Podcasts > The Money Mondays > Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

By Dan Fleyshman

Join Dan Fleyshman in "The Money Mondays" podcast where he dives into the lucrative world of affiliate marketing and recurring income streams. Learn how to leverage your unique affiliate links to promote products you trust, and earn a commission not only on initial sales but on related products like books or courses. Fleyshman highlights the importance of authenticity in marketing, encouraging the use of social media and personal networks to share products like elevatorfunding.com and figures such as Tony Robbins. He walks you through the facets of creating a steady income by referring businesses and securing long-term commissions, providing practical advice on making the most of this side hustle.

In addition to affiliate marketing strategies, Fleyshman explores a variety of side hustles that can boost your income. From driving gigs with companies like Uber to renting out spare spaces on platforms like Airbnb, he shares actionable tips on how to capitalize on the gig economy. If you're skilled in a particular area, consider tutoring or teaching gigs, just as Fleyshman's grandfather did, leveraging technology to provide these services across various mediums. Whether you're looking to make extra cash or establish a passive income, "The Money Mondays" gives you the insight into turning these side endeavors into a substantial addition to your financial portfolio.

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Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

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Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

1-Page Summary

Affiliate Revenue

Dan Fleyshman presents the process of earning through affiliate marketing by promoting products of companies that individuals believe in. He outlines that affiliates use a unique link or code to promote products on different platforms, and if a purchase is made through these links, they earn a commission. This commission can also carry over to subsequent sales such as books or courses related to the original product. Fleyshman gives examples of companies with affiliate programs, including elevatorfunding.com and deposit.com, and public figures like Tony Robbins. He recommends affiliates promote products they use and trust, using channels like social media and direct communication for marketing.

Recurring Commissions from Referring Businesses

Discussing the concept of recurring commissions, Dan Fleyshman explains that this type of commission provides a steady income stream when affiliates refer customers to businesses such as Deposit.com. By referring through a personal link, affiliates earn throughout the customer's tenure with the service. Fleyshman lists various service providers, like web design and SEO specialists, that often offer such commissions. Tips to ensure success in this area include negotiating commissions before the referral, choosing reputable businesses, and aiming to provide value to all parties involved. Using networks and social media for referrals can help save money for the businesses involved and secure a recurring income for the referrer.

Side Hustles

Fleyshman sheds light on alternative revenue streams through side hustles that can complement one’s primary income. He explains that driving for services like Uber and Lyft or delivery companies like DoorDash allows flexibility and can supplement income. Renting out extra space on Airbnb and Pierspace is another option he suggests for making extra money. In addition, Fleyshman points out that tutoring or teaching skills such as languages, music, or cooking can be profitable side hustles. Highlighting his grandfather as an inspiring example, he suggests setting rates based on expertise and market willingness to pay, and leveraging different mediums—phone, laptop, or in-person—to carry out the tutoring or teaching side gigs.

1-Page Summary

Additional Materials

Clarifications

  • In affiliate marketing, individuals promote products for companies using unique links or codes. When a purchase is made through these links, affiliates earn a commission. This commission can extend to future sales related to the original product, providing a continuous income stream. Affiliates typically promote products they trust through various channels like social media to maximize their earnings.
  • Affiliates use unique links or codes provided by companies to track their promotional efforts. These links or codes are specific to each affiliate and are used to identify which affiliate generated a sale. When a customer clicks on an affiliate's unique link or uses their code to make a purchase, the affiliate earns a commission on that sale. This system helps companies accurately attribute sales to individual affiliates and compensate them accordingly.
  • Recurring commissions are earned by affiliates when they refer customers to businesses, and they continue to receive commissions as long as the referred customers remain with the service. This type of commission provides a consistent income stream over time based on the ongoing relationship between the customer and the business. Affiliates typically receive a percentage of the customer's spending or fees paid to the business on a regular basis. Negotiating commission terms upfront and selecting reputable businesses to partner with are key strategies for success in earning recurring commissions.
  • When negotiating commissions before referrals, it involves discussing and agreeing upon the percentage or amount of money that will be earned for each successful referral made. This negotiation typically occurs between the referrer (affiliate) and the business offering the commission. It's important to establish clear terms and conditions upfront to ensure both parties are in alignment regarding the compensation for successful referrals. This proactive approach can help avoid misunderstandings and disputes in the future.
  • To choose reputable businesses for referrals, it's essential to research the company's reputation, track record, and customer reviews. Look for businesses with a history of delivering quality products or services and maintaining good customer relationships. Verify the legitimacy of the business by checking for any red flags such as unresolved complaints or unethical practices. Prioritize partnering with businesses that align with your values and have a strong brand presence in their industry.
  • Side hustles are additional income-generating activities pursued alongside a primary job or source of income. They provide flexibility and can help individuals diversify their earnings. Side hustles can range from driving for ride-sharing services to renting out property or offering services like tutoring. By engaging in side hustles, individuals can increase their overall income and potentially explore new interests or skills.
  • Driving for services like Uber, Lyft, or DoorDash involves using your own vehicle to provide transportation or deliver goods to customers. These platforms allow individuals to work flexibly and earn money on a part-time or full-time basis by completing trips or deliveries. Drivers receive payment for each completed trip or delivery, often based on factors like distance traveled or the time taken to complete the task. This type of side hustle is popular for its flexibility and the ability to earn income based on one's availability and willingness to work.
  • Renting out extra space on platforms like Airbnb and Pierspace involves listing your unused or spare rooms, apartments, or properties for short-term rentals to guests looking for accommodation. These platforms connect hosts with travelers seeking unique and affordable lodging options, allowing hosts to earn extra income from their available space. Hosts can set their own rental rates, house rules, and availability, providing flexibility in managing their listings. Guests can book these spaces for short stays, offering a more personalized and local experience compared to traditional hotels.
  • Tutoring or teaching skills can be profitable side hustles because individuals with expertise in a particular subject can offer their knowledge to others for a fee. This can be done through various mediums such as in-person sessions, online platforms, or even through phone or video calls. Setting competitive rates based on the market demand and one's expertise level is crucial for attracting clients. Leveraging different teaching methods and platforms can help reach a wider audience and maximize earning potential.
  • When setting rates for tutoring or teaching gigs based on expertise and market willingness to pay, it means considering your level of knowledge and experience in the subject you are teaching, as well as what others in the market are charging for similar services. Your expertise can justify higher rates, while understanding what customers are willing to pay ensures your pricing is competitive and attractive to potential clients. Balancing these factors helps you determine a fair and profitable rate for your tutoring or teaching services.
  • Leveraging different mediums for tutoring or teaching sessions involves utilizing various tools or platforms like phone calls, online video conferencing on a laptop, or in-person meetings to conduct teaching sessions based on the subject matter and the preferences of the student and tutor. This flexibility allows for adapting to different learning styles and circumstances, enhancing the overall learning experience and effectiveness of the sessions.

Counterarguments

  • Affiliate marketing requires significant effort and not everyone may succeed despite promoting products they trust.
  • Commissions on subsequent sales may not be as common or as lucrative as suggested, depending on the affiliate program's terms.
  • Some affiliate programs may have stringent requirements or high thresholds for payout that can make it difficult for affiliates to earn commissions.
  • Promoting products through social media and direct communication can sometimes be perceived as intrusive or spammy by potential customers.
  • Recurring commissions are often contingent on the customer continuing to use the service, which may not always be within the affiliate's control.
  • Negotiating commissions can be challenging for affiliates who do not have leverage or a large audience.
  • The market for service providers offering recurring commissions may be saturated, making it difficult for new affiliates to find opportunities.
  • Side hustles like driving for ride-sharing services or delivery companies often come with costs such as vehicle maintenance and fuel, which can reduce net earnings.
  • Renting out space on platforms like Airbnb requires adherence to regulations and can involve risks such as property damage or liability issues.
  • Tutoring or teaching requires expertise and may not be a viable option for individuals without the necessary skills or qualifications.
  • Setting rates based on expertise and market demand can be complex, and there is a risk of undercharging or overcharging for services.
  • Leveraging different mediums for side hustles may require additional skills or equipment that not everyone has access to or can afford.

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Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

Affiliate Revenue

Fleyshman outlines the concept of affiliate revenue, providing practical examples and tips for individuals interested in becoming affiliates for businesses they trust.

