INTERNATIONAL BUSINESS TIMES uk NOTICEBOARD My account Log Out Sep 19, 12:04 AM BST Business Latest News UK News Personal Finance Tech and Science Work Life Women in Business Travel Real Estate Reviews NOTICEBOARD My account Log Out UK Edition Business Latest News UK News Personal Finance Tech and Science - Science - Cybersecurity - eSports - Artificial Intelligence Work Life - Retail - Hospitality - Healthcare - Motoring - Finance & Banking - Sports Betting Women in Business Travel Real Estate Reviews Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NOTICEBOARD Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Business Side Hustles Man Who Built Two $1B Companies Shares Four Side Hustles That Could Earn You $100K/Yearly By Callum Conway-Shaw callumc191 Published 19 September 2024, 12:04 AM BST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Photo by Justin Welsh on justinwelsh.me KEY POINTS Welsh believes the best platform to build a side hustle is LinkedIn The platform is rated the #1 channel B2B marketers use to distribute content at 96 per cent, and 4 out of 5 LinkedIn members drive business decisions. Over the last decade, Justin Welsh has helped build two companies valued at over $1 billion and raised more than $300 million in venture capital.
After achieving significant financial success, Welsh hit a wall in 2019 due to burnout. He decided to quit his corporate career, move to New York, and redesign his life on his own terms. Today, Welsh runs a one-person business that teaches creators how to identify, develop, and monetise the skills they already possess.
His focus centres on six core areas he believes are essential for anyone aspiring to succeed as a creator: Personal Growth Business Planning Personal Branding Social Media Growth Monetising Knowledge Productivity and Time Management One common thread runs through these topics—side hustles. Welsh believes now is the perfect time to build a personal brand and capitalise on the internet's potential to generate extra income. Why LinkedIn is Key to Starting a Side Hustle Welsh emphasises that building an audience is a crucial first step for anyone looking to start a side hustle, and LinkedIn is the best platform to do that.
"LinkedIn is faster and easier than most other platforms," Welsh says, "and it's the undisputed champion in B2B and B2C." With over 830 million members and 55 million companies listed globally, LinkedIn dominates as the leader in business branding, content marketing, and lead generation. According to statistics, LinkedIn boasts a 96% usage rate among B2B marketers for content distribution, and 4 out of 5 members influence business decisions.
Studies also show LinkedIn's lead conversion rates are three times higher than other major platforms . Once you've built a small audience on LinkedIn, Welsh believes you're ready to launch a side hustle. Here are the four side hustles he recommends, each with the potential to earn $100K per year.
1. Build a Service-Based Business A service-based business typically involves trading your time for money, such as offering consulting or coaching services. Welsh highlights Marcus Chan as an example of someone building a successful coaching business on LinkedIn.
Why Service-Based Businesses Work Service-based businesses are relatively easy to start with low overhead. You can often charge 3-5 times more per hour than what you earn at your regular 9-to-5 job. Challenges The biggest drawback is scalability.
It can be difficult to grow without hiring a team or outsourcing tasks, which often requires stepping into a more senior management role. Steps to Get Started: Choose a skill you excel at. Discuss this skill daily on social media.
Offer to help companies for free to build a track record. Collect data on the improvements you bring. Build case studies and secure testimonials.
Share those case studies on LinkedIn. Start charging clients while leveraging LinkedIn and referrals to build your pipeline . Recommended Tools Website: Carrd Payments: Stripe CRM: Airtable 2.
Create a Digital Course Digital courses allow you to monetise knowledge by sharing it with an audience eager to learn. Welsh himself has created courses like "The LinkedIn Operating System" and "The Content Operating System," which are available for purchase online 24/7. Why Digital Courses Work The beauty of digital courses is their ability to generate passive income.
Once the course is up, people can buy it at any time, and an affiliate program can help drive more sales with little effort. Challenges To succeed with digital courses, you need traction on social media. Many people launch courses too soon before they've built a sufficient audience.
Tools to Get Started Website: Carrd Payments & Course Hosting: Gumroad 3. Build a Paid Community Paid communities are spaces where people with shared interests gather, often hosted on platforms like Slack, Discord, or Circle. One well-known example is "Small Bets" by Daniel Vassallo.
Why Paid Communities Work Building a community deepens relationships with your audience, strengthens your brand, and fosters trust. If done well, a community can be a highly effective way to build a long-term business and create multiple revenue streams. Challenges Paid communities are notoriously difficult to start and scale.
Most creators underestimate the time and effort required to make a community successful. How to Get Started Welsh recommends reading Rosie Sherry's article on building a Minimum Viable Community (MVC) before launching your own. Taking the right steps early is crucial to avoid failure when it's time to monetise your community.
Recommended Tools Community CRM: Outseta Community Hosting: Luma Community Chat: Discord 4. Create a Subscription Email A subscription email involves regularly delivering paywalled content to your audience. Welsh's own subscription service, "The Monthly Templates," has over 2,250 customers.
Why Subscription Emails Work Subscription emails offer incredible scalability. As your customer base grows, your work effort remains consistent, allowing you to make more money without additional labour. Challenges The downside is high churn if you don't consistently provide value.
Subscribers will drop off if your content isn't top-notch. Tools to Get Started Subscription Product: ConvertKit Subscription Newsletter: Ghost Navigating the world of side hustles can feel overwhelming, especially when there are so many options to consider. However, Welsh's four recommendations—service-based businesses, digital courses, paid communities, and subscription emails—are great starting points for anyone looking to make extra income.
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