Tuesday, February 20, 2024

How the youngest millionaires raised money through these side hustles

The recent outbreak of covid 19 pandemic affected the financial well-being of many Kenyans, with many citing layoffs, reduced work hours, salary cuts, and overall less income.

Data from the 2021 Economic Survey indicate that over  730,000 Kenyans lost jobs to the pandemic across the 2020 calendar year.

Most Kenyans remained home for some time, trying to figure out their next move. On a positive note, more people now acknowledge the importance of a side hustle.

A side hustle is a job that brings in extra money beyond one’s main source of income. It allows people to make more money to settle their financial needs while lowering financial worries. It also keeps people afloat in case of a job loss or economic uncertainties.

Top 10 Ideas for Online Business

While starting a side hustle can be the smartest financial move to make, it can be very overwhelming, especially without an idea of what to venture into. This is despite having a million ideas.

And just like Mark Twain puts it, the secret to getting ahead is getting started. So pick one of your ideas and focus on it, and you can always pivot to work on other aspects later.

However, it’s always good to venture into something you are knowledgeable about to help you know where to spend your precious time and energy.

Below are some great side hustle ideas that can help you build wealth over time.

Drop Shipping

This is a type of business where entrepreneurs sell products to customers without keeping stock. When a seller receives an order from a customer, they contact the supplier, who will then ship the products directly to the customer.

To make money from drop shipping as a side hustle, entrepreneurs need to list the most popular products on their online store to attract potential buyers.

It is a flexible and easy-to-start business. In addition, it requires a lower startup capital as you do not need to rent a shop, stock inventory, or pay staff.

The more products you sell, the more money you make.

 Start a YouTube Channel

This is another area where people are raking in a crazy amount of money. YouTube channel generates money through advertisements placed on the videos.

Earning money from advertisements, however, starts after gaining the first 1,000 subscribers and at least 4,000 hours of watch time.

While it may take time to get monetized on YouTube, putting in consistent efforts can build up a great subscriber base to help you make some good cash: the more videos and views, the more the income.

According to the statistics from other Kenyan YouTubers, 1000 views pay from as low as KSH—one hundred, depending on the number of views.

With over 500,000 views, it is estimated that a YouTuber takes home over 70,000 shillings.

List Your House On Airbnb

This is a type of business where people rent their extra room for short-term vacations. Airbnb has grown to become the world’s leading short-term accommodation rental service.

Many Kenyans are making some good cash by listing spaces they’re not using on Airbnb. The cost of a room on Airbnb depends on the size and location.

Airbnb takes a 3% commission from a booking and a 6%-12% servicing charge from guests. Airbnb typically pays out 24 hours after guests check-in.

Become a social media influencer

The overwhelming popularity of social media platforms has created new channels for making money.

More personalities are monetizing their social media followings and turning their online presence into jobs daily.

Influencers make money in various ways, including creating sponsored posts, hosting webinars, and participating in influencer marketing and traditional advertising efforts.

This can be a great venture if you have a great voice on social media.

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