With inflation affecting much of the world, more and more people are looking to augment their pay check with a side hustle.
Many are hoping to turn a side gig into a full-time income and leave the corporate world behind.
What are some side hustles you should consider in the coming year?
Teach English Online
If you’re a native English speaker, there is a high demand for online English teachers and tutors. English teachers usually require a minimum of a bachelor’s degree, but there are tutoring sites with less stringent requirements.
Cambly, Preply and VIPKids are almost always hiring. It might not be the highest-paying side gig, but it allows you to earn extra income from the comfort of your own home and set your own hours.
You can reasonably expect to make $14 – $20 per hour. How much you make will depend on how much time you can devote and whether you can keep students interested and progressing. If you can do that, you can build a nice home business.
All you need is a willingness to teach and a stable internet connection.
Day Trade
Day trading has serious income potential. With that, however, comes a serious risk of losing some or all of your initial investment.
The internet abounds with day-trading education programs and advice. It is not for the faint of heart, but the potential award attracts many retail investors to try their hand.
Successful day traders can trade indices, the forex market, or commodities like oil or gold.
Translation
If you are fluent in another language, besides English, this could be the perfect side hustle for you.
Business has become increasingly global, and companies need to be able to communicate with their customers, suppliers, and staff in other countries and regions.
In-demand languages like Portuguese are reported to pay as much as $200,000 per year, so there is an opportunity to make some serious cash.
If you are qualified, you can find prospective clients on sites like Fiverr and Upwork to get started. These sites allow you to look through different postings and find opportunities that meet your skills and time requirements.
You can also check out agencies such as Stepes and Translated.
Drop Shipping
Drop shipping refers to a business in which entrepreneurs sell products to customers without holding any inventory.
If you’re a good marketer, this may be perfect for you. You can partner with suppliers who handle inventory, packaging and shipping. You only purchase the product from the supplier once a customer places an order, with the vendor taking care of the rest.
You will have to set up an online shop on platforms like Facebook Marketplace. You can also create your own website and store.
Like any other sales job, your ability to attract and convert prospects into customers will determine your success.
It’s a lot of work, but if you are successful, the rewards can be significant.
If you’re eager to take on a new challenge and learn outside of your regular working hours, then a side hustle can be a great opportunity.
