Top Earning Side Hustles You Should Try in 2023
As the end of the year rolls around once again, we can’t help but think about what we want 2023 to look like and what we want to achieve in the next year.
For many of us, this includes finding ways to boost our income and enhance our financial position.
Often, the extent to which we can achieve this with our regular day job is limited. So, starting a new side hustle presents the best solution to help us make some extra cash.
What is a side hustle?
In short, a side hustle – or ‘side gig’ – is any job you undertake (or service you provide) in addition to your primary job that helps you to supplement your income.
Despite this, some side hustles can become so profitable that they even out-earn your regular salary. In other words, there’s no reason why one of the side hustles you start next year can’t become your main source of income in the future.
With this in mind, here are the top-earning side hustles for you to try in 2023.
Starting a dropshipping business has been the backdrop of many a side hustle success story – especially the anecdotes about entrepreneurs beginning with nothing to making millions from the comfort of their homes.
Requiring very little start-up capital, dropshipping allows you to begin your own business by selling products directly from a manufacturer/online retail platform, which stores and ships the products for you.
In other words, all you need to do is set up a website, display the platform’s products on your site, and market your business to start earning.
Freelancing is one of the most common side hustles since it allows you to sell a skill you already have.
This could be something you’ve picked up at your day job or a hobby, such as marketing, graphic design, software engineering, or writing – but there are hundreds of things you can make money from by offering these services freelance.
Start a blog.
Starting a blog isn’t a get-rich-quick scheme – and your earnings will probably be small when you’re just getting started – but by building up an audience over several years, you can passively earn thousands every month from your blog.
As your blog gains popularity, you’ll have more opportunities to display ads on your site and earn more opportunities to work with brands who will pay for sponsored blog content – both of which can make your blog a huge earner.
From the last side hustle, if you have a blog, a YouTube channel, or any other way to access an audience, affiliate marketing can be another great way to make money from advertising products without having to manufacture, store, or ship them yourself.
Sign up for one of many affiliate marketing programs to take part. From here, you’ll be able to link to the business’s products, and any purchase made through your affiliate marketing link will direct a cut of the profit of that sale to your bank account (you can place these links in your blog at leisure).
While many retail brands offer affiliate marketing programs, some have a threshold to entry (usually related to the size of your audience). However, with Amazon’s affiliate marketing program, anyone can become a budding affiliate marketer.
Selling digital/information products.
If you have knowledge of a valuable niche or product – or you’re prepared to do a lot of research to find out – then you can sell this information online through vehicles such as E-books or online courses.
This can include information about the stock market, getting into a particular career, becoming accomplished at a specific skill, and more.
Once you’ve put together your E-book or online course, all you need to do is market it.
This can provide an incredible source of passive income since once you’ve put in the effort to create your digital product, there’s no limit to how much it can earn over the years – with very little extra input.
Influencing is one of the highest-earning side hustles, with those who generate a big enough audience earning thousands to tens of thousands (or even more) per sponsored brand post, whether on Instagram, YouTube or TikTok.
Though it takes time and effort to build up an audience – by posting regularly with engaging content – by showing enough dedication, the payoff for generating a following on social media is enormous since brands pay big for access to large, engaged follower bases.
So, if you want to skyrocket your income in 2023 by starting a new side hustle, try one of these six top-earning gigs to supplement your income and augment your financial position in the long term.