Make Money on the Side: The 7 Best Side Hustles for 2023
Side hustles are great ways to earn extra money, build up your career skills, and give back to your community. In fact, 44 percent of Americans say side hustles have helped them pay down debt and 43 percent say they’ve helped them pay for everyday expenses and bills. But side hustles can do much more than that. They can help you feel good about yourself, follow your dreams, and make you ready for a job or starting a business.
Make Money With the Best Side Hustles
What is a Side Hustle?
A side hustle is a way to make money in addition to a full-time or part-time job. A side hustle can be flexible and be slotted in around your regular work schedule, making it ideal for people looking for extra income. Some common side hustles include taking online surveys, selling items online, freelancing, selling used clothes, and doing manual tasks. While side hustles are a great way to make extra money and income, it’s important to consider the risks and rewards of each venture before diving in.
Benefits of Making Money on the Side
Side hustles or side gigs provide extra income and financial stability. If you’ve got the drive and motivation, they can be a great way to generate extra income. Plus, a lot of gig work can be done from home, which gives you flexibility and control over your time and schedule. This is great for those looking for extra income on the side while also having time for other activities.
7 Best Side Hustles for 2023
There are plenty of side hustles to choose from, but these 7 side hustles for 2023 are the best of the best. They’re easy to start and money-making opportunities that anyone can enjoy.
1. Become an Uber or Lyft driver
Becoming an Uber or Lyft driver is an easy and flexible way to make extra money. Rideshare drivers typically earn between $12 and $25 per hour; this can add up to a lucrative side income. Rideshare services like Uber and Lyft offer great flexibility in when and where you can drive. This makes it easy to maximize your time and be able to balance other responsibilities.
If you want to make money doing a side job, driving for a ride-sharing service may be right for you.
2. Tutor or teach online
Many people are now considering work-from-home side hustles such as virtual tutoring. Virtual tutoring allows individuals to tutor others online and can be a great way to make money on the side. There are many online platforms available to help individuals find tutoring gigs like Upwork and Tutors.com, so do not hesitate to look for opportunities online if you are interested in virtual or face-to-face tutoring.
3. Sell products on Etsy, Amazon, or eBay
Selling products on Etsy and Amazon is a great way to make extra money. Selling printables on Etsy is a popular side hustle, with potential earnings of $500 to $1,000+ per month. Etsy and Amazon offer comprehensive tutorials and resources to help sellers understand the platform and get started. Selling on Etsy or Amazon can be rewarding and lucrative.
4. Do task-based work with TaskRabbit
TaskRabbit is an online platform that allows users to post online job listings for small physical jobs. Side hustlers and small businesses can use TaskRabbit to find quick, easy tasks to complete around their day job. The online job platform offers a range of different types of side hustle jobs from simple household chores to more complex tasks like assembling furniture or planting flowers. Tasks on TaskRabbit vary in terms of skill and experience and side hustlers can make up to $48 an hour.
5. Sell photography online
Selling photography online can be a great way to make good money on the side. Popular sites for selling digital photography online include Shutterstock, Getty Images, and Burst. You can use these sites to sell your photos in various forms, such as prints or digital downloads. You can also sell your pics on printed mugs, t-shirts, and other merchandise.
Another good side hustle is offering photography services, such as wedding photography or portrait photography. These side hustles can become full-fledged businesses if you’re willing to hustle. Etsy is a great online marketplace for selling handmade and bespoke goods, and unique photos.
6. Start an affiliate marketing website
Affiliate marketing is a great side hustle to earn extra dollars. It works by referring leads and customers to other products and services, which can lead to commissions.
To find advertisers, sign up for affiliate marketplace platforms like CJ.com, PartnerStack, and ShareASale. These platforms allow you to easily search for advertisers and browse their offers. Additionally, monetize your website with affiliate links to products, apps, services, and software. By using links in your blog or social media, you can earn money when people visit your website and make purchases.
Overall, affiliate marketing is a great way to make passive income online.
7. Offer virtual assistant services
As a side hustle, offering virtual assistant services can be a great way to make extra money remotely. Virtual assistant services are great for those looking to expand their skill set and gain more experience. Freelancing as a virtual assistant can be a great way to turn your side hustle into a full-time job.
Online virtual assistant services can be a great way to make extra money remotely. If you’re looking for ways to grow your skill set and gain experience, virtual assistant services are great for this purpose. As with any business, good reviews of your work are essential for quality assurance.
Other Profitable Gigs to Make Extra Income
Consider taking on freelance work to generate extra income. There are many different types of freelance gigs, from blogging to copywriting to social media marketing, that can help you earn extra income in your spare time.
