“Never depend on single income. Make investment to create a second source.” ~Warren Buffett
[Today I’m featuring a
writer hustler that I’ve wanted to feature for a while now. I keep finding myself spending hours reading his site, Side Hustle Nation, and love all of the actionable advice and focus on creating multiple streams of income. Enjoy.]
The vast majority of people only have one or two income streams, typically their job and perhaps an investment property or dividend-paying stock. I believe this is inherently risky, especially if one of those streams accounts for the majority of your income and you rely on it to pay your monthly expenses.
Over the past year, I’ve been fortunate enough to add several new income streams to my “portfolio.” As the “Chief Side Hustler” at SideHustleNation.com, I’ve taken that role seriously in experimenting with new ways to earn money aside from a traditional job.
1. Affiliate Marketing
Affiliate marketing has been my “main hustle” for the past few years, but unfortunately my top-earning website has been limping along, barely functional for several months.
This is a perfect example of why it pays to diversify. When a similar technical disaster struck a few years ago, I was FAR more stressed out because it was essentially my only source of income.
2. Kindle Publishing
No, I’m not writing any bestsellers (though one recent title did enjoy a brief stint at the top of the Business category), but I believe everyone has a book in them and it makes sense to have something for sale on the world’s largest store.
Self-publishing on Amazon is easy to do and can introduce your work to a massive audience. I originally got into it as an authority builder — there’s no better measure of expertise than “I wrote the book on the subject,” right?
But month after month, my books continue to sell and generate a small passive income.
3. Peer to Peer Lending
I started a small experiment with peer-to-peer lending on Prosper.com 3 years ago, and have seen healthy (low double-digit) returns. In fact, I’ve added more funds to my account each year because it generates a nice passive cash flow.
Fiverr is a website where you can offer up a product or service for $5. After hearing the incredible story of the Fiverr seller who was able to buy a house with his Fiverr earnings in under a year on the site, I knew I had to try it out.
I began selling one of my books, but eventually got brave and began doing quick 5-minute video website audits for people. They were pretty fun, the feedback was good, and one random morning Fiverr took notice and featured my “gig” on the homepage.
I was flooded with orders and had to hustle hard to deliver them all, but ended up earning $920 in 10 days.
5. Blogging / Podcasting
My blog and podcast are another small revenue channel, but probably generate just enough to cover the expenses associated with them.
I’ve experimented a little bit with sponsored posts and podcast sponsorship, but my numbers don’t justify a large budget from advertisers yet. It’s important to remember that unless you have a huge readership, a blog is unlikely to be a viable standalone business.
I earn some small affiliate commissions from the blog as well.
6. Coaching / Mastermind Hosting
The reason I believe blogging and podcasting are so important is to connect with and help as many people as you can. As you do that, a certain percentage will naturally seek out a higher level of engagement you.
For me, the next logical step was to begin offering side hustle coaching and consulting services through the site, as well as host a small private mastermind group.
Clarity is a by-the-minute consulting service where you can schedule calls with subject matter experts and get your questions answered. Naturally, I set up a profile as an expert and began charging $1 per minute.
In my few months on the site, I’ve earned over $200.
Pro Tip: Be sure to sync your LinkedIn recommendations because they will show up as Clarity ratings and can help seed your profile with some initial reviews.
Udemy.com is an online education platform, where you can submit your own courses or learn from thousands of experts.
I haven’t quite cracked the Udemy code yet, earning less than $100 total so far. In exchange for the 3+ days I spent creating and editing videos for my course, it’s not a great return.
On the plus side, now that the course is live, everything that does come in is passive income. In that sense, it’s kind of like Kindle publishing; there’s an investment up front to create the content once, and then you can sell it over and over again for months or maybe even years down the road.
In what ways could you earn money outside of your day job? One friend provides SEO services for local businesses. My wife’s side hustle of choice is photography.
There are hundreds of ways to make a buck and build a little more financial freedom and security into your life. Even if you don’t set out to replace your paycheck, think of the impact an extra $100 or $200 a month could have.
About the author: Nick Loper is the entrepreneurial mind behind Side Hustle Nation where he shares with you the ins and outs of creating a second, third, fourth, etc. stream of income. He loves his family, travel, business, Seattle sports and after a few beers he speaks pretty decent Spanish.
P.s. Make sure to check out the Make Money Monday series for more inspiration about starting, or growing, your side hustle.