Top 10 Profitable Side Hustles to Consider in 2023
As inflation rates rise and a global recession looms, people are turning to side hustles as a way to supplement their income and improve their financial situation.
In this article, we'll highlight some of the most effective side hustles that can help you increase your earnings and enhance your financial standing.
Top 10 Profitable Side Hustles
There are various profitable side hustle options to consider, such as freelance writing, online delivery services, offering and selling digital products, e-commerce, offering your skills on online platforms like Fiverr or UpWork, video content creation, online tutorial services, short-term rentals, blogging and niche sites, as well as flipping.
1. Freelance Writing
If you have a knack for writing, then freelance writing might be an ideal side hustle to pursue this year.
There is an abundance of websites and businesses looking for writers with experience in various topics or industries.
You can usually find job postings on job boards or through platforms like Upwork and Fiverr.
The best part about freelance writing is that there's no limit to how much money you can make – the more you write, the more you make.
All you need to start freelancing as a writer is the ability to write and a computer to write on and get requests from.
There aren't many costs to get started, so it's a good side hustle for people just starting out. Freelance writing can earn you up to $5,000 a month if you take on enough jobs.
2. Online Delivery Services
The rise of the gig economy has created a whole new world for side hustles.
The most popular ones are online delivery services.
With companies like Amazon and Uber Eats in need of couriers, there is no shortage of work available.
All you need is a reliable vehicle and a valid driver’s license and you can start making money from your own car.
Since the platforms allow drivers to choose what deliveries to take on, you can make as much or as little as your free time allows.
You also have the benefit of being able to work whenever it’s convenient for you – simply log on and work when you have time.
This type of side gig does have a higher initial cost compared to others because you need a car or vehicle, but if you already have one and have some free time on your hands, this can be a great way to make some extra money with it.
Some drivers have reported incomes of up to $1k a week, so it’s definitely worth exploring as a side hustle income.
3. Digital Products
If you have web design, coding, photography, or graphic design skills, you can offer digital products like stock photos and templates.
You can easily start a shop on platforms like Etsy to showcase your work and start earning money from it.
All you need to get started is a personal computer with basic editing tools.
You don't need a high-end machine to make digital products. Tools like Canva make it easy to mock up templates and designs.
Plus, you don't need to create new content all the time – once you have created a product once, you can sell it over and over again.
The amount of money that you can make with this method can vary, depending on the types of products that you sell.
Some Etsy sellers have sold their digital products for as little as $3 for a template and as much as $20–30 for digital paintings and graphics, so look into the kinds of products that would work best for what you need, try selling different things, and see what works best for you.
Creating digital products is one of the most profitable side hustles out there and can be a great way to diversify your income streams.
You’re only limited by your own creative ideas and skills, so get creative and start selling!
4. eCommerce
eCommerce is another great option for a side hustle, and it is incredibly diverse.
You can start selling physical products online through platforms like Shopify or open up a dropshipping store where you can source items from suppliers and have them shipped directly to your customers.
If you have a skill that you can monetize, like crocheting, or making jewelry and prints, you can create quality products and sell them online.
The beauty of eCommerce is that you can start with just a few items and expand as your business grows – all you need to get started is the products or services that you are going to offer, a platform to list your items, such as Etsy or Shopify, and some marketing know-how.
You don’t need any physical location for an online store, which makes it great for those who want to make money without having to leave their homes.
eCommerce can be incredibly lucrative if done right, but requires more time and effort than other side hustles because there are more moving parts involved.
You also have more initial startup costs to consider, like the cost of materials and logistics, so the barrier to entry can be a little high.
This is why options like dropshipping, where you can source suppliers and they can handle the logistical aspect of it, are so popular.
The initial startup costs for this are definitely lower, but it can be difficult to find the right kinds of products to sell, which is why this method needs a lot of research and trial and error.
No matter what method you choose, market research is an important part of your eCommerce journey.
Take your time to make sure you have all the information you need to make this a successful business.
5. Offer Your Skills On Online Platforms
If you have a particular skill or talent that you can offer, then consider setting up shop on an online platform like Fiverr.
Here you can advertise your services and set your own rates.
Whether it’s web design, SEO writing, copywriting, or even teaching English as a second language – there are plenty of opportunities to make money with your skillset.
With Fiverr you can also offer gigs for clients within 5 minutes, so you don’t need to worry about setting up a website or learning complex marketing techniques.
It’s quick, easy, and incredibly convenient. All you need is your computer and whatever skill you have on offer, and you can go ahead and get started.
The best part is that you can make money while doing what you love, since there are no restrictions on the type of work that you can do – it all depends on your skill set and what your clients require.
Just be sure to set reasonable rates and ensure that your services are in line with industry standards.
The amount of money that you can make with this can vary; some freelancers can make upwards of hundreds of dollars a day while others may only make a few bucks.
It depends on how much time you choose to spend on this, as well as your chosen niche.
6. Online Streaming and Video Content Creation
If you have a creative flair and don’t mind being in front of the camera, then online streaming or video content creation could be the perfect side hustle for you.
You can use platforms like Twitch or YouTube to share your content and start earning money from ad revenue and sponsorships.
TikTok and Instagram are other great ways to integrate clips from your streams so that you can build up an audience from different platforms.
Taking notable moments from your streams, editing them into short clips, and posting them on social media platforms can help direct users from different platforms to your stream.
