Side hustles have become the norm for millions of Americans. According to job aggregator Jooble, 68.6% of U.S. workers have multiple jobs: 50% hold two, 21% have one, 18.6% have three, and 10.4% manage more than three. The majority (65.6%) take on extra work for financial reasons.
In 2023, Gusto reported that 44% of new businesses in the U.S. began as side hustles. Beyond providing income, side hustles can also serve as seed capital for launching a business, as finding funding for small businesses remains one of the biggest financial challenges for small business owners. An intentionally chosen side hustle can be the first step toward long-term business success. This represents an excellent opportunity for those aspiring for a full-time business journey down the line, as it allows them to gain experience, test ideas, and build the financial foundation needed to turn a vision into reality by selecting a low-cost, strategic side hustle. So, let’s explore five low-cost side hustles to build your business future.
How The Right Low-Cost Side Hustles Can Help You Start a Successful Business
A side hustle helps aspiring entrepreneurs accumulate essential business skills, refine their ideas, and build the financial foundation necessary to launch a full-scale venture. If you’re considering entrepreneurship but aren’t ready to take the full leap into business ownership, a side hustle that aligns with your long-term goals is a smart way to gain experience, test ideas, and build financial security.
For instance, Sara Blakely shared her journey on LinkedIn about starting her company Spanx while still working full-time selling fax machines. She said she spent nights packing and shipping orders from her apartment and only left her day job after securing deals with major retailers like Neiman Marcus and Saks Fifth Avenue.
Choosing Side Hustles That Fits Your Goals And Lifestyle
When selecting a side hustle, consider the time commitment, financial investment, and how it fits into your broader business vision. Here are five low-cost, time-efficient side hustles aspiring entrepreneurs can start today.
1. Affiliate Marketing: Affiliate marketing is a way to earn commission by promoting a business’s products or services. This is done by sharing links to the business’s brand mostly on different online platforms, such as websites, social media, blogs, and newsletters. When a customer clicks on one of these links and makes a purchase, the affiliate earns a commission.
Suppose you are interested in the same market as your affiliate. In that case, this is a great way to test the market, refine your messaging to attract customers and build an audience without creating a product or service. By promoting other people’s products or services, you gain valuable insights into consumer behavior, pain points, and preferences. This low-risk side hustle can generate passive income while preparing you for a future business venture.
2. E-Learning and Digital Courses: The e-learning industry is booming, with reports predicting significant growth in the coming years. If you have expertise in a specific field, consider creating online courses, masterclasses, or interactive learning experiences. E-learning allows you to monetize your knowledge while building an audience that could later transition into customers for a larger business venture.
For instance, if you are a tennis instructor offering in-person lessons but looking to build an online business from it, you can start by turning your expertise into a digital masterclass by recording some instructional videos on fundamentals techniques or downloadable tips as a side hustle opening doors for your idea to evolve.
3. Blogging: A strong online presence is crucial for any business, and blogging can be the foundation for your brand. If your business idea involves content creation, marketing, or digital services, starting a blog helps establish credibility, attracts an audience, and creates multiple income streams through ads, sponsorships, and digital products. Blogging is especially useful if you plan to have a mostly online business, as it enhances SEO and helps capture an internet audience. Additionally, a blog can be monetized on its own, making it both a tool for growth and a profitable side hustle.
A great way to begin blogging as a side hustle with a business as an end goal is to research the market and niche on which you would build your entire business. For instance, if you want to start a business in the travel industry but are not ready or clear on what type of business you will start, then starting a blog can help you gain that clarity by knowing more about the industry, getting clear on the kind of gaps and/or problems you perceive and start sharing your observations, takeaways and How-to’s that will build your expertise and later on, your whole business as well as build an online presence.
4. Selling Digital Products: Creating and selling digital products (such as e-books, templates, printables, or digital artwork) is a cost-effective way to build a business. This side hustle allows you to learn essential skills like product design, marketing, and automation while generating passive income.
Selling digital products can stand as a side hustle on its own or be integrated into a larger business. Knowledge commerce, which involves charging customers for access to your wisdom and experience through courses, memberships, or digital products, is projected to be a $325 billion industry by 2025, making it a lucrative opportunity.
5. Virtual Assistance: With businesses increasingly outsourcing administrative tasks, becoming a virtual assistant (VA) is a lucrative side hustle. VAs provide services like email management, social media scheduling, bookkeeping, and customer support.
This side hustle not only brings in extra income but also teaches you organizational and operational skills that are valuable for running your own business in the future. Additionally, working as a VA within your niche allows you to learn the inner workings of the industry while building relationships with key players.
Entrepreneurship is a long-term lifestyle that requires intentional thinking and refined financial skills. A side hustle that earns you money while you learn can serve as the perfect training ground for future business success. Whether you’re testing the waters of entrepreneurship or preparing for a full-time venture, these five side hustles can help you build the expertise, confidence, and financial foundation needed to thrive.
Alejandra Rojas is the founder of Brown Way To Money, a financial education platform, and the host of the Brown Way To Money podcast. Alejandra blends financial strategy with a trauma-informed approach to guide business owners toward financial stability.
The opinions expressed in this article are not intended to replace professional financial, tax, or accounting advice.
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