• Vehicle and vacation rentals
Vehicle and vacation rentals can be a great way to earn extra income. Rental platforms like Airbnb and VRBO allow you to list your extra space online.
• Package delivery for big box stores
Package delivery for big box stores like Amazon Flex is a great option to make extra money. Drivers for these jobs must be available to deliver packages to customers in a timely manner, and they must be able to follow safety rules and regulations for package delivery. Drivers must be prepared to work during regular business hours as well as on weekends and late at night. They may also need to provide reliable transportation and valid licensing.
• Freelance writing
Freelancing can be a lucrative side hustle for those willing to work flexible hours and freelance for different clients. freelancers typically charge up to $150 per hour for their services. There are numerous types of freelance writing, including content writing and copywriting.
If you’re interested in freelancing, creating an account on platforms like Fiverr or Upwork is a great way to advertise your skills. You can also search online job boards for opportunities that fit your interests and skill set.
• Grocery shopping and delivery
Grocery delivery is a popular side gig with several companies offering services, including Instacart and Shipt. These services allow customers to have their groceries delivered directly to their homes. They typically charge a fee of $5 + 7.5% of the order total. Instacart and Shipt both offer grocery delivery services with potential earnings of up to $22 per hour.
If you’re willing to spend time walking around a grocery store, you can easily make extra money by delivering groceries for these companies.
• Pet sitting and dog walking
Whether you’re looking for a full-time job or just want to earn extra income on your hobby, pet-sitting or dog walking can be a profitable side gig. Some online services, such as Rover and Wag, provide a range of pet services, including walking, daycare, and boarding. You can set your own schedule and work in your spare time.
Check out other profitable pet business ideas
• Focus groups and surveys
Focus groups can pay up to $100 per hour for an in-person or online discussion about a specific subject. Companies like Survey Junkie and Swagbucks pay for online surveys, so you can make money when it works for you.
• Online courses
Selling online courses is a great way to earn money online. You can offer many different types of coursework such as video lectures, readings, assignments, and tests to sell classes. If you’re tech-savvy and an expert in a specific field, you can build a course and sell online to generate recurring income.
• Blogs and podcasts
Blogging and podcasting can be profitable side hustles with the potential to generate income over time. You can start a blog or podcast on any topic and monetize it with advertising, sponsored content, or selling products online. Creating a successful blog or podcast takes time and dedication, but it can be very rewarding in the long run.
• Food delivery
Food delivery is a great way to make extra money if you have a reliable vehicle and live in a populated area. You can sign up with a food delivery service like Uber Eats, GrubHub, or DoorDash and start delivering food to customers in your area. This side hustle requires good customer service skills and knowledge of your local area, but it can be very rewarding financially.
How to Determine Earning Potential
To determine the earning potential of a side hustle, you’ll want to consider your skills, interests, and availability. This will help you identify side hustles that might be lucrative for you. Look into potential opportunities by researching what is available and how much money can be made. Establish a goal or motivation for the side hustle and be realistic about the amount of effort and time required to be successful.
Research current trends and market demand
To determine the earning potential of a side hustle, it’s important to understand market demand and trends. Certain side hustles can be extremely profitable if you understand their niche in the market.
Assess your existing skills and qualifications
One of the first steps to determining your earning potential as a side hustle is understanding your own strengths and weaknesses. This will help you determine which type of work is best suited for you. Next, consider the time and effort you are willing to invest to make your business a success. Factors like required equipment, start-up capital, and the potential market should also be taken into account.
These factors can help you determine how much money you can make from your side hustle and how much time it will take to turn a profit. It’s important to remember that side hustles are only successful if you put in the time and effort necessary to make them flourish.
Calculate time commitment and energy needed to succeed
Ideally, side hustles should be a way of supplementing income without requiring full-time commitment. However, any business requires time, energy, and investment. It’s important to consider the type of job you have and the time commitment that you are really committed to when starting a side hustle. This will help you determine how much time you can spend on building your business.
Set realistic goals and expectations
Start small and work toward your side goals to build steady income. It can be easy to get carried away with side hustle ideas, but taking time to assess them realistically will help you decide if the idea is right for you.
Is Your Side Hustle Scalable?
Scalable side hustles are great for people with an entrepreneurial spirit who aren’t ready to make it a full-time job. Before investing too much time, it’s important to consider the potential for scalability. This way, you can determine the potential to grow your business in the long term. By shifting your thinking from ideas that are strictly limited by your own time, you can find side hustles that have the potential to be scaled and become profitable income streams.
