Are these the 5 best side hustles around?

If you are looking for a side hustle to make some extra cash, here are five of the best and most affordable options around.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Man smiling and working on laptop

Image source: Getty images

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More.

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.

[top_pitch]

Five top side hustle ideas

1. Freelancing

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.

3. Blogging

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.

[middle_pitch]

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. 

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »