We live in a competitive and volatile era where side hustles have become more popular than ever. Nowadays, with so many ways to make money online, an increasing number of people are opting to pursue a passive income source.
What is a Side Hustle?
A side hustle is a supplemental employment opportunity outside an individual’s full-time job and offers additional income. Unlike a part-time job, a side hustle brings more control and freedom over what an individual does, how many hours they put in, and when they do it. People can normally choose a side hustle that revolves around their talents and passions, and some may ultimately make their side jobs a primary career.
Advantages of Having a Side Hustle
In today’s turbulent economic situation and rapidly rising inflation, it is no wonder that many people look for a safety net when it comes to finances, which generally comes in the form of a side hustle. While the majority pursue a side hustle for additional income, others do it for enjoyment or to seek more diverse experience. There are many benefits of having a side hustle, some of which include:
Greater Flexibility
Most people are good at managing the time needed for their side business, which makes it simpler to fit into their current schedules as full-time employees. By having control over your schedule, you can make your side hustle complement other commitments or events. This allows for greater flexibility and the ability to maintain employment in your current role while also pursuing other options.
Supplement your Income
A side hustle is an excellent way to earn additional money in addition to a 9-5 job. With this surplus income, you can save more, pay for other expenses such as bills, or spend money on pampering yourself. Moreover, the extra income could ultimately help turn your side hustle into a thriving business.
Explore your Passion
Sometimes, having a side hustle means executing ideas that you enjoy and love without worrying about losing your main source of income. The additional income from a project you love and care about is a bonus reward.
Pursuing a hobby or passion as a side hustle may allow you to develop it into a full-blown career, which can be very rewarding. Even if your side hustle doesn’t take off, you can still make some extra money from doing something you already enjoy.
Build a Portfolio
If you are new to an industry and need more experience, doing a side hustle outside your job can help you gain relevant experience. It is also true if you are trying to break into a particular industry and don’t have a solid portfolio to demonstrate your experience and skills.
A strong portfolio can make your profile much more attractive to the employer, so here are some things you can include.
- Your skills and specialty
- Career or educational accomplishments, any milestones achieved, etc.
- Relevant education, skills, and certifications
- Your past work samples
- Testimonials or references
Explore your Creativity
Every person is creative. If you plan to explore your creativity and make the most of your free time but don’t have an outlet, a side hustle can be a good solution. Sometimes committing to regular work or odd jobs in your free time provides the push you need to get your creative juices flowing. In the absence of that challenge, you may not be motivated to find new ways to get things done or advance in life.
When you feel stuck, the best way to break free from that monotony is to do something new. Start a side project that is unique from what you regularly do. Opt for something that challenges you and offers some benefit when you overcome that challenge. When your daily life doesn’t allow you to keep your mind active and energized, use a side hustle to stay ahead of the curve.
How Common Is It To Have A Side Hustle?
Side hustles are becoming increasingly common these days. Research suggests that 24% of baby boomers (ages 59 to 77) reported having a side hustle. On the other hand, 40% of Gen-X (ages 43 to 58) say they have a side gig. Side hustles are more common among younger people. According to another survey, 53% of Gen-Z (ages 18 to 26) and 50% of millennials (ages 27 to 42) said they earn extra income.
Although most people try outside hustle because they need additional income, many also pursue these options for seeking out interactions, a creative outlet, or simply taking advantage of their flexible full-time job.
Popular Ideas For Starting A Side Hustle
Side hustles are an excellent way to increase your income and explore business ideas with little to no upfront costs or major time commitments. There is a range of side hustle ideas that you can pursue, whether online or in person. To help you choose the right side hustle, listed below are some of the most popular options.
Freelancing
Freelancing is a tried and tested way of earning some extra money and normally tops the list of any side hustle ideas. You can either work by the hour or on a project basis and easily accommodate it in your free time.
Freelance writers, designers, website developers, and editors are in high demand, but other fields provide freelance opportunities too. For example, virtual assistants, skilled mechanics, videographers, interior designers, real estate agents, and trained accountants can also find a flexible project-based side hustle within their skill set.
Popular platforms include Upwork, Fiverr, and Freelancer and require minimal startup costs, but hundreds of other platforms revolve around specific services, such as content marketing, technology, etc.
Tutor
A lot of school-going children require extra help with their homework. Offering tutoring services in-person or online can be a successful side hustle, especially if you enjoy teaching or dealing with children. This side hustle can easily accommodate a full-time job since many tutors only work before or after school hours. Popular platforms for providing online tutoring services include Cambly, Preply, and TutorMe.
Virtual Assistant
Virtual assistants offer personal assistant services and manage administrative tasks such as appointment scheduling, handling social media, replying to customer emails, data entry, and more. If you are a tech-savvy person with organizational and time-management skills, this side hustle is an excellent way to make extra money in your free time.
The upfront startup costs are minimal to none, and you only need a reliable computer and a strong internet connection. You can use platforms like TaskRabbit and ChatterBoss to get your side gig.
Digital Sales
If you are a creative individual, creating and selling digital products can be a great option for a side hustle. Designing logos, making digital artwork and music, doing photography, and creating web design templates are hot skills that will put you ahead of the curve.
You can use free platforms like Canva and PhotoPea to create digital products and then sell them on your website, social media account, or a range of other digital product marketplaces.
YouTube
YouTube is a fantastic way to make money by doing things you love, discussing current events, or simply providing entertainment. It is a free platform, and you can monetize your videos after you have reached 1,000 subscribers and have around 4,000 video watch hours each year.
Although this option may not be the best if you want to make a quick buck, it is worth trying if you aim for long-term financial rewards. Once you have gathered a strong audience, you can expect to make thousands of dollars every month. Many side hustlers have turned YouTube gigs into highly lucrative full-time jobs.
Online Surveys
Many marketing research companies offer people money in exchange for their opinions on different systems, products, and prices. This option is not very profitable, but it’s surely a quick way to make some extra cash in your free time.
A lot of survey sites transfer money through your PayPal, CashApp, or Venmo account. You can expect to earn between $2 and $10 for spending a few minutes of your time, whereas others pay upto $100 for detailed questionnaires or product reviews. Popular sites to take online surveys include Swagbucks, LifePoints, and InboxDollars.
Babysitting
Babysitting and other in-home childcare services are high in demand and can be a great way to supplement your existing income. You can get a babysitting certification course covering topics like behavior tactics, first aid, and CPR, ultimately boosting your credibility. You can use sites like UrbanSitter, Sittercity, and Care.com for advertising your services and land gigs.
Final Thoughts
With rising inflation and increasing economic uncertainty, many people are relying on side hustles for extra income and financial security. Both younger and older age groups now have more than one job, and the culture of side hustles is only expected to increase. If you are planning to pursue a side gig to earn additional income, explore your creative side or strengthen your portfolio, the abovementioned ideas are a great place to start your journey.