Side Hustle Ideas Tier List For Beginners
TLDRThe video discusses various side hustles suitable for beginners, aiming to earn extra income. It covers a range of options from digital products and real estate to YouTube channels and online courses. The presenter shares personal experiences and insights from business conferences and entrepreneur housemates, evaluating the ease of entry, potential for scaling, and the stress levels associated with each hustle. The video emphasizes the importance of choosing a side hustle aligned with one's passion and existing knowledge, and it discourages trading due to its zero-sum nature and the competitive advantage of Wall Street professionals.
Takeaways
- π Selling digital products is a beginner-friendly side hustle with relatively easy entry and potential to reach $10,000 per month, though scaling might be challenging.
- π Rental properties or real estate ventures like Airbnb can be a common and potentially profitable side hustle, but they involve significant risks, learning curves, and possible coaching course investments.
- π° ATM and Bitcoin ATM businesses can be semi-passive income sources with a good return on investment, but they require trust in employees and upfront capital.
- π§Ί Laundry mat businesses are labor-intensive and less appealing due to the physical work involved, but they can still provide a steady side income with the right operations and trust in employees.
- πΊ YouTube and content creation platforms offer opportunities for financial independence and scalability, with YouTube being the most lucrative and beginner-friendly option.
- ποΈ Dropshipping and e-commerce can be highly scalable and profitable, but they are complex for beginners, requiring skills in marketing, customer service, data analytics, and team management.
- π‘ Lawn mowing businesses are easy to start and can provide extra income, but scaling to significant profits is challenging and may require additional skills and trust in hired help.
- πΏ Vending machine businesses are similar to ATMs but may be less profitable and easier to start, with the main tasks being restocking and collection of earnings.
- π§Ό Power washing and cleaning services are great for those willing to work hard, offering a chance to reach $10,000 a month with less need for scaling and more focus on direct service.
- π Online courses, coaching, and consulting are highly rewarding and can be tailored to one's expertise, offering a great starting point for beginners and the potential for high earnings with specialized knowledge.
Q & A
What are some of the best side hustles for beginners looking to make extra money?
-Some of the best side hustles for beginners include selling digital products, rental properties or real estate, ATMs or Bitcoin ATMs, and starting a YouTube channel or being a content creator on various social media platforms.
What are the advantages of selling digital products as a side hustle?
-Selling digital products is advantageous because of its simplicity, usefulness, and the ease for beginners to get started. It's also a good option for those looking to potentially earn around $10,000 per month, although scaling beyond that might be challenging.
What are the challenges associated with getting into real estate as a side hustle?
-Real estate side hustles often involve significant mistakes that can cost tens of thousands of dollars, even for those who are careful. There is also a lot of saturation and sketchiness in the industry, with many people making money by teaching others how to make money in real estate.
How does the speaker perceive the potential of YouTube as a platform for side hustles?
-The speaker perceives YouTube as the best platform for side hustles, with many content creators achieving financial independence through the platform. YouTube is considered more sustainable and easier for making money compared to other platforms like TikTok or Instagram.
What are some of the key skills required for a beginner to succeed in dropshipping physical products?
-For beginners to succeed in dropshipping, they need to be good at hiring and managing people, marketing, data analytics, and understanding their numbers well. They also need to have a good grasp of customer service and fulfillment processes.
Why does the speaker rank lawn mowing businesses as a C-tier side hustle?
-Lawn mowing businesses are ranked as a C-tier side hustle because, while they are relatively easy to start and don't require much startup capital, they are difficult to scale and may struggle to reach $10,000 a month in pure profit.
What is the appeal of online courses, coaching, and consulting as a side hustle for beginners?
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What are some of the challenges in getting into affiliate marketing as a side hustle?
-The main challenge in affiliate marketing is learning and mastering the skill of traffic generation. It requires consistent effort to drive good quality traffic to the affiliate products. Additionally, it can be competitive as many people are using AI or outsourcing to non-experts for SEO and content creation.
How does the speaker view trading as a side hustle for the average person?