What to consider when evaluating a side hustle’s scalability
It’s important to consider the potential for scalability when evaluating a side hustle’s profitability. For example, if a side hustle can be delegated or packaged to maximize scalability, it may be more profitable than a side hustle that requires a full-time commitment. Also, side hustles that can be started on a part-time basis are usually more profitable than those requiring full-time commitment.
How to find and utilize resources to grow your side hustle
Use social media groups, blogs, and online forums to reach out to other side hustlers for advice and ideas on how best to succeed with your side hustle.
How to measure success
Consider tracking your progress via measurable goals. For instance, you may set a goal to blog five times per week for the next six months. Or, you may set a goal of earning $100 from social media marketing this month. These types of goals help you assess your success over time and identify areas for improvement.
Start an LLC to Protect Your Personal Assets
If you want to make money on the side, it’s time to consider starting a Limited Liability Company, or LLC for short. This business structure provides many benefits, tax deductions, limited liability, and personal asset protection. However, there are a few legal and tax implications you need to be aware of before getting started.
• Understand the legal framework of LLCs. An LLC is a business entity that’s similar to a corporation but with extra features designed to provide greater flexibility and easy operation. It’s created under state law and is owned and operated by its members.
• Unlike a sole proprietorship or other business structure, income from an LLC is taxed at the member’s income level rather than at the business level.
• An LLC is subject to some of the same income, property, sales, and other taxes as other businesses. But it has extra filing and reporting requirements. You’ll have to file annual or biennial reports and pay estimated taxes throughout the year (if required).
The benefits of starting an LLC
An LLC, or Limited Liability Company, can help protect your personal assets from any liabilities related to your business. By forming an LLC, you can reduce your tax burden and have more flexibility in managing business operations. Creating an LLC also gives you the ability to set up a corporate structure with separate bank accounts, which makes it easier to track income and expenses.
An LLC gives you credibility with potential customers and investors, as well as legal protection in the event of a lawsuit. Overall, starting an LLC is a great way to protect your personal assets while pursuing a side hustle.
Common mistakes to avoid when starting an LLC
It’s essential to carefully consider your choices when embarking on the business of forming an LLC. Before you begin the process of creating your LLC, make sure you take time to review all of the rules and regulations in your state. It’s important to choose a name that is distinctive and not already used by another business. Additionally, be sure to complete all of the necessary steps to protect yourself and your assets.
Before beginning an LLC, do thorough research and ensure you understand the legal requirements of forming one as well as the responsibilities involved in running a business. Start-up costs can be high, so it is vital to do thorough financial planning before starting up your business.
Tips for making the most of your LLC
When running a side hustle, it’s important to take steps to protect your personal assets. Remember, you are running a business, so it is essential to create an operating agreement with provisions that clearly outline the roles of each member. In addition, you should also keep detailed records and track expenses in order to maximize profits from your side hustle. By creating and implementing these best practices, you can ensure that your side hustle is sustainable and successful.
What to Do After Your LLC is Formed
After you’ve formed your LLC, you’ll need to take the next steps to make your business official. This includes filing any required paperwork with the state, such as a business tax return, and obtaining any licenses or permits necessary for your business to operate legally. You’ll also need to apply for bank loans and investors, create a business plan, and begin selling marketing materials.
Don’t forget to keep track of income and expenses and make adjustments as needed. Finally, consider hiring an accountant or other professional advisor to assist with the management of your business. By following these steps, you can ensure that your LLC is running smoothly and efficiently.
Apply for an Employer ID Number (EIN)
An EIN is a nine-digit number assigned to business entities by the IRS, which is used to identify a business entity. It is necessary for many business activities, including hiring employees and opening bank accounts. Having an EIN allows businesses to conduct day-to-day operations smoothly and protect them from identity theft. Additionally, an EIN can be used to apply for business loans and other forms of credit.
To apply for an EIN, businesses must first register with the IRS and request a unique identifier. The application process is simple and can be completed online through the IRS website. After applying for an EIN, businesses must keep their records up-to-date and ensure that they are using it correctly. Over time, businesses may require unique identifiers such as social security numbers or business identification numbers (BINs). In this case, they should immediately apply for another EIN if theirs has been lost or stolen.
Secure necessary permits and licenses
When starting a side hustle, it’s important to secure any necessary permits and licenses before you begin. Make sure to check the zoning regulations for your area and the types of business activities that are allowed in your area. For example, in most areas, you can only operate a side hustle as part of a business that serves food or beverages. Additionally, you may want to check with city, county, or state regulations to ensure you’re legally compliant.
