date night. And hey, if things take off with your online side hustles, you can quit your main job and replace your income to start living life on your terms.

According to Forbes, there is a growing trend of side hustles, with many people starting them to make extra money. Making money is great, but doing it from the comfort of your home and on your schedule makes it even more appealing. You can set your schedule and make your own office. There is little overhead, all you need is a computer and some good, old-fashioned hard work.

Other benefits include:

  • Working from the comfort of your own home
  • Spending more time with loved ones
  • Ability to make money from anywhere
  • Extra money to pay off debt or invest
  • Ability to focus on what you’re passionate about
  • The experience of starting your own business
  • Being your own boss

Key Things to Keep in Mind With Your Side Hustles When Choosing the Best Way to Make Money Online

go get em mug, finding scalable side hustles at home

When choosing a side hustle to make extra income, you want to take into account a few key things. First, what is the cost to start the side hustle, and what is your budget? Second, how much effort is this going to take to start making money, and do you have the time to invest in this side hustle? Also, are you interested in the side hustle, is it something you would enjoy learning all about? And, is it scalable?  If you’re putting in the hard work and the time, we want to make sure you can 10X the revenue if you want. Make sure the payoff will be worth it once you get good at this new side hustle. The side hustle stack have short descriptions of side hustles based on four different categorisation which includes work anywhere, gig work, low requirements, build a business and gig work.

So to summarize… cost, effort, interest, and scalability 

the 4 steps to choosing the right side hustle infographic.

The 10 Best Scalable Side Hustles, Work-From-Home, Low-Cost Side Hustle Ideas

  1. Buy and Build Websites
  2. Create an Online Course
  3. Make Money Blogging
  4. Create a Podcast
  5. Join an Affiliate Program
  6. Start a Youtube Channel
  7. Start writing content
  8. Make Money With Real Estate
  9. Start An Online Store
  10. Use your language skills to make money

1. Build or Buy a Website

Build a Website

When you build a website, you want to add value so you can increase revenues. You can either take the passive income or sell the site for a profit. “Adding value” is achieved in a multitude of ways. The most important of them is adding entertaining or helpful content for your followers. Learn how to write content in a way that increases traffic by increasing eyeballs. You can also buy content if you have a budget to work with.

If you want more on buying a website check my article on why the time is perfect to buy an online company here

Search Engine Optimization

Search engine optimization, or SEO, is very important to understand when buying and building websites as a side hustle. SEO helps Google understand that your site is a valuable resource. As a result, it will push it higher in its ranking. When content appears higher in a Google search ranking, it will drive traffic to the site.

For example, say you have a website about dogs and you have an article on the “best dog collars”. If that article is valuable and optimized, it may outperform most other articles on dog collars, appearing primarily in search results. Above all, the more people who click on an article, the more traffic you get.

On-page SEO

On page SEO refers to the optimization techniques and strategies that are implemented on a website’s individual pages to improve its visibility and ranking in search engine results pages (SERPs). It includes various factors that can be controlled by the website owner such as optimizing title tags, meta descriptions, headings, content, images, internal linking, and URL structure.

I use Elegant Themes which is a popular WordPress suite of themes for SEO. They offer a range of customizable designs and functionality options for websites. Their themes are known for being SEO-friendly, with clean code and an optimized structure that makes it easier for search engines to crawl and index website content. Overall, Elegant Themes can be impactful for websites regarding SEO by providing a strong foundation for on-page optimization and mobile-friendliness.

elegant themes
Off-page SEO

Off page SEO refers to the techniques and strategies that are used to improve a website’s visibility and ranking in search engine results pages (SERPs) through external factors outside of the website itself. It includes various activities that are not directly related to the website’s content, such as building backlinks from other reputable websites, social media engagement, influencer outreach, guest blogging, and brand mentions.

When building a website (or buying one) on and off-page SEO are crucial to the pace of growth for your site, which in the beginning can be painfully slow. Many people call this beginning stage “The Sandbox” because it feels like you are stuck in there for so long without any action (organic traffic) from Google.

If you have a bit of budget, using AI tools to automate SEO can get you out of the sandbox much quicker so you can see traffic and make money off that traffic. It can also save you tons of time doing things manually. I use scalenut, an easy-to-use AI-powered SEO tool that specializes in optimizing content to increase search engine rankings.

