So you’re looking for a side hustle. Who doesn’t want some extra money for rent or a new car?
There are two kinds of products you can sell online: physical and digital products. Physical products are just that: something that you can actually touch—smartphones, T-shirts, mugs, and more. Digital products are those that don’t need to be delivered to your customers’ homes such as eBooks, training videos, online games, or even graphic design.
We’re going to focus on selling digital products. We’ll walk you through the different types of digital products you can sell and exactly how you can start selling.
Benefits of Selling Digital Products Online
The gig economy is gaining its footing among millennials as it can be an easy and simple way to get some extra money without having to quit your day job. Read on to learn more about it and how you can get a piece of the action.
Did you know that as of 2017, 44 million Americans are reported to have a side hustle? People aged 18 to 36 are earning themselves some extra money aside from the income they receive from their 9 to 5 jobs. A considerable chunk of them, about 36%, earn at least $500 a month from side hustling.
If you’re thinking of creating an online business, side hustling can be a good starting point as it lets you test the waters. Side hustling can give you freedom as you can work only on things that you are passionate about, on your own sweet time. And since consumers are spending more time and money online, the potential is huge!
What are the Types of Digital Products?
The big difference between physical and digital products is the amount of work involved when managing your side hustle. We all know that selling physical products can mean coordinating with courier services, inventory management, product development, and more.
In general, if you want an easy side hustling venture that’s convenient and simple, selling digital products online is highly recommended for its many advantages. Here are some of the most viable digital products you can sell online:
eBooks
Self-publishing has become big nowadays as it gives a chance to budding, yet talented writers that can’t get into traditional publishing. If you don’t know anything about writing code but have a knack for the written word, then selling eBooks is for you. Not only can you pursue your passion for creating the next bestseller, but you’re also making money as well.
Graphic Design
If writing isn’t your thing, designing logos, icons, letterheads, and many others can be your niche. There is a great demand for artwork that businesses can use for their marketing strategies. You can create templates or customized work and sell them online for entrepreneurs or people who just love to buy art.
And if you are skilled at acquiring clients but not at designing, hire a freelance graphic designer to help you with the workload. You get the clients and your freelance partner gets the work done. Just be sure that you’re charging enough to make at least 50% profit from the split.
Software
If you are adept at writing code, you’re one step ahead. The software industry is seeing a lot of growth opportunities. The markets are already established and a clamor for useful software that you can turn into profits. Desktop software, mobile apps, or web-based apps are the most feasible to sell online as they provide value to customers and continuous earnings for you.
Training Courses
If you’re knowledgeable in your chosen field of industry, you can sell training courses online. eLearning is a growing industry and even established institutions are getting on the bandwagon. Make yourself stand out from the rest by adding more value. For example, if you love knitting and cats, you can create an online course on how to knit cat sweaters and offer it to the knitting and cat communities.
Music and Audio
Whether it’s for entertainment or communication purposes, music is an excellent product to sell online. You can create soothing music, background noises, original songs, or even karaoke versions of popular songs. Then, you can hum your way to the bank.
Professional Services
Website design, translation, coaching, proofreading, or consultancy are some of the services you can sell online. Find the best method of showcasing your offering (website, social media, email, etc.) and find the clients in need of your services. In this case, you’re using a digital method to sell your time in exchange for an output.
Photography
Selling your photos online can be a great money-making side hustle. Website owners and bloggers use stock photos. By providing them with your photography, you can make a fun and profitable business. You’ll gain recognition as a photographer and your photos are almost guaranteed to be used frequently. You can also take in commissioned photos for businesses that can afford to pay for customized images.
How to Start Your Side Hustle
There are many more digital products you can sell online so don’t limit yourself to the ones listed above. As long as you have the determination to start a side hustle, you can start one and reap its benefits.
Here are a few tips to start yours:
Define Your Goals
Before you begin your side hustle, you need a clear definition of your goals. Determine what your expected outcome is and work your way from there. Do you want to forego your 9-5 job and work at home? Or do you just want an outlet for your artistic pursuits? Knowing what you want out of it will determine how you’ll go about your business.
Identify Your Skills
You can’t sell vocal training videos if you can’t carry a tune even if your lifelong dream is to become the greatest singer that walked the earth. Be realistic with your skills and identify where you’re really good at. With millions of people selling their wares online, you need to be competitive enough to create your space in the digital world.
Get Validation
One paying customer is all you need to get the validation for your side hustle to work. This will prove that the product or service that you’re selling has a market. Your business won’t move forward or may even fail if there is no one willing to buy it.
Stand Out from the Rest
Even if you see a thousand other people selling the same product like yours, add a twist to it to make it your own. It’s a good idea to keep tabs of what your competition is doing. You want to outperform them.
Final Thoughts
Launching your store can be an exciting challenge and a fruitful one if it starts providing you with enough to let go of your day job. Once you build a strong foundation for your side hustle, you can easily turn it into something more stable and profitable to allow you the freedom and benefits of having a business that sells.