The internet and social media networks have made it easier than ever to start a side business or replace your full-time income with something you’re passionate about. However, there are so many different options that it can often get overwhelming. To help you discover your next side venture or passion project, here are eight simple ways to make money in 2023.
1. Start a Blog
Blogging is one of the simplest ways to make money online. Although building your audience and figuring out the best way to monetize your platform may take some time, blogging is a great way to earn passive income or market other products and services. There are many free and paid platforms you can use to set up your blog and start writing, whether you’re looking to purchase a domain and create your own site, or you want to publish stories to an existing community of users.
You’ll want to choose a niche (or a few different niches) you feel confident that you can discuss in-depth and provide value to your readers. Once you’ve built a decent following, you can run ads on your website, sell merch and e-Books or add affiliate marketing links to make money from your audience.
While you probably won’t get rich overnight, blogging is a relatively simple business model with a low barrier to entry. So, if you’re willing to put the time into building an engaged following, it can be a very lucrative and fulfilling endeavor.
If you’re not confident in your writing abilities but still have knowledge about a particular subject and feel comfortable on camera, you should consider starting a YouTube channel. YouTube is another excellent strategy for creating passive income that is free to join.
You can get started by shooting videos on your iPhone or webcam and sharing your views with a massive audience who is always searching for new unique content. As of 2023, YouTube has over 2.6 billion active users, and approximately 52% of internet users log onto YouTube at least once monthly. So, unlike starting a blog on your website, you have a massive pool of potential fans eager to find new creators. That being said, millions of people are also competing for their attention, and it may take some time to get noticed by the algorithm. But as long as you offer a unique perspective or approach to creating your content, you’ll likely be surprised by how fast your channel can grow.
Like blogging, there are several ways to monetize your YouTube channel, such as qualifying for their partner program, selling merch, or looking for brand deals. You may have to get creative and try out a few different methods, but if you can build an audience on YouTube, there’s no shortage of ways to make money.
Drop shipping is a bit more complicated but can earn great returns if you are willing to do the work. Drop shipping is the perfect solution if you’ve always wanted to start your own e-commerce business but don’t have the means to house inventory or the upfront capital to buy the products.
Drop shipping allows you to source products directly from a manufacturer, list them for sale on your website at a markup, then fulfill the order once a customer makes a purchase. The product will then ship directly from the manufacturer, and you can collect the difference between the cost and the price paid by the end buyer. Doing so allows you to run a profitable e-commerce business without ever touching the inventory.
Sites like Shopify make drop shipping easy to manage, even for merchants who aren’t as technologically inclined. You’ll need to find products people like and crunch the numbers to set realistic prices that still allow you to make a comfortable profit. But if you’re willing to work, drop shipping is a simple side hustle that could even blossom into a full-time business.
Flipping sports cards is a great way for passionate fans to make money in their free time by spotting cards that may become collectibles. Flipping means buying an asset at one price, holding onto it for a certain amount of time, then turning around and selling it at a higher price later on. Most people are familiar with the concept of flipping houses or cars, but you can actually earn substantial profits from flipping collectibles as well, including sports cards.
You look for new sports card releases that you think may be worth more than the retail price. You can often purchase sports cards in bulk and then look for cards you think may get a higher price when sold individually. Or you can hold onto certain cards for players you think may become stars and then sell the card for a substantial profit later in their career. You can sell your cards on sites like eBay or find collectors in your area who may be interested in your finds.
It may not make you immediately rich, but it is a fun way to earn extra cash in your free time, and if you get good at spotting deals, you can make anywhere from $50 to $5,000 per flip.
5. Try Freelancing
Freelancing is one of the most consistent and profitable ways to make money online; however, it requires you to have an existing skill set or be willing to invest the time into learning one. It could be a skill you currently make a living doing or an entirely new trade that you feel like you may enjoy.
Popular freelance skills include copywriting and content creation, graphic design, coding and web development, video editing and production, cybersecurity, voice acting, and many more. However, you can become a freelancer with virtually any in-demand skill you think businesses may need. Websites like Upwork and Fiverr make it easy to find entry-level freelancing opportunities. You may face stiff competition and clients who want the lowest prices possible for their services. However, once you get some experience, you can set up your website and pitch to clients on social media or in person.
Whatever your strategy, freelancing is a reliable way to make money online in your spare time and can even eventually replace your full-time job if you bring on enough clients.
Do you have a skill or interest that you think people would pay money to learn about? If so, you should consider creating an online course to market your knowledge. You can sell your online course on several different platforms, such as Udemy, Skillshare, Teachable, Kajabi, and many more.
This may require a bit more effort and upfront capital than the other methods because you’ll have to develop a lesson plan, film video modules, create coursework and market your course to prospective customers. But if you’re a good teacher with knowledge or skills that others can learn from, you can often see a serious return on investment, especially if you can teach others how to make more money.
If you’re searching for a simple way to earn passive income without doing much work, you may consider listing part of your home or apartment on Airbnb. This method works best if you live in an area where there is a consistent stream of tourists and other visitors who just need a place to stay for the weekend or a few weeks at a time. You can rent out a spare bedroom, or if you have a guest suite or finished basement, that works even better.
You must be comfortable with strangers entering your home, which may not be feasible for everyone. But, if you don’t mind the extra company and have the space, listing your home on Airbnb is a fast and simple way to earn additional income.
Investing in the stock market is another great way to make money in 2023. This method does require disposable income to invest, but if you’re looking for a simple strategy to generate consistent returns, the stock market is the way to go. About 58% of Americans report owning stocks, which is a slight increase since 2020.
The rise of apps like Robinhood has made it easier than ever to invest in the stock market. While it probably won’t make you rich overnight, investing in the stock market is a solid strategy for earning consistent 7-10% annual returns which can help put some extra money in your pocket or prepare for the future.
Technology has made it easier than ever to make money on the side and find ways to line your pockets by leveraging your passions. You just need to do some research and find the right strategy for you. Although it may not be easy, anyone who is willing to experiment and put in the work can get started earning consistent returns. Whether you’re looking to start a business to replace your 9-5 job or you just need some spare cash to help supplement your income, each of these methods offers a simple way for you to get started earning extra cash.