Over the last few years, people are consistently seeing the power of side hustles and how much they can truly transform their financial situation. If you’ve not yet jumped on the trend, we’re here to introduce some of the best side hustles that can provide you with the financial freedom you’ve been looking for. Whether you have a more creative streak or you’re more investment-minded, we’ve got the options for you.
Learn About The Stock Market
Firstly, if you are interested in stocks and shares, it’s one of the best things that you can do to really see a return on your investment if you know what you’re doing. Investing in stocks is more accessible than ever thanks to technology, as AI means that algorithms can identify upward trends, manage risks and then make investments based on that on your behalf. So, you no longer need years of experience to do well in the stock market.
This being said, with more advanced technologies also come more advanced scams. This is particularly the case for newer investment opportunities such as crypto and NFTs, so knowing how to identify things like NFT scams is so vital. This comes into the territory of managing risks overall, as although you can make a lot of money on the stock market, you can lose it just as easily when you don’t take precautions. Investing always comes with some element of risk, but there are ways to minimise it quite significantly, such as investing the time to learn about scams and how to best avoid them.
Try Drop Shipping
Another option that has brought many people success over the last decade is drop shipping, which is a branch of retail business involving selling products online and then a third-party retailer shipping them directly to the customer without you needing to actually hold any stock. This is relatively easy to do when you invest some time into learning about the process. Shopify has a handy dropshipping guide to get you started.
However, there are a few drawbacks you should be aware of. Firstly, a lot of the success that comes with drop shipping comes with finding the right product at the right time. You might focus more on finding very on-trend products to sell, such as something that has gone viral on TikTok, or you might focus on a more evergreen product that requires less maintenance. Another thing to bear in mind is the cost, as some of the cheaper products to drop ship will take longer to be delivered to the customer, so this is something you need to weigh up.
Overall, this is a great option for many people as it is so flexible and can be done from anywhere, anytime, without any start-up costs needed.
If you’re a more creative mind, then upcycling furniture is such a great way to make money and it has fantastic profit margins a lot of the time. You’d start by looking for second-hand furniture in local shops or on local marketplaces and buying it cheap. Then, you’d make any repairs, sand it down, prime it, paint it and replace the hardware if needed, then sell it on. Some people are buying pieces of furniture for as little as £50 or less, and selling them for upwards of £300, which isn’t a bad profit for a few hours of work. The more intricate you go with it, or the larger the pieces, the more you can sell it!
The upfront cost of materials such as the sanding tools, buying the furniture itself and the paint might add up, but you’ll be able to use them over and over. To see if this is for you, for the first few pieces, you can buy the equipment second-hand and look for people giving away furniture paint and then build from there.
Last but not least, if you’re an expert in a particular field, why not make use of it by tutoring? This could be something linked to your profession, such as someone working in finance helping a student with their accountancy studies, or it could be more creative, such as running painting lessons or teaching someone the guitar virtually. There are so many websites out there designed to link people looking to tutor with people looking to learn, so you shouldn’t struggle to find people looking for what you offer. Not to mention, the pay can be fantastic, obviously dependent on the different fields. So, look into this if you have a particular skill and are good with people!