Monetizing Your Website

You can then monetize that traffic in different ways. Advertising and affiliate links are the two most popular ways. Let’s keep with the dog collar example, to illustrate advertising and affiliates. Assume you form a partnership with Petco as a result of your outstanding article ranking. You can use an affiliate link after the article garners some traffic to purchase your recommended dog collar, sold at Petco. Petco pays you a commission, every time a dog collar is purchased from your website. At the same time, assume your pet-related website receives 50,000 visitors per month. You can also put a Petco advertisement on your site, which Petco would pay you for as well.

How to get traffic to a Website

Getting traffic is key and can be achieved in many different ways, but when you’re just starting out, you need to do keyword research to find keywords that the competitors are not going after. As a new site, you have a small chance of ranking in Google for a popular keyword that much larger, well-established sites have. For example, if you are writing an article on “best credit card rates”  which has a godzillion searches a month on Google, you will be competing against heavyweights like Investopedia, Nerwallet, and JP Morgan. But as the little guy or gal, you have an advantage which is primarily speed.

Keyword Distribution

You can also win some really good keyword traffic for smaller, long-tail keywords that the big guys won’t be looking at and won’t want to waste their time on. A long tail keyword is a much longer, more specific, variation of the more popular, more competitive keyword. So instead of trying to write an article that wins traffic and ranks for “best credit card rates” you may try researching “best credit card rates for teachers” “or “best credit card rates while getting a mortgage for a new home.” These longtail variations may be searched way less, but it gives you a significantly better chance at ranking and winning traffic, while you’re building authority on your site.

I like to use an effective keyword research tool for winning traffic with long tail keywords called Longtail Pro that is excellent for this.

Buying Websites

You can also buy an existing website that is already making money as a side hustle. There are existing “starter site” websites for sale as low as $100, but the more lucrative ones are upwards of $10,000.

Before investing, you want to have a strong understanding of how websites make money. Make sure to do deep due diligence first before investing in a site. Ask a ton of questions and make sure that you see proof of all the seller’s numbers. Look for consistent revenue that is growing, strong traffic, and quality backlinks. Having a basic understanding of what makes a good, strong website is vital before buying. Then you need strong due diligence to help you make informed decisions. This will increase your odds of buying a successful website.

There are advantages and disadvantages to buying versus building.

Pros of Building a Website:
  • No significant investment to start up
  • Learn all aspects of the sales cycle and build valuable contacts at each stage of growth
  • Ability to do work on topics you’re interested in
  • Gain valuable experience and first-hand knowledge of what works
Cons of Building a Website:
  • Time a long time to start up and make a profit
  • High possibility of making costly mistakes
  • 90% of online businesses fail
  • Need to grow the visibility and build an established presence on social
Pros of buying a website:
  • Good timing since more businesses are on sale in the current economic climate
  • Ability to cash flow on day one
  • Can skip a bunch of beginning steps to get closer to revenue generation
  • Can buy a website with good content already attached to it
  • Can buy a website with good visibility and an established presence on social
Cons of Buying a Website:
  • Must have a solid understanding of how a digital business works and profits first
  • It can take time to do the right due diligence and find a good opportunity
  • The risk of losing money or getting scammed is greater
  • Can be a higher learning curve
  • Problems associated with the site that may need time fixing or improving aspects of the site

Below are a few good websites where you can buy sites :

Flippa.com

Empireflippers.com

Quietlight.com

2. Create an Online Course

If you have experience or knowledge in a specific topic, you can make a lot of money as a side hustle by teaching an online course. This is because e-learning has never been as popular as it is today. According to shopify.com, in 2020, the global e-learning market was estimated at $250 billion and is projected to reach $650 billion by 2026. 650 billion! All things considered,, my favorite aspect of online courses is that once you create a good product, it’s automated. You can continue to profit from it forever.

Sites like teachable.com and Udemy.com make it easier than ever.

Key steps to creating an online course

Choosing a solid topic or skill to teach

The topic should be something that interests you or that you have a solid knowledge of. The more you love the topic, the better teacher you will be. Class topics can span vast subjects or skills, like how to learn Excel or how to cook vegetarian meals.

Doing research beforehand

You will want to find out if people are searching for your ideal course and what questions they have. You can go to Answer the Public, Reddit, or Quora to get an idea of the buzz around your topic. Also, research what your competition is doing. What topics are they teaching within your niche? How popular are these courses? How much are people paying for their courses?