Plus, there are some great opportunities for growth into other ventures if you create engaging content that resonates with viewers.
Like other online ventures, the initial startup costs for this can be minimal, as all you need is your computer to record and upload content.
Over time, you can invest in other equipment, like recording gear and lighting to make your content look more professional, but it isn’t necessary in the beginning.
Income from online streaming and video creation can come from a variety of sources.
Some content creators make content from sponsorships and affiliate programs, while others get income directly from the platforms themselves.
It takes time to build up your audience to the point where your stream and profile can become profitable, so don't be discouraged if you aren't an overnight success.
Doing this can be very rewarding and enjoyable, as it allows you to make money while creating content that you love and engaging with your viewers directly.
7. Online Tutorial Services
If you’re a subject matter expert, then offering tutoring services over the internet could be a great way to make some extra money.
You can create tutorials and sell them as digital products or you can offer one-on-one tutoring sessions where students pay for your time and expertise.
There are platforms that specialize in connecting people who need tutors with experienced professionals.
Tutorial services are often paid by the hour, so your income can depend on how many students you can take on.
To get started, all you need is your computer and an internet connection.
You can also use video conferencing software, like Zoom or Skype to keep in contact with your students and provide them with quality instruction.
Once you’ve set up your online tutoring business, you can start marketing it through word of mouth or social media platforms.
This type of side hustle offers flexibility since you are the one who sets the hours and decides how much time to dedicate to each student.
Tutorial services can benefit a wide range of students, from elementary school-age children to adults seeking to further their education.
To determine which students would benefit most from your services, it's important to consider your knowledge level and the specific needs of each student.
8. Short-term Rentals
If you have a spare room in your home, then consider renting it out for short-term stays.
Platforms like Airbnb allow you to list your property online and rent it out for a daily or weekly fee.
This is also a convenient way to earn money from tourists that are looking for accommodation in your area.
The income that you earn from this can vary widely, depending on the quality of your space, as well as the demand for your location, so take a look at other properties in the area and determine how much you can charge for your space based on this.
As long as you keep your space clean and the facilities well-maintained, then you won't have any trouble finding guests to fill your rooms.
Of course, the initial startup for this side hustle can be quite high, as you need the real estate, but if you already have the extra room, all you need is to invest in the furniture and other amenities for your guest.
As a bonus, with short-term rentals, you can also earn extra money from providing additional services to your guests.
For example, some hosts will provide welcome packages that include snacks, toiletries, and other items that make their stay more enjoyable.
You can also offer tour guide services if you are familiar with the area and its attractions or laundry services for an additional fee.
Overall, this side hustle is a great way to generate passive income while meeting interesting people from different parts of the world.
It’s a great way to save up for something special or even use it as your primary source of income if you have multiple rooms available.
9. Blogging and Niche Sites
If writing is your passion, then why not start a blog or build niche websites?
With a blog, you can write about anything that interests you and start earning money from affiliate marketing and sponsored content.
Niche sites are also great for people who want to share their knowledge on specific topics.
You can easily monetize these sites with display ads and sponsored posts.
In both cases, it’s important to create quality content that your readers will find valuable.
This means researching topics in-depth and writing engaging blog posts.
You should also be mindful of SEO so that you can increase your organic traffic and reach a wider audience.
The great thing about blogging is that you don’t need a lot of money to get started – all you need is your computer and an internet connection.
And while the income from this side hustle may not be immediate, if done right, it can generate long-term passive income over time.
To maximize your earnings potential, consider creating multiple niche sites or blogs on different topics.
That way, you'll be able to reach a wider audience and generate more revenue.
10. Flipping
If you have an eye for a great deal, then flipping is a great way to turn that into a profitable side hustle.
You can buy used items from sites like Craigslist or eBay and then resell them at a higher price.
Scouting out thrift stores for quality clothes and even furniture is another great way to make a quick buck.
Some people like to take old, quality furniture, fix it up, and resell them as a way to earn some extra cash.
If you have the know-how, you’ll be able to spot a profit opportunity and make good money from flipping items.
The startup costs for this can depend on the kind of products that you're flipping.
For example, if you're looking to flip used designer items, this can be more costly than flipping standard thrifted items.
To maximize your profits, you should always research the market and be aware of the latest trends.
You may even want to consider selling items online on sites like Etsy or eBay so that you can reach a wider audience.
Flipping can also include buying products wholesale and then selling them individually on platforms like Amazon FBA or eBay.
This is a great way to make money if you have the time and resources to hunt for the best deals.
Wrapping Up: Finding the Most Profitable Side Hustles For You
Side hustles are becoming more popular because of the opportunity to pad out your current income and help you meet your financial goals.
With so many options available, it can be difficult to decide which one is right for you.
Consider what resources or skills you have before getting started on your side hustle journey.
Profitable side hustle options to consider:
Freelance writing
Online delivery services
Offering and selling digital products
E-commerce
Offering your skills on online platforms like Fiverr or UpWork
Video content creation
Online tutorial services
Short-term rentals
Blogging and niche sites
Flipping
Remember, no matter what side hustle you choose, consistency and patience are key to success.
Here are some articles on Side Hustles:
4 Reasons Why You Should Start a Side Hustle
How to Start a Side Hustle: 5 Expert Tips
