10 side hustles ideas that can make you a millionaire in 2020
There are hundreds if not thousands side hustles ideas out there.
I have made a selection of only 10 side hustle ideas that I think can make you millionaire overtime.
I believe being a millionaire is in everyone’s wish list. As a financial advisor, I have emphasised so much about the importance of value creation. Even to my clients, I make sure that they understand what is value creation and what can they do to create value.
You cannot become a millionaire in a single day, you need to work to get your millions.
Your first step of becoming a millionaire is to understand that you need to create value to what you are doing, whether is offering services or selling goods.
There are many brilliant ideas that didn’t work and some that have never seen the light of day.
Keys to business success
You need to understand a few things before you take your journey of becoming a millionaire. According to Bill Gross the co-founder of Idealab, there are 5 important factors that you need to consider when starting a venture.
Gross listed them in a hierarchy from most important to least important as follows:
- Business model
I can only agree with Bill Gross on his findings. I have mistakenly thought for years that an idea is everything but it turned out many ideas fail and I experienced many failures before in my business pursuits.
Today by using this hierarchy I understand what I want to do even much better, be it in business or in life.
Timing⏲ is everything in business. Imagine if Facebook founded in the late 1980s when internet access was used by researchers, with the internet speed at bites per second.
Facebook wouldn’t have survived at that stage, it wouldn’t even make a million users a month so timing is what matters. Why is this preamble so important to you since you want to start a side hustle? Well, there may come a time for you to formalise your side hustle so these factors will be even more important.
Also, choosing the right hustle will require you to understand the ‘timing’ part of the 5 factors so it is very crucial to understand these before starting.
As a Canadian citizen or immigrant, I have selected 10 side hustles for you that will help you start making some extra cash instantly. Your focus and perseverance will make you a millionaire.
It will take you to do things the right way. Doing things the right way means doing research and analysis of what you want to do and do it better than the next person.
If you do things as such, then your success is imminent and you will be looking at making your million sooner rather than later.
Here are my top 10 side hustles that can make you a millionaire in Canada:
1. Become a part-time uber driver ?
With your private car, you can start working for Uber and make your extra cash instantly. You can make between $15 to $22 dollars depending on the city you are working from.
Say you work 3 hours a day excluding weekends you can make $17,500.00 per year. If you are even more dedicated you can double the amount.
You can triple the amount if you find someone who will use your car to do Uber while you are at work. You will part away with $3000 or less on repairs and improvements on your car.
This is not a bad way to start it’s even better, you get a chance to increase your fleet once in a while.
Getting up to 5 Uber cars is possible and can accelerate your goals.
2. Building and flipping Real Estate
Buying and flipping property is one of the easiest ways to become a millionaire. A lot of energy has to be put on this endeavour so that you can achieve your end results.
An easier way to start is to buy an old house or building depending on your level of investment. These properties come cheaper than when buying a property that is in good condition.
You can get an old ragged property in Vancouver for 33% of the market value of the property if it was new.
Flipping and refurbishment will add a further 33% on costs compared to a property in a good condition adding to 66% total costs incurred in bringing the property to its new condition.
You will roughly save about 34% when you use this method instead of buying a property that is in good condition. If you invested 66k on your flipped property the new market value will be 100k meaning you have made $34,000.00 in profit.
You can either opt to make the property a rental property or put it in the market, either way, you will make money and if you plan on selling it you can repeat the process when it is sold.
You will need to possess skills and attributes to make this work. So reading and attending seminars is a great way to start until you find a flipping strategy that works for you.
Buying a plot and building a property on it can be an easier way to start. Especially if you don’t know how you can go about flipping properties.
If you jump straight into this you may lose some or all of your investment.
You need to make sure that you choose the right location to do this. The location has to be strategic. You don’t need to build a property where it will take you years to sell it.
3. Buying and selling domains
Ever heard of Mike Mann? If not, Google him, the little I can say about him is that he has a portfolio of 250 000+ domain names. He makes over $3million in domain name sales.
Domain name buying and selling is the simple buying and holding domain names hoping to resell them at a profit. Little capital is required to start. Extensive research is required, you need to buy strategically.
Premium domain names sell more depending on who you are selling it to. Carinsurance.com was sold for more 43million USD, that’s how lucrative the domain buying and selling is.
Transactions of $1000 plus are common, you just need to do your research very well. Sometime back I bought a domain name for $5 and sold it 6 months later for $550. I had to put a lot of time in getting a buyer so it took me more than 300 emails and a few phone calls to strike a deal.
My portfolio had a portfolio of 8 domain names at the time, so I didn’t manage to sell the remaining 7. But for me, the investment was worth it. I spent about $60 on domain names and made a profit of $490 minus the time that I spent finding a buyer.
