Are you tired of living paycheck to paycheck? Do you wish you had more money to pursue your dreams or simply enjoy life?
A side hustle could be the answer you’re looking for!
But not all side hustles offer equal income when it comes to earning potential. Some, like selling arts and crafts on Etsy, or taking online surveys, might provide pocket change. But others, that I will mention here, can offer consistent five-figure incomes each year—with the right plan.
Here are the top 5 side hustles capable of generating over $30,000 annually, along with their requirements, income potential, and pros and cons:
1. Freelancing
Freelancing is today’s the best side hustle idea to earn extra cash for your daily needs. The freedom of freelancing allows you to be your own boss, choose your own clients and projects, set your own rates and schedules, all while making great extra money.
Some of the most popular freelancing services you can offer include:
Freelance Earning Potential:
Freelance writers can make $30-$100 per hour, while web designers and developers often charge $50-$150 per hour or more. Consultants and virtual assistants typically charge $30-$80 per hour.
Higher earning rates come with establishing your expertise, credentials, reviews and repeat business with satisfied clients. But overall freelancers enjoy a very comfortable income potential even when first starting out.
It’s realistic for freelancers across many fields to make $50,000 to $100,000+ per year working part-time hours. The flexible schedule also allows you to balance freelance work conveniently around existing commitments.
How To Find Freelance Jobs?
Popular websites to find freelance jobs include:
Create a profile highlighting your skills, experience, and portfolio and get selected for the best projects by potential clients!
Competitive bidding and pricing is common, so provide as much detail as possible about exactly what services you provide and what makes you uniquely qualified. This helps you stand out and justify higher rates.
Tips for Getting Started with Freelancing
Pros And Cons of Freelancing
Pros
- High earning potential
- Flexible schedule
- Variety of interesting projects
- Freedom to choose your clients and workload
- Gain exposure working with different businesses
Cons
- Can take time to build steady clientele
- Project-based so unpredictable schedules and income streams
- Need to manage marketing, sales, invoicing, taxes yourself
- No employee benefits like insurance, retirement accounts
However, with expertise in a profitable, high-demand field the pros easily outweigh the cons for most freelancers. This side hustle realistically brings in over $20,000 per year for part-time work.
2. Rideshare Driving
Driving for popular rideshare services like Uber and Lyft provides an easy entry into a great side hustle. While schedules vary, reports of drivers earning over $25 per hour are common during peak hours in busy metropolitan areas.
As independent contractors, rideshare drivers enjoy choosing their own shifts. You can drive mornings before your regular job, weekends only or just 10 hours a week. It’s completely flexible which days, times, frequency that fits your lifestyle best.
Of course rideshare services take a portion of all fares – usually 25% or more. But after the app’s cut, drivers still retain most per-ride earnings, tips and surge/peak pricing premiums.
Requirements to Become a Rideshare Driver
Here are the basic requirements shared by top rideshare platforms:
You’ll also need to provide documentation for identity verification and proof of driving history. You must have a clean record for approval to transport passengers.
How Does Driving and Getting Paid Work?
Once approved to drive, you simply toggle yourself as “Available” within the rideshare app whenever you want to accept trip requests. Passengers request pickups via the app and nearby drivers can choose to accept.
Apps provide navigation, send rider’s location and final destination. After completing the ride, payment is processed seamlessly through the app. Tips are optional. You’ll receive your fares deposited weekly directly to your bank.
Many drivers also offer phone chargers, snacks and bottled water to riders to help earn 5-star reviews and bigger tips. Providing a clean, pleasant, accommodating experience brings back regulars and keeps your driver rating high.
Income Potential as a Rideshare Driver
In major markets, drivers average $18-$22/hour including their rideshare company’s cut. Those maximizing bonuses during peak times and strategic with ideal locations can make $1500-$2500+ per week.
Prices per mile and minute naturally vary between standard local rides compared to longer highway trips or high-demand schedules. But consistent 20-30 hour part-time weeks easily clear $60,000+ per year driving for Uber, Lyft or other competitors.
Pros of Rideshare Driving
- Flexible schedule fitting around an existing job
- $1500-$2500+ potential weekly earnings
- Cash out income daily unlike monthly paychecks
- Meet new people exploring your own city
- Freedom to set your driving availability
Cons of Rideshare Driving
- Requires newer vehicle to qualify
- Ongoing costs like fuel, maintenance
- No employee benefits like insurance, retirement
- Risk of physically demanding schedule
- Dealing with challenging passengers
However, the flexible freedom to choose when, where and how much you drive ultimately provides great allure for those seeking autonomous side incomes. Rideshare platforms make entering this lucrative transportation industry easy.
3. Delivery Services
From restaurant orders to groceries to Amazon packages, delivery services continue exploding in demand being one of the best side hustles to make more money online. Naturally digital-first options like UberEats, Postmates, Instacart and Amazon Flex offer awesome side hustle potential for conscientious drivers looking to enter the booming delivery space.
Like ridesharing, delivery platforms provide average hourly pay notably above standard minimum wage rates. But actual incomes vary greatly based on your vehicle, number of deliveries, hours worked and importantly tips earned per order.
Delivering dinner from popular restaurants can earn over $25 per hour on average in most cities. Grocery delivery wages are commonly closer to $15 per batch + tips. Either way, part-time schedules of just dinner rushes or 10-20 hours weekly provide great income padding potential.
Popular Delivery Service Apps
Top delivery apps to drive for include:
These major players lead the industry but smaller local services also exist in many areas. Commercial delivery fleets like FedEx and UPS also often hire contract drivers seasonally or permanently to keep up with immense volume.