-The speaker views trading as an unattractive side hustle for the average person, considering it a zero-sum game where someone else's loss is your gain. They also highlight the difficulty of competing with highly skilled and well-informed professionals on Wall Street, and the potential for trading to become an addictive behavior.
What are the key takeaways from the speaker's analysis of various side hustles?
-The key takeaways include the importance of choosing a side hustle that aligns with one's skills and interests, the potential for scalability, and the necessity of patience and persistence. The speaker also emphasizes the value of creating value and the potential for learning and growth in these side hustles.
Outlines
π Side Hustle Tier List for Beginners
The video script begins with an introduction to a tier list for side hustles suitable for beginners. The speaker intends to share their personal experiences and insights gained from attending business conferences and living with entrepreneurs. They aim to discuss the ease of starting these businesses, their potential to earn, and the level of stress involved. The video encourages viewers to like the content and promises a detailed discussion on various side hustles, starting with digital products and covering a range of options including real estate, ATMs, and laundry mats.
π‘ The Potential of Digital Content Creation
This paragraph delves into the world of content creation, specifically focusing on platforms like YouTube, TikTok, Instagram, and Twitter. The speaker emphasizes that success in this field does not necessarily require high intelligence but rather passion and knowledge about a particular subject. The paragraph highlights the earning potential of YouTubers, with examples of individuals making significant incomes. The speaker shares their own success with AdSense and positions YouTube as an S-tier platform for beginners due to its ease of use and compatibility with other business models.
ποΈ E-commerce and Physical Product Selling
The paragraph discusses the complexities of e-commerce, particularly dropshipping physical products. While it acknowledges the high scalability and potential for significant earnings in e-commerce, it also highlights the numerous skills required for beginners, such as marketing, customer service, and data analytics. The speaker advises that, despite the lucrative possibilities, the steep learning curve makes it a B-tier option for those just starting out.
πΏ Niche Businesses and Online Education
This section covers various business opportunities such as lawn mowing, vending machines, and power washing services. The speaker notes that while these businesses may not be glamorous, they offer tangible ways to earn extra income with relatively low startup capital. The focus then shifts to online courses, coaching, and consulting, which the speaker considers an S-tier business model due to its high earning potential and the opportunity to leverage one's existing expertise. The speaker encourages beginners to capitalize on their knowledge and skills to create and sell online courses or offer coaching services.
πΎ Pet Care and Landscaping Services
The script moves on to discuss pet care services like dog walking and the potential to earn a substantial monthly income from these services. It also touches on landscaping, comparing it to lawn mowing but noting the additional effort and potential for higher earnings. The speaker then explores print on demand, expressing excitement over the future of 3D printing in this industry. However, they temper expectations by noting the difficulty for beginners to break into this field, thus placing it in the C-tier.
π Amazon FBA and High-Growth Businesses
The paragraph discusses the pros and cons of starting a business through Amazon FBA, noting the benefits of owning the business but also the risks associated with Amazon's control over data and product visibility. The speaker shares their personal experience and finds it challenging, thus ranking it as a B-tier option. The conversation then turns to software as a service (SaaS) businesses, which, while having the potential to become highly successful, pose a significant barrier to entry for beginners due to the required technical skills and knowledge. The speaker suggests that the SaaS industry is better suited for more advanced entrepreneurs.
π The Age-Old Art of Flipping
Flippingη©ε, such as cars, baseball cards, phones, or shoes, is presented as a timeless side hustle that requires expertise in a specific product. The speaker notes that while it's easy to start and scale to a certain level, further growth may necessitate learning additional skills and hiring staff. The paragraph also touches on social media marketing agencies (SMMAs) and their appeal due to the service-based nature, but warns of the stress and saturation in the market. The speaker advises that success in SMMA requires learning valuable skills but also cautions about the demanding and stressful nature of the business.
πΌ B2B Service-Based Businesses and YouTube Automation
The script highlights the opportunities in B2B service-based businesses, particularly in fields like cybersecurity and IT staffing, where specialized knowledge is crucial. The speaker acknowledges the high barriers to entry but suggests that for those with the right expertise, it can be a lucrative option. The conversation then shifts to YouTube automation, where the speaker expresses enthusiasm for the potential but cautions about the saturation and the necessity of various skills, including content creation and team management. Despite these challenges, the speaker still sees value in pursuing YouTube-related opportunities.
