If you’re looking to make some extra money alongside your regular job, then a side hustle could provide the perfect way to top up your income. If you have time to spare, such as in the evenings or at weekends, then it can be the ideal opportunity to put your skills to good use.
If you’re thinking of creating a side hustle, there are a few things to consider first. You’ll want to choose a job that resonates with your skills and interests and that can ideally be done on an ad hoc basis. It’s also a good idea to choose something that doesn’t require lots of initial investment, whether that’s through cash, equipment or training.
So, what are some of the best ideas when it comes to side hustles?
Investing
If you’re interested in the markets and the economy, then investing could be a good option to make some cash on the side. But how can you get started in stock trading? If you’re a beginner, it’s wise to start with a small amount of capital and build up your knowledge of trading before investing large amounts. Consider choosing a selection of stocks rather than placing your capital into just one or two big companies to minimise risk.
There are a variety of sectors to choose from and a range of indices which can give you exposure to a wealth of different stocks across the globe.
Freelancing
Many skilled jobs have freelance opportunities but some popular options include writing, app development, bookkeeping, web designing and even cake making. If your main job already involves a skill then it can be fairly easy to pick up a bit of extra work on the side.
This is also a good option if you have an interest outside of work that you want to develop further. You could choose to work a certain number of hours a week or pick up projects to suit your lifestyle and availability.
Social media management
Most businesses utilise social media so this can be a great skill that’s likely to be in demand across a range of industries. Offer your services to local businesses and build up a portfolio. Tasks might involve content creation, managing a variety of social media platforms and marketing upcoming events and services.
E-commerce
There are an array of opportunities within e-commerce with the rise of advanced platforms and lower fees. Popular ventures include drop-shipping and selling your own creations such as jewellery, gifts and homeware. If you choose to sell goods online then you’ll need to consider storage as well as packaging and delivery options to ensure it’s worthwhile.
It’s also important to check out any tax implications of operating a side hustle as it is usually classed as additional income. Finally, you might also want to speak to your employer to ensure you’re not in breach of any contract should you set up a business outside of your main job.
