– In this video, I wanna talk to you about six best side hustle
ideas, in my humble opinion. Now to me, there's two
main types of side hustles. The first type of side hustle ideas are ultimately things that
you do in the short term to trade time for money. The second type of side
hustle ideas are things that will ultimately
replace your yearly salary. Now, there's definitely a place for both types of side hustles, depending on what your goals are and what you wanna do with
your professional career. So for options sake, I'm
gonna cover three side hustles where you can just trade time
for money in the short term, and another three side hustles where it will ultimately
replace your salary if you stay with it long enough. Now, for each of the side hustles, I'm gonna talk about the amount of time that's required from you to make it work, as well as the potential reward and how you can build that
side hustle yourself.
Now like I said in my other videos, it takes me a while to get ready. It takes time to brush my
hair, put on the same t-shirt and the same jeans every single time. Yes, I am wearing pants. So, would it be a crazy idea that if at any point in this video that you enjoy and you
got something out of it, all I ask of you is just to
gently smash that like button so that I can pay for more dumplings? Without further adieu, let's go. All right, so let's start with things where you can trade time
for money in the short term. So the first side hustle idea is transcribing videos for Rev.com. Now the good thing about Rev.com is that you're paid in U.S.
dollars, which is fantastic. If you are in Australia,
that is a massive bonus.
I can tell you that I
personally use Rev.com myself, I pay for a transcription service to get everything that I'm
saying in this video to be text, so that if for whatever reason people are finding it hard
to understand me in English, they can just read the subtitles. If you're curious about
the pay, I'm gonna pop that on the screen right now.
(fingers snap) So as you can see here, the
transcriptionist gets paid anywhere between 30
cents to about a dollar for every video minute
that you transcribe, and captioner get about
about 50 cents to $1.10 for you creating the
captions with the timing.
So if you have some spare time and you just wanna trade that for money, this could be a really
good way in the short term for you to generate some
additional cash flow. Now, the second side hustle idea is customer experience
reviews with UserTesting.com. Now, essentially what you're doing here is that companies are paying UserTesting.com to find a particular group of people to review their product features or a specific part of
their user experience. Now, the cool thing about UserTesting.com or any other review websites is that you actually get
to see some prototypes or some early features of a product of some company that
you might actually know. So this is a really
eye-opening experience, and you get paid to do it. So I've done it myself,
last year just for fun, and for every review that
you do it's about 20 minutes and you get about 10 U.S.
Dollars. And the cool thing about UserTesting.com or any other website that
does similar things is that the more or the better
reviews that you give, or the more detail that you give, the more reviews they're gonna ask of you. So the main thing to remember when it comes to doing
customer experience reviews is that you wanna follow the
instructions very clearly, and you don't wanna do it when things are really
loud on the background or your internet connection is not stable, 'cause otherwise you just won't be paid. Oh, I just wanna mention that
all the side hustle ideas that I'm gonna talk
about, I'll leave a link in the description below
if you're interested. And the third side hustle idea when it comes to trading time for money is being a freelancer on
platforms like Fiverr, Upwork, Freelancer, and some of the other places. Now, if you wanna create
profiles in these platforms that I just mentioned, I
would go in this order: I would go Fiverr.com,
Freelancer.com, and then Upwork.com.
Now, the reason why you want to do that is because there's a lot
more people on Upwork compared to Freelancer,
compared to Fiverr; so because there's so many people, it might take you a little
while to get approved. Now, the other thing when it
comes to being a freelancer on these platforms like
Upwork, Freelancer.com, or Fiverr.com is that in the beginning, you do wanna get your family or friends to hire you as a freelancer and then give you a great
rating to begin with. Now it sounds really bad,
but in these platforms it's incredibly hard to get jobs if you have no ratings,
no feedback whatsoever. Now, I know that because
I came from the other end. I often use these platforms as a way to find freelancers to
support my projects for work, and for me, whenever there is
a freelancer with no ratings, I just completely ignore them.
