Side Hustles-The Gig Economy

Making money is perhaps the biggest motivator to start a side hustle. Other benefits include the flexibility in working for oneself, the ability to pursue what you are passionate about, and the means to tap into your inner creativity. Everyone has skills and strengths that can be utilized to bring value. Accepting who you are and learning how to use your strengths can lead you to find a gig you will enjoy, and can help you make money. Side hustles are not new, but the way in which we make money has and will continue to evolve due to technological changes, inflation, and the increased cost of living.

Online Businesses

Technology has made it easier for individuals to work remotely whether from home or throughout the world. Resultantly, online side gigs like blogging, proofreading, website design, tutoring, and e-commerce store fronts are widely available. Income for online businesses can depend on your audience, your experience, and your niche. Thanks to digital platforms, like Etsy and fulfilled by Amazon (aka Amazon FBA), gig workers face lower barriers to entry and increased autonomy. What’s more, payment processing has benefitted gig workers by enabling cashless payments, which can help to both grow and scale online business.

Freelancing and Consulting

Attorneys, accountants, and executive coaches are examples of freelance workers that can not only turn side gigs into extra income, but can also work to fill a gap in employment to take care of children, or aging parents, or to travel. What’s more, freelancing opportunities can help individuals transition from a full-time job into retirement. Given that small businesses make up 99.9% of all US businesses, project-work is ideal for small business owners that can’t afford to hire positions like an accountant on a full-time basis. Furthermore, the remote- worker pool enables small businesses to hire the best freelance candidates to fit their budgets and their part-time needs.

Local Services

Equipped with transferrable skills and a desire to serve others, you can turn your hobbies and interests into side revenue in your own neighborhood. For example, there are a multitude of ways to earn money as a photographer-including weddings, sports, and portraits. In addition, sports officiating can help those individuals who want to stay involved in their favorite sports, a dog-walking venture can help you keep up with your own physical fitness, and a jack-of-all-trades can offer handyman services. To be successful offering local services in your neighborhood, networking is crucial to building relationships and opening up new opportunities.

Whether you are seeking to lower your debt or to learn a new skill, there is a side hustle that is right for you. Aligning your skills to pursue interests that you are passionate about will serve you well in choosing a side hustle. Understanding your current commitments will help you determine if a side hustle fits your schedule. And, assessing your financial situation will help you identify how much money you need to make.