How to Make 6 Figures As A Data Scientist? (11 Best Ways in 2024)
So you want to make six figures as a Data Scientist? Good for you! Being a Data Scientist 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 Scientist - business ideas you can start to achieve such income. Keep reading to learn more!
1. Create an online course ($83.3K/month)
Creating an online course could be a powerful way to supplement your income as a data scientist in 2024. By identifying educational gaps around the advanced topics you are already proficient in, you could develop engaging video lessons and supplementary materials that make complex concepts accessible to a broader audience.
This approach enables you to share your expertise and monetize your instructional talents while building a student base that could generate passive income. With flexibility in creating self-paced or cohort-based structures, an online course platform presents a low-cost, scalable opportunity. For entrepreneurial-minded data scientists, this could be a lucrative avenue to make six figures by serving eager lifelong learners who seek convenient access to cutting-edge knowledge.
How much you can make: $275 — $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.
2. Become an affiliate marketer ($55.3K/month)
Becoming an affiliate marketer could be a lucrative side business or even a main source of income to help you reach six figures as a data scientist. In this venture, you promote other companies' products or services and earn a commission for every sale made through your referral, allowing you to leverage your analytical skills in a new way. Since this business model carries minimal upfront investment and no need to create or own products, it's a practical, low-cost option for augmenting your income.
You could use your data science expertise to identify high-conversion products and employ strategic marketing techniques to drive traffic and sales, optimizing your earning potential. By signing up for affiliate programs and using unique tracking links provided by companies, you'll not only gain insights into consumer behavior but also monetize your digital footprint. This side business is ideal for entrepreneurial-minded data scientists looking to diversify their income streams while utilizing their technical skill set.
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.
3. Start a youtube channel ($146K/month)
Starting a YouTube channel could be a great way for a data scientist to make six figures by sharing your expertise in data analytics, machine learning, and other related topics. 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 in the past 12 months.
Additionally, by creating engaging and informative content, you could position yourself as an industry thought leader, which could lead to speaking engagements, consulting opportunities, and even premium online courses. The platform’s incredible popularity offers a vast audience eager to learn, providing entrepreneurial-minded data scientists ample opportunity to grow their channel and supplement their income.
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. Digital products ($261K/month)
Creating and selling digital products could significantly supplement your income as a data scientist, potentially leading to a six-figure salary. As an expert in data science, you could develop software tools, educational courses, or even membership sites that target aspiring data scientists or businesses looking to leverage data analytics. These digital products are highly sought after and can be distributed effortlessly online.
Given your skills, you could create valuable resources such as tailored datasets, AI-driven apps, or even comprehensive tutorials and ebooks on complex data science topics. By doing so, you can capitalize on your expertise, build a passive income stream, and minimize financial risks since digital products don’t require physical inventory. The flexibility and scalability of digital products make them an ideal way to diversify your income and build a sustainable side business.
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.
5. Start an ecommerce store ($287K/month)
Starting an eCommerce store could significantly boost your income as a data scientist, offering an additional revenue stream without the traditional overhead costs associated with brick-and-mortar businesses. With the flexibility of eCommerce, you could sell either physical products or digital services online to a global audience, all from the comfort of your home or office. This scalability and reach make it a profitable venture that complements your existing skill set and work schedule.
As the eCommerce sector is booming due to its convenience and efficiency for consumers, there's a vast market opportunity ripe for exploration. You could leverage your data analysis skills to identify trending products, optimize pricing strategies, or personalize marketing campaigns, thereby maximizing your store's profitability. By integrating robust inventory tracking and payment processing software, you could streamline operations and focus on driving sales, making six figures an attainable goal.
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.
6. Become a social media influencer ($57.4K/month)
Leveraging your expertise as a data scientist, you could supplement your income by establishing yourself as a social media influencer. By sharing valuable insights, tutorials, and real-world applications of data science across platforms like YouTube, LinkedIn, and Instagram, you could build a substantial following. Brands and companies seeking to reach an engaged and technically-savvy audience might offer you sponsorship deals, affiliate marketing opportunities, and even paid collaborations.
Creating content that demystifies complex data science concepts or showcases innovative data-driven projects could position you as a thought leader in your field. This influence not only diversifies your income streams but could also open doors to lucrative consulting gigs, speaking engagements, and premium online courses. By consistently delivering high-quality content, you could transition from a supplemental income to a six-figure earning potential through social media influencing.
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.
7. Start a career coaching business ($48.5K/month)
Starting a career coaching business could significantly bolster your income as a data scientist, helping you reach six figures. By leveraging your extensive knowledge of the industry, you could offer personalized guidance to clients navigating data science careers, such as resume building, interview preparation, and workplace advancement goals. This hands-on approach provides immense value to aspiring professionals, making you a sought-after expert in the field.
With the flexibility to conduct sessions in-person or virtually, you could quickly build a diverse client base. The entrepreneurial nature of career coaching allows you to set your schedule, monetize your speaking talents, and human resources expertise. This side business not only supplements your income but also enriches your professional network and reputation within the data science community.
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.
8. Start a blog ($44.9K/month)
Starting a blog could significantly supplement your income as a data scientist by allowing you to share your expertise and insights with a broader audience. With blogs being rated as the 5th most trustworthy source of online information and 77% of internet users reading them, your blog could attract substantial traffic if you provide valuable content. This, in turn, increases opportunities for monetization through advertisements, sponsored posts, and affiliate marketing.
Moreover, by consistently sharing high-quality, data-driven content, you could establish yourself as a thought leader in the data science community. This credibility might lead to paid speaking engagements, consulting opportunities, and even the potential to sell online courses or eBooks. By leveraging your blog as a platform to showcase your expertise, you could create multiple revenue streams, making six figures a tangible goal.
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.
9. Start a social media marketing agency ($116K/month)
Starting a social media marketing agency could be a lucrative side business that complements your data science skills and helps you reach a six-figure income. Leveraging your analytical capabilities, you could develop sophisticated social media marketing strategies that efficiently target and engage customers, all while utilizing automation tools to manage your agency's operations with minimal time investment.
By creating an impressive agency portfolio, you could effectively market your services and attract clients. This additional revenue stream could help you cover your daily expenses, finance higher education, or save for future vacations, all while allowing you the flexibility to continue progressing in your primary data science career.
How much you can make: $1,000 — $4,166,667/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.
10. Start a podcast ($97.9K/month)
Starting a podcast could be a lucrative side business for a data scientist, enabling you to share your expertise and insights with a wide audience. By focusing on data science topics, tools, and trends, you could attract a dedicated listener base, particularly if you provide practical advice, industry news, and interviews with experts. This audience could translate into monetization opportunities through sponsorships, ads, or even premium content subscriptions.
Moreover, as your podcast grows, you could leverage it to build your personal brand, opening doors for speaking engagements, consulting gigs, and online courses. Engaging with your audience could also lead to networking opportunities that might not only supplement your income but also potentially evolve into full-fledged business ventures.
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.
11. Start a freelance writing business ($62.6K/month)
Starting a freelance writing business could be a lucrative way to supplement your income as a data scientist and potentially help you achieve a six-figure salary. With your expertise, you could specialize in writing about data science, AI, and machine learning, providing valuable content for tech blogs, industry publications, and corporate clients. This niche focus could command higher rates and establish you as an authority in the field.
Freelance writing offers the flexibility to work from home and set your schedule, making it an ideal side hustle to fit around your primary job. By leveraging your strong writing skills, ability to meet deadlines, and staying up-to-date with the latest industry trends, you could effectively manage both roles. Over time, this additional income could significantly boost your overall earnings, bringing you closer to the six-figure mark.
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.
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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.
