How to Make 6 Figures As A Data Analyst? (11 Best Ways in 2024)
So you want to make six figures as a data analyst? Good for you! Being a data analyst is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a data analyst - business ideas you can start to achieve such income. Keep reading to learn more!
1. Start an ecommerce store ($287K/month)
Starting an ecommerce store could be a lucrative way to supplement your income as a data analyst and potentially help you reach six figures. Given the booming nature of ecommerce due to its convenience and efficiency, you could capitalize on this trend by setting up an online store that sells products or services. This venture offers you the advantages of lower overhead costs, increased flexibility, and the ability to reach a wider audience compared to traditional brick-and-mortar businesses.
Moreover, your analytical skills could provide a significant advantage in optimizing your ecommerce operations. You could use data analytics to track consumer behavior, manage inventory efficiently, and tailor marketing strategies to boost sales. By leveraging your existing skills and taking advantage of ecommerce’s growth, you could create a lucrative side business that supplements your main income, driving you closer to achieving six-figure earnings.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
2. Become a social media influencer ($57.4K/month)
To supplement your income as a data analyst, you could consider becoming a social media influencer. By leveraging platforms like Instagram, YouTube, Facebook, and TikTok, you could share your expertise in data visualization, analytics tools, and industry trends. This could establish your credibility and help you build a vast audience interested in data analysis.
As your following grows, brands may approach you for collaborations, sponsorships, or affiliate marketing, providing additional revenue streams. Choose a popular niche within the field of data analysis and start creating relevant content to connect with your target audience. This entrepreneurial venture could potentially push your overall earnings into the six-figure range.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
3. Start a youtube channel ($146K/month)
Starting a YouTube channel could provide an excellent opportunity to supplement your income as a data analyst. By sharing tutorials, case studies, and industry insights, you could establish yourself as an authoritative voice in the data analytics space. With YouTube's established monetization system, you could earn revenue through ad placements, sponsorships, and affiliate marketing once you reach a minimum of 1,000 subscribers and 4,000 watch hours.
Additionally, a successful YouTube channel could open doors to further entrepreneurial opportunities such as offering paid courses, consulting services, or a subscription-based model through platforms like Patreon. Leveraging YouTube's popularity and your unique expertise could help you build a loyal audience and significantly boost your earnings, potentially elevating your income to six figures.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
4. Start a career coaching business ($48.5K/month)
Starting a career coaching business could help you to make six figures as a data analyst by leveraging your expertise and experience to provide personalized guidance and support to professionals navigating their career paths. By offering tailored sessions focusing on resume building, interview prep, and workplace advancement, you could create a substantial supplementary income stream while empowering others to succeed in their careers.
Building a client base for your coaching services, adaptable for both in-person and virtual meetings, allows you to monetize your motivational skills and human resources expertise. This business not only generates extra income but also offers the flexibility to set your own schedule, making it a highly achievable and rewarding avenue for entrepreneurial-minded data analysts aiming for financial growth.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
5. Start a podcast ($97.9K/month)
Starting a podcast could offer data analysts a unique opportunity to supplement their income and potentially make six figures. By sharing your expertise and insights on data analysis, you could attract a dedicated audience interested in your niche. With consistent, valuable content, you could build a loyal listener base, which in turn could lead to monetization opportunities through sponsorships, advertisements, and even premium episodes or courses.
Additionally, a successful podcast could open new doors in the form of consulting opportunities or speaking engagements, further boosting your income. Starting on a budget is entirely feasible; all you need is basic recording equipment and an affordable hosting platform. By leveraging social media and online communities to promote your podcast, you could steadily grow your audience and create a profitable side business.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
6. Create an online course ($91.9K/month)
Starting an online course could be an excellent way to make six figures as a data analyst by leveraging your specialized skills to educate others. As an entrepreneurial course creator, you could identify educational gaps in data analytics and develop engaging video lessons alongside supplementary materials to fill those voids. This not only allows you to share your expertise but also create a steady stream of passive income.
By offering self-paced or cohort-based courses, you provide flexible learning options that accommodate diverse student needs. With small startup costs, launching your own online course can yield high returns by attracting lifelong learners eager to master emerging subjects in data analytics. It's a lucrative side business that taps into the growing demand for convenient, high-quality online education.
How much you can make: $350 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
7. Start a social media marketing agency ($116K/month)
Starting a social media marketing agency could be a strategic way to supplement your income as a data analyst and potentially help you reach a six-figure salary. By leveraging your analytical skills to deliver data-driven marketing solutions, you could provide clients with highly effective social media strategies. This value-added approach could set you apart in the competitive market and enable you to charge premium rates.
You could start by automating your services using social media marketing tools, allowing you to serve clients efficiently without consuming too much of your time. Building a robust agency portfolio to showcase your successes would attract more clients, helping you scale your side business into a lucrative venture. Ultimately, a well-executed social media marketing agency could be the entrepreneurial path that propels your income into the six-figure range.
How much you can make: $1,000 — $500,000/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
8. Digital products ($261K/month)
If you're a data analyst looking to boost your income and even hit the six-figure mark, creating and selling digital products could be a lucrative path. Digital products are top-rated because they’re easy to create and share; they're a great way to build a side business or even transition to a full-time venture. Whether it’s developing software tools or apps that aid data analysis, authoring an ebook on industry best practices, or creating an online course to teach others key skills, the opportunities are extensive.
The best part about digital products is that they are low-cost and low-risk. There’s no need to worry about inventory or logistics, as everything can be sold directly from your website. Your analytical expertise can be transformed into valuable resources that others are willing to pay for, making it easier to achieve your financial goals.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
9. Start a freelance writing business ($65.5K/month)
Supplementing your income as a data analyst through a freelance writing business could provide you with the flexibility and diverse revenue streams to potentially reach six-figure earnings. You could leverage your strong analytical skills and industry knowledge to write compelling data-related content, such as tutorials, case studies, and white papers, which are highly valued by businesses.
Freelance writing offers the advantage of working on your own schedule, allowing you to balance it alongside your primary job. By consistently delivering high-quality work and staying updated with current writing trends and tools, you could build a reputation and command higher fees, opening up the possibility of turning it into a lucrative side business or even a full-time venture.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
10. Start a blog ($44.9K/month)
Starting a blog could be a lucrative side hustle or even a full-time profession for a data analyst, allowing you to diversify your income streams and share your expertise with a broader audience. Given the high level of trust and readership that blogs enjoy, you could establish yourself as a thought leader in the data analytics field, attracting sponsorships, advertising revenue, and even paid subscriptions for premium content.
With approximately 409 million people viewing over 20 billion pages monthly, your blog could reach a substantial audience, opening up further opportunities like selling data analysis courses, eBooks, or consulting services. By choosing a niche you are passionate about and maintaining consistent, valuable content, you could build a loyal following and significantly enhance your earning potential.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
11. Become an affiliate marketer ($55.3K/month)
Starting an affiliate marketing business could be a lucrative way for data analysts to supplement their income and inch closer to making six figures. As an affiliate marketer, you promote other companies' products or services, earning commissions for every sale made through your referral links. This opportunity allows you to leverage your analytical skills to optimize and target your marketing efforts effectively, increasing your chances of earning substantial commissions.
Because you don't need to create or own the products yourself, affiliate marketing is a low-cost venture requiring minimal upfront investment. You could start by signing up for affiliate programs in a niche related to your interests or expertise, using unique tracking links to ensure your referrals are accurately credited. With the potential to generate significant passive income, affiliate marketing can be an excellent side business or even evolve into a full-time entrepreneurial endeavor for data analysts seeking financial growth.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
