5 Ways To Build A Side Income in 2024

Around four months ago, I decided to take my content creation seriously and start earning a side income. This wasn’t my first attempt at creating content for this purpose. But this time I was determined to stick with it for the long term.

I was in for a rude awakening on the first thing I went for, but doing better now.

Read on to learn from my experience in the big bad world of side hustles. Also learn what options you can go for in 2024, with the corresponding barrier to entry. This is not a generic list, but a summary of my experiences trying these side hustles. Hope it helps you understand what you are signing up for.

Side Income On Youtube

My first step in generating a side income was to revive my very old YouTube channel on gaming and tech. I also created a new one in my life in Australia. The thing about Youtubing is the barrier to entry is low. But the time it takes to bear the fruits of your effort is too long. Additionally, it takes a lot of time to create content. In the case of YouTube just recording a video is not enough. A time hog in the process is the post-editing. You usually end up spending longer time editing the video than actually recording it.

Now I have a 2-year-old, and much like any other toddler, she keeps our hands full. It is not easy to create YouTube content due to the amount of time it takes up. In the initial days, the number of views is low, so obviously there is no earning. The only dopamine you get is seeing your video views increase. But that too for a small-time YouTuber does not go beyond a few hundred. I quickly realized that my current strategy was not going to help me see returns shortly. I had to figure out other ways to stay motivated to avoid burnout in my first venture. So I started dabbling into other avenues to come back with my experiences on those to YouTube as a platform.

Barrier To Entry — Medium

Income Potential — Medium

Expected Time To Get Returns — Long to Very Long

Tip For You — YouTube is going to be the biggest search platform in the coming days. Develop a presence there with a plan so you do not miss out. But before that, find a niche or area of expertise. This expertise can be used on YouTube to create content with authority.

Build A Business

This is the second avenue I dabbled into to earn a side income.

I see many talented individuals around me who can do much more than what they are currently doing. They are restricted only by their procrastination. I have a very close friend, whose wife is someone similar. Since the time I first met her, she had been thinking of starting a homemade food business. But seems she was not getting the right push, and was delaying it for another day.

I was very motivated due to my newfound passion for side income and intent of being a solopreneur. About 3 months back I decided to push her to start the home-based baking venture. I set up a Facebook page for her and started researching how to start a home-based baking business.

Before going in full on we decided to start baking for friends as a hobby and grow on it gradually. While doing so I planned to sharpen my business development and marketing skills. Now I am not in it for the money. At least till I know whether my part in this venture is making a difference or not.

This is expected to be my second source of income. The seed I have planted to form the basis of my future expansion in the field.

Barrier To Entry — Low

Income Potential — Medium To High

Expected Time Of Seeing Returns —Medium To Long

Tip For You — Everyone has an inherent skill, mine is my knack for doing good research. It is time to capitalize on that and also look for procrastinators around you.

Support others to realize their dreams if you can. As that can lay a foundation to build a support system around you. A system once established can be used to grow both financially and as an individual brand.

Build A Personal Brand

For my brand, I bought myself a website hosting plan to support multiple websites. This will be used to set up a website for myself and eventually for the small businesses I plan to build.

I have had a domain with my name for the longest time. I quickly set up a couple of WordPress websites for me and my YouTube channel. This was so if someone searched my name on Google the websites that came up should be under my control. I wanted to be an authority in my name on the internet. An essential part of a long-term plan for my solopreneur journey. I don’t want to be running around at the last minute wasting more precious time building authority on it.

Luckily now if you search Jijo George on Google my name comes up in the top 3 results. I want such results to show up even if you search my first name. Now these websites can be your gateway to more avenues of earning like affiliate links, Google AdSense, etc. The websites can be filled with blogs too, more about it in the next option.

Barrier To Entry — Low

Income Potential — Medium To High

Expected Time Of Seeing Returns — Long

Tip For You — Put yourself out there and own your name, before someone else does. More about it on my post below. Below are my views on personal branding for your reference.

Side Income Via Blogs

Next, I came across Medium while on YouTube searching for other options for side income. This is when I realized the potential in earning from your first blog itself. I love the Medium Partner Program. The best part is the barrier to entry is low, and you can potentially start earning almost immediately. Blogging does not need you to spend hours editing your content. This is unlike YouTube where editing takes most of your time.

This started my foray into the world of online blogging and content promotion via social media. So far I am doing pretty well compared to my other ventures. I have already recovered the money I spent on a subscription to become eligible for this program. So from just a Medium perspective, I am already net positive. As my repository of stories grows I expect to have better returns per hour spent.

I have been reusing my content from Medium for my Substack newsletter. Substack is another blogging platform I intend to grow in the coming months. These blogs also make their way to my websites to promote affiliate links or as landing pages for Newsletters etc.

Barrier To Entry — Low

Income Potential — Medium

Expected Time Of Seeing Returns — Very Short

Tip For You — Create and promote, Medium is an amazing source of side income if done right. Create and promote consistently, engage with others, and join social groups with other authors. If done right it can do wonders for your motivation.

Side Income Via E-commerce Store

My latest venture in an additional side income is an Etsy store. I recently started selling digital designs, POD Tees, and merchandise. This is going to be a long haul. It needs a lot of investment in terms of time and effort. Potentially there would be no income for a long time. I am planning to gradually increase my listing on the store. Once I have sufficient listings I will start promoting it widely on social media, and via digital ads.

With a substantial listing, I can use my blogs and YouTube videos. These can help to direct my viewers to this store to get digital products in line with their interests. These products can complement my writing and provide my readers and viewers with content they like in a tangible form. But this is sure to take time since currently I have no credibility in this field.

Barrier To Entry — Medium

Income Potential — High To Very High

Expected Time Of Seeing Returns — Long to Very Long

Tip For You — Setting up an Etsy store or any other e-commerce store by itself is not tough. What would be tricky is the marketing part. Among thousands of other stores on the web, standing out will be very tough. But using the above tricks, you can create your little niche and community. This community would be willing to trust you with their support. If this community wills it this could be a very viable source of side income.

Chances Of Failure

My long-term plan is to work towards each of the ventures above every day. So some days I am on Medium engaging with people and writing blogs like these. Other days am creating designs for my Etsy store. This has not been easy. I have been waking up daily at 4 am, and doing this before I start my 9 to 5 job. Waking up early is essential since that is the only time when my toddler does not need our attention.

Now as I put so much effort in I wonder if I am spreading myself too thin by being on multiple things at the same time. I think I am not. I have a mix of different things ongoing which helps me avoid burnout. Luckily the things I am concentrating on are compatible with each other. For example, my experience in helping a business helps in establish my brand. My blogs can be sourced as a lead to my newsletter, or Etsy store. I am no expert, and I am just going with the flow.

Conclusion

Now I have delved into all these fields expecting them to bear results in 2024. I have given myself some milestone targets to achieve in the coming months. I would love to hear from those who are on a similar path. Please drop a response with your tips on how I can do it better.

Also, do let me know if you would like me to expand on any of my ventures above. I agree I am just a beginner. But one thing I have learned is the amount of things you learn as a beginner are usually more helpful to others than ones from an expert. Because experts leave some things that now come naturally to them owing to years of experience in the field.