How affiliate revenue works

Affiliate revenue is a method where individuals sell or promote other companies’ products and earn a commission through various channels such as email, text, social media, or direct referrals. Fleyshman explains that an affiliate will share a unique link or code that directs traffic to a specific offer or website. When purchases are made through these links, the affiliate earns a commission, which can extend beyond the initial product if further purchases are made, such as books or courses tied to the initial referral.

Examples of affiliate opportunities

Fleyshman discusses the process of earning commissions through various companies that offer affiliate or referral programs, using elevatorfunding.com and deposit.com as examples. Such companies are often already successful, providing trustworthy opportunities for those looking to engage in affiliate marketing. By using affiliate links to refer people to these businesses, individuals have the chance to generate additional income with minimal effort.

He further illustrates this by suggesting that referring clients to a web design company could result in significant commission earnings. For instance, he points out that referring six clients with a service fee of $5,000 could lead to a commission of $3,000.

Fleyshman mentions that indivi ...

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Affiliate Revenue

Additional Materials

Clarifications

  • Affiliate revenue is a way for individuals to earn money by promoting products or services from other companies. They receive a commission for each sale made through their unique referral link or code. This method allows individuals to generate income by leveraging their networks and promoting products they believe in. Affiliate marketing can be done through various channels like social media, email, or direct referrals.
  • Fleyshman provides examples of affiliate opportunities with companies like elevatorfunding.com and deposit.com, showcasing how individuals can earn commissions by referring clients to these businesses through affiliate links. These companies have established affiliate or referral programs that allow individuals to generate additional income by promoting their services to a wider audience. By leveraging these opportunities, affiliates can earn commissions based on successful referrals and transactions made through their unique affiliate links.
  • When affiliate marketers earn commissions beyond the initial product, it means they continue to receive a percentage of sales from the customers they referred, even if those customers make additional purchases or upgrades in the future. This incentivizes affiliates to not only drive the initial sale but also to cultivate long-term relationships with customers to earn ongoing commissions. This strategy benefits both the affiliate, who earns more over time, and the business, which gains repeat sales from customers initially brought in by affiliates. It creates a win-win situation where affiliates are motivated to maintain customer engagement and loyalty for sustained income.
  • Referring clients to businesses for commission earnings involves recommending products or services to potential customers. When these customers make a purchase through the unique referral link provided by the affiliate, the affiliate earns a commission. This process can be lucrative, especially when the referred clients make additional purchases or engage in high-value transactions. Affiliates often leverage their networks and marketing channels to drive traffic and conversions for the businesses they promote.
  • When individuals become affiliates for public figures, they promote the products or services endorsed by t ...

Counterarguments

  • While affiliate marketing can be a source of income, it often requires a significant amount of time and effort to generate substantial revenue, which may not be as minimal as suggested.
  • The success of affiliate marketing heavily depends on the individual's marketing skills, audience size, and engagement, which are not guaranteed for everyone.
  • There is a risk of promoting products or services that may not live up to their promises, which can damage the affiliate's reputation among their audience.
  • The market for affiliate marketing is highly competitive, and new affiliates may struggle to gain traction against established players.
  • Some affiliate programs have complex terms and conditions that can make it difficult for affiliates to earn commissions or get paid.
  • Relying on affiliate revenue can be unstable, as changes in company policies or commission structures can significantly impact earnings.
  • There is a potential for conflict of interest when affiliates promote products they are incentivized to sell, which may lead to biased recommendations.
  • Not all followe ...

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Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

Recurring Commissions from Referring Businesses

Dan Fleyshman discusses how individuals can earn a steady income through recurring commissions by referring customers to businesses such as Deposit.com.

How recurring commissions work

Reoccurring commissions offer a financial benefit for referrals. For instance, Fleyshman explains that by referring someone to sign up for a merchant account through Deposit.com with a specific referral link (/elevator), the referrer earns a recurring commission for the entire duration of the customer's relationship with the company. This model can support ongoing contributions to a cause, such as purchasing animal feed.

Examples of businesses paying referral commissions

Fleyshman emphasizes that companies like Deposit.com and ElevatorFunding.com are examples of businesses that provide referral commissions. Moreover, referring clients to professional services such as accountants, publicists, PR agencies, and paid media agencies can also yield commissions. He notes that service providers, including web designers and SEO specialists, are likely to offer a commission for referrals that lead to new clients.