There is a cost that comes with this method of money-making. You need to renew a domain name every year but the price of renewing is about the same price you bought the domain name.
If you have 250 000 domain names like Mike Mann the price of renewal can be costly.
4. Create YouTube tutorials
YouTube has been creating millionaires worldwide. The number of YouTube millionaires is set to increase because of a need for better content. Creating tutorials on YouTube can earn you fortunes and doing it better can make you millions.
As a side hustle, it is something that you can easily do. All you need is your phone, a laptop or camera. You won’t make money instantly but if you are consistent with your content you can earn yourself reliable visitors to your page.
First, get to know how you can monetize your YouTube channel. It takes 3000 video watching minutes to start monetizing. You will need to keep your audience on your channel for a very long time, exceptional if you keep them for the entire video.
Familiarize yourself with YouTube help centre. After reading the YouTube help centre guide you will be in a position to start your channel and perform Youtube best practices.
Lastly, you need to understand how YouTube SEO works. It will help your tutorial rank.
5. Become a freelance copywriter
You can earn $34 an hour as a copywriter. With dedication you can earn thousands of dollars a year. Not the quickest way to become a millionaire but as a side hustle it is something worthy to consider.
If you enjoy writing then get a Copywrite gig that will pay you for doing something you love doing. And you get to do this remotely at your own time.
If you do this so well you can earn jobs that are more paying overtime. Adding the money that you make as a copywriter and your salary you will be surely on the way to become a millionaire.
6. Create a smartphone app
If you are proficient with a with swift and Android base development programs you can create a mobile app. All you need as an idea of beginning developing your game.
Not every idea is profitable, so make sure you develop an app that people will want to you. Understand your target market and how they behave. This will help you customize your app that will be more useful.
Also, you will have an app that people will love to use instead of an app that will be used just once and Uninstaller it. The best way to keep up with the competition is to pay attention to criticism and address critics as soon as possible.
This way you will beat your competition. Your app users will use your app because it provides what they want. Building an add that people will use in high numbers is hard but it is worth a try. You can make millions if you do things the right way.
7. Create a website
Websites are here to stay so if you want to make some money while you are working why not just build one. You can start with a Wix or WordPress website and you don’t need to be a programmer.
It’s easy to design a website from these platforms and you can choose from different templates. With WordPress and Wix it is easy to customize your website. You can create add-ons that you like and use colours that you prefer.
You need to know what type of website you are creating. If you are going to create a website whereby you will be selling domain names, customize it in such a way that it will be user friendly.
Learn about SEO and optimize your website to beat your competitors. If you are going to advertise on social media, then familiarize yourself with Facebook, Twitter and Instagram ads.
If you can’t do these yourself you can hire someone to do it for you so that you can reach your intended audience. There is a lot of money from websites, you can make millions with a good strategy.
You can sell a good money-making website for hundreds of millions of Canadian dollars.
8. Provide digital marketing services
If you are familiar with digital marketing you can offer your services remotely. You can earn $20 per hour or more depending on the level of your skills.
Today business is done online and to many businesses, it is mandatory to have a digital marketing employee. Today in the wake of coronavirus, business is done from computers. Even grocery shopping is done on a phone or computer.
There is a need for digital marketing experts in Canada and learning digital marketing can be the most rewarding experience.
Some companies will want their chosen candidate to know different Content Management Systems and the basic HTML and CSS. If you don’t know these, then start reading and watching tutorials on YouTube.
Stocks are favorable to almost any investor. Stock investments will require you to have some capital. Before you put your money in stocks you need to read some books on stocks.
You can maybe start with my personal favourite ‘The intelligent investor by Benjamin Graham ‘. Pick stocks that you want to buy and target them and understand them before investing.
You can make as much as 30% in one day from stocks and lose as much or more. If you are interested in becoming a stocks millionaire then you have to be patient there is no rushing in stocks.
10. Start a food truck
It is probably surprising to add food truck on this list but it qualifies, whether you want to do this part-time or full time is up to you.
There is a shortage of food trucks in Canada and there is a lot of money to be made here. You can make a gross income of up to $300,000.00 per annum.
If you can make great cuisines you will have customers circling your truck on a regular.
Conclusions: Its time to start your side hustles
Becoming a millionaire is no easy task, if it was so many people would be millionaires by now. You will need to take your life and yourself more serious if you want to become one.
Discipline yourself by monitoring your spending and doing away with unnecessary expenses. You will have to consistently add some of your profit back to your side hustle is you want to get there fast.
At the end of the day, it becomes your decision to become a millionaire. If you are not ready to lose some of your money squandering habits then you will be wasting your time.