🕐 Read Time 6 Minutes

The traditional concept of working a 9-5 job for approximately forty years until retirement is slowly losing its status as the standard way of living. 

Many workers are seeking time freedom, early retirement, flexible and remote working conditions, and ultimately, they want their money to work for them (not the other way around). 

This has led many individuals and families to seek opportunities to diversify their income streams and build wealth through side hustles, freelance gigs, and even passive income streams. Not only can this pursuit lead to financial growth, but it can also provide personal fulfillment and time freedom. 

If you want to step outside (or even just supplement) the traditional employment framework, discover our tips for obtaining a side hustle and creating multiple income streams. 

How to Get a Side Hustle

Approximately 40% of Americans have a side hustle, according to a study from the first half of 2023. For some, the extra income is essential due to inflation and an increased cost of living, for others, it’s a way to fund their discretionary spending, while some use the income to get ahead financially. 

Side hustles can also expose you to new ways to earn money before leaving your stable 9-5. You can learn new skills, explore passions, and even dip your toe in a new industry. 

Regardless of your motivation to explore a side hustle, it’s relatively easy to put yourself out there, start with these five steps. 

1. Discover what you’re good at (and what you like)

The last thing you want is to feel miserable while working your side hustle. While not every moment can be glamorous, you should find something that you genuinely enjoy and are good at. Create a list of hobbies, interests, and activities, paying special attention to the ones you’re also skilled at. 

Caring for children, baking, social media management, writing, designing, consulting, driving, fitness instructing, landscaping, tutoring (and more!) are all activities that many people enjoy and ones that also make decent side hustles. 

2. Find the need (and fulfill it)

You’ll have a better chance of success if you market your skills to a relative and hungry market. Consider the needs you hear about in your community (your circle of friends, neighbors, coworkers, etc.) and see if you can fulfill them. Identify gaps in the freelance space and discover a specific area where you can offer your unique services. 

Engage those in your community by joining local online forums, groups, and communities. Ask questions and even consider creating a survey to gauge interest. Surveys are also a great way to learn how to price your products and services — you may be surprised to discover what people are willing to pay to relieve pain points in their lives. 

When your side hustle aims to solve specific problems, it has a better chance of success.

3. Put yourself out there

After discovering your side hustle niche, it’s time to put yourself out there! Your marketing materials should always highlight the unique value you bring and the solutions you offer. You can start with your local community by posting on social media, creating business cards or flyers, and simply conversing with those around you. 

You can also utilize the internet by creating a website and business social media account that provides essential information about your services and allows you to engage with potential customers. Attending local events can also help you highlight your business and allow you to connect with others. 

4. Avoid burnout

Enjoying your new income from a side hustle can be exciting (and honestly, a bit addicting), but you must find the right balance between your side hustle and other commitments such as your family, education, and primary job. Overextending yourself can quickly lead to burnout. 

Determine up front how much time you’re willing to commit to your side hustle and implement boundaries. Because side hustles are outside of a typical 9-5 schedule, it can be easy to fall into a pattern of continuous work with little to no downtime. Developing time management skills will help you prioritize your tasks and create a sustainable and realistic schedule. 

5. Continually upskill

Keeping up with the latest relevant market trends and skills can help you stay competitive. Commit to the necessary continued learning (which can be done informally) to ensure you’re bringing your customers the best experience possible. Staying up on marketing trends — or investing in marketing help — will also help you grow your customer base. 

Side hustles can be an excellent way to explore your passions, engage your creative side, grow your network, and increase your skills (while also earning extra income!). Regardless of where you’re at in your financial journey, they can be a great way to boost your financial position and goals. 

Creating Multiple Income Streams: 4 Options to Explore

An important key to wealth-building is focusing on cultivating and increasing your assets while decreasing your liabilities. In addition to side hustles, there are several other ways to build wealth beyond your 9-5, discover four of them below! 

1. Rental income

You can earn rental (or owned income) when you own something that someone else would pay to use. This can be in the form of a single-family home that you rent out to long-term tenants, an unused spare bedroom you rent to a roommate, an extra living space you use as a short-term vacation rental, and more. You can also consider renting out your car, parking space, and even a piece of equipment! The broad range of possibilities allows you to take advantage of various niches. 

The time (and energy) commitment for rental income varies drastically depending on what you are renting out, with some being more passive than others. When determining the possibility of rental income, you’ll also want to consider maintenance and upgrade costs, local demand, insurance fees, tax implications, tenant or occupant screening methods, and other relevant data. 

2. Digital product sales

Selling digital products is a versatile and scalable source of (relatively passive) income. Once your product is created and properly marketed, it can be easily duplicated and distributed, leaving you with the potential to earn a steady stream of income without much additional effort. 

You can start with something small such as financial calculators, spreadsheets, printables, educational whitepapers, templates, pieces of music, trackers and planners, digital art, and PDF guides. You can also try higher-priced items such as digital courses, ebooks, software, and masterclasses.   

Digital products have relatively low startup costs and can scale easily without you having to worry about inventory or supply and demand. 

3. Investing

An additional method for generating income is through investments. With a relatively small learning curve and effort, your money holds the potential to yield you additional earnings. 

Investing in assets such as dividend stocks provides a source of relatively low-risk and passive income. When you buy a dividend stock, you purchase shares in a company. When the company is successful, it pays you from its profits in the form of dividends — which are paid out quarterly, semi-annually, or annually.

If you don’t want to choose individual companies to invest in, you can diversify your portfolio and invest in dividend exchange-traded funds (EFTs) which contain stocks from multiple companies. 

There are alternative ways for your money to generate further income, such as utilizing high-yield savings accounts (HYSA) and certificates of deposit (CDs). Many financial institutions offer HYSAs, shop around for the highest possible rate, and commit to regularly contributing to it. Setting up automatic transfers and letting your interest compound can help you grow your money even faster. 

CDs can also be a great way to passively earn income. They come with various term lengths, ranging from a few months to several years, with longer terms offering higher interest rates. You can automatically renew your CD or withdraw your invested money (plus the earned interest) once the term ends. 

4. Consulting or teaching

You likely have a special knowledge and set of skills that could be valuable to others. Consider your professional background and industry knowledge to determine the type of educational services you have to offer. 

You can begin by offering free information through blog posts and informational social media posts to build credibility, an audience, and an online presence. From there, you can seek opportunities to share your expertise through guest speaking on podcasts, creating free webinars, or speaking at local events.

If you prefer a quieter approach, you can seek out tutoring and informal teaching opportunities with individuals or small groups. Identifying your niche, determining your audience, marketing strategically, and carefully pricing your services can create a unique and enjoyable income stream. 

Get the Personal Finance Coaching You Need with Us

At Financial Fitness Coaching, we offer the personal coaching you need to get your monthly budget on track, finally knock out your debt, and even pursue financial freedom through multiple streams of income. 

You can book a discovery call and be one step closer to monthly Zoom sessions with experienced, personal finance coaches, accountability check-ins, monthly action items, mini-courses with exclusive exercises, financial education on tailored topics, and more. We can’t wait to connect with you!