So if you do wanna start
on these platforms, make sure that you take the time to get your family or friends to just hire you as a
freelancer and then ask them to give you a great rating,
some great feedback. Do it a couple times so
you have some great ratings on the back of your profile, that will make your life so much easier, I can promise you that. Now, in terms of time
commitment and also payment, time is highly dependent on the project. And similarly with payment, that's also depending on the client. But what I would say is
that just don't expect to get paid bank on these platforms, because that's not where you find clients that will pay you tons of money.
Use these platforms as a
way to generate cash flow in the short term,
build up your portfolio, work on your craft, and if you get lucky you might be able to find
some long term clients on these platforms as well. Now, the three side hustle
ideas I just mentioned are a great way to essentially
trade time for money in the short term. Now, there's plenty of other ideas to trade time for money as well, but there's one more thing that I think is really worth our
mentioning is dog walking. Now, if I was gonna trade time for money, I really enjoy having dogs, I used to have a dog when I was younger, so that's something that
I wouldn't even mind trading time for, not
to mention I'd get paid.
So on the dog walking
point, if you're not sure I'd highly recommend you
to check out Mad Paws. I honestly really like what
the guys are doing over there so yes, link in the description. So, now that we've got some
of the side hustle ideas where we're trading time
for money out of the way, it's time we talk about
something a little bit more juicier, juicier, juicier,
juicier, more sustainable, and these are essentially
the side hustles where if you stay with them long enough, you can ultimately replace your salary with income from the side hustles, so we're gonna talk about
that in just a second.
The first side hustle idea will ultimately become an economic engine for you is starting a YouTube channel. Now, I've been talking about this for the last couple
months, and I really think starting a YouTube channel is a great idea not just for your wallet, but
also for your own knowledge and pushing your own boundaries. Now for me personally, I
have a finance background and I really enjoy it, but the problem when it comes to talking
about finance, investing, and some of the other common things that I talk about on my channel is that it's really complicated in textbooks, and communicating that in
a way that a five-year-old or anyone can understand
is actually really hard.
So doing YouTube videos is
such a great way for myself to relearn some of the things
that I've learned in the past to recapture and rethink about why and how I'm currently
investing to build my wealth. And the most important challenge for me to grow as a professional is how do I communicate a
complex topic in simple terms that anyone can understand, and creating YouTube videos
is such an incredible way to test yourself and push yourself to grow as a professional as well. Now for YouTube videos,
you're either creating content where you're educating people, or you're entertaining people. Now, it's really good if
you can create content that's both educational and entertaining.
And not to mention that YouTube is the second-largest
search engine in the world, and the amount of time being
uploaded and also viewed is absolutely staggering. From a time perspective, I can tell you that it takes me anywhere
between three to four hours to research a topic so that I can capture some of the key things that
I wanna communicate with you, and that also allows me
to plan how I will say or communicate certain concepts so that it's not overly complicated, to make it easier for everyone to digest.
It takes me about three to four (beep) for the video that you're
watching right now, and it takes me about four to five hours to edit the videos into something that's short, snappy, and also fun. Obviously it's taking me so long because I'm still an amateur, it takes me time to adjust my position, to adjust my lighting, because I don't really
know what I'm doing yet and I'm still experimenting and trying out a lot of
different things myself. Okay, so we've got the
boring stuff out of the way, the planning, the creating the
videos, and also the editing, how much do you really get paid when it comes to YouTube videos? And obviously to get paid by YouTube there's two main requirements.
Now, you need about 1,000 subscribers and you need 4,000 hours of watched time. Now on the screen right now
is where I'm at in my journey. So currently, at the time
of recording this video, I'm at 1,300 subscribers and
about 2,100 watched hours. That means I'm basically halfway before YouTube will officially
place ads on my videos and I'll get paid for that. Now, it means a lot to me
that you guys have been watching my videos, gently
smashing that like button, (bell dings) because ultimately without you guys I wouldn't be at a thousand subs, not to mention even 2,000
watched hours, that's crazy. But as you continue to
gently smash that like button right there, ultimately YouTube
will pay for my dumplings and yeah, I'll be pretty happy about that. So when it comes to the amount of dollars that you can get paid is
highly dependent on the topic that you are creating videos about.
