Kevin O’Leary, also known as “Mr. Wonderful,” said modern technology has made side hustles easier and more profitable, allowing entrepreneurs to earn an extra thousand dollars a month through content creation and online sales.
“Side hustles have never been easier or more profitable. With modern tech, you can make an extra thousand dollars a month if you understand content creation and you know how to sell online,” O’Leary wrote on X.
The “Shark Tank” investor cited platforms including TikTok, Instagram, Shopify Inc. (NYSE:SHOP) and Whatnot as viable channels for selling products ranging from watches to socks and bow ties.
Social Media Requirement
O’Leary emphasized the necessity of social media literacy for side business operations. “If you don’t understand social media, you can’t run a side hustle,” he stated in the post.
O’Leary previously called direct-to-consumer businesses with social media storytelling “the big side hustle in America” and “America 2.0.” He noted that if he had to start over today, he would dive headfirst into the digital world, using social media as his main tool.
A LinkedIn Workforce Confidence survey of 12,698 U.S. professionals conducted between Sept. 21 and Dec. 13, 2024, found that nearly one-third of American workers have a gig or side hustle in addition to their main job.
Recommended Steps
O’Leary advised setting up accounts on every platform, posting across all channels, and learning how algorithms work before launching a side hustle. The trend aligns with growing adoption among younger workers, as a Fortune-Harris Poll found that 57% of Gen Z have side hustles compared to 21% of Baby Boomers.
He indicated that understanding these digital tools is foundational to operating any supplemental income business.
The side hustle economy’s growth potential is demonstrated by cases like 25-year-old Steven Schwartz, who tried 23 ventures before co-founding the tech marketplace Whop, which generates $354,000 per month.
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Photo courtesy: Kathy Hutchins / Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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