Side hustle is one of the perfect method to enhance your personal finance journey and create extra wealth on top of your 9-5 income. But what side hustles are actually good and can make you some money? If you choose the right or right ones, you will boost your income to whatever levels you want by spending your extra time on them.
What is Side Hustle?
A side hustle is a part-time job or a freelance activity that a person takes on in addition to their full-time job. The main aim is generally to either earn some extra money or start your own business as a side hustle. Then, you try to keep it that way until it matures enough to become a full-time job.
There are also various people who do it to pursue a passion or gain new skills. Side hustles can be very different depending on what you want to do or your skills. The goal of a side hustle is often to generate additional income without sacrificing one’s primary source of income.
Why Side Hustles are Important In Your Personal Finance Journey
If we are looking for things on the personal finance journey side, side hustles play a crucial role by providing you with additional income streams. By taking on a side hustle, you have the opportunity to boost your earnings and reach your financial goals faster. You can use this extra income to pay off debt, save for a rainy day, or invest.
However, on the other side of the personal finance journey, which focuses on long-term goals, it can provide more benefits. Side hustles can help you gain valuable skills and experience that can benefit you in both your personal and professional life. It can also give you the flexibility to pursue your passions and hobbies and provide you with a sense of fulfilment and purpose.
Freelancing is a great side hustle option that allows you to leverage your skills and expertise to generate additional income. Freelancing is a way of working as an independent contractor. You offer your services to clients on a project-by-project basis. As a freelancer who does it part-time, you have the flexibility. You can choose the projects you work on, the clients you work with, and the hours you work. This gives you the freedom to work on your own terms and schedule. It could be the perfect side hustle if you already have a full-time job.
Freelancers can offer a wide range of services, including writing, graphic design, programming, social media management, and much more. You can find freelance opportunities through online platforms. Some popular platforms include Upwork, Fiverr, and Freelancer. You can also find clients through networking and building relationships with potential clients. Here is a small step-by-step guide to a freelancing journey:
- Identify your skills and expertise.
- Choose a freelancing platform.
- Build your profile.
- Start bidding on projects.
- Deliver quality work.
Selling Products Online
Selling products online is a great way to earn extra money as a side hustle. With the rise of e-commerce platforms, it’s easier than ever to set up an online store and start selling products from the comfort of your home. You can either sell your own products that you create which are handmade or do print-on-demand or dropshipping.
Whichever product selling method you choose, you still need to promote your store or items, choose a profitable niche, be consistent, and find your audience. This process takes quite a lot of time and effort. However, once you set everything up, it could be extremely lucrative financially.
Handmade or Personalized
This method focuses on creating your own products, either a certain type of product that you make yourself or personalizing each item by the order. It takes the most amount of time because you need to do it as the orders come, and it could take days to finish an order.
There are platforms where you can use your designs to create products, and these platforms will automatically print it as the order comes in and ship it to the customer. If you choose a platform that handles everything, you just need to create the designs and publish them. It’s extremely easy, but the market could be small if you are not good at creative design.
One of the most common methods of selling products online is through dropshipping. It’s basically buying items from a supplier and selling them to a customer directly without handling anything in between. The market is very saturated right now, and I’ve had an article about this discussing its situation. However, I believe if you find a good niche and promote your store well, it could still be a good way to make extra money.
Affiliate marketing is an extremely powerful way to earn extra money as a side hustle. You promote other people’s products as an affiliate marketer and earn a commission for every sale made through your unique affiliate link. The most useful and great thing about affiliate marketing is that it’s a low-cost way to get started, and you don’t need to create your own products or handle customer service.
Identify a product niche that aligns with your interests and expertise. Research affiliate programs in your niche and join the ones that offer high-quality products and competitive commissions. Create valuable content that promotes the products you’re affiliated with. This could be in the form of blog posts, videos, or social media posts. Use your affiliate link in your content to drive traffic to the product page and generate sales. Track your results and adjust your approach as needed to optimize your affiliate marketing efforts.
Personal tutoring is a fantastic way to earn extra money as a side hustle. You use your expertise and knowledge as a personal tutor to help others learn and grow. Whether you’re a seasoned teacher or simply have a passion for a particular subject, personal tutoring offers a flexible and rewarding way to earn extra income.
By offering personal tutoring services, you can make a positive impact on others while earning extra money. Whether you’re helping students ace their exams, improve their grades, or simply learn a new subject, personal tutoring is a great way to share your knowledge and build a successful side hustle.
The good thing is that you don’t need to be an expert on something. You can even simply just teach a language and help people get better at speaking. Or, if you have a passion towards fitness or a game like chess, you can give classes in these subjects as a community tutor online.
Side hustles are a perfect way to increase your income and maybe even grow your hustle to a full-time business in time that’ll allow you to live a work-free life. There are many ways to get started with side hustles. These include online tutoring, selling products online, or just simply freelancing on a topic you are passionate about. In time, they will start generating some extra money for you, and if you wish, you can take it a few steps further and try to make it a business.