In this article, we will look at the 15 best side hustles from home. We have also explored some interesting insights on side hustles that make atleast $1000 a month. If you want to skip our detailed analysis, head straight to 5 Best Side Hustles from Home.
How Common are Side Hustles in the US?
Nearly 2 in 5 American adults have a side hustle, who work alongside their primary jobs to earn extra money due to inflation and rising costs. About 28 percent of side hustlers believe they will always need additional income to meet expenses, and 26 percent expect to maintain a side gig for discretionary spending. Despite a strong job market, the prevalence of side hustles is surprising. Younger generations, particularly Gen Z at 53 percent and millennials at 50 percent, are more likely to have side hustles than Gen X at 40 percent and boomers at 24 percent. For those aged above 50, cultivating a side hustle can help boost retirement savings and handle increasing expenses. Speaking of retirees, you can check our article on part-time retirement jobs that pay well.
What Side Hustles Make $1000 a Month?
Online tutoring is a lucrative side hustle that can earn $1000 monthly or more, depending on expertise and availability. Individuals can utilize their knowledge in subjects like mathematics, science, languages, or even music to teach students globally through various tutoring platforms or independent websites. Flexible working hours and the ability to set your rates make it an attractive option. In fact, with experience, you can easily make extra $2000 a month. Online tutoring can be one of the best side hustles for teens, given their strong academic background.
If one has a flair for writing, they must consider becoming a freelance writer as an online side hustle. Many companies and individuals are willing to pay for high-quality content for their websites, blogs, or marketing. With freelance writing gigs on platforms like Upwork Inc (NASDAQ:UPWK) and Fiverr International Ltd (NYSE:FVRR), it is no-longer a challenge to become a writer, especially if one has the skillset. In fact, freelance writing is one of the best side-hustles with no experience as skillset is all you need to get started. Speaking of online side hustles, you should also check out our article on high-paying remote jobs without a degree or experience. With an average salary of $30-40/hr, making $1000 as a freelance writer is highly attainable.
Driving with Uber Technologies Inc (NYSE:UBER) provides a flexible side hustle opportunity for individuals that seek supplemental income. It offers an alternative to traditional part-time jobs, seasonal employment, or temporary gigs. With the freedom to set their own schedules, drivers can easily integrate work into their lives. Uber Technologies Inc (NYSE:UBER)’s platform is available in major cities like Atlanta, Chicago, Houston, Los Angeles, Miami, New York City, San Francisco, and Seattle, as well as numerous other cities across the US, with drivers from diverse backgrounds and industries. With autonomy, and an average salary of or 19.25 per hour or $38,202 per year, driving for Uber Technologies Inc (NYSE:UBER) is one of the best side hustles.
How to Start a Side Hustle?
Starting a side hustle involves several key steps for an individual. First, they need to identify their skills, interests, and potential market demand. Researching profitable ideas that align with their strengths is equally essential. Creating a business plan outlining goals, target audience, and growth strategies comes next. If required, they should register their venture and set up a separate bank account for finances. Building an online presence through a website or social media will help also attract customers and can lead to the making the most profitable side hustles.
Airbnb Inc (NASDAQ:ABNB) has been a popular choice for people renting out their space. With the latest updates, one notable addition is Airbnb Inc (NASDAQ:ABNB) Rooms, which offers a clearer distinction for those listing a room within a shared home instead of an entire residence. According to Rewers, this uprgade has made it easier and more robust for hosts to rent out a single room while still living in their home or condo. In cities like San Diego, rooms can charge upto $148 per night, and in Portland, Maine, as much as $169 per night. However, hosts should be aware of fees, as Airbnb Inc (NASDAQ:ABNB) may deduct up to 16% of their earnings, depending on the chosen fee structure.
To compile our list of the best side hustles from home, we consulted reddit threads and Quora answers to make a collection of 22 best side hustles according to ordinary people. We tried to target the side hustles which people described as being most “flexible”, “easiest”, and “profitable”. Then, they were filtered according to their average earning potential in the US. After they were ranked, the 15 best side hustles from home were selected and they are shared below.
