Running a side business alongside a regular job isn’t easy. But the global economic situation has necessitated the need for multiple streams of income. Money-generating side business ideas are increasingly becoming what everybody is looking forward to.
Besides the economic situation forcing many people into side hustles, some want to follow a hobby in their spare time, and others have always wanted to have a business.
Whatever your reasons, a side business provides a fantastic solution to your needs.
Below are the top 8 money-generating side business ideas to try in 2023.
1. Sell Quality Items on Etsy
Etsy is one of the most famous e-commerce platforms. If you’re a maker, artisan, or crafter, starting an Etsy shop to sell unique items would be a fantastic side business idea. You can sell both new and fairly used items on the platform.
Selling on Etsy allows you to reach people all over the world. And it’s something you can do in addition to your regular day job. You can make enough money selling on Etsy with patience and good product photography.
However, once you begin generating significant traffic on Etsy, I’d advise creating an independent store on Shopify or any other e-commerce platform and selling on both platforms simultaneously. You’ll control your store management, customer relationships, and branding by doing so.
2. Provide Creative Digital Skills as a Freelancer
You can consider working as a freelancer if you’re good at digital skills such as graphic design, copywriting, web design, software development, etc.
In addition, freelancing allows you to use your creative skills to earn an extra income remotely.
One exciting thing about freelancing is that you can do it as a side business on a contract basis or at an hourly rate.
You can get started on Upwork, Fiverr, or Freelancer.com platforms.
There are many creative digital services that you can offer on these platforms. And you can work at your own pace.
3. Create and Sell Online Courses
Do you have expertise in a particular field? Then you can build a side business by creating and marketing an online course on the subject.
You’d be amazed at the number of people willing to pay for your knowledge.
Although putting your course together may take time and effort, you may need to update it occasionally.
Outside of that, selling online courses is a worthy investment. However, a little research on online marketing might be helpful.
You can combine selling online courses with another side business without stress.
4. Affiliate Marketing
You don’t necessarily need to create your product before you can sell online. You can make money online by selling someone else’s product with affiliate marketing. You get a percentage (commission) on the price of every product you sell.
You can start by posting affiliate links on your social media pages. Or, better still, you can create a website with relevant affiliate links.
One of the upsides of affiliate marketing is that there are loads of products to choose from.
In addition, many popular brands offer affiliate programs for their products.
The major downside of affiliate marketing as a side business idea is that it takes a long time to start making money, especially if you don’t understand how it works.
You can do yourself some good by learning how affiliate marketing works.
5. Start a Blog
Starting a blog is another lucrative side-business idea.
Depending on your interest, you can do anything to attract people to your blog.
The higher the engagement, the more traffic you attract and the more money you make.
It’s no longer difficult or expensive to start a blog these days. With as little as $10, you can get someone to create a website for you.
All you have to do is create engaging content and post it on your blog.
The amount of money you can make from starting a blog is determined by the number of visitors you attract.
So, though a blog might not start paying off immediately after you start, with consistency and hard work, it’ll eventually pay off.
6. Online Advertisement
Online advertising is another means of making money via a blog. You can monetize your content by running online ads for businesses.
For example, whenever your blog visitors click on an ad, you get paid a certain amount (pay per click).
The amount of money you make through online advertisements depends on the volume of your web traffic.
Like affiliate marketing, the downside of online marketing is that it takes a long time before you can start making money.
7. Write and Sell Ebooks
If you’re good at storytelling and can write well, then you already have something that can give you a passive income.
Turn your skills into a side hustle by writing and selling ebooks.
For example, you can sell educational ebooks, motivational ebooks, ebooks on how-to, health tips, fiction ebooks, and so on.
8. Become a Social Media Influencer
Becoming a social media influencer is one of the most lucrative ways to make money online.
You can monetize your social media pages with a sizeable number of followers. Depending on how “influential” you are, you can make between $50 and $50,000 on a sponsored post on Instagram, Tik Tok, Facebook, YouTube, etc.
Being a social media influencer isn’t always a guaranteed means of making money. It takes time and effort to grow your following, prove you’re an authority in your niche, and create your audience persona.
But if you’re frequently on your phone and have the charm to burn, why not make money on social media as a side hustle?
There are many side-business ideas you can try in 2023. The most important thing is to find something you’re passionate about.
Something worthy of your spare time and effort doesn’t necessarily have to be a new business idea.
Yao, it would be best if you had the right business idea that best fits your personality and needs.