Justin Welsh, a successful entrepreneur, has assisted in building two companies valued at over $1 billion. Following his exit from corporate life in 2019 due to burnout, Welsh now runs a one-person business aimed at helping creators monetise their skills.
In this article, we explore four side hustles recommended by Welsh that have the potential to generate an additional $100,000 annually.
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 is 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.
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.
Service-based businesses are relatively simple to start with low overhead. Often, one can charge 3-5 times more per hour compared to a regular 9-to-5 job.
However, scalability is a significant drawback. Expanding often requires hiring a team or outsourcing tasks.
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.’,
The advantage of digital courses lies in their ability to generate passive income. Once the course is up, it can be purchased at any time, and an affiliate program can help drive more sales with minimal effort.
To succeed with digital courses, you need traction on social media. Many people launch courses prematurely before building a sufficient audience.
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.
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.
Paid communities are notoriously difficult to start and scale. Most creators underestimate the time and effort required to make a community successful.
A subscription email involves regularly delivering paywalled content to your audience. Welsh’s own subscription service, ‘The Monthly Templates,’ has over 2,250 customers.
Subscription emails offer incredible scalability. As your customer base grows, your work effort remains consistent, allowing you to make more money without additional labour.
The downside is high churn if you do not consistently provide value. Subscribers will drop off if your content is not top-notch.
Navigating the world of side hustles can feel overwhelming, especially given the numerous options available. Welsh’s four recommendations offer practical starting points for anyone looking to make extra income.
By focusing on areas like service-based businesses, digital courses, paid communities, and subscription emails, individuals can explore viable opportunities to enhance their financial health.
