Imagine how it’d feel to make an extra $1,000 for a moment. This might mean you can:
- Build a safety net for emergencies
- Have resources for your family
- Travel more
- Finally, order extra guac at Chipotle guilt-free
And if you want to earn more money on the side, it starts with one thing: An idea.
Given the current state of the world and the challenges COVID-19 presents, now is the time to buckle down and learn an income producing skill.
That’s why I updated my article of 42 proven side hustle ideas for 2020.
- 42 side hustle ideas:
- 3 questions to find great side hustle ideas
- Action step: Come up with 20 ideas
- What if my ideas are too niche?
- How to keep motivated with your side hustle idea
Best ideas during a pandemic
Here is a list of side hustles you can do while you’re stuck at home:
- Technical writing
- Web design
- Search engine optimizations (SEO)
- E-commerce consulting
- Internet marketing consulting
- Transcription services
- Virtual assistant
- Project management / productivity consulting
Best ideas for beginners
Here is a list of services that don’t take any special skills or training at all that you can offer to people for money:
- Transcription services
- Courier services
- Cooking / personal chef
- Technical writing
- Small business marketing
- Business writing (business plans, grants, white papers)
Best ideas for college students
You can start a lucrative side hustle even if you’re living in a dorm room right now. Actually, that’s how I started IWT over a decade ago. Check out these hustles:
- Video production / editing
- Design (brochures, business cards, logos, newsletters)
- Web design
- Blogging/blog consulting
- Sports / personal training
- Search engine optimization (SEO)
Best ideas for millennials
Millennials have a wealth of marketable skills just by virtue of being in a tech-centric generation. My first side hustle was consulting for venture capital firms on how young people were using social media. Here are some other things you can do:
- User interface & user experience (UI/UX)
- Google Analytics
- Programming/web development
- E-commerce consulting
- Tech tutoring (e.g., how to set up and use your tablet)
- Internet marketing consulting
- Fashion / image consulting
Best ideas for moms and dads at home
Parents have some of the busiest schedules and irregular hours of anyone. However, on top of all those responsibilities, you can find a side hustle idea that makes you money. Case in point:
- Personal/virtual assistant
- Pet services (grooming, walking, etc.)
- Home maintenance
- Crafting/personalization services
- Human resources/payroll services
- Project management/productivity consulting
- Copywriting and editing
Best side hustle ideas for working parents
If you’re a working parent, you probably have skills such as planning, budgeting, and productivity. You can easily transform one of those skills into a side hustle such as:
- Travel planning
- Event planning/promotion
- Automobile/motorcycle repair
- Tax and financial planning
- Community management / promotion
- Career help (finding work, optimizing resumes, cover letters, etc.)
Best side hustle ideas for teachers
Teaching and the skills involved are at the core for a lot of thriving side hustles. That’s why professional teachers have an advantage when it comes to hustles such as:
- Presentation design (e.g., PowerPoint)
- Tutoring and coaching
- SAT prep
- College application review
- Productivity coaching
3 questions to find great side hustle ideas
All of the side hustle ideas I just gave you are proven ways to generate cash. I wanted to give them to you because I’m sick of listicles online that tout the “3,000 best side hustle ideas” but most of them are trash.
- “Have a garage sale!”
- “Sell your hair for cash!”
- “Take online surveys that’ll pay you literally DOZENS of cents!”
These “hustles” are just not worth your time. Instead, I’d like you to reframe what you’re looking for. You’re not looking for an idea. You are focused on finding your inner expertise.
What do I mean? We all have skills and talents that are 100% marketable, but most of us don’t even realize it.
I went to this party while I was in college once and there was this guy there drinking heavily. I’m talking seven shots in with more to come. Later, I’m looking at his bookshelf (because I’m a weirdo) and find a neuroanatomy textbook.
This guy was in the process of killing hundreds of his own brain cells — but he’s also smart enough to save another person’s brain cells. You wouldn’t know he was this very talented and smart dude by just looking at him though.
That’s because those skills were his inner expertise — and you have them too.
All you have to do is ask yourself some very simple questions.
Question #1: What knowledge have I acquired?
We pay to learn a lot of things:
- College degrees
- Spanish language lessons
- Yoga classes
- Guitar lessons
- Improv classes
- Writing workshops
We pay for all of this because we know it’s more efficient to learn things by paying money for expert knowledge.
Guess what? You can be that teacher too.
And I know what you’re thinking: “I’m not good enough at anything to teach anyone else.” Look, there are plenty of people who aren’t “as good” as other people in certain skills but they’re still making money off of their knowledge.
Do you think James Patterson is the BEST writer?
Do you think Dwayne “The Rock” Johnson is the BEST actor?
How about that popular Mexican restaurant a few blocks from you. Do you think they have the BEST burritos?
No — but these people are still making money off their knowledge. And there are things that you can turn into marketable side hustle ideas too.
What knowledge do you have to turn into a side hustle?
Question #2: What do I do on a Saturday morning?
The answer to this question reveals what you’re passionate about and what people might pay you for. Because we all have something we just love doing on Saturday mornings before everyone else is awake.
I have a friend who LOVES clothes. Her Saturday mornings consist of reading fashion blogs and maintaining a Pinterest account overflowing with outfit and design ideas.
Here’s what I find interesting: She never thought about turning this into a business! It’s just something she likes to do. BUT I guarantee you that there are a lot of people who’d pay $500 for a style consultation over Skype that she could do from the comfort of her own home. Some people might even pay her thousands to be their personal shopper.
Something that my friend loves doing for fun on a Saturday morning could be turned into a thriving business with a few key systems (more on that later). So ask yourself: What do I like to do in my free time?
