Are you looking to earn some extra cash on the side through a side hustle? Perhaps you want to start an emergency fund, pay off debt or even invest. If so, there are literally hundreds of things you can do. However, not all side hustles are created equal, and it’s important to separate the good from the not so good.
Tide, a UK fintech company, has identified five side hustles that they think are worth a shot. Each is simple and won’t take too much time, but could really make a big difference to your finances.
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Five top side hustle ideas
Do you have a special skill, such as web design, article writing, or transcribing? Do you have access to a computer and the internet? Then you may be able to boost your income by doing part-time freelance work. Sites such as Fivver and Upwork have a wide range of freelance jobs available for nearly every skill set.
The best part about freelancing is that you can work from wherever you want and whenever you want. You also get to choose the type of clients and projects that you work on.
2. Virtual assistant
Virtual assistants are typically hired by busy executives or business owners who require assistance with day-to-day tasks. These could include invoicing, social media management, proofreading, responding to customer inquiries, sending emails and so on. Like freelancers, virtual assistants can do the job remotely and from anywhere in the world.
If you believe you have the skills, there are numerous online job boards and resources to help you land this type of position. VANetworking.com is one example. You could also create your own website to promote your brand or market yourself on platforms like LinkedIn.
Blogging refers to the online self-publishing of content. With blogging, it’s mostly about building a personal brand by leveraging on topics that you are passionate about or that you have expertise in. These could include travel, fitness, marketing and business.
The key to success here is to write content that’s relatable to your audience or that is solutions driven.
To start a blog, you will need a website. One option is to buy a domain name and then design your own website. Alternatively, you can use platforms like WordPress, Squarespace or Wix that simplify the web design and the publishing process for you.
4. Dog walking
If you love dogs, starting a side hustle as a dog walker can be a great way to earn extra cash while getting some exercise at the same time.
With half of all adults in the UK owning dogs and the majority of them having to work all day, dog walking is a service that is in higher demand than you might think.
There are apps and websites these days, such as Rover and Pawshake, through which you can market yourself and potentially get clients. Alternatively, you can do it the old-fashioned way by distributing flyers around your neighbourhood to advertise your service.
5. Affiliate marketing
With affiliate marketing, you are essentially paid for driving traffic to a particular website via unique affiliate links. These affiliate links can be placed in blogs, emails, social media posts and so on.
The amount of money you can make will be heavily influenced by the niche you choose as well as the number of vendors in that niche. So, it’s best to choose a niche with a lot of product vendors (e.g. eBooks) to increase your chances of making money.
Useful tips for any side hustle
When it comes to choosing your side hustle, it’s important to go for something that you actually enjoy doing. You’ll be more motivated to run your side hustle and increase your chances of success if it’s something that’s fun for you.
Remember that there are days when you are going to have to work on your side hustle when physically tired or mentally spent from your regular job. So, your side gig needs to be something that you don’t dread and that you actually look forward to.
In the same breath, seriously consider how much time you can devote to your side hustle. As it’s something you do alongside your regular job, the last thing you want is for your side hustle to interfere with your main source of income. That is why it’s critical to find something with flexible hours or that you can fit around your existing schedule.
Last but not least, don’t forget about tax. If your side hustle income exceeds £1,000 a year, you are required to inform HMRC and pay tax on it through a Self-Assessment tax return.