Now, if you're creating topics like what I'm talking about
right now, personal finance, anything that a lot of advertisers wanna put advertisements
on, then of course your cost per 1,000 impressions
will ultimately go up. Now, if you're creating
videos where it's harder for advertisers to put ads on it then yes, your cost per 1,000 impressions
will be a lot lower. Now, if you want a hard figure in terms of how much certain YouTubers
are getting paid, just search for how much
does YouTubers get paid, and there's actually a ton of videos where people from different
topics have created to talk about how much they
are really getting paid.
Now, I'm a couple months away where YouTube would start paying me, so I'll talk to you about
the hard figures then. Now, one other last
thing I wanna mention is that you don't have to
rely on YouTube ads. There's affiliate income,
there is your own products, there's many different ways where you can monetize the audience to create an additional income stream on top of YouTube ads. And because of that,
there's really no ceiling in terms of how much you
can earn as a YouTuber, but the most important thing is that it's entirely up
to you to create videos to attract engaging audience
and build up your fan base.
And knowing that I
personally won't be paid for at least six to eight months when it comes to creating
content, the question becomes how do I make the most of these videos that I'm creating for you right now to supplement my income in the mean time? Because they really take
a lot of time to make. So, as a growth marketer that knows a thing or
two about content SEO, and SEO stands for search
engine optimization, I naturally thought a lot
about repurposing the videos into blogs, which is the next
side hustle idea right now. So, the second side hustle idea that will ultimately
become an economic engine to replace your salary is starting a blog. Now, starting a blog in
a very competitive space and trying to get traffic
from Google's search engine is highly, highly improbable
because of the competition. But the good news is that as
long as you can get traffic to your site, you can still get paid using Google AdSense, other ad networks, or affiliate marketing while you wait for the search engine optimization magic to slowly trickle in.
Now, of course I like to say that I'm not an awful growth marketer, after I led a venture-funded startup that raised $2.25 million, and I six-times their monthly revenue after about nine months, I don't think I am that bad at my job. So, I wanted to put my
money where my mouth is to see if I could build a
website completely from scratch with no SEO help whatsoever,
I'd write everything myself and see how long it takes me to completely replace my salary. (bell dings) And repurposing the videos into blogs was a natural transition,
because I don't have to write something completely from scratch.
Now, there's no point in really thinking about monetization at this point, because there is not
traffic to monetize anyway, so my primary objective
when I first started my blog was very much about how do I build a sustainable source of
traffic onto the website? So, if you ever do get a
chance to work in startups, one of the most important
things for a growth team is thinking about acquisition
loops and engagement loops. Let me explain with a Pinterest example and I'll tie it back to my blog. Pay attention here, because
this is where clients pay me a lot of money for this. Now, if you look at the screen here, this is a acquisition loop for Pinterest. Every time a new user
signs up for Pinterest, they will be prompt with
either new or relevant content that they think the user will enjoy, and the user have a choice to either repin the content that they
see or create their own pins.
Now, if they choose to
create their own pins what ends up happening is that Google will ultimately index that
content on their search engine, allowing new users on the internet to find that piece of content. (bell dings) And indexing really just means that think of Google as a massive database, and in order for you to
retrieve a certain result it needs to insert that
new piece of information into the database. Now, the reason why this is sustainable is because the more users create new content, the more content Google indexes, the more users will
ultimately find that content, and that will actually spin
faster as time goes on. Now, let me tie it back to
my blog with the same loop, except it's my content, and I'll show you my
acquisition loop on the screen right now.
(fingers snap) As new readers see my content
as images on Pinterest, they will ultimately repin that content if I've done my job right
in designing something that's worthwhile repinning.
