8 Side Gigs To Earn Extra Cash On The Side

Millennials require higher financial resources. According to Bankrate's Side Hustles Survey, 31% of young adults (ages 23 to 38) work extra hours to supplement their savings. Additionally, SunTrust Bank discovered that “64 percent of millennials have a side gig or have had one in the past.” This indicates that one out of every three Americans has a side gig.

To put it another way, the gig economy is thriving. Getting a lucrative side gig off the ground may appear to be a lot of work, but there are lots of professions out there that don't require a lot of expertise or specialized skills.

The gig economy, to put it another way, is booming. Getting a profitable side gig off the ground may look to be a lot of work, but there are many jobs that don't require a lot of expertise or specialized abilities.

1.Freelancing is a great way to get started in entrepreneurship

Many people work part-time as freelancers to supplement their income. Individual 1099 contracts are used for whatever service you provide. Copywriting, videography, graphic design, and content production, for example, are all good candidates for contract work. It's not uncommon for a contractor's side gig to turn into a full-time job.

To establish a side gig as a freelancer, follow these steps:

• Make a business strategy. If you want to turn your contract work into a full-time business, you'll need to think about your goals and the tactics you'll need to reach them.

• Create a one-of-a-kind product or service.

• Create a brand message that is appealing to your target market.

• Decide on your pricing strategy.

• Begin looking for employment on Fiverr, Upwork, 99Designs, and Toptal.

• Develop solid ties with your customers so that they think of you first when they require services.

• As an entrepreneur, make it a priority to expand your network. Find a mentor, connect with other company owners on LinkedIn, or join a mastermind group, for example.

2.Working as a Business Consultant

Business consultancy is another type of specialized contract job that can help you boost your profits. If you have experience scaling businesses, business planning, business strategy, marketing, messaging, creative direction, or mentoring entrepreneurs, for example, business consulting could be a lucrative side gig.

3.Virtual assistant

Working as a virtual assistant (VA) is another option for a side gig from home. Bookkeeping, scheduling, engaging with customers, pay stub, producing presentations, and answering emails are all activities that online assistants perform. The more qualified a person is to work as an assistant, the more likely they are to be hired by an entrepreneur or CEO.

Many virtual assistants, for example, undergo training from universities or earn credentials through online courses. When it comes to seeking work as a virtual assistant, references and previous work experience are equally crucial.

4.Open an Ecommerce Store

Becoming an eCommerce shop owner is another great side gig idea. There are numerous methods to generate money online using this strategy, including flipping old furniture, selling antiques, creating a vintage clothes store, and producing bespoke art or designs. This form of side gig, like contract or freelance employment, can grow into a full-time business, generating passive income for years.

5.Stocks are traded for cash

Investing in stocks as a source of income is another sort of side hustling. For many Americans, this has become a popular way to supplement their income. According to CNBC, the trading app Robinhood grew from 1 million to 10 million users between 2016 and 2020. Day traders, however, beware: this app has been chastised and sued for “gamification” of trading.

Because they don't grasp the risk, many naive investors have lost their whole life savings. This is why it's critical to educate yourself on potential investments, learn from the specialists, and remain current on market developments. There's nothing wrong with taking calculated risks, though. Trading stocks has made a lot of people fortunes.

6.Invest in Bitcoin and other cryptocurrencies

Cryptocurrency investing is a popular side job for people who want to work from home. A growing number of Americans are experimenting with this strategy, much like they do with stock trading. According to Statista, there were 2.85 million blockchain wallets in January 2014, compared to 66 million in January 2020. Investing in cryptocurrency, like day trading, carries considerable risks.

Popular digital currency systems like Bitcoin and Ethereum, for example, have wildly fluctuating prices. Bitcoin fell 37.5 percent in one day on March 12, 2020. However, between January 2020 and January 2021, it increased by 300 percent. That said, for individuals who don't mind riding the crest of bitcoin price fluctuations, this side job could be a feasible method to supplement their income.

7.Your personal belongings might be rented out

If taking risks with investing isn't your thing, producing money with what you already have is a safer bet. Renting out personal property or real estate is one of the finest ways to do this. This is a terrific way to pay a portion of your expenses or put money into your savings account each month.

8.Online Tutoring for Students

Finally, teaching or tutoring is an excellent side gig option when working from home. Because online learning is a fast increasing sector, it can be a lucrative source of extra money for educators. For example, educational technology (ed-tech) firms raised a record $2.2 billion in finance in 2020, a 30 percent increase from the previous year.

Teaching a few hours a month is an effective approach to determine if this career path is suited for you if you're looking for a full-time remote job. With a growing number of businesses and a rising interest in online educational development, this might be a terrific way to supplement your income from the comfort of your own home.

Any of these side employment ideas could help you boost your monthly income, save for a rainy day, or reach a financial goal like buying a house or paying off credit card debt.