Test if your course has high market demand

Ask your friends and related Facebook groups. Or you can even put together a free webinar to gage interest from participants

Set course pricing and sales goals

Prices can vary depending on the type of class. Set the pricing based on your format. If you, as the course creator, have authority in the space, you may be able to charge more.

Choose the right course platform

You will need to choose the right course platform to host your course. Some sites like Udemy for example, have an audience already built in. Other sites, including Thinkific, Teachable, Learnworlds, Teachery, Kajabi, and Podia are also helpful.

Launch and advertise your course

A big part of success in this side hustle is launching and marketing the business. You will want to build excitement to get noticed. Visible on social channels will help launch and advertise your business in a successful way. Additionally, offering free, weekly webinars on your topic is also an effective marketing strategy.

Pros of creating an online course:
  • You can monetize it over and over again.
  • Generally low-cost to create a course
  • Passive income
  • Teach a subject or skill you’re passionate about or interested in
  • Gain authority in your course topic and build a reputation as an expert
Cons of creating an online course
  • It can take a lot of time to create an online course, especially if it’s a longer course
  • It can take a lot of time and money to market your course
  • There is no guarantee that you will make money after putting in all the work. So do your market research well beforehand!
  • Some hosting sites charge a fee or take a cut of any revenue made

3. Make Money Blogging

women working on her blog with a cup of coffee at home

Blogging can be a lucrative side hustle. A blog is a managed website about a particular topic or theme. Its aim is to build and grow an audience that gets information, entertainment, or value from the blog. Once your blog has strong traffic, you can start monetizing in different ways. Like creating a course (above) you want to pick a topic you love and know about for your blog. You don’t need to be an amazing writer to start a blog, but you do need to provide value for the reader.

Starting a blog is one of the easiest side hustles, yet it takes time to maintain and do right. Choose a blog name that is descriptive and relevant to your topic. Then find a hosting service to get your blog on the internet so that it’s searchable. If you don’t have coding skills, find a free blog design template and customize it to feel unique.

Now you are ready to get writing! Once you have some solid published content, interested site visitors will start coming. Attracting traffic to the site is key because it will help you to make money. Search Engine Optimization (SEO) tactics will help make your content more visible, so it’s important to learn these skills.

For a free 6-part beginner video on SEO, check out Moz: https://moz.com/learn/seo/one-hour-guide-to-seo

How Does Blogging Help You Make Money?

Advertising

Companies like AdSense use display ads to help you make money off advertising on your blog or site. There are also programs like Mediavine, AdThrive, and Sovrn. They each differ depending on how much traffic your blog has. You sign up to allow the advertising programs to place ads on your site. Bloggers get paid through impressions or clicks on these ads. You can also work with brands to pay you if your audience is a good fit for their brand.

Affiliate Marketing

Affiliate marketing is a way of promoting a company’s product or service to your blog’s audience. There is a unique link given to you by the affiliate company. Every time the link gets clicked, the blogger receives a commission. You can also refer to products or services through podcasts, social media platforms, and websites. When I finally had a decent amount of traffic (which is no small feat!) and I was ready to shift gears and learn all about affiliate marketing, I used the courses on Affilorama, which was really helpful, to guide me and get my foundation. The platform offers a variety of resources such as video lessons, webinars, and tools to help individuals learn how to make money online through affiliate marketing. 

Pro Tip: You need to spend 80% of your time marketing your content and 20% of your time creating it. If you don’t have the traffic, you don’t make the money. One thing I did that really helped with traffic was repurpose content as often as possible and share it on different social platforms. Video is the strongest and most engaging content you have at your disposal to gain views and follows. One thing that was super helpful for me was turning my articles into videos. Software like Pictory makes this easy to do and is especially helpful if you’re not so excited to jump on camera. 

I wrote an article on Pictory here.

Lead Generation

With lead generation, you can generate money with every lead you create for other companies or your own. You can promote different products or services that are helpful to your audience. Try to entice the right leads with attractive ad copy and a simple call to action. This will help your leads move down the sales funnel and convert into sales.

Product Marketing

Offer services, merch, digital products, or physical products to increase revenue.

