The fastest way to make extra money is not by learning something new or building a side hustle business entirely from scratch. The quickest way to boost your income is actually by using what you already know–just in a new format.
Your primary job pays you for your time, but it feels like a trap because you’re getting underpaid or your salary is capped at a certain level and you can’t rise above it. But there are simple strategies you can use to unlock the power of what you already know and do on a daily basis in your job to make extra money on the side.
Have you organized systems? Directed teams? Created content for your organization? Led new initiatives or worked on projects? Built presentations at work? Knowledgeable about HR processes and regulations? Then, you already have monetizable skills.
Here’s how to turn your current job into a side hustle that pays extremely well, creating a system that pays at least $1,000 a month:
1. Identify Your Highest-Leverage Skill
Everyone has skills, but not all skills are directly monetizable. You have to pick the ones you have which are in extremely high demand and have a strong growth projection. The way to figure this out is by conducting simple market research, analyzing freelance platforms, going through industry and market research reports, and even looking at free sources like Google Trends to analyze patterns in search behavior. These can give strong clues as to what high-income skills are popular.
To save you from having to start from scratch, look at your own skill set and ask yourself, Which of these skills matches market and industry demand right now? Through conducting this self-inventory, you’ll most likely discover that you’re actually sitting on monetizable skills that you simply haven’t packaged yet.
2. Create An Irresistible Offer
The next step is to package that skill into a sellable service that is an incredibly simple and hard to resist offer. It has to be something which ideally is directly outcome-based, highly specific, and offers a done-for-you solution. This can be a service or a digital product.
For example, if you’re offering social media marketing, you could say that you’d create, schedule, and monitor 10 social media posts using a multimedia approach (photos, videos, written content) for 7-10 days’ worth of content for health and wellness brands or entrepreneurs, like personal trainers and health coaches.
3. Choose The Right Business Model
Having a side hustle doesn’t necessarily mean that you need to be working with clients one-to-one. After all, you’re trying to escape the daily grind so you can make money outside of your job without having to burn yourself out.
So, find a passive income model that works for you, your business, and your clients. For example, you could run workshops, host online courses or training series, sell digital templates and tools, or have a freelance services package where you work on a monthly retainer, which enables you to build predictable income and hit the $1,000 mark faster, even with just one client.
4. Build A Waitlist
Validate your idea for free and create suspense and excitement by building a simple waitlist form on Microsoft Forms or Google Forms and sharing it with your contacts and network, while actively expanding your network to gain more sign-ups.
This helps to capture interest early and gives you deeper insights into your target client’s demographic and their needs so you can fine-tune your offer. You can keep in touch with your waitlist through email marketing so that they will be ready to purchase your offer when it becomes available.
5. Use AI To Increase Profit Per Hour
Finally, leveraging artificial intelligence tools enables you to speed up your workflow and increases your delivery output within a shorter period of time. This allows you to create templates, automate emails, deliver proposals that sound convincing and professional, and even generate reports and content, much faster. With human supervision and expertise to keep it under control, AI can help you maximize your income-generating skill set.
You don’t need to be a genius or be a tech start-up founder to make a lucrative income outside of your job. You just need to re-apply what you do at your primary job and share your skills and knowledge with a different audience, because this time around, they’ll actually pay you what you’re worth for it, and no one can cap your earning potential.
Side Hustle FAQs
What are some high-income skills that I can use to start making money today?
Some high-income skills you can use to start building a highly profitable side hustle include copywriting, generative AI, digital marketing, SEO, and consulting, coaching, and training.
Why am I not making enough money with my side hustle?
To pin-point the answer, there could be one or more variables at play. You’d need to look closely at what other successful freelancers in your space are doing well which you could imitate. You’d also need to do more market research and tweak some of the variables, constantly learning more and adapting your business approach until you start seeing results. Also remember that consistency is most important. There is no such thing as overnight success.
Finally, if your offer doesn’t resonate, it could be down to pricing, your marketing not connecting well with your intended audience, or there being insufficient demand. There are so many factors involved that it might be best to speak to a freelancing coach or business mentor.