Transcription is one of the excellent side hustles from home, as it offers flexibility and low startup costs. As a transcriptionist, you convert audio into written text, working remotely from home or anywhere with internet access. With an average base salary of $46,595, it is an accessible opportunity, that requires good language skills and attention to detail but no advanced qualifications. Therefore, it is also one of the best work-from-home jobs for 2023. Transcription is one of the side hustles that pay weekly.
14. Language Translator
If you’re bilingual or multilingual, you can offer translation services on platforms like Unbabel Inc. With the rise of global connectivity, the demand for language translation continues to grow, making it one of the best side hustles from home.
13. Stock Photographer
With stock photography, one can capture and sell photos that can be used for various purposes, such as websites, advertisements, publications, and more. It allows photographers and hobbyists to earn passive income by licensing their images multiple times from the comfort of their home. Since the demand for high-quality visuals is ever-increasing in the digital age, especially with platforms like Shutterstock Inc (NYSE:SSTK), stock photography is one of the most unique side hustles that pay well. According to Glassdoor, the average salary of a photographer at Shutterstock Inc (NYSE:SSTK) is $53,000.
12. Graphic Designer
A graphic designer is a professional who uses visual elements to create, enhance, or communicate ideas and messages. They combine art and technology to produce designs for various purposes, such as marketing materials, advertisements, websites, logos and packaging etc. The median salary of a graphic designer in the US is $50,710, according to BLS. It is also one the highest-paying part-time jobs for college students
11. Subject Specific Tutor
If you excel in a particular subject, you can become an online tutor and teach students worldwide through platforms like Tutorme and FavTuto. The average salary of a tutor in the US is $52,379.
10. Social Media Manager
Social media management requires one to create and curate content, engage with followers, and analyze data to grow and maintain an online presence for businesses or individuals on social media platforms. The hours are usually flexible and being a manager, the job gives you a fair autonomy as well. The average annual base salary of a social media manager in the US is $57,304, according to Indeed.com.
9. Virtual Assistant
A virtual assistant provides remote administrative support to clients, and manages tasks such as scheduling, email management, data entry, research, and other administrative duties. Virtual assistants can earn base annual salary of $82,724 on average, according to Indeed.
8. Provide a Fulfillment by Amazon (FBA) Service
With Amazon.com, Inc (NASDAQ:AMZN)’s FBA service, sellers send their products to Amazon.com, Inc (NASDAQ:AMZN)’s fulfillment centres. Amazon.com, Inc (NASDAQ:AMZN) stores the products, picks, packs, and ships the orders to customers on behalf of the sellers. Moreover, Amazon.com, Inc (NASDAQ:AMZN) handles customer service and returns. FBA sellers retain ownership of the inventory until it is sold. With this level of flexibility, and technically no limit to the amount of money you could stand to make through FBA, it is one of the best side hustles from home.
7. Dropshipping on Shopify Inc (NYSE:SHOP)
Dropshipping is different from services like FBA because in dropshipping, the seller does not hold any inventory. Instead, when a customer places an order, the seller purchases the product from a third-party supplier (usually a wholesaler or manufacturer) and has it shipped directly to the customer. The seller never physically handles the product. Thus, one can start an online store without holding inventory. With platforms like Shopify Inc (NYSE:SHOP), dropshippers can earn between $1000 and $5000 per month on average with minimum hours.
6. Invest in Stocks
Investing in stocks from home is one of the best side hustles as it provides space for flexibility to earn passive income. With online platforms like Robinhood Markets Inc (NASDAQ:HOOD) and TD Ameritrade Holdings Corp (NASDAQ:AMTD), individuals can easily research, trade, and manage their investments at their convenience. Promising stocks such as Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), and Alphabet Inc (NASDAQ:GOOG) are among the top choices for potential growth and consistent returns that attract individuals around the world. You can also consult Insider Monkey’s website for free insider trading and hedge fund data to make the best investments.
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Disclosure: None. 15 Best Side Hustles from Home is originally published on Insider Monkey.