Pros of starting a blog
  • Easy and cheap to set up
  • You can choose to focus on and learn about a topic that you’re passionate about
  • You can work on your schedule (flexible)
  • You can make money with the blog and upsell other related products or services to your audience
  • You can establish yourself as an expert in your niche
  • Gain valuable experience in your niche
Cons of starting a blog
  • Takes time to build a good repository of content for your blog
  • Takes time to build up solid traffic!
  • Having a basic understanding of SEO will be helpful and can take time to learn
  • Difficult to build steady and growing traffic to your blog
  • Has to get executed with care to be successful
  • Technical issues
  • Content requires constant updating to keep it fresh and relevant

4. Create a Podcast

man podcasting - best scalable side hustleswork from home

According to wiredclip, podcasters can make a wide range of income, with very successful podcasts earning up to $30 million in annual income. Creating a podcast is a great side hustle that you can turn into a main hustle with a bit of success. And if you have a strong voice and the skill of engaging and growing a following, this could be for you!

Starting a podcast is cheap. You need a microphone and some editing equipment to get your feet wet. Then you can start testing and building your audio content library.

Here is a strong review of the Shure podcast microphone which you can purchase here.

And like a blog, there are many ways to profit from a podcast.

Methods of profiting from a podcast

Affiliate Marketing

Earn a commission by referring products and services to your audience. This involves placing an affiliate’s unique code at the end of any links in your podcast. It can be in your episode’s show notes, live-streaming videos, social media sites, or websites. When your audience clicks on the link, you earn a commission.

2. Fan Donations

Podcasters receive donations from their most loyal listeners through crowdfunding sources. Sites like PayPal, Patreon, and Kickstarter are popular companies that give listeners the option to donate.

3. Sponsorships

Work with different companies that are targeting your specific audience. Brands and products are trying to reach different types of demographics. If you have those demos’ attention, you own a platform on which sponsors will want to be visible.

4. Courses

Many podcast hosts are experts in their field. Make mini-courses or training videos as an organic extension of the podcast.

5. Services

The more seasoned you become, the more your audience will begin to see you as an “expert.” Being an expert in a niche can open up many new ways of making money. These include consulting services, writing guest posts, and coaching.

6. Coaching

You can offer coaching services. Coaching can help a customer with building a podcast, or it could be related to your subject matter. The coaching services can be geared toward private individuals or corporations.

7. Premium Content

Once you have a solid following, you can offer premium services for a small subscription fee. Make sure to add more value to this paid subscription. Adding value for your audience could mean offering extra content, special guest interviews, or inside offers.

8. Merch

Your loyal listeners will want to express their support for the show. Sell mugs, shirts, and hats to your listeners for extra income (and free branding!).

Pros of starting a podcast
  • Many different ways to make revenue streams
  • Cheap to set up
  • You can focus on and learn about a topic you are truly interested in
  • Helps build credibility, authority, and experience in your niche
Cons of starting a podcast
  • The time it takes to build a following
  • You need to feel comfortable and confident making audio content
  • Usually takes a big following before sponsors will take notice
  • IP and content protection can be complex

5. Join Affiliate Programs

How affiliate programs work

If you have an audience and good traffic, there’s a strong opportunity to make money with affiliates. Let me share how it works. You get a unique code from an affiliate which helps with tracking for clicks and commissions. Referring high-quality, relevant products to your audience will add value and build trust.  You get paid a commission from the affiliate partner every time a person clicks their link. Commission percentages can vary from company to company. Usually, tech and software-related brands offer higher percentages. The commissions can pile up, especially when you work with a lot of relevant affiliates at once.

Affiliorama is a great place to learn about everything Affiliate Marketing has to offer including detailed and easy-to-digest programs and courses.

Pros of Affiliate Marketing
  • Passive, automated income
  • Easy to set up and track
  • Recommend solid products, which build trust and value for your subscribers
Cons of Affiliate Marketing
  • Some affiliates can be difficult to work with. They can demand you follow specific rules related to ad copy, placement, etc…
  • You need to have a good amount of traffic to monetize
  • Building traffic can take time
  • Create a blog and partner with affiliates or sponsors
  • Write catchy content for social media accounts
  • Become a copywriter
  • Get paid to write on Medium.com
How to Get Traffic to Monetize

Your website, podcast, or blog needs to have good traffic to start seeing any real revenue; traffic is vital here. An example of using an affiliate program to make extra money would be Amazon. There are many methods to build traffic that you can explore if you still need to get a following.