You may also want to research tax requirements that apply to your side hustle and make sure you are up-to-date on all filing deadlines. So whether you’re planning a new side hustle or just looking for ways to earn extra income, take time now to get all of the necessary permits and licenses in place.
Open a business bank account
As a business owner, it’s essential to have a business bank account for keeping your personal and business finances separate. It helps with tracking income and expenses, and it makes it easy to manage both of these aspects of business operations. In addition to this, a business bank account is a great way of showing the financial side of your business to potential investors and lenders.
So, when choosing a business bank account make sure that you consider factors such as fees, customer service, online banking options, and security features. It is also important to ensure that the bank has good security measures in place to protect your money.
Develop an effective bookkeeping system
When starting up a business or side hustle, keeping track of income and expenses is crucial. An effective bookkeeping system can help you achieve this. To ensure success, you should develop an efficient way to track all transactions accurately so that you can make informed financial decisions. This can involve using accounting software or hiring a qualified accountant.
If you want to best manage your money and stay organized, it’s important to track income and expenses from day to day as well as over time. This way, you can take a step back and see where your money is going and how much profit or loss you are making.
Create a business plan
Creating a business plan for your side hustle is an important step in starting up and running your business. Before creating a business plan for your side hustle, it’s important to research resources and strategies. Consider marketing, communication, and research as part of your business plan.
If you need help with creating an effective business plan for your side hustle, consider hiring an expert to do the job. They can help you identify goals, determine the strengths and weaknesses of your business, as well as identify marketing, communication, and research strategies that will best support your business goals and objectives.
Set up a website, social media, and other digital platforms
Setting up a website and social media accounts for your business is essential for building a brand and visibility. Using digital platforms to showcase your services and products can help you reach and engage with potential customers. Developing a strong online presence will help you create an effective marketing strategy to promote your business.
Make sure that all of your digital platforms are optimized for mobile devices, so they can be accessed on the go- whether it be from your smartphone or tablet. By using social media, online marketing, and other digital tools, you can reach out to potential clients and grow your business over time.
Network with potential customers and partners
Side hustling is a great way to earn extra money and gain business experience. However, it’s important to Network with potential customers and partners to find new opportunities to grow your business and increase your earnings. When side hustling, it’s crucial to attend local events, join online forums, and use social media platforms to meet like-minded people in your industry. By building relationships with key contacts, you’ll be able to get the word out about your business and make valuable connections.
Network with potential customers and partners to grow your business and increase your earnings as a side hustler.
Start an LLC Online for Your Gig Business
Looking to make money on the side? Start an LLC online for your gig business! There are many benefits of doing so, including income tax-free income, business expense write-offs, and protection from business debts and bankruptcy.
Before you start your LLC online, it’s important to research the legal requirements for starting an LLC online and make sure to comply with the regulations. These include filing a Statement of Purpose with the IRS, choosing a business name, and setting up the business entity on a website such as Legal Zoom or e-start LLC.
Once you’ve completed these steps, it’s time to start marketing your new business idea. This will help build awareness of your idea and increase interest in it among potential customers. The more people know about your business idea, the more likely they are to invest in it and become part of your customer base.
Find a registered agent
Before starting your LLC, it’s important to find a registered agent who will be responsible for handling legal documents. A registered agent must be an adult who lives in the state where the LLC is located and can receive legal and tax documents on behalf of the business. You can either hire a professional registered agent or appoint a qualified individual to act as your business’s representative. Remember, your representative must comply with all state laws and regulations and have the authority to accept legal documents on your business’s behalf.
Register your LLC with the state
If you are interested in starting an LLC online for your gig business, you must first review the state’s registration requirements. After completing the required paperwork and submitting the fees, you should receive an official registration certificate from the state. Next, wait for the official registration certificate before going ahead with other important steps of starting your small business. This way, you will be able to legally operate your gig business without any legal complications.
Save Time With MyCompanyWorks
You can file your own LLC paperwork, or we can save you the time and hassle by doing the work for you. All our startup packages include loads of free business resources, exclusive pricing on partner services, and a free account dashboard to manage your company all in one place.
We can form your LLC online fast
MyCompanyWorks makes it easy to form an LLC online fast. Our online service offers an easy way to start your business, and our website features helpful resources and step-by-step guides to help you start and manage a successful company. If you want to learn more about how to start and operate a business, we also offer a free vendor network where you can get help from experts.
