4 Side Hustles That Could Make You an Extra $10,000 by the End of the Year

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Want to make some extra money this year? Read on for four proven side hustles that could help you earn an extra $10,000 before 2024 arrives. 

Are you tired of barely making ends meet with your day job income? Making $10,000 or more by the end of the year may sound like a difficult feat, but with the rise of the digital era, there are more opportunities to help you reach that goal. Of course, not every method will work for everyone, but with some hard work and perseverance, you can uncover the best approach for you. Here are some side hustles that can provide a substantial amount of income.

1. Sell on Amazon

One way to achieve this is by starting an e-commerce store. With e-commerce, you have the flexibility to sell whatever products you desire, whether it be niche and specific or general and broad.

Amazon FBA, which stands for Fulfillment by Amazon, is a service provided by Amazon that enables businesses to store their products in Amazon’s warehouses. Amazon then fulfills their customers’ orders and takes care of the shipping and handling.

With Amazon FBA, businesses can reach a wider audience and save time and resources by outsourcing their order fulfillment process to Amazon. This service also provides businesses with access to Amazon’s Prime Shipping benefits, which allows for faster shipping and higher customer satisfaction.

By buying cheap items on other sites, successful sellers are able to rebrand them and sell them on Amazon at a markup, pocketing thousands of dollars in profit in their business bank account. The process is relatively simple, but it does require some savvy when it comes to finding products with high profit margins.

Most successful Amazon FBA sellers conduct market research to ensure they are offering their customers a unique and desirable product at a competitive price. With the right mindset and approach, Amazon FBA can be a lucrative business opportunity for those who are willing to put in the work.

2. Social media influencer

Well-known social media influencers can make millions of dollars a year, with celebrity accounts like Cristiano Ronaldo bringing in $2.4 million per post. While the average influencer will be hard-pressed to bring in as much as the top influencers, it isn’t uncommon to bring in thousands of dollars a month.

To become a social media influencer, you need to build a following on your chosen platform. This can take time and dedication, but it can lead to opportunities such as sponsored posts, product collaborations, and affiliate marketing.

As your following grows, you can charge more for sponsored posts and earn significant income. The key is to choose a niche, consistently post quality content, and engage with your followers. How much you make varies across each platform. InfluencerMarketingHub provides a comprehensive Instagram influencer rate sheet based on reach:

Nano influencers (1000 – 10,000 followers): $10 – $100 per postMicro influencers (10,000 – 50,000 followers): $100 – $500 per postMid-tier influencers (50,000 – 500,000 followers): $500 – $5,000 per postMacro influencers (500,000 – 1,000,000 followers): $5000 – $10,000 per postMega influencers (1,000,000+ followers): $10,000+ per post

According to a new social salary calculator, here is what it takes to make $100,000 a year on these other platforms:

YouTube: minimum of 1,000 subscribers and 24 million yearly viewsTikTok: minimum of 10,000 subscribers and 270 million views a year

Instagram is the top social media platform for influencer marketing. Here are the other popular platforms:

Instagram (93%)TikTok (68%)Facebook (68%)YouTube (48%)Twitter (32%)

These careers have the potential for rapid growth within a year. Take, for instance, Achieng Agutu, a 26-year-old influencer with 488,000 Instagram followers. During an interview with Insider, in her first year as a full-time creator, she earned more than $1 million. While this is rare, it shows that it is possible to generate income as a social media influencer.

In today’s digital landscape, having a massive following is no longer a prerequisite for influencers to monetize their content. In fact, brands are increasingly gravitating toward “nano” or “micro” influencers with under 100,000 followers. This shift opens up doors for creators to create a successful side hustle.

3. Freelancing and consulting

Freelancing is using your skills to provide services to others. This is perfect for individuals who have skills in writing, graphic design, website development, social media management, and many other areas.

Freelancers often enjoy the freedom of choosing their own work, clients, and rates. As your skills and reputation grow, your income potential does too. There’s a high demand for freelancers nowadays, and if you’re dedicated and talented, you can make a decent amount of money on the side.

For example, contributing writers to popular websites have the potential to earn a significant income, with the possibility of earning up to $100 an hour or as much as $800 per article. By dedicating several hours a week to their work, they can reach $10,000 by year’s end.

With about five months left until the end of the year, you would need to generate about $500 a week. If your hourly rate is $25, you will need to dedicate 20 hours per week to reach your goal.

Fortunately, skilled professionals such as designers, online tutors, accountants, consultants, and others can easily attain this level of income. If you have certain skills and expertise, with a little dedication you can build your side hustle by the end of the year.

4. Start a blog

Blogging has become one of the most accessible and profitable ways to earn a living online. To make money through a blog, you need to create engaging content that people enjoy reading.

You will first need to create a niche that’s both profitable and interesting to readers. Your blog should provide value to your audience while remaining engaging and well-written. Identify a niche that you are passionate about and start creating quality blog posts that aim to inform, entertain, or educate your audience.

Once you have built a significant following, you can monetize your blog through various channels such as affiliate marketing, sponsored posts, and advertising. The most effective way for many is to sell their own products. Another popular way is affiliate marketing. Essentially, whenever a visitor on your site buys a product or service, you receive a commission through unique tracking links.

One blog owner focuses on endorsing high-value products they have personal expertise in and genuinely admire. These items are priced between $500 and $50,000 each, and they collect a 50% commission on each sale.

While building a successful blog requires time and effort, utilizing the influence of others, advertisements, and effective marketing techniques can potentially help you achieve your goal by the end of 2023.

Promoting your blog and establishing an online presence via social media and email marketing can attract more traffic and boost revenue. Consistency is key, as readers need to know when they can expect new content. Utilizing search engine optimization (SEO) techniques to increase traffic can also help boost revenue.

There’s an endless array of side hustles that could potentially make you $10,000 by the end of the year. It’s just a matter of finding the one that works for you. It’s important to remember that each opportunity requires effort, dedication, and consistency. By choosing a side hustle that you’re passionate about, you can create a sustainable income stream. Ultimately, the key to success is to believe in yourself, do your research, and take action. With the right mindset and work ethic, you can achieve your personal finance goals through a side hustle.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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