Now, as they repin my
images across Pinterest, more people across the Pinterest ecosystem will see my image, and
that means more views and more eyeballs on that image. Now, the beautiful thing about that is that the image ultimately
links back to my blog post, and as more people see it, some people will click through to it, and as that image gets
repinned over and over again it actually builds up a very
sustainable source of traffic back to my website. Now, at this point you must
be wondering what channels, in general, have these
inherent acquisition loops? The top three channels
that I can recommend that have inherent acquisition loops are Pinterest, Quora, and YouTube. Now, if all of that
information doesn't deserve a gentle tap on the like button, (bell dings) I don't really know what does.
So, here's further proof about
getting traffic to my blog. I started the blog in early February, and you can see that there's
just not much going on, on the website. But over time, as I
built up more and more, momentum started to happen. You can see that Quora is
driving tons of traffic to my site, and so is Pinterest. And since traffic has
started to happen in my blog, one of the first ways that I
wanted to monetize the traffic is to use Google AdSense. I didn't want to spend too much time thinking about monetization yet because I still need a lot of time to build up my relationship with you guys. But, just to let you know
how much I've made so far since I started the blog,
it's been about a month since I got approved on Google AdSense and it generated around 15
bucks over the last 28 days.
Look, that doesn't sound like a lot, but it's gonna take a little while until my website can
completely replace my salary, but hey, I am going to sleep and I'm making money while I am sleeping, and I'm happy about that, I'm
absolutely okay with that. And it's gonna take a
little while until that blog can ultimately replace your entire salary, but when it does, that source of income will be a lot more passive
compared to trading your time working for someone else.
I think I've been recording
a little too long, it's getting dark outside
and it's about to rain. (laughs) But the last side hustle idea that will ultimately
create an economic engine that will replace your salary completely is writing on Medium. Now, Medium was a company that
was started by Evan Williams, and Evan was a key personnel
who helped started Blogger which is a company that
got acquired by Google and also Twitter. Medium ultimately is a place where writers can tell an incredible, useful story to improve all our lives. And similar to YouTube, what Medium really cares
about is reading time, so the more engaging,
the more educational, and more well-researched your stories are, the more Medium is actually
going to pay you as a writer. Now, the thing about Medium
is that the pilot program actually don't have any requirements, unlike YouTube right now.
And maybe it's still early
days and they don't want to restrict the amount of
writers going onto the platform, so this is a really good opportunity to take advantage of, while you still can. In terms of time required
to make this platform work, it's purely up to you as a writer. It's up to you in terms of how well-researched the stories are, how educational the stories are, and how you distribute
the stories as well. Now of course, the longer
people read your stories, the more Medium is gonna pay you. Now, in terms of an actual
figure, it's hard to say because everyone gets paid
very, very differently, but we do know that some of the writers can pay upwards of five figures a month if their stories went absolutely berserk.
Now, should you expect that? Absolutely not. Like anything, it's
gonna require hard work and perseverance to build up an audience, build up a relationship with
the people on the platform so that people do want
to read your stories. But the one thing I will say is that if you do want to go down this route, make sure you spend the time
researching the platform, learn what kind of stories work for you, and this definitely can
be one of the side hustles that will replace a big
portion of your salary. (laughs) Not to mention that all of
the dollars paid by Medium are in U.S. dollars. Now, before we wrap this video up, I'm gonna mention three bonus ideas, and you can take it or leave it.
newsletters using Substack, and help brick-and-mortar businesses go digital using Shopify. If you're interested in learning more about any of those three, give me a thumbs up in the comments below. Depending on what people
want to know more, I might do an additional video to explore some of the bonus side hustle
ideas I've just mentioned. As usual, I really appreciate
you watching this video all the way to the end,
and that means a lot to me. And if you want to
support me, just remember, by gently, gently smashing that like button,
(bell dings) and subscribing to my channel
clicking onto the bell, that will ultimately pay for my dumplings sometime in the future. Until next time, see you soon, and it's raining outside.
(laughs) (upbeat music).