With the cost of living going up and wages remaining flat, the gig economy opens up new opportunities for the supplementation of income and creation of multiple streams of revenue. Be it extra money to supplement your full-time job or to take your career in your own direction-the gig economy makes it possible to have that flexibility and an opportunity to learn new experiences. Indeed, nearly half of the employees in the United States have started their side hustles now, a number that continues to grow. For 44% of Americans, it's all about making ends meet, with the average side hustle raking in $473 a month-or $5,700 annually. The most common side hustles are reselling anything from Amazon and eBay to day trading, tutoring, and online freelancing.
What is the side hustle?
A side hustle is defined as any job or business someone undertakes other than their principal source of income, often to generate money or to achieve something that one is passionate about. Unlike part-time jobs, side hustles will give the owner even more flexibility, allowing them to work on their own time. Other common side hustles include freelance work, reselling items online, driving for a rideshare service, tutoring, and day trading. Side hustles have increased in popularity-not only for bringing in additional income or saving for specific goals, but also for entrepreneurial opportunities.
Side Hustles to Boost Your Income
Side hustles for U.S. citizens looking to increase their income involve flexible opportunities in many fields. Here's an extended guide:
1. Freelance Writing
There's great flexibility in freelance writing, from blog posts, articles, and technical writing to copywriting, among other things. With freelance writing, you can tap into opportunities on Freelancer.com, Upwork, and Fiverr or build direct relationships with publications and businesses.
The thing is, with freelancing, you will have to cater your style to what each client wants, but for a versatile writer, this flexibility can be a plus. From short-term projects to long-term contracts, freelance writing will enable you to write on subjects of interest to you and bring in steady side income. One can get between $20 to $150 or even more per article depending on the complexity of the content and the platform.
2. Web Developer
If one knows how to code, then web development is a very lucrative side hustle. Every business is looking to develop or improve a website, app, or online platform, making this a very viable side hustle. You can position yourself as a front-end, back-end, or full-stack developer and offer services ranging from simple small business website design to the complex creation of an e-commerce platform.
Web developers can find high-paying projects on gig platforms like Upwork, Fiverr, and Toptal. You also have the ability to reach out to businesses directly and provide freelance services to them. Your income as a web developer can average $25-$100+, contingent upon your skill level and the project scope. The possibility of repeat clients and high demand for skilled developers contributes to this creative side hustle financially.
3. Transcription of Audios and Videos
This could be a very lucrative side hustle since the need for transcription services increased by 39% just last year. Transcription simply entails the conversion of audio and video to text; businesses, content developers, and researchers are increasingly requiring this service. It's work that is accessible without high-level education, and it's flexible enough to be done in your spare time.
For example, with TranscribeMe or Rev.com, you might as well have transcription jobs at your fingertips. You can be assured of earning anything from $15 to $22 for each audio hour, right depending on the difficulty of the material and your speed. This is a decent opportunity for extra money with flexible hours in practice, though this is a consistently growing industry.
4. Data Analyst
With the current inflation and market pressures that have driven businesses to be more data-intensive, the demand for data analysts is rising. This includes everything from data collection and analysis to interpretation, using findings to drive business decisions on pricing, efficiency, and market positioning.
Tools such as Excel, SQL, Python, Tableau, and Power BI are employed in the preparation of thoroughly detailed reports complete with visualizations, which are passed on to stakeholders. Freelance data analysts find work at Upwork and Freelancer.com. Payment ranges from $25 to $75 per hour or more, depending on the project. This gig requires really deep analytical skills and needs a very detailed approach; however, this gig is on demand in most industries.
5. Graphic Designer
Having a great knack for design, graphic designing can be one of the most rewarding sideline jobs. Graphic designers work on projects such as creating logos, branding, social media graphics, and print materials for clients ranging from small businesses and entrepreneurs to large corporations-basically anyone looking for striking, attention-grabbing content.
In all, plenty of freelance graphic designers' opportunities range from $15 to $75 hourly on popular freelance job platforms like Fiverr and Upwork. You will definitely excel in this job, having expertise in design tools such as Adobe Photoshop, Illustrator, or Canva, and being able to successfully work with the input of clients to deliver a professional final result. This side hustle allows self-expression and is lucrative.
6. Virtual Assistant
With many businesses taking their operations online, virtual assistants are in increasing demand. You will offer administrative, marketing, or technical services to businesses or entrepreneurs from a remote location as a virtual assistant. The tasks could be as varied as receiving and sending emails, working on social media, fixing appointments, and attending to customer queries.
You can find virtual assistant opportunities on platforms like Upwork, Fiverr, and Belay. The pay will vary from $15 to $30 per hour with different tasks and different clients. This side hustle is ideal for people organized, tech-savvy, and who enjoy helping others streamline their business operations.
7. Online Tutoring
If you have expertise in some subject area, then online tutoring is going to be a great opportunity to make money by helping others to succeed academically. You can offer your services in math, science, and English, among other subjects, including test preparation like the SAT or ACT, through platforms like VIPKid, Tutor.com, Chegg, and more.
This being an online tutoring service, it allows setting of schedules, hence can be termed as a flexible side hustle. Most times, pay ranges from $20 to $50 per hour, with consideration of subject matter and your qualifications. This is the best opportunity for teachers, college students, or anybody with subject matter expertise to make extra money while touching students' lives.
8. Rideshare Driver (Uber/Lyft)
Driving for Uber or Lyft offers flexible means of earning an extra buck in addition to your full-time job-perfectly because of the irregular schedules some people experience. This generally implies that being a rideshare driver includes transporting passengers with your car while earning money on both the number of rides taken and time spent on the road.
It is a job that, on average, can pay around $15 to $25 per hour, with the possibility of making more during peak times or in areas of high demand. In addition, it is an easy side hustle to begin, as you need a reliable vehicle, a valid driver's license, and a clean driving record.
Conclusion:
The gig economy has unlocked countless opportunities for earning extra income, allowing individuals to explore their passions while maintaining financial stability. Whether you're freelancing, tutoring, or driving for a rideshare service, a side hustle can help you reach your financial goals. For those looking to supplement their income further, Compound Real Estate Bonds (CREB) is a great option. With an impressive 8.5% APY, no fees, and flexible withdrawal options, it offers a dependable way to grow your savings alongside your gig income. Combine the best of both worlds—active and passive income—to secure a brighter financial future!
