Did you know that 37% of Americans and 40% of UK workers now have a side hustle? This term is defined as an extra business venture undertaken alongside a regular job, as a way to boost income and become more financially stable. There are a plethora of side hustle ideas, with some being more lucrative and successful than others. If you’re interested in earning a significant amount of extra money but don’t want to waste your time, take a look at this guide to some of the most lucrative side hustles you can embark on.
Property investment
Property investment is one of the most popular ways that people can generate extra income, incomeholic.com revealed. Whether you want to purchase a property for buy to let purposes, or you want to embark on a ‘fixer-upper’ project where you buy a home and transform it ready for resale, there’s plenty of money to be made in the property market. The key to making a successful property investment is to do your research and invest carefully. Not every city and every type of property will be as promising, so it’s important to take your time to work out these details before investing. If you’re interested in investing in the UK property market, companies like RW Invest offer some of the best opportunities in buy to let investment hotspots like Manchester and Liverpool.
Teaching and tutoring
Are you skilled in a certain subject and think you could pass on your wisdom? Then teaching or tutoring could be the best way for you to make some money on the side. Freelance tutoring can be used to help school children or university students pass exams that they’re struggling with, or even to teach adults a useful skill that they never learned such as how to speak English. Tutoring can easily be adapted to fit around existing work, as you have the freedom to set the times you can work, how often, and best of all — your fee. Tutoring as a side hustle doesn’t even require you to leave the house, with online private teaching becoming a very popular and effective way to find clients from around the world.
Freelance marketing
If you have the expertise, then getting involved with helping businesses and companies boost their marketing presence could be a great idea. Companies from around the world are always seeking experts to help improve their online visibility through SEO techniques, social media promotion, and content marketing, so if you’re skilled in any of those areas, there’s potential to make a lot of money alongside your day job. Whilst this can be a successful side hustle, however, it’s also a popular one, so in order to be as successful as possible, you’ll need to stand out to secure as many clients and as much freelance work as you can manage. Start out by building up a portfolio of work, then the more established you become and the more connections you make along the way, the higher you’ll be able to set your fee and generate more income.