Side gig money is nothing new but has expanded exponentially with the rise of technology, the internet, and social media. There are so many opportunities to build additional incomes today that didn’t exist a decade ago. Here is a look at some of the best.
Today, 34 percent of Americans have a side hustle. In some cases, they are simply bringing in extra cash to help them achieve their financial goals. However, others are using their side gig to replace lost income after a layoff, allowing them to up their earnings to make their budget manageable. One of the great benefits of a side gig turned into a full-time revenue earner is working remotely.
If you’re interested in making extra money, finding the right side gig is essential. If you aren’t sure which option is the best fit, read on.
Assessing Your Skills
Many people assume that they don’t have skills that’ll work for a side gig. In reality, most people have some marketable capabilities.
Nearly all administrative skills can be used to launch a side hustle, including typing, data entry, calendar management, scheduling, and more. Artistic and crafting skills are also easy to transition into a side gig, as well as many technical capabilities. And if you lack creative skills, find an industry that you’re passionate about and simply become a salesman for it.
Consider what you’re good at, both in your personal and professional life. Assess what times of the day you can commit to, and then break down the skills involved in those activities, and use those as the basis for a side hustle. If you’re pursuing a sales path, for example, the daytime is good to make phone calls, the nighttime is better for email and social media campaigns. (ask us about the best campaign management tools).
Exploring Side Gigs
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Sometimes, the easiest way to determine if any particular side hustle is the best fit is to explore your options. By reviewing a list of popular side gigs, you can see what aligns with your skills, interests, and other preferences.
If you aren’t sure where to begin, here are some side hustles that may be worth considering:
Consultant – what are you knowledgeable about, and who would be willing to know the insights you can provide?
Content Creator – are you a good researcher/ writer? Do you know how to use video and other tools?
Options like Care.com or Rover can be good for certain caregivers, home support, or pet care-related gigs.
You may also find positions on Craigslist or social media, or you could advertise your availability on those platforms to find clients. However, unlike some of the options above, you won’t get payment management support. As a result, you may need invoicing software to handle payments.
Side Gig Money
While many people don’t start a side hustle planning to turn it into a full-time business, it can happen. If you find enough opportunities to make the side gig a full-time endeavor, taking the leap and forming a company could be a great move. (ask us how)
A careful approach is wise when you’re first starting out, particularly when it comes to the financial aspects. This means finding DIY options when you can and are only farming out help when you need it. For example, you can handle all of the necessary paperwork to form a business, create a business plan, set up your social media platforms, and handle the accounting. When it comes to creating a website that’s optimized for SEO, however, your best bet is to work with professionals such as Incognito Worldwide. With our help, you can easily boost your web presence.
In addition to setting up your business and website, you need to have a dedicated office space where you can comfortably work. In the beginning, it may be best to work from home and turn a spare bedroom into an office. To save money, look for deals on tech and office furniture. If you have furniture in your home you can repurpose for work, this negates having to buy new pieces. Instead, you can give an armchair or couch a new life by having it cleaned by a professional. Simply look for experts through sites like Angi.
Finding a side gig can make a big difference when it comes to generating extra income. Be sure to assess your skills first, then explore opportunities where you can put your knowledge to work. Who knows? You may end up on a new career trajectory!
Be sure to check out Business Stage I and Stage II for insights into setting up your business.
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