Online teaching, 3 more Lucrative Side Hustles That'll Earn You Millions in 2023
- In 2022, people gravitated toward side businesses more than they searched for full-time jobs
- About four side businesses made the most money in the past year with people quitting their jobs to do them
- T-shirt printing, jewelry design, and online education were among the best side hustles last year
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2022 was dubbed the year of side hustle. Research shows that more people are likely to start new side hustles in 2023.
Many Nigerians created or had at least one additional income source in the past year, a survey showed.
Source: Getty Images
Side hustles can sometimes be exhausting as a full-time job. According to CNBC, many young people earned millions of dollars in 2022 from side businesses working just 20 hours a week.
2022 trending side hustles
Online Education
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Those who have skills that others don’t have might consider teaching other the skills. Social media is a proven means for teaching while earning cash.
Legit.ng featured a story of Kat Norton, known as Miss Excel, a TikTok account teaching people spreadsheet tips and tricks. After several weeks, she hit 100,000 followers and started selling more Excel courses from her website.
Norton left her job in January 2021 after she began to earn more income via her side hustle than she made in her full-time job.
Now Norton, known by her followers as Miss Excel earns N490 million yearly and works only four hours daily.
Graham Cochrane lost his audio engineering job in 2009 at age 26. He and his wife relied on savings and food stamps while he tried to launch his own production firm.
That same year, he began a music blog called The Recording Revolution, which he uses to teach his followers the essentials of the music industry, and while his YouTube Channel and online courses continue to be successful.
His second business, which teaches people how to make money from their knowledge and passion, is what earns him the most income. He now earns $160,000 monthly while working four hours per week.
Real estate
Investing in real estate comes with a high cost such as buying and setting up a property, but it can offer a steady stream of income.
Small properties can be effective investments if they are in the right location. For instance, people make money from short lets like Airbnb.
Vending machines
Vending machines are very lucrative for their owners.
Quinn Miller was working for an ad-tech company where he earned a meagre sum.
His clients vanished and he began to struggle to meet his sales quota. He read on Twitter that office vending machines could provide passive income and decided to buy two for less than N1.5 million.
It took him some time to make the business viable. Now, he earns $30,000 monthly managing 57 vending machines while working six hours per week.
Marcus Gram wanted to create passive income after a friend watched a woman take cash out of a vending machine.
In 2018, he bought two vending machines. He made $5,000 in his first year and continued to invest in the business.
In 2021, he quit his job. Now, his 21 vending machines pay him more than $300,000 yearly.
Jewellery Design, t-shirts printing and other forms of clothing
Your creativity can be lucrative if you attract the right audience.
Nicole Tocci, who runs a salon, began to remove buttons from Chanel clothing and turned them into necklaces. She launched a website for the business in late 2020. Now she makes about $41,000 monthly from the business.
She knew necklaces would be a success for people like salon clients who like designer clothing. It takes her 15-20 hours weekly to source, design and list the jewellery online.
In 2014, Ryan Hogue was working as a website developer when he began to search for a second income source. He decided to design and sell print-on-demand t-shirts, a low-effort side hustle.
He designed and sold t-shirts on sites like All Sunsets, Creative Fabrica and Vexels before listing them on Amazon.
In 2020, he was making enough to quit his full-time job. Now, he earns $14,000 monthly working just one hour daily.
He said: “I want people to know that they don’t need a degree in graphic design to succeed in the print-on-demand business. They just need a little bit of creativity and a lot of drive.” Hogue wrote for CNBC Make It in November.
Woman who built her online business selling used bags now makes N36.5m weekly
Legit.ng reported that Nica Yusay’s online purse store amazes her with how quickly her vintage bags sell out, making the 29-year-old think there is something wrong with her website.
A frugal spender, Yusay developed the knack for finding profitable purses at half their retail prices from the time she was young, gathering her own collection of used bags over time but never believed she could make money out of the skill.
In January last year, she took the leap of faith and spent about $15,000 on luxury bags to resell on sites like Poshmark and Depop, after she posted a video of how to bargain prices on TikTok which earned her over 10,000 followers almost instantly. The video has garnered over three million views.
Source: Legit.ng
