In this article, we will look at the 5 side hustles that can help earn an extra $500 a week. We have also discussed some tips and tricks for making $500 a week in passive income. If you are interested in reading about that along with a more extensive list, head straight to the 20 Side Hustles That Can Help Earn an Extra $500 a Week.
5. Online Tutoring
IM Score: 36
With the ability to set your own schedule and work from anywhere with an internet connection, it accommodates various lifestyles and commitments. Moreover, the demand for online tutoring continues to grow, offering a wide range of subjects and age groups to cater to. One can also expand this side hustle into a full-time business.
For example, Teacher Jade Weatherington transitioned her online teaching side hustle into a thriving content business, generating $10K monthly. Initially tutoring individually, she launched Ashantae Academy on Outschool in 2020, earning $42K during the pandemic. By April 2022, she expanded with seven instructors, offering 60 courses.
4. Affiliate Marketing
IM Score: 37
Considering affiliate marketing as a side hustle offers a lucrative avenue to capitalize on social media presence. With platforms like Instagram, TikTok, and YouTube, showcasing beloved products can translate into earnings through affiliate links. This side hustle offers both flexibility and scalability, requiring minimal investment beyond time and creativity. By strategically aligning with affiliate opportunities on prominent platforms such as Amazon and Target, individuals can generate passive income streams, turning hobbies into profitable ventures.
Affiliate marketing leverages partnerships between businesses and affiliates for mutual benefit. Firms pay affiliates commissions for driving traffic or sales to their products/services. For instance, a company may offer a 10% commission on a $100 product sold through an affiliate link. If the affiliate generates 100 sales, they earn $1000 (100 sales * $100 * 10%). This model incentivizes affiliates to market products effectively.
3. Dropshipping
IM Score: 38
A great side hustle like dropshipping offers a plethora of advantages, especially for those seeking low initial investment. With dropshipping, you can kickstart an e-commerce venture without the need to allocate funds for inventory. By leveraging platforms such as Ali Express and Spocket, you can curate products and establish your brand presence online. Researching top-selling items on Amazon using tools like AMZ Insight or Jungle Scout enhances your chances of success. Notably, one entrepreneur made over $1.7 million in revenue through dropshipping in 2021.
2. Transcribing Audio
IM Score: 39
Individuals with strong typing skills can earn at least $20 per hour transcribing audio, potentially more with legal or medical expertise. Platforms like TranscribeMe offer opportunities to monetize this skill, allowing flexibility in workload. Speakwrite pays transcriptionists $0.005 to $0.006 per post, with top earners averaging $3,000 monthly.
1.Copywriting
IM Score: 40
Considering the varied factors affecting copywriting rates, pursuing it as a side hustle on platforms like Upwork can be highly profitable. With copywriters charging anywhere from $50 to $10,000 per project, depending on complexity and specialization, it offers the highest earning potential. Moreover, the flexibility to choose clients and projects aligns well with a side hustle’s demands. Whether it’s crafting PPC ads, blog posts, or sales landing pages, there’s a wide range of opportunities. It is the best side hustle that can make $500 a week.
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