Side hustles can be a rewarding and fulfilling experience that can bring both personal and financial benefits. It can be difficult to predict exactly which will be the most profitable in 2023, as the market and demand for different products and services can change over time. However, here are a few ideas for side hustles that may be profitable in the new year.
Drop shipping & Amazon FBA
Drop shipping & Amazon FBA can be a viable business models if you are able to find a niche market with low competition and negotiate favourable terms with your suppliers. There are a few factors that can affect the profitability of drop shipping, such as:
- Demand for your products: If there is strong demand for the products you are selling, you may be able to generate more sales and profits.
- Competition: If there is a lot of competition in your market, it can be more difficult to differentiate your products and stand out from the competition. This can make it harder to attract customers and drive sales.
- Margins: The profitability of drop shipping depends on the margins you are able to negotiate with your suppliers. If your margins are too low, it may be difficult to make a profit.
- Operating costs: There are various operating costs associated with running a drop shipping business, such as website hosting, advertising, and payment processing fees. It’s important to carefully consider these costs and ensure that they are reasonable in relation to your sales and profits.
- Fees: Amazon charges various fees for using its fulfilment service, including referral fees, fulfilment fees, and storage fees. It’s important to carefully consider these fees and ensure that they are reasonable in relation to your sales and profits.
- Overall, it’s important to carefully consider the potential risks and challenges of starting a drop shipping business before committing to it. It’s also a good idea to do market research and test your idea before fully launching your business.
You can find out more about Amazon FBA by reading our Ultimate Amazon FBA Guide here.
Setting up an online store and selling products through platforms like Etsy or eBay can be a profitable side hustle, especially if you are able to find a niche market or source products at a low cost.
There are several factors to consider when deciding what product to sell through an e-commerce business as a side hustle. Here are some steps you can take to help you make a decision:
- Identify your target market: Determine who your potential customers are and what they might be interested in buying.
- Research the competition: Look at what products similar businesses are selling and consider how you can differentiate your product offering.
- Consider your skills and resources: Think about what products align with your skills and resources. For example, if you have a background in design, you might consider creating and selling your own art or design-related products.
- Evaluate demand for the product: Research trends and customer demand for the product you are considering. You can use tools like Google Trends and social media to gauge interest in the product.
- Consider the cost of production and fulfilment: Determine the cost of producing and fulfilling orders for the product. This will help you set prices and determine the feasibility of selling the product.
- Test the market: Consider starting with a small test run to gauge demand and assess the viability of the product before committing to a larger scale.
Remember, it’s important to choose a product that you are passionate about and that aligns with your goals and values. This will help you stay motivated and committed to the success of your business.
Creating an online course
Creating and selling online courses can be a good way to make money as a side hustle, especially if you have expertise in a particular subject or area that you can share with others. There are a few key things to consider when deciding if creating an online course is a good fit for you:
- Determine your target market: Who do you want to sell your course to? What problem or need does your course address?
- Assess your expertise: Do you have the knowledge and experience necessary to create a high-quality course?
- Consider the time and effort involved: Creating an online course can be time-intensive, so be sure to consider the amount of time and effort that will be required to develop and market your course.
- Research the competition: Look at what other online courses are being offered in your subject area, and consider how you can differentiate your course.
- Determine the best platform for your course: There are many platforms available for creating and selling online courses, including Udemy, Teachable, and Coursera. Research the different options and choose the one that best fits your needs.
Overall, creating and selling an online course can be a rewarding and lucrative side hustle, but it’s important to do your research and plan carefully to ensure success.
Freelance writing or editing
With the rise of content marketing and the increasing demand for high-quality written content, freelance writing and editing can be a lucrative side hustle. It’s a flexible option that allows you to work from anywhere and choose your own clients. Here are a few steps you can follow to get started:
- Develop your writing skills: If you’re new to freelance writing, it’s a good idea to start by improving your writing skills. This can involve taking writing courses, reading books on writing, and practicing your writing regularly.
- Identify your niche: Think about the types of topics and industries you are interested in writing about. This can help you focus your efforts and target potential clients who are looking for writers with your expertise.
- Create a portfolio: As a freelance writer, you’ll need to show potential clients examples of your work. You can create a portfolio by collecting samples of your writing and organizing them in an online portfolio or on your own website.
- Find clients: There are several ways to find freelance writing clients, including:
- Networking with other writers, editors, and industry professionals
- Responding to job ads on freelance writing job boards or websites
- Reaching out to businesses and organizations directly to pitch your services
- Set your rates: Determine how much you want to charge for your writing services. Consider your experience, the complexity of the work, and the value you provide to your clients when setting your rates.
- Market yourself: As a freelance writer, you’ll need to be proactive in marketing your services to potential clients. This can involve creating a website or social media presence, networking with other professionals, and reaching out to potential clients directly.
Starting a freelance writing business requires time, effort, and dedication, but it can be a rewarding and flexible way to earn extra income on the side.
As more businesses move online and rely on remote work, there may be a greater demand for virtual assistants to help with tasks such as scheduling, email management, and research.
Virtual assistants (VAs) are professionals who provide a wide range of support services to businesses and individuals remotely, typically over the internet. Some common tasks that virtual assistants may perform include:
- Email management: VAs may help clients manage their email inboxes by organizing, responding to, and forwarding emails as needed.
- Scheduling: VAs may help clients manage their schedules by booking appointments, scheduling meetings, and creating calendar events.
- Research: VAs may help clients with research tasks such as gathering information from the internet, creating reports, or preparing presentations.
- Customer service: VAs may help clients with customer service tasks such as answering customer inquiries, handling complaints, or processing orders.
- Data entry: VAs may help clients with data entry tasks such as transcribing data from paper documents, creating spreadsheets, or updating databases.
- Social media management: VAs may help clients with social media tasks such as creating and scheduling posts, responding to comments and messages, and analyzing social media metrics.
- Project management: VAs may help clients with project management tasks such as creating project plans, coordinating with team members, and tracking progress.
Virtual assistants can provide a wide range of support services depending on their skills and the needs of their clients. It’s important for VAs to be organized, detail-oriented, and able to work independently to be successful in their roles.
How much do virtual assistants make in the UK? VAs may work on an hourly or project-based basis, and their rates can range from £10 to £50 or more per hour depending on their level of expertise and the complexity of the work. Some VAs may work part-time and earn a few hundred pounds per month, while others may work full-time and earn several thousand pounds per month or more.
Tutoring or teaching
With the increasing popularity of online education, tutoring or teaching subjects you are knowledgeable in can be a profitable side hustle. Tutoring can be a profitable side hustle, as there is often a demand for individuals with specialized knowledge or skills to help others learn. Some examples of things that you could tutor as a side hustle include:
- Academic subjects: You could tutor students in subjects such as maths, science, English, or a foreign language.
- Music or art: You could tutor students in a particular instrument or art form, such as piano, guitar, or painting.
- Computer programming or technology: You could tutor students in a specific programming language or help them learn how to use software or devices.
- Professional skills: You could tutor individuals in a specific profession, such as business, law, or engineering.
- Hobbies or interests: You could tutor others in a hobby or interest that you are passionate about, such as cooking, gardening, or photography.
Tutoring can be a flexible and rewarding side hustle, as it allows you to share your knowledge and skills with others while earning extra income. It’s important to consider your interests, expertise, and availability when deciding what to tutor, and to research the demand for your services in your local area.
It’s important to keep in mind that starting any side hustle requires time, effort, and dedication. It’s also a good idea to do market research and test your idea before fully committing to it.