This text initially appeared on Enterprise Insider.
This as-told-to essay is predicated on a dialog with Grace Ryu, a 23-year-old content material creator based mostly in Houston. The next has been edited for size and readability.
I stop my tech job in March 2023 to discover different revenue streams. My 9-5 took up an excessive amount of of my time, and I needed to deal with methods to earn money whereas I used to be sleeping or touring.
Chasing totally different revenue streams aligns with my character — it satisfies my need to discover and take a look at as a lot as attainable. If I develop uninterested in one space, I can shift my focus to a different, and if one stream is not that worthwhile, I’ve others to fall again on.
This is a breakdown of my eight revenue streams, with earnings, problem degree, and time spent every week:
1. Luxurious picnic enterprise
Simple score: 9/10
Profitable score: 7/10
I run a luxurious picnic enterprise with my finest buddy and my boyfriend. We initially posted our merchandise on Fb Market and faculty flyers and broke even the primary week of selling them.
We re-invested all that cash into increasing the enterprise mannequin, like shopping for extra gear for group picnics. We have since labored with companies like Kendra Scott, native resorts, and Texas A&M College.
Now we have a six-person group, so I now not do the bodily setup and tear down, and I solely put in a single hour every week. Throughout March via Might, October, and November (peak picnic months), I can take dwelling as much as $3,000 a month.
It is simple and inexpensive to start out and would not require many expertise moreover having a watch for aesthetics. It is also profitable as a result of revenue margins are very excessive since there are little to no variable bills.
2. Influencer model offers
Simple score: 8/10
Profitable score: 10/10
I am a micro influencer, and I’ve a TikTok account the place I publish about my life, my streams of revenue, and product promotions.
Manufacturers attain out and ask me to publish a devoted or built-in TikTok video. I used to make content material for manufacturers without cost, however now I cost a minimum of $1,000 per publish.
I spend round one hour every week on model offers. At first, making content material and enhancing was laborious as a result of I needed to get used to the software program and apps. After doing this for 2 years, I am very quick at it as a result of I do know precisely which clips so as to add and easy methods to do voiceovers.
It takes time to construct a following on a platform, however when you get to that time, it’s totally simple to work with manufacturers for sponsorships. I make between $1,000 and $2,000 per publish for about an hour of labor.
3. Internet online affiliate marketing
Simple score: 7/10
Profitable score: 9/10
I began doing internet affiliate marketing via Amazon’s influencer program and make anyplace from $500 to $2,000 month-to-month.
In my TikToks, I characteristic work-from-home necessities from Amazon and hyperlink them. Then, folks go to my storefront and purchase via the hyperlinks, and I receives a commission a fee.
It takes about 5 minutes to use for this system, however it’s a must to have a social media profile that promotes content material.
When you by no means publish something, you may probably get rejected. I’ve buddies who solely have a number of hundred followers, however they make unboxing movies, so that they have been accepted.
Anybody can do internet affiliate marketing as a result of it is simple to start out, however the cash is not all the time assured. It takes a number of time and endurance on any social media platform for a publish to go viral, which can herald gross sales. As soon as that occurs, cash is available in quick over a number of months, and it is all passive revenue.
4. Person-generated content material
Simple score: 4/10
Profitable score: 8/10
Person-generated content material (UGC) differs from sponsorships as a result of it is content material for manufacturers to make use of instantly. I used to work with a lash firm, which paid me to make TikToks, however I do not publish that content material on my account.
I’ve a number of retainer purchasers, which suggests I am paid an everyday month-to-month payment in change for a set quantity of content material.
I earn about $6,000 to $8,000 a month from UGC. It takes round eight hours every week and could be extra demanding than different revenue streams. I must craft movies that convert nicely in gross sales, which takes additional brainpower.
5. Pet sitting
Simple score: 10/10
Profitable score: 10/10
I received into pet sitting as a aspect gig whereas working in tech. I began on Rover, an app that hyperlinks pet homeowners with sitters. Establishing a profile and passing a background test is fast, and you can begin incomes as quickly as you are booked.
It is excellent for distant staff like me — getting paid to hang around with cute animals is nice, and I can nonetheless handle different duties, like checking up on my picnic enterprise, answering emails, or creating content material.
In January 2024, I used to be pet-sitting virtually every single day, and I loved it as a result of it was such a soothing job. The one draw back is I did not get to journey as a lot since I wanted to stick with the pets.
It is an especially simple aspect hustle in the event you perceive pet care and conduct. Pets are tremendous simple to work with so long as they don’t seem to be puppies — puppies are extra work.
6. Airbnb arbitrage
Simple score: 2/10
Profitable score: 4/10
Airbnb arbitrage is my least favourite revenue stream — I could also be letting go of this quickly as a result of the Airbnb market is not as scorching because it was a number of years in the past.
The way it works is I hire a property from a landlord for $1,700, for instance, and as soon as my enterprise accomplice and I get the inexperienced gentle to make use of it as a short-term or mid-term rental, we record the property on platforms like Airbnb and VRBO. We’re tenants however act extra like property managers, and we then earn earnings from these listings.
After splitting earnings with my enterprise accomplice, my internet revenue is round $600 monthly. Since we focus totally on mid-term stays, which require much less frequent turnovers, my accomplice and I spend about 5 to 6 hours month-to-month on upkeep and cleansing, usually on the finish of every keep.
It is my least favourite aspect hustle as a result of the monetary danger is the very best — it’s a must to accommodate visitor wants, and the work isn’t satisfying both. After month-to-month bills, I do not assume the payout is sufficient to justify the hassle.
7. Promoting digital merchandise
Simple score: 10/10
Profitable score: 4/10
I created a content material creation e-book as a result of I’ve had many individuals on social media ask me to teach them. Every time folks ask me about content material creation, I direct them to my hyperlink to allow them to purchase my e-book.
I promote it for $20, and every month I make $60 to $80. I do not market it that a lot since I solely have it as a useful resource for when folks ask.
Anybody with sufficient data a couple of particular matter can create an e-book or digital product, so it is simple to do. Nevertheless, it does take effort and time to usher in gross sales.
8. Nannying
Simple score: 8/10
Profitable score: 9/10
I nanny for a household that flies me from Houston to New York three or 4 occasions a 12 months. I keep for 2 to a few weeks and receives a commission $1,200 every week.
My day-to-day could be very easy — I take the women to high school within the morning, and after I come again, I could make content material or go exterior and discover the town. When the women come dwelling, I eat dinner, play with them, after which put them to sleep.
The households I babysit for in Houston and the household I nanny for in New York are all superb to me and compensate me generously, which makes my job satisfying and simple. The toughest half is when the youngsters are sick as a result of I’ve to be extra hands-on. Except for that, when you grow to be conversant in their routines, it is tremendous chill.
I want I had diversified my revenue sooner
Though constructing my revenue streams took plenty of hustling upfront, I want I had began sooner. I went from making $8/hour working a labor-intensive job as a ranch hand to now making over $100,000 a 12 months from solely working round 40 hours a month.
For individuals who are contemplating creating extra revenue streams, do not be reckless or stingy together with your spending. Be brave in investing in your self, a enterprise concept, or in others. In case your goals do not scare you somewhat, they won’t be sufficiently big.