Forming your LLC with us is easy, satisfaction guaranteed
MyCompanyWorks is the best choice for entrepreneurs who are looking to form an LLC quickly and easily. Our online platform is simple to navigate, providing all the information needed to form your business. We offer a satisfaction guarantee, so you can be sure that you’re getting the best possible service.
Forming an LLC with us means you can start a company without expensive advisors. This allows you to save time and money while starting your side hustle.
4 Side Hustle FAQs
What are some of the best side hustles for 2023?
2023 is a great time to start looking into side hustles for extra cash. Here are some of the best options for this year:
1. Freelance writing: With the rise of online content, being a freelance writer is one of the most popular side hustles right now. You can write blog posts, social media copy, e-books, emails, and more to clients online, and make money on your own time.
2. Blogging: Blogging is another great way to make money online. You can create a blog or website, fill it with interesting content and earn money through affiliate marketing, advertising, selling products or services online, or even offering blog-related services like virtual assistant work.
3. Virtual assistant work: More businesses are relying on virtual assistant work to help them manage tasks online. As a virtual assistant, you can offer services like customer service support, social media management, bookkeeping, and more.
4. Renting out vehicles and property: If you have extra space at home or own a spare room that you’re not using then why not rent it out? You could even rent out your car or extra parking spaces to generate easy income.
5. Online tutoring: One of the best side hustle ideas to earn extra money is online tutoring. If you are good at any subject, especially in a particular niche or way of teaching – consider becoming an online tutor for students around the world. Most online tutors charge by the hour (think $40 per hour) so you can make decent money while being your own boss. All you need is a good internet connection and expert knowledge about a particular subject.
6. Social media manager: You can make a lot of money managing social media platforms and content for your clients’ Instagram, Facebook, Twitter, and YouTube channel. This side hustle requires creativity, great social media marketing skills, good time management, and organizational skills.
What skills or knowledge do I need to start a successful side hustle?
It’s crucial to have the proper mix of talents and information if you want to establish a successful side business. For example, if you want to become an online influencer, you’ll need to know how to use certain software programs or understand basic marketing principles. On the other hand, if you want to tutor or teach online classes, then having knowledge in a specific field may be beneficial.
For businesses that involve customer service roles, good communication, and interpersonal skills are necessary to build relationships and trust with prospective clients. Having strong organizational skills can also help manage time-sensitive tasks. Overall, the best way to ensure success when starting a side hustle is by equipping yourself with the right set of skills and knowledge before taking on any extra workload.
How much time and money should I invest in a side hustle?
Your scenario may be different, but when it comes to starting a business on the side, people usually invest an average of 13 hours of time per week. This time is usually spent on marketing, product development, customer service, or any other tasks that are part of doing business. As for money, this can vary depending on the side hustle you choose. Some options may require only small amounts of money (for example, starting a blog), while others might require more money in order to get off the ground (such as opening up an online store).
When it comes to deciding how much time and money to invest in a side hustle, it’s best to consider what type of side job you want to do and how much extra income you would like to earn. If you want to make a full-time income from your side hustle, then you should plan to devote at least 15-20 hours per week and have around $500-1000 saved up in order to cover any initial costs of getting started.
Are there any potential risks associated with starting a side hustle?
Yes, there are potential risks associated with starting a side hustle. It is important to be aware of possible changes to tax laws and regulations that may affect your business strategy. You should also be aware of the extra costs related to running a business such as materials or services needed to run your business.
Furthermore, gig work done as a sole proprietor exposes your own personal assets to potential lawsuits and tax issues. For example, say you start doing business as an individual (sole proprietor). You can legally do business in the US without a registered company. But unless you form an LLC or other business structure, there’s no legal separation between your business and personal assets. If you’re ever sued or have tax problems with your business, both your personal and business assets can be seized to pay debts.
The only way to prevent personal asset seizure is to register a company for your side gig. Most companies are simple to start and manage, but if you need help making decisions, you can consult with an accountant or attorney to make sure you are taking the necessary precautions.
Some Final Thoughts
Starting your own business can be challenging, but side hustles are a great way to make money on the side. Having extra income can help you pay off student loans, credit card debt, or save money for a vacation. However, ideas can only take you so far. Researching the gig market and setting realistic goals and expectations are vital for freelance success. Not to mention, building a website and online presence for freelancer side hustle ideas is crucial for online business marketing.
If you’re ready to turn your hobby into an official business, MyCompanyWorks has helped thousands of entrepreneurs form their businesses online since 2001. If you’re ready to take your side hustle to the next level with a Limited Liability Company, we can help you get started today. Contact our friendly support team for tips and more information.
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