7 Best Side Hustles for MBA’s To Make Extra Money

We live in a fast-paced world.  Most days people find themselves simply trying to stay on top of all the demands in their workplace, never mind their homelife.  Between all the demands and stress most people face at work burnout has become a fact of life.

According to a survey done by Deloitte’s “The findings indicate that 77% of respondents say they have experienced employee burnout at their current job, with more than half citing more than an occurrence“.

And a survey conducted by Asana reports that “82% of the respondents say they are overworked.  And this has resulted in high burnout rates“.

These statistics show that the struggle is real!  Having a side hustle or two can go a long way in providing additional streams of income that can help you prevent burnout.

So read on for 7 awesome ideas for side hustles for MBA’s!

1.  Affiliate Marketing

image of affiliate marketing

Affiliate marketing is a great option for your first side hustle! It’s a massive industry and definitely worth looking into.

When you consider that “worth $12 billion, the affiliate marketing sector is growing rapidly” you can see that there’s potential to generate a great stream of income through affiliate marketing.

So what exactly is affiliate marketing for those who are new to it? Affiliate marketing is when you promote and advertise a product, and for each product sold you receive a commission.

Grammarly is an example of a product you could promote.  As a business-minded person, you understand the importance of having impeccable spelling, grammar, and punctuation use when corresponding in various forms with your clients.

This is exactly what Grammarly offers.  This program assists with all these features and offers 2 packages.  You can get the basic package for free but there is also the premium option.  The premium option can be paid monthly ($29.95),  quarterly ($59.95) or as an annual amount of ($139.95)

The free version of Grammarly checks spelling and grammar only.  The premium option in addition to this offers suggestions on style and vocab as well as checking for plagiarism.

If you become an affiliate for Grammarly you can earn $20 commission for every person who signs up with their premium plan.  Aside from this, top performers are rewarded with cash bonuses, increased payouts, and exclusive discounts.

Let’s take a look now at the advantages and disadvantages of affiliate marketing.

Advantages

  1. Low start-up costs
  2. Set your own working hours
  3. You can generate a passive income
  4. No customer aftercare required
  5. No expertise required

Disadvantages

  1. It can take a while to get established
  2. Competition
  3. You are only paid for sales made
  4. Your income level is not guaranteed
  5. No control over the affiliate program

Key Things To Consider

  • It can be overwhelming knowing how to reach your target audience.  Consider starting a blog aimed at people wanting to start a small business.  Provide video tutorials packed with info on how to start your own business.  Provide reviews on various business-related products.  Give as much valuable content as you can. Within this context, you can promote and sell your affiliate products.
  • It takes time to establish yourself with affiliate marketing.  Don’t become discouraged if you don’t see quick results.  Instead, faithfully tend your business and it will grow and develop over time.
  • Learn as much as you can about affiliate marketing.  It’s a vast market and there are tips and strategies you need to learn.

2.  Tutoring

image of private tutor

If teaching is your thing, then this side hustle is for you!

There are plenty of opportunities here to generate a great income.  When you consider that “The online tutoring services market size in the US in 2019 reached $608.1m and saw a growth of 4.3%“you see that there’s a demand for tutoring that you can help fill.

University Tutor is an example of a platform through which you can find work as a tutor.  You set your own price as a tutor and keep all the money you earn as a tutor.  There are no fees payable to University Tutor.

You can potentially earn between $10 – $250 per hour depending on what subject you are tutoring.  By signing up with them as a tutor you can provide tutoring for business students studying for their MBA.

Let’s look at the advantages and disadvantages of tutoring.

Advantages

  1. Flexibility
  2. Tutors are always in demand
  3. Potential to earn a good income
  4. No start-up costs

Disadvantages

  1. You need to have patience
  2. May take a bit of time getting clients initially
  3. You need to be disciplined

Key Things To Consider

  • It will take a little time getting established and gaining credibility as a tutor.  Consider offering your lessons at a discounted rate at first or offer a special price for a bundle of lessons.  This will help you to build your client base.
  • You need to build a strong portfolio for yourself as a tutor.  Get reviews and ratings from your students to help with this.

3.  Amazon FBA

image of amazon fba

Amazon, the largest online shopping platform provides options for side hustles that cannot be overlooked!  And if you think of Amazon, then you have to look into FBA when you see that “66% of the top 10 000 sellers on Amazon use FBA.“.

But what exactly is Amazon FBA? FBA (Fulfilment By Amazon) is an option Amazon offers to its sellers in which they take care of the entire process once a product is sold.  This includes the packaging, shipping and 24/7 customer aftercare for the product.

While you pay a fee to Amazon for this service, it’s well worth it because it makes the process so much easier for a seller once they have sold a product!

Many business students will need extra resources and help to succeed in their studies.  Why not use the skills you’ve learned in school and start selling things through Amazon FBA?

The advantages and disadvantages of using Amazon FBA are as follows:

Advantages

  1. Less time-consuming for the seller
  2. Quick delivery
  3. Free shipping for the buyer
  4. Storage is provided by Amazon
  5. Buyers get Amazon Prime
  6. 24/7 support by Amazon

Disadvantages

  1. FBA fees apply
  2. Sales tax may be challenging to calculate
  3. Easy for goods to be returned
  4. Can be challenging tracking inventory
  5. Product prep may be difficult due to Amazon’s strict guidelines

Key Things To Consider

  • Amazon FBA fees apply when you use their service.  Bear in mind that you pay fees for both storage and their fulfillment services.   The fees you pay are calculated according to the size of your products, the quantity you store in an Amazon warehouse and how often your orders are fulfilled.  You need to factor this into the pricing of your products.
  • You can use the Amazon fee calculator to check your income and expenses with FBA.
  • While you are not required to sell a certain number of products to use FBA, bear in mind that Amazon does charge long-term storage fees which will apply to slow-moving products.  Factor this in when choosing a product to sell on Amazon.