Check out this article for tips on how to build followers on social media:

One idea for building traffic is by leveraging Tiktok. Start by doing research on emerging trends and then posting about these trends. You will gain followers, especially if you post content on a daily basis. Then you can switch your profile to refer to products related to your trend.  “Amazon Finds”  type Tiktok accounts do this well. Amazon requires approval first to switch the account and become an affiliate partner.

For example, say you are posting about trends in home decor. You start getting traffic from subscribers interested in home decor. You can start adding home decor-related Amazon products, valuable for your audience. When your audience buys a product you recommended, you will receive a commission.

Another trick is so take 20 minutes and study the clips in your niche that are really killing it, getting thousands of views. How are they doing? Which angle are they using? What are they talking about? Then go and recreate a few similar styles. That will get you subscribers, quickly.

It can take a bit of time to get a good amount of subscribers, but then before you know it, you’re making very good money.

6. Start a YouTube Channel

Starting a youtube channel is a great way to earn passive income and grow a following.

Before you start your channel, you will want to think about what your unique value is. How will that value help your channel stand out from the competition? Make a list of what interests you and what you excel at. What type of people will be the viewers who want to come along on the journey? After that, you will want to choose the right camera and atmosphere that you want your viewers to watch you in. Start by jotting down a few subtopics and key points for the episode, then get to filming! The more compelling or entertaining your content is, the more followers you will get. Once you get an established audience, you can start making money with your channel.

How do YouTubers make money?

Join the Youtube Partner Program

For this program, you need to get approval by having at least 1,000 subscribers and 4,000 watch hours over the year. The Youtube Partner Program will allow Youtube to place ads on your Youtube channel. This way, you will get paid when subscribers click on or watch those ads. You are then also eligible to make money through paid subscriptions and merchandise.

Brands and Sponsorships

Brands are spending more money on digital advertising, instead of traditional advertising. According to Statista.com, “as of February 2022, digital marketing spending has increased more than 5X the number of traditional methods”

Digital sponsorships are a great way for smaller channels to get into the game and make money. If you are building a solid brand and have traffic, you’re likely ready for sponsorships or brands.

Sponsorship sites like tinysponsor.com and youtubebrandconnect.com will be helpful.

Selling Merch

Youtube creators can sell their merch for profit. Purplemoon.com, a promotional product site that YouTubers partner with for branding merch, states that the top YouTubers sell 1- 6 million dollars annually in merch alone! If you have a good following you can sell hats, shirts, mugs, and other items to your loyal fans for extra money.

Pros of Starting a Youtube Channel
  • Builds authority and helps you establish yourself as an expert in your topic
  • Can be a fun creative outlet
  • Creating a Youtube Channel is free
  • Can make extra money in a variety of ways
  • You are the boss
  • Flexible work environment
Cons of Starting a Youtube channel
  • The competitive environment with a low barrier to entry 
  • Can take a long time before monetization is possible
  • Can be difficult if you’re shy or sensitive to privacy concerns
  • Being a Youtuber can be both stressful and lonely
  • You are ultimately at the whim of Youtube and they are free to change their policies or rules as they please

7. Start writing content

If you love to write, freelance writing can be a reliable source of income. It can even turn into an actual career if you make it your goal to always provide quality work. In today’s digital world, content is still king. The demand for content has grown exponentially over the past 5 years alone.

Making money by writing

You can make money by writing articles for popular sites, blogs, and journals.

Fiverr is the best place for making money with your skills. It allows you to showcase your work and experience while gaining new customers and building your business globally.

There is also Fiverr Learn which allows you to build your career and get certified with new courses and classes so that you can start to charge more for your work.

Below are a list of ways you can easily start making money: 

  • Create a blog and partner with affiliates or sponsors
  • Write catchy content for social media accounts
  • Become a copywriter
  • Get paid to write on Medium.com
Pros of writing content
  • can work from anywhere
  • can write about what you know and love
  • You are your boss
  • Flexibility
  • You can set your rate
  • You get more skilled in writing and improve your creativity and knowledge
  • You can make money with many clients at once
    Cons of writing content
    • Non-regular pay
    • Writing to adapt to each client’s style can be difficult
    • Can be hard to start as a freelance writer without experience or prior examples of work
    • There can be times when there is no work and other times when there is too much work
    • With less social interaction, the job can be lonely

    8. Make Money With Real Estate

    making money with real estate as a scalable side hustle

    Investing in real estate can take a bit of upfront investment, but it can be a lucrative and passive side hustle. Furthermore, understanding real estate is a highly valuable asset for any entrepreneur.