Tips for earning recurring commissions

To successfully earn recurring commissions, Fleyshman offers a few tips:

  • Ask for commissions upfront: It's recommended to negotiate commission agreements before directing clients to a business to establish clear terms of the referral relationship.

  • Refer to quality businesses: The value of the referral should be maintained for all parties invol ...

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Recurring Commissions from Referring Businesses

Additional Materials

Clarifications

  • Recurring commissions work by rewarding referrers with a continuous income stream for referring customers to a business. This means that the referrer earns a commission for every purchase or transaction made by the referred customer over a specified period. The referrer benefits from ongoing revenue as long as the customer maintains a relationship with the business, creating a sustainable source of income. This model incentivizes referrers to make quality referrals and maintain relationships with the referred customers to maximize their earnings.
  • When negotiating commission agreements upfront, it means discussing and finalizing the terms of the referral relationship before making any referrals. This process helps establish clear expectations for both parties involved. By setting the commission terms in advance, it ensures transparency and avoids misunderstandings in the future. This practice is common in affiliate marketing and referral programs to protect the interests of all parties.
  • Creating a wi ...

Counterarguments

  • Recurring commissions may not be as steady as implied if the customer discontinues the service or the business changes its commission structure.
  • The longevity of the customer's relationship with the company is unpredictable, which can affect the stability of the recurring income.
  • Not all businesses offer referral commissions, and the ones that do may have varying terms and conditions that could complicate the referral process.
  • The success of earning commissions is highly dependent on the referrer's network and ability to influence, which may not be feasible for everyone.
  • There is a potential conflict of interest when referring businesses solely for the purpose of earning commissions, which could lead to ethical dilemmas.
  • The market for referrals can become saturated, making it more difficult to find new clients or businesses willing to pay for referrals.
  • Some businesses may prefer to invest in direct marketing strategies rather than paying for referrals, which could limit opportunities for earning commissions.
  • The ...

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Make More $$ with These Easy Side Hustles in 2024 đź’¸ E58

Side Hustles

In the current economy, many are turning to side hustles to supplement their income. Dan Fleyshman weighs in on the topic, highlighting various opportunities for part-time work that can fit around an individual's schedule.

Driving for ridesharing and delivery companies

Uber, Lyft, Instacart, Postmates, DoorDash

Dan Fleyshman discusses the potential for substantial part-time income by working with ridesharing and delivery services such as Uber, Lyft, Uber Eats, Instacart, Postmates, and DoorDash. Such opportunities can benefit even those with full-time jobs and can significantly supplement annual earnings, offering a contrast to the often slow salary increases typically provided by full-time employers. The flexibility of driving for these companies allows individuals to earn extra cash around their personal schedule, including evenings, mornings, and weekends.

Renting out extra space

Airbnb, Pierspace

Fleyshman also mentions the possibility of using one's extra space to earn money by suggesting platforms like Airbnb and Pierspace. By renting out extra bedrooms or different areas at home, apartment, or office space, individuals can generate additional revenue stream.

Tutoring and teaching your skills/hobbies

Languages, music, sports, cooking, etc.

Having skills or hobbies can turn into monetizable side gigs, Fleyshman says. For example, if one is proficient in Spanish, chess, a musical instrument, or cooking, these skills can be taught to others. He encour ...

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Side Hustles

Additional Materials

Clarifications

  • Yiddish is a language historically spoken by Ashkenazi Jews, originating in Central Europe in the 9th century. It is a fusion of High German with elements from Hebrew and Aramaic, along with influences from Slavic and Romance languages. Yiddish has traditionally been ...

Counterarguments

  • Ridesharing and delivery work can be unpredictable and may not always provide a substantial or consistent income due to factors like market saturation, changes in consumer demand, or company policies.
  • The gig economy often lacks benefits and protections that come with traditional employment, such as health insurance, paid leave, and job security.
  • Renting out space on platforms like Airbnb and Pierspace can come with risks, such as property damage or legal issues related to zoning and tenant rights.
  • The success of tutoring and teaching as side hustles depends on market demand, the individual's ability to market themselves, and competition from other tutors and educational platforms.
  • Not everyone has the skills or temperament to be an effective teacher, and excelling in a subject does not automatically translate to being able to teach it well.
  • The time investment required to develop effective teaching methods and materials may not be feasible for everyone, espec ...

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