π Trading and Twitter Ghost Writing
The speaker expresses a negative view towards trading, considering it a zero-sum game unsuited for most people due to the competitive nature of the market. They single out cryptocurrency trading as a potential exception due to its relative novelty. The paragraph then discusses Twitter ghost writing as a highly skilled job that can yield significant returns, especially for those who can mimic the voice of influential individuals on the platform. The speaker sees value in this niche and suggests it as a B-tier option for those with the requisite writing prowess.
ποΈ Valuable Skills in Content and Marketing
The speaker groups several valuable skills under content and marketing, including appointment setting, closing, media buying, copywriting, and creative directing. These roles are highlighted for their direct contribution to a business's bottom line and the potential for a percentage-based income. The speaker encourages learning just one of these skills as a pathway to success and notes that these positions can lead to valuable connections and learning opportunities. The paragraph also touches on the enduring value of SEO blogs and affiliate marketing, emphasizing the importance of patience and traffic generation, respectively. Both are considered high-value endeavors, with affiliate marketing being particularly accessible for those with an existing audience or traffic generation skills.
Mindmap
Keywords
π‘Side Hustle
π‘Digital Products
π‘Rental Property
π‘ATMs
π‘YouTube Channel
π‘Dropshipping
π‘Coaching and Consulting
π‘Affiliate Marketing
π‘Print on Demand
π‘Scaling
Highlights
The discussion focuses on the best side hustles for beginners looking to make extra money.
Selling digital products, such as Notion templates or resume templates, is recommended for beginners due to its simplicity and potential to earn up to $10,000 per month.
Rental properties or real estate, including Airbnb, is a common side hustle with potential for significant earnings but also significant risks and saturation in the market.
ATMs, including Bitcoin ATMs, require an initial investment but can be semi-passive and generate around $10,000 a month for beginners.
Laundry mats are not glamorous but can be profitable, although scaling and managing the business can be complex and labor-intensive.
Creating content on platforms like YouTube, TikTok, and Instagram can be a great side hustle, with YouTube being the most lucrative and beginner-friendly.
Dropshipping and selling physical products can be complicated for beginners but has the potential for high earnings if done correctly.
Lawn mowing businesses are easy to start and can provide a few extra thousand a month, though scaling is difficult.
Vending machines are similar to laundry mats but require restocking and trust in employees for collection duties.
Power washing and cleaning services are ideal for hard workers and can reach $10,000 to $110,000 a month with the right skills and management.
Online courses, coaching, and consulting are highly recommended for beginners, offering scalability and the opportunity to teach others about one's expertise.
Pet care services like dog sitting and walking are still profitable but have become more competitive over time.
Landscaping services are suitable for those willing to work outdoors and can be easily started through word of mouth and local advertising.
Print on demand allows for inventory-free sales of customized products and has potential for growth with advancements in 3D printing technology.
Amazon FBA is a well-known side hustle but comes with risks as Amazon controls data and can create competing products.
SaaS companies are highly scalable and potentially the best way to become a billionaire, but have a high barrier to entry for beginners.
Flipping items is a classic side hustle that requires expertise in a specific product and can be started with minimal investment.
Social media marketing agencies (SMMA) are popular but can be stressful, requiring skills in sales, marketing, and product development.
B2B service-based businesses like cybersecurity and IT staffing require specialized knowledge but offer significant earning potential.
YouTube automation involves creating faceless channels and hiring others to produce content, but is becoming saturated and requires multiple skills.
Trading, especially for beginners, is considered a high-risk, zero-sum game and is not recommended for most people.
Twitter ghostwriting can be lucrative for those with excellent writing skills and an understanding of the platform, offering opportunities for high-income partnerships.
Careers in appointment setting, closing, media buying, copywriting, and creative directing are valuable for businesses and can lead to high earnings and learning opportunities.
SEO blogs require patience and consistent, high-quality content but can become highly profitable over time.
Affiliate marketing is a powerful side hustle for those skilled in marketing and traffic generation, allowing for earnings based on promoting proven products.
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