    I just sold my second duplex which doubled in value since 2018. That won’t happen for everyone but if I didn’t dig in back in 2018 and learn everything I could and take some calculated risks I would not have had an opportunity for these large profits. Now I can take that money and buy or build other passive income producing side-hustles.

    As I write this, strong new real estate opportunities are popping up in our economy. Mortgage rates are higher, making the price of borrowing money more expensive. The result is fewer buyers. When there are fewer buyers with less cash on hand, the cost comes down. It may be the perfect time to dip your toe into real estate, by finding good properties below market value. Additionally, real estate provides some of the most attractive tax incentives and rewards. First, let’s look at how real estate makes you money.

    How real estate makes you money

    • Property values can increase
    • Tax savings and government incentives such as 1031 exchanges
    • You generate regular income through a unit or property
    • If you have good tenants, revenue can be highly passive
    • The tenant’s rent payments will help pay down your mortgage, building your equity

    Making money with real estate for beginners

    Own a REIT

    If the idea of owning actual property outright scares you, try real estate investing through a REIT platform. A REIT is a trust made up of companies that own commercial real estate. There are many benefits to a REIT. An investor can get high dividends, plus they can keep the REIT in an Individual Retirement Account (IRA) to avoid getting taxed.

    There are also real estate platforms that link a developer’s project directly to the investor. Many require a big deposit along with validation that you are an accredited investor. Yet, there are smaller platforms such as Fundrise.com with minimums as low as 10 dollars to get started.

    House Hacking

    House hacking is a great way to get started investing in real estate while minimizing some of the risks. The process involves identifying a multifamily property, and living in one of the units while renting out the others. With house hacking, you are both a tenant and a landlord. The tenant’s income allows you to pay off the mortgage, increasing the equity in your home. Additionally, once you have enough equity built, you can use it for the deposit on your next home. In this way, you continue growing your portfolio.

    Invest in a single or multi-family.

    Do your research, read great real estate books, and invest in a good piece of property that would be appealing to a tenant if you have the funds. Put a tenant in and use their monthly rent to pay off your mortgage. If you’re a beginner, you can start small with a single home that’s close to where you live. Other real estate companies can find and guarantee a property that cash flows for you!

    Buying out-of-state property

    If looking out of state, it’s important to put a lot of time into building a relationship with a property manager.

    Check out this article below which talks about the questions to ask a property manager before working together:

    If the property is close by, you will be able to save roughly 10% by not using a property manager. But keep in mind that your tenants will be calling you with problems. You should put time into finding good tenants. Having a good relationship with your tenants will make things much easier. Tenant turnover is the single largest long-term expense in real estate. Try to do your homework beforehand and get a good sense of who will be living in your investment property.

    Pros of investing in real estate
    • Tax Advantages and Incentives
    • Historically, real estate home prices will go up
    • Great way to diversify your portfolio and hedge other risks
    • Multiple Paths to Wealth
    • Great way to combat inflation
    Cons of investing in real estate
    • It can take some upfront money to get started
    • Having bad credit can make it difficult to get attractive mortgage rates
    • Like all investments, you can lose some or all of your money
    • House improvements can be costly
    • If you are managing units directly you will have to deal with tenants, evictions, and yes, fixing toilets
    • Real estate transaction costs are high
    • The learning curve can be steep, especially with little or no prior experience

    9. Use your language skills to make money

    Become a translator or teach English to other non-English speaking countries to make money. Using language to make money has never been easier and can be a great side hustle. Plus, there is significant global demand for these services currently.

    There are a bunch of helpful sites out there that allow you to use your language skills. For teaching English, preply.com, and italki.com make it easy to make extra money. You can use sites like Twinkl.com to help with gathering and creating materials.

    Make extra money by creating language resources or making language videos for YouTube. You can easily start a language blog. See above for how to make money with blogging and on YouTube. You can proofread and translate in other languages as well. Post your services on Fiverr.com or Upwork.com. These sites allow you to talk about yourself, your experience, and how you can add unique value.

