Side Hustles: Ideas to Make $1000 Per Month in 2024

Summary

This video script outlines a strategy called the 'side hustle pyramid' to earn an extra $1000 a month. It details three levels: service-based, attention-based, and product-based side hustles, offering nine up-to-date ideas like video editing, graphic design, and coaching. The speaker emphasizes the importance of storytelling in editing, business sense in design, and authenticity in content creation. Additionally, it highlights the potential of affiliate marketing and e-commerce, advocating for building a personal brand and leveraging AI tools for website creation.

Takeaways

• 💰 The 'side hustle pyramid' is a strategy to build a successful side business, starting from service-based to attention-based and finally product-based hustles.
• 🔑 Starting with service-based side hustles is recommended as they require no initial investment and can form the foundation of your business.
• 🚗 Early examples of service-based hustles include car washing and lawn mowing, but modern online equivalents like video editing are in high demand.
• 🎬 Video editing as a side hustle requires both technical skills and the ability to tell a compelling story, which can lead to high earnings.
• 🎨 Graphic design merges art with business, focusing on visually appealing communication of ideas and messages, with potential for specialization in niches.
• ✍️ Writing as a side hustle can be lucrative if writers focus on in-demand content such as sales copy, business emails, and online articles.
• 🏋️ Coaching as a side hustle can be highly profitable, with the key being to provide value and lasting change to clients, such as teaching pet fish care.
• 🌐 Attention-based side hustles leverage online visibility to generate income, with affiliate marketing being a particularly scalable option.
• 📚 Content curation involves finding and organizing valuable content to build a social media following, which can then be monetized through various means.
• 🎥 Content creation, including YouTube and other platforms, requires value, authenticity, and connection to grow an audience and generate income.
• 🛍️ Product-based side hustles like digital products and e-commerce offer high earning potential but may require more upfront investment and brand building.

Q & A

What is the 'side hustle pyramid' mentioned in the video?

The 'side hustle pyramid' is a strategy that the speaker used to transition from a broke school dropout to a millionaire in his twenties. It is structured into three levels, each with different side hustle ideas to help individuals start earning at least $1000 per month.

Why is it important to start with service-based side hustles according to the video?

Service-based side hustles are important to start with because they require no initial investment and form the foundation of the side hustle pyramid. They are accessible to anyone, regardless of their financial situation.

What is one example of a service-based side hustle that can be done online?

One example of a service-based side hustle that can be done online is video editing. The demand for skilled video editors is high, and they can earn a significant income by offering their services to YouTubers and other content creators.

What are the two key skills needed for a successful video editor according to the video?

The two key skills needed for a successful video editor are technical skill, which involves the ability to cut and edit video, add music, and perform other technical tasks, and storytelling skill, which is the ability to structure a narrative in a way that engages viewers and draws out emotions.

What is the difference between a graphic designer and an artist in terms of business perspective?

A graphic designer is where art meets business. Unlike an artist who may focus purely on aesthetics, a graphic designer must create visually appealing content that also drives results and communicates ideas or messages effectively.

Why is it important for a graphic designer to have common business sense and communication skills?

Common business sense and communication skills are important for a graphic designer because they help in understanding client needs, communicating design ideas effectively, and attracting clients by demonstrating an understanding of their business objectives.

What is the potential income range for writers mentioned in the video?

The potential income for writers can vary greatly, from as little as $600 a year to thousands of dollars for those who are successful. The key to making writing a profitable side hustle is to focus on writing content that is in demand and publishing where the readers are.

What is the significance of having a professional-looking website for a side hustle?

A professional-looking website is significant for a side hustle because it acts as a virtual storefront that is open 24/7. It offers information, builds credibility, and ultimately increases earnings by attracting and retaining clients.

How can someone stand out in the competitive market of service-based side hustles?

One way to stand out in the competitive market of service-based side hustles is by having an exceptional website. It makes the service provider more visible and credible, which can lead to increased client attraction and retention.

What is the difference between attention-based and service-based side hustles?

Attention-based side hustles focus on capturing an audience's attention through various online platforms, leveraging that attention to generate income, often through methods like affiliate marketing or content curation. Service-based side hustles, on the other hand, involve offering a service, such as video editing or graphic design, for which clients pay directly.

What are some examples of attention-based side hustles mentioned in the video?

Examples of attention-based side hustles mentioned in the video include affiliate marketing, where one promotes products to an audience and earns a commission, and content curation, where one finds and organizes valuable content to share on social media platforms to attract an audience.

What is the key to successful content creation according to the video?

The key to successful content creation, as mentioned in the video, is a winning formula that includes value, authenticity, and connection. This means creating content that is valuable to the audience, authentic to the creator, and fosters a connection with the viewers.

What is the difference between digital products and e-commerce in the context of the video?

Digital products refer to online products such as info products, templates, eBooks, subscription services, etc., which can be sold without the need for physical inventory. E-commerce, on the other hand, can include both traditional online retail where inventory is owned and managed, and drop shipping, where the seller forwards orders to a supplier who then ships the product directly to the customer.

Why is it important to build a personal brand as an entrepreneur?

Building a personal brand is important because it is considered the most valuable asset an entrepreneur can have. It helps in establishing credibility, attracting an audience, and creating a lasting impact in the market.

What is the potential earning from affiliate marketing mentioned in the video?

The potential earning from affiliate marketing mentioned in the video is significant, with the speaker personally earning more than $100,000 a month through this method.

How does the video suggest one can start affiliate marketing without an existing audience?

The video suggests that one can start affiliate marketing without an existing audience by creating videos on platforms like TikTok about specific products and leveraging the algorithm to get instant views. This can help in pushing people to use affiliate links and gradually build an audience.