The Art of the Side Hustle: Turn Your Network into Cash with Referral Bonuses

The Secret Weapon in Your Pocket: Turn Referrals into a Lucrative Side Hustle

May 3, 2024
min read
Zach Roseman
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The modern world thrives on hustle. But let's face it, only some have the time, resources, or even the desire to launch a full-blown business. That's where the beauty of the side hustle comes in. It's a chance to generate extra income on your terms, without the full-time commitment.

This blog post explores the exciting world of referral bonuses as a hassle-free way to build your side hustle. We'll delve into the strategies behind maximizing your earning potential by leveraging Draftboard. Here, you'll discover how to turn your existing network of contacts into a source of side income without any upfront investment.

Why Referral Bonuses?

The allure of referral bonuses lies in their simplicity. Forget the stress of managing inventory, creating products, or navigating complex legal structures. Referral bonuses capitalize on something you already possess – your network. Think about the people you know: colleagues, friends, former classmates, and even online communities you frequent. Each person represents a potential connection to someone actively seeking a new job.

Companies are well aware of the power of word-of-mouth recommendations. Referral programs incentivize people like you, who are familiar with their brand and culture, to recommend qualified candidates. This translates to better hires for companies and a chance for you to earn a healthy referral bonus.

Here are some reasons why referral bonuses are a perfect fit for a side hustle:

  • Low Barrier to Entry: You don't need any special skills or qualifications to get started.
  • Flexible Time Commitment: You decide when and how much time you dedicate to finding referrals.
  • Scalable Earning Potential: The more qualified candidates you refer, the more you can earn.
  • Minimal Investment: There's no financial investment required, just your time and network.

Mastering Your Network: From Casual Contact to Cash Connection

Your network is the cornerstone of your referral bonus side hustle. But how do you effectively leverage it?

  • Targeted Outreach: Go beyond simply blasting out job openings to everyone on your contact list. Tailor your outreach based on the specific job requirements and the individuals in your network. Mention specific skills or experiences that make a certain connection a good fit.
  • Building Communities: Expand your network by joining online job boards, professional groups, or alumni communities. These platforms are ideal for finding people actively seeking employment.
  • Become a Resource: Position yourself as a valuable source of information about current job openings. Share relevant job postings on social media or within your network groups.

SEO & SEM: Boosting Referral Visibility

Technology has revolutionized how people find jobs. Search Engine Optimization (SEO) and Search Engine Marketing (SEM) can be powerful tools in your side hustle arsenal. Learn how to optimize your social media posts and online profiles with relevant keywords related to specific job titles and industries. This increases the chances that your connections will find your referrals when searching for a new opportunity.

Taking it a step further, consider paid advertising through SEM campaigns. Platforms like Google Ads allow you to target specific demographics or job seekers actively searching for relevant keywords. This can significantly increase your reach and referral opportunities.

Draftboard: Your Referral Bonus Powerhouse

Here's where Draftboard takes center stage. It's a platform designed specifically to streamline the referral bonus process for both referrers (Scouts) and companies.  Let's explore some key features of Draftboard that empower your side hustle:

  • Easy Referral Management: Draftboard provides unique referral links for each job opening you share. This allows you to track which candidates applied through your link, increasing transparency and ensuring you get credit for successful referrals.
  • Payment: Draftboard payouts via Stripe and takes a 20% fee for facilitating the referral hire meaning all scouts get 80% of the referral bonus.
  • Watchlist: Draftboard has a feature that allows you to have 1 link with all the jobs on it if you wish so you’re able to share 1 link with your community instead of many individual jobs if you wish.
  • Reputation Score: Draftboard would be an ordinary job board if we let everyone apply to jobs without maintaining some type of quality control, this is how we stand out.some text
    • Scouts share a link with their community and candidates apply. Once a candidate applies, the scout gets notified and must Approve/Reject the CV. Once the scout approves the CV, it gets sent to the company. 
    • Now think of an Uber rating, if a scout accepts too many low-quality candidates then companies are able to filter out how low they’re willing to go for a CV. 
    • All new scouts start at a score of ⅘ so all companies can see you candidates to start. 

Draftboard makes it easy to earn referral bonuses by streamlining the connection between you, your network, and companies seeking top talent.

Building a Sustainable Side Hustle

Turning referral bonuses into a consistent source of side income requires a focus on building a sustainable strategy. Here are some key points to keep in mind:

  • Develop Your Expertise: Stay up-to-date with new roles & companies on Draftboard to share with your network.
  • Maintain Strong Relationships: Foster genuine connections with your network. It's not just about the referral, but building trust and establishing yourself as a reliable resource for career advancement.

If you’re ready to become a scout and develop a side hustle, sign up for a scout today in seconds!

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