    You can quickly be making good money once your clients start to get familiar with you. What’s more, if you continue to add value, there will be repeated work and expansion of projects.

    Pros of using language skills to make money
    • Strong, consistent global demand
    • Can be your boss and make your schedule (flexible)
    • You can work in many industries
    • You can work anywhere in the world
    • Not very stressful
    • Easy to get started on the sites mentioned above
    • Language-related services and sites growing rapidly

    10. Start An Online Store

    Starting an online store is an awesome side hustle. It can be a great source of income that can grow quickly if you have quality products. There has never been a better time to get into e-commerce, which has been steadily rising year after year.

    Shopify offers an all-in-one solution for entrepreneurs to run their online business. It includes features such as inventory management, payment processing, order fulfillment, and marketing tools. This integrated approach streamlines operations and saves entrepreneurs from having to source and integrate various software solutions

    Getting Started with online stores

    To get started, you can create a website showcasing your products and services. Website traffic will increase your sales by having more visitors see your recommended products. So invest time in creating solid and compelling content. This can include blog posts, videos, or images that add value to your audience.

    Shopifyprovides a user-friendly platform that enables entrepreneurs to set up and manage an online store without requiring extensive technical knowledge. 

    Drop shipping is a retail fulfillment method. It means your business does not need to keep its physical products in stock because a third party ships the product to the customer for you. Furthermore, drop shipping helps alleviate many monotonous parts of the business, like shipping and returns, and helps your site to exist as a visual storefront that customers visit and order products from. You never handle the actual products, however, drop shipping will be an additional expense.

    Or sell other people’s products…

    Companies like Spocket connect you with top dropshipping suppliers of original global products. Spocket allows you to choose the best products to sell from thousands of dropshipping suppliers all over the world.

    Other Platforms to help start an online store and sell your products or services.

    Youtube

    According to Cisco.com, “Internet video traffic will be 82% of all consumer Internet traffic by 2022.”

    Using video formats to showcase your products and features will be a powerful driver of sales. Showcasing important information in video format such as how the product works and how to put the product together, will put you in the best position for sales in a competitive online landscape. Make sure to link back to your main store website on these videos, with links allowing the consumer to purchase directly.

    Amazon

    Set up an Amazon seller account to start selling. There are two main types of seller accounts: Fulfilled By Amazon (FBA) and Fulfilled by Merchant (FBM). With an FBA, you ship your products to an Amazon warehouse, and with an FBM, you ship directly to the customer.

    eBay

    Opening a basic store costs roughly 25 per month

    Etsy

    If you’re creative or artistic, setting up a shop on Etsy is a good idea.

    Pros of starting an online store
    • Low start-up costs
    • Be your boss and make your hours
    • Lots of solid e-commerce software, templates, and platforms are readily available to make a profit quicker
    • Make or sell a product or service you love
    Cons of starting an online store
    • If you are on a third party like eBay or Amazon, you will have to give them a cut of the profits and obey their rules
    • You will need to deal with customer’s complaints and returns
    • If seasonal, the profit could ebb and flow
    • Unless it’s a truly unique product, there will be intense competition
    • It can take time before seeing any revenue, as you need to build visibility for your product and site first

    Conclusion and Final Thoughts

    To summarize, the ten side hustle ideas listed here are the most profitable work-from-home, low-startup-cost ways to earn extra money in 2023. Most importantly, each of these side hustle businesses has the potential to become profitable, revenue-generating legitimate businesses.

    • 1. Buy and Build Websites
    • 2. Create an Online Course
    • 3. Make Money Blogging
    • 4. Create a Podcast
    • 5. Join an Affiliate Program
    • 6. Start a Youtube Channel
    • 7. Start writing content
    • 8. Make Money With Real Estate
    • 9. Start An Online Store
    • 10. Use your language skills to make money

    Whether you are trying to make some extra cash to pay bills, invest or build a business, these side hustle ideas can provide extra cash flow from the comfort of your own home with a very little upfront cost.

    Go Deeper: Check out my article on the 42 best Side hustles in 2023 (with scalability rankings!)

    Want a different perspective on things? Consider purchasing an established company! I just wrote a piece on why the time is perfect to buy an online company here

    Like what you see in this article? We are a new company, so let’s grow together! Please join The Financial Appetite! Follow us on social media for money-making updates, nuggets of useful information, and all things entrepreneur!

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