12 Digital Product Side Hustles to Try in 2024

Summary

This video transcript shares insights on starting side hustles with a focus on digital products, highlighting their benefits over physical ones. The speaker, who has successfully run multiple online businesses, recommends 12 digital product ideas, such as personalized family art prints, board games, wedding planners, and baby milestone blankets. They discuss the skills, passiveness, and potential for print-on-demand services associated with each idea. The transcript also emphasizes the importance of unique ideas and skills development, promoting Skillshare as a resource for learning, and encourages viewers to adapt these ideas into profitable side hustles.

Takeaways

• 💼 The speaker has been running side hustles for over three years, including a sticker shop and a YouTube channel, and emphasizes the importance of side hustles for personal finance and financial freedom.
• 💡 The video shares 12 ideas for starting a side hustle today, focusing on digital products due to their benefits over physical products.
• 🎨 Etsy shops are used as examples to illustrate the success of different niches, with a focus on family-oriented art prints that offer personalization.
• 🖼️ Successful Etsy shops in the art niche have made significant revenue by selling personalized family portraits and stylized paintings of family homes.
• 🎮 There's a resurgence in non-screen activities like board and party games, with one shop selling printable games achieving substantial sales and revenue.
• 💒 Digital wedding planners are a valuable product for couples planning large weddings, with one shop selling planners achieving thousands of sales.
• 👶 Baby milestone blankets are a popular product for capturing a child's growth, with one shop in this niche generating significant revenue in a short period.
• 🎵 Music prints featuring meaningful songs or albums are a niche that has seen success, with one shop achieving tens of thousands of sales.
• 💰 Budget templates and planners are rising in popularity to help people manage their finances effectively, with one shop achieving nearly seven thousand sales.
• 🚪 Personalized door mats are a popular way for people to customize their homes, with one shop achieving over a hundred thousand sales in just three years.
• 📝 Printable organization labels are useful for home organization, with a shop specializing in toy bin labels achieving thousands of sales in a short time.
• 🎄 Christmas ornaments with personalization are a successful niche, with one shop specializing in pet portraits achieving over ten thousand sales.
• 📜 Patent prints, featuring expired patents, have become a unique wall decoration, with one shop achieving thousands of sales in five years.
• 🐾 Pet pillows are a personalized product that has gained popularity, with a shop achieving nearly three thousand sales in less than four years.

Q & A

What is the primary focus of the video?

The primary focus of the video is to share 12 ideas for starting a side hustle, particularly in the realm of digital products, to help individuals improve their personal finance and journey towards financial freedom.

Why does the speaker recommend side hustles in the current economy?

The speaker recommends side hustles because they can be a game changer for personal finance, especially given the current economic conditions where traditional income streams may be less reliable or insufficient.

What is the significance of digital products in the video?

Digital products are significant because they offer benefits over physical products, such as lower overhead costs, easier scalability, and the potential for higher profit margins, which the speaker has experienced firsthand.

Why does the speaker use Etsy shops as examples in the video?

The speaker uses Etsy shops as examples because they are one of the few platforms that publicly provide proof of sales, which helps illustrate the viability and success of the side hustle ideas discussed.

What is the importance of personalization in the family art niche?

Personalization is important in the family art niche because it allows customers to create unique pieces that celebrate their family, which is a key selling point for these types of products.

How does the speaker rate the skills required and passiveness for each side hustle idea?

The speaker rates the skills required and passiveness on a scale of one to five, with one being the least amount of skill or passiveness required and five being the most. This helps viewers gauge the effort and expertise needed for each side hustle.

What is the role of print on demand in the digital product business model?

Print on demand is an optional fulfillment method where digital designs are sent to a partner company for production of physical products. This allows the business owner to sell physical products without handling inventory or shipping.

Why does the speaker recommend Skillshare for skill development?

The speaker recommends Skillshare because it offers a wide range of classes taught by industry experts that can help individuals develop marketable skills, which are crucial for starting and succeeding in a side hustle.

What is the potential revenue for a shop selling digital wedding planners?

The potential revenue for a shop selling digital wedding planners can be significant, as demonstrated by the example shop in the video, which has made over $16,000 from 6,389 sales with an average price of around $12.

How does the speaker view the relationship between skill requirement and competition in a niche?

The speaker views the relationship as inversely proportional; if a niche requires a low amount of skill, it generally attracts more people, leading to increased competition and downward pressure on prices, making it harder to profit.

What is the appeal of personalized pet pillows as a side hustle idea?

The appeal of personalized pet pillows lies in the emotional connection people have with their pets and the desire to commemorate them with a unique, personalized item that can be displayed in the home.