4.  Become A Business Consultant

image of Business Consultant

With your MBA credential and financial and business knowledge you are in the prime position to have a side hustle as a business consultant.

According to Ibisworld, “The Management Consulting Market Size in the US in 2019 hit $259.4 billion with a growth of 3.2%“.  Consulting is a side-hustle to be considered for sure!

You can work as an online business consultant through a platform like Talmix which connects professionals with clients needing business consulting.  There is scope to work with clients long-term or on a project basis.

The advantages and disadvantages of being a business consultant include:

Advantages

  1. Flexibility
  2. Earn a good income
  3. You can choose your clients and the projects you want to work on
  4. You decide how much work you want to take on

Disadvantages

  1. Can be time-consuming depending on the project you are working on
  2. You may deal with difficult clients who don’t pay
  3. You need to be organized and disciplined

Key Things To Consider

  • Think about which area of business consulting you want to focus on.  Consider your skillset and what you enjoy doing when deciding on your niche.
  • It’s a good idea to set up a website for yourself as a business consultant where you can build up a portfolio of the work you’ve done along with reviews and testimonials from happy clients.

5.  Kindle Publishing

image of kindle publishing

If you have a way with words and enjoy writing why not consider writing an e-book and publishing it through Amazon Kindle?

Their e-book sales are just growing and growing and it’s become a powerful platform through which to sell books.  Forbes reports that “Amazon’s U.S. and worldwide Kindle sales grew in 2017 and continue to grow in 2018“.

With so many people often living hand to mouth, why not create an e-book around the topic of money management? A quick look at Amazon’s Best Seller list currently shows the book “How to stop living paycheck to paycheck” as its number 1 best seller.

Let’s look now at the advantages and disadvantages of Kindle Publishing.

Advantages

  1. Earn more money
  2. Access the marketplace faster
  3. It’s a great way to test the market
  4. You can provide quality content in a shorter format
  5. Mistakes can be easily corrected
  6. Amazon provides customer care service

Disadvantages

  1. There is competition
  2. It’s not a paper-based book – some people prefer books
  3. Formatting the e-book may be difficult
  4. Takes time to build up sales

Key Things To Consider

  • Initially, you need to consider giving your book away for free in order to get customer reviews.  You will need reviews to generate sales of your books.  People are more likely to buy books with reviews as it gives credibility to the book.
  • Choose the right keywords when describing your book so that people can find it easily when searching on Amazon.  Your description is vital to making sales so make sure you give a thorough description that entices people to buy it.
  • The key factors that count when selling a book on Amazon are the title, the cover, the description of the book, and the reviews.  Give careful thought and attention to each of these so that you can generate as many sales as possible.

6.  Airbnb

image of airbnb

If you have a house or property of some sort why not consider renting it out on Airbnb? It’s a huge platform and “as of April 2019, there were a total of more than 150 million users on Airbnb“.  It’s definitely a possibility you want to explore as a side hustle.

Airbnb is available in 190 countries around the world with listings in 80 000 cities.  It’s a vast platform that connects those looking for accommodation with those offering it.  It offers everything from budget accommodation to more expensive accommodation.

The great thing to know is that you don’t have to rent out your entire property either.  You can simply rent out one bedroom or a cottage attached to the house.  There are many possibilities here.

Let’s take a look now at the advantages and disadvantages of renting out your property with Airbnb.

Advantages

  1. Flexibility
  2. You can earn well
  3. You have control over your property upkeep and in choosing who you will rent it to

Disadvantages

  1. Your property may be damaged by guests
  2. You are not guaranteed to find guests for your property
  3. You need to maintain your property

Key Things To Consider

  • When listing your property on Airbnb be sure to describe your property as accurately as possible.  While you want to market your property in the hopes of attracting guests, don’t be tempted to misrepresent your property.  If it’s a budget property be sure to state it as such or you will have disappointed guests on your hands.  Remember there are many people looking at the budget option when booking accommodation through Airbnb.
  • Consider acquiring Airbnb liability insurance to cover your property for theft or damage.

7.  Develop An Online Course

image of Course

Considering that “The global eLearning market will reach $325 billion by 2025” developing your own online course is a side hustle not to be missed!

The idea of writing an ebook on money management can easily be translated into an online course.  With more people than ever before struggling with debt, this course would be welcomed by many.

LearnWorlds is an online platform that helps you create, sell and deliver your very own online course.  They offer a free trial for each of the 3 packages they offer: Starter ($24 per month), Pro Trainer ($79 per month) and Learner Center ($249 per month).

Let’s take a look now at the advantages and disadvantages of developing your own online course.

Advantages

  1. Good income
  2. The course belongs to you
  3. Passive income
  4. You can create your own brand

Disadvantages

  1. There may be no demand for your course
  2. It can be challenging if you have never created a course before
  3. There’s no guarantee you will make money

Key Things To Consider

  • Before setting out to create an entire course, consider creating just a module or two and asking students for feedback.  This way you can see if you are on the right track and course-correct where necessary before building the entire course.
  • You don’t need to feel overwhelmed and feel like you have to build a huge course.  You can keep it smaller and simple and yet still be sharing valuable information at the same time.

There you have it! Some awesome side hustle options for you.  Don’t delay, choose your side hustle and get started and generate that extra income today!

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