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My Side Hustle Tier List

My Side Hustle Tier List

When it comes to side hustles, there are several options available for those looking to supplement their income. In a video discussing different side hustle opportunities, several categories were highlighted, each with its own pros and cons.

  • Dropshipping: This method was noted as a way to potentially earn a significant amount of money back in 2016 when advertising costs were lower. It operates on a high margin business model but faces intense competition in today's market.

  • Social Media Marketing Agency (SMMA): While requiring more investment, SMMA can be lucrative. However, it is a fiercely competitive field, known for being one of the most popular side hustles.

  • Retail or Online Arbitrage: This side hustle demands little initial capital and allows for a quick start. However, it may not be sustainable in the long run due to limitations on scalability.

  • Affiliate Marketing: Building an audience for affiliate marketing takes time, but once established, it can provide passive income streams.

  • Market Research Groups: This avenue requires minimal effort to start. Simply sign up, participate, share your opinion, and earn money.

Keywords

Dropshipping, Social Media Marketing Agency, Arbitrage, Affiliate Marketing, Market Research Groups

FAQ

  1. Is dropshipping still a viable side hustle in today's market?
  • While dropshipping can still be profitable, it has become more competitive due to rising advertising costs and increased market saturation.
  1. How quickly can one start with retail or online arbitrage?
  • Retail or online arbitrage is appealing for its low entry barrier, allowing individuals to begin quickly.
  1. Is affiliate marketing truly passive income?
  • Affiliate marketing can indeed provide passive income once an audience has been established, but building that audience takes time and effort.