How To Start A Side Hustle To Make Money Online In 2024

More than half of American workers currently own a side hustle

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More than 50% of Americans have adopted a side hustle as a means of supplementing their income, findings from a new MarketWatch survey reveals.

And it makes perfect sense.

Professionals today have essential needs that working for their employer simply doesn’t meet on its own anymore, such as making personal wellbeing and family time a priority, being able to save up more money for retirement, and having a comfortable cushion of savings with which to pull from to support their children’s educational needs, splurge on luxury items, or make major purchases.

Even with inflation cooling in the second quarter of 2024, many are still finding that they are struggling to make ends meet, and that these days, even a $100,000 job can sometimes be barely enough to survive—especially with a family.

If you, like more than half of working Americans, would like to start your own side hustle in 2024, but are worried about the process, here’s what you should know which will clarify the process for you:

1. Know Why You Want To Start A Side Hustle

Launching a side hustle, or any worthy endeavor for that matter, starts with understanding your “why.” Your “why” is what propels you towards your career and financial goals.

It enables you to be disciplined and stay focused in your journey, regardless of the ups and downs along the way, and keeps your motivation going while giving you a clear vision and goal to work towards.

So sit down for a moment with your notebook or note-taking app, and ask yourself, What do I want to achieve with my side hustle? Why do I want to have one? Am I just jumping into a trend because everyone else is doing it, or am I starting a side hustle because of my family, saving for the future, investing, etc.?

2. Discover Your Skill—Or Learn A New One

To successfully launch a side hustle in 2024, you need to understand that one of the core components of a side business is mastery of a skill—or multiple skills. Ideally, your focus should be on refining and honing in on high-income skills—the kind that have high-earning potential and are in significant demand by employers across multiple industries right now.

The more you work on perfecting an existing skill or developing a new one, the sharper you become, and the more you are able to charge a premium for your skill set.

3. Find Your Passion

In addition to harnessing your skill, it’s essential to ensure that it is something you are passionate about. It might even be a hobby of yours. Whatever it is, ensure you actually enjoy it—your enthusiasm will show itself in your work.

4. Conduct Research

Now it’s time to enter into the research phase. This is one of the most critical steps you can take as it sets the foundation for success in the future. Your research will enable you to make the most profit, bring in customers, discover what their needs are, and tailor your services and products accordingly.

It will also help you save money and avoid costly mistakes in the long run.

5. Just Get Started

Now it’s time for the most important part: launching and putting what was idealized on paper, into action. What this looks like will be slightly different for each individual, but here are a few things you can expect to tick off your to-do list:

Legal contracts and advice
Purchasing insurance
Setting up a website
Building a social media presence
Joining freelance platforms
Creating a routine and schedule for yourself and prioritizing commitments
Attending networking events

6. Learn And Repeat

Last but not least, when running your side hustle, constantly analyze your progress and the results. Listen to your customers, learn from your mistakes, and note down your areas for improvement, while doubling down on where you are performing exceptionally well—the areas within your business in which you are seeing significant progress.

The research you conduct lays the foundation for success in your side hustle