- Are you at the gym or training for marathons as a hobby? People would pay you for your fitness knowledge.
- Do you love reading dating advice blogs or browsing /r/relationships? You could give relationship advice or coaching to the lovelorn.
- Maybe you like working on your car in your free time. People would pay you to fix their car troubles too!
What you do when you have a ton of downtime is a great indicator of your passions and talents.
Question #3: What challenges have I overcome?
We can turn our most painful and vulnerable moments into a great side hustle.
Don’t believe me? Check out all of these profitable hustles that came out of challenges people have faced:
- CrohnsColitisLifestyle.com. After Dane Johnson was diagnosed with Crohn’s/Colitis, he devoted himself to helping people with the disease achieve their fitness and nutrition goals.
- JenTurrell.com. When her eldest daughter was born, Jen discovered her daughter had autism. Her life soon became a whirlwind of tough financial decisions and sacrifices. She now uses the knowledge she gained during her experience to help other women find their financial footing as well.
- FindYourInnerHappy.com. Tree Franklyn always struggled with handling her emotions — until she learned a great system to deal with her sensitive nature. Now she helps women manage their emotions so they don’t feel overwhelmed all the time.
While it may be tough to revisit some of those painful moments, it’s also empowering knowing that you overcame it AND can help others in their struggles too.
So what have YOU struggled with that you can help others with too?
- Did you struggle to lose weight for years and figured out how to get in shape?
- Are you an introvert who has learned to overcome shyness to become more sociable?
- Have you failed test after test before learning an amazing study technique?
Find an answer to this question and I promise you you’ll find a profitable business idea.
Action step: Come up with 20 ideas
It’s time to figure out what exactly you’re good at and put it down on paper. We start by doing an inventory of everything — our knowledge, passions, and challenges we’ve overcome.
So answer each question below and come up with a few ideas for each until you have 20 answers in all.
- What knowledge have I acquired?
- What do I do on a Saturday morning?
- What challenges have I overcome?
It’s okay if it’s not an even number of answers (unless you can come up with 6.666667 answers for each one). What’s important is that you’ve put down 20 on paper.
Put aside 30 minutes today and 30 minutes tomorrow to do this. Literally, block them out on your calendar and protect that time. You can do this RIGHT now.
Make sure there are two distinct times you do this. That’s because when you step away from a problem, you free up a different part of your mind that helps you problem-solve more effectively.
For more on this system, be sure to check out my video below where I break it down in four minutes.
Once you’re done, congrats! You’re well on your way to getting started earning money with your side hustle ideas.
What if my ideas are too niche?
Think your business idea is too “out there” and niche to make money? Chances are there’s still a huge market out there for your niche.
“Ramit, how could you possibly know that?”
Entrepreneur and all-around weirdo (aka the ideal IWT reader) Steve Gadlin will draw a cat for you for money. Gadlin started this as a goofy hobby in his spare time and it quickly grew into a profit-generating machine. He was actually able to attain a $25,000 investment from Mark Cuban by singing and dancing for him
Gadlin sold hand-drawn cat pictures as well as merch. He was able to sell more than 18,000 drawings over the course of five years (some going for as much as $29.50), and has since stopped the business to invest in some other wacky schemes.
Yes, I understand this idea is really out there, BUT this is a prime example of how even the most offbeat business idea can find a market.
Not only that but choosing a niche can actually open the doors for even more earning potential.
Let’s take fitness coaches for example. Who do you think will do better?
- The coach who promises everyone that working out will make them healthier.
- The coach who promises 30-something women they’ll get a flat stomach in three months.
The answer is the second one. That’s the paradox of niching down your offering. The more specific your niche, the easier it is to sell and the more you can charge.
If you need help finding a target market and niching down your offerings, be sure to check out my best articles on the topic below:
- Case Study: How niching down helped this entrepreneur double her clients
- Case Study: From $17 / hour to $65 / hour
- How to stand out from the competition (this is from IWT’s sister site GrowthLab)
How to keep motivated with your side hustle ideas
Whether you’re drawing cats for people or starting that freelance business, you might find yourself overwhelmed with the idea of creating your business — and I don’t blame you. Taking your side hustle ideas and running with them takes a lot of time and determination.
BUT I promise you that it’s completely worth it. Three reasons why:
- Most people don’t even think to earn more — giving you an edge. Because of differences in skill, motivation, and luck, few people ever try to earn more. Instead, they choose to complain about things they can’t control, like the economy and taxes, while focusing on things like cutting out lattes to save money.So if you’re in that small group of motivated hustlers who do actually earn more, you earn the lion’s share of side revenue. When you pick an area to excel where there’s a built-in barrier to success — like earning more money on the side — the winners get disproportionate winnings.
- Mitigate your risks. What if you lost your job tomorrow? Would you have another source of income to fall back on? If not, you’re going to have to dip into your emergency fund … if you have one that is.Just like with your portfolio, you know about the importance of diversifying your investments. It’s the same idea when it comes to your revenue sources.
- Managing your money and earning more money is a powerful combination. Combine earning more with the automation strategy for saving, investing, and spending that I outline in my book, and you’ll have a powerful financial combination guaranteed to set you up for a Rich Life.
If you’re still nervous about your side hustle ideas, I want to help you even more with a bonus:
I’ve included some of my best techniques and strategies on finding a client who will pay you money for your skills in less than two months.
Enter your information below and I’ll send you the FREE guide right to your inbox.
Be sure to tweet your results at me @ramit. Check out this one I got from a reader recently:
I can’t wait to hear about your awesome side hustle ideas.