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Making six figures on the side sounds like a pipe dream, but for some people, it's a reality. Alex Spinoso, MD, and CEO of Genesis Lifestyle Medicine, earns six figures from his side job of analyzing people's bloodwork.
"My greatest recommendation to someone trying to generate at least $100,000 per year through side hustles is to use what you are already an expert at," Spinoso said. "Can you name a specific set of abilities for which people would pay money?"
"Once you've narrowed this down, start reaching out to those you know need your service through direct marketing or word-of-mouth," he continued. Working backward from $100,000, determine how many individuals you would need to help or sign up in order to make $100,000 based on your client's cost of using your services. Set a monthly target for this number and work toward it! You'll have a six-figure side hustle in no time."
That is one approach! Here are some other methods to earn a six-figure side income.
Lawns Mow
While it may be difficult to believe, it is feasible to earn six figures performing lawn care on the side — especially if you have a regular stream of clients and are ready to work long hours throughout the week and on weekends.
Bryan Clayton, the CEO of GreenPal, which has been described as "Uber for lawn care," stated that 53 percent of the company's 9,500 vendor partners make more than $100,000 per year on the platform.
"Many of our lawn care providers work on a part-time basis," Clayton explained. "Some are firefighters, some are teachers who use our app to supplement their income over the summer, and yet others are college students who work afternoons and weekends." It's an ideal opportunity for them to supplement their income."
"Our average vendor earns roughly $55 per hour mowing lawns on our system," he continues. They establish their own hours and choose the clientele for whom they choose to work. It's a great side hustle."
Provide Professional Services Through the Internet
Offering remote professional services is another choice if you don't want to hustle and commute from job to work. The secret to swiftly hitting six figures is to use your professional abilities and knowledge to deliver a service that your clients are prepared to pay you highly for but that won't consume much of your time.
"My wife and I both work full-time, but we run a remote law company as a side hustle," The Hive Law's Shawn Bryer explained. "Divorce and estate planning are our specialties." For contentious reasons, most divorces necessitate the presence of a lawyer in court. We exclusively handle uncontested divorces. This enables us to address disputes between marriages remotely and without involving the parties involved proceeding to court Rather of taking the usual approach with a law company, we designed our law business to fit our lifestyle."
"We work roughly nine hours each week on average at the legal practice," Bryer added. We also have an annual average of 15 uncontested divorces. Divorces alone generate around $112,500 in income each year at $7,500 per uncontested divorce. That does not include the estate planning for which we also provide services to our customers."
Begin several blogs.
Making six figures from blogging may not happen fast, but with a strong, proven plan and perseverance, you can gradually build up to that level of income. While there have been success stories of people earning six figures per year from a single blog, you're more likely to achieve this aim if you can set up many content-rich sites, like the following successful blogger did.
Jeff Campbell, of Middle Class Dad, is a blogger who claims to earn about $300,000 per year. Campbell did leave his day job last year, but he described blogging as a side hustle before that.
Campbell presently maintains 11 content-focused websites. "The articles on the sites are often between 1,000 and 2,000 words long and are meant to simply answer questions that people type into Google," Campbell explained. "I make money by recommending things for which I receive a commission and by displaying advertisements" (often, but not exclusively, Amazon). While I initially authored everything, I now have roughly seven writers on Upwork who help me pump out stuff faster, as well as an editor who adds photographs and checks for spelling and plagiarism."
Develop your skills as an affiliate marketer.
When you promote a company's or advertiser's product or service, you receive a commission. To be a successful affiliate marketer, you must select at least one channel, such as blogging or social media, and cultivate an audience eager to purchase what you review or promote.
"Affiliate marketing is a wonderful chance for smart passive income that can replace your 9-5 day job and earn six figures per year," stated Ronald Williams, career advisor and CEO of BestPeopleFinder. "I spend 20 to 25 hours every week choosing and marketing other people's items." The method is straightforward: choose, contact, and sell. Of course, there are several little stages in between, but the emphasis must be on these basic principles."
"In this regard, my greatest counsel (from four years of experience) is that you must not succumb." "Have a lot of patience, repeat procedures, check for public interest when choosing a product, and let fate work for you while you sleep," Williams said.
Learn how to become an Amazon Third-Party Seller.
Becoming a third-party vendor on Amazon might be an excellent way to supplement your income. "When I realized Amazon's potential, I figured it might be a fantastic side hustle," said Ian Sells, founder and CEO of RebateKey. "I used to spend about 10-12 hours every week on Amazon." It wasn't until I made a million dollars in sales that I realized it might be a full-time job. That's when I decided to make the change."
"However, before you get in, educate yourself."
Having some advice from someone who is familiar with the profession or business you want to work in can help you have a successful career, "I'm here to help you get started and save you from making mistakes," Sells says. "For these goals, there exist several online communities."
In summary, the initial step is to study the wholesale items you can purchase that would sell well on Amazon and will provide at least a 30% return. Then you'll need to locate someone to loan you the money to buy those things in bulk, as well as obtain a storage facility and shipping materials. You'll need to reinvest your profits for at least the first year in order to expand your firm.