With so many big brands and rising competitors in need of drivers, opportunities abound to earn solid consistent side incomes delivering almost anything people want to their front door.
Getting Started Driving for Delivery Apps!
Requirements for delivery drivers vary slightly across platforms but generally include:
How Deliveries Work?
When a customer places an order, you’ll receive pickup details to drive to the restaurant or store. Confirming arrival, you’ll receive hot fresh food or groceries to deliver safely within reasonable drive times.
Delivery apps provide optimal navigational guidance to provided delivery addresses. Drivers make the drop-off then confirm completion through their app. Tips are generally processed post-delivery based on customer satisfaction.
Tips for Providing Excellent Delivery Service
Here are some key tips for maximizing your delivery income:
Income Potential Delivering Orders
Averaging just 2-3 deliveries per hour working weekends or dinnertimes provides $20-$30+ hourly earnings. In major markets or during peak seasons, top hustlers can deliver 4-5+ orders per hour.
Serious delivery drivers working 20-30 hours weekly reach $40,000-$60,000+ annual incomes after self-employment taxes and expenses. But even part-time 10 hour weeks easily clear an extra $10,000 per year.
Pros of Working Delivery Side Hustles
Cons of Delivery Driving
However convenient app interfaces vastly simplify getting started delivering food or packages locally.
4. Reselling Items Online
Here comes another perfect side hustle that can be carried as a full time job too!
You know all that stuff lying around your house that you don’t use anymore? Like old electronics, clothes, and random knick-knacks? Well, some savvy folks out there are scooping up similar items from thrift stores, yard sales, and clearance racks for super cheap. Then, they turn around and sell them online for a sweet profit!
The best part? You can sell pretty much anything, any physical product – electronics, brand-name clothes, shoes, collectibles, antiques, etc. And with a little creativity and some handy tools, you can even get a leg up on the competition.
Now, it does take some effort to source, prep, and ship the items yourself. But with online platforms like eBay, Poshmark, Amazon, Etsy, and Facebook Marketplace, you’ve got access to a massive pool of eager buyers.
Reselling Income Potential
If you put in just 5-10 hours a week, you could easily pocket an extra $10,000 to $15,000 a year. And if you really treat it like a business, you could be raking in even more!
How To Start Selling?
Getting started is a piece of cake. For casual selling, just create a profile on a platform like Facebook Marketplace and start listing your items. If you want to get serious, sign up for a seller account on the big marketplaces, get familiar with their policies, and start sourcing your inventory.
Pricing is key, so do your research to make sure you’re staying competitive while still making a profit. And don’t get discouraged if you don’t strike gold every time you hit up a garage sale – consistency is the name of the game.
Pros of Reselling
Cons of Reselling
So, if you’ve got an eye for hidden treasures and a knack for selling, become an online business owner today. With a little dedication, you could be well on your way to a thriving online side hustle or even a full-time income!
5. Tutoring
With everyone so focused on getting ahead academically these days, families are willing to shell out big bucks to give their kids an edge. And that’s where you come in!
You don’t need to be a rocket scientist to tutor. As long as you’ve got a knack for explaining things and you’re patient, you can help students tackle all sorts of subjects. From middle school math to SAT prep, there’s no shortage of demand.
The best part?
You can set your own hours and work around your schedule. Whether you’re looking to make a little extra cash or turn tutoring into a full-time gig, the sky’s the limit!
Whether locally in-person or working with students remotely via web conference apps, tutoring offers consistently lucrative side hustle potential thanks to ongoing societal focus on academic achievements.
Most In-Demand Tutoring Subjects
Online vs In-Person Tutoring Options
When it comes to online vs. in-person tutoring, there are pros and cons to both. Online tutoring gives you more flexibility and lets you work with students anywhere, but in-person tutoring can be better for hands-on subjects. You can always offer a mix of both to keep things interesting!
How To Find Students?
Now, you might be wondering how to find students. Well, you’ve got options! You can sign up for online tutoring platforms like Wyzant, Varsity Tutors, or Chegg Tutors. They’ll connect you with students in your area or even around the world.
Or, if you prefer the old-fashioned way, you can always advertise your services locally and build up a client base through word of mouth.
How Much Can You Earn As A Tutor?
So, how much can you expect to earn? Well, rates vary, but most tutors charge anywhere from $40 to $70 per hour. And if you specialize in something like test prep or advanced math and science, you could easily command $100+ per hour!
As for how much you can realistically earn, it all depends on how much time you put in. If you tutor full-time, you could easily make $60,000+ per year. Even if you only tutor a few hours a week, you could still pocket an extra $10,000 or more!
Pros of Tutoring Side Hustles
Cons of Tutoring Students
So, if you’re looking for a rewarding side hustle that pays well and lets you call the shots, tutoring might be just what the doctor ordered. Give it a shot – your bank account will thank you!
Choosing The Perfect Side Hustle
In conclusion, the world of side hustles is full of exciting opportunities to boost your income and achieve your financial goals. Whether you’re interested in freelancing, rideshare driving, delivery services, online reselling, or tutoring, there’s a side gig out there that can help you turn your skills and passions into a profitable venture.
By choosing a side hustle that aligns with your interests and abilities, you’ll be more likely to stay motivated and enjoy the journey. Remember to set realistic expectations, track your progress, and stay focused on providing top-notch service to your clients or customers.
As you embark on your side hustle journey, don’t be afraid to start small and scale up over time. With dedication and a willingness to learn, you can transform your side hustle into a thriving source of income that gives you the freedom and flexibility to live life on your own terms.
