Credit card debts, shopping addictions, and student loans that never get repaid – financial troubles can cause a headache. This is why side hustles are very important for every person.
A hobby or a business that can generate income alongside the main source can be a great side hustle. More platforms and streams of income will diversify the money generation source. It could replace your full-time job altogether.
Planning your financial life can become a nightmare, especially if you survive on your paycheck alone without any savings, hoping not to have to take out a payday loan.
Although your 9-5 job can help you pay for the basics in life, starting a side hustle can be a game-changer as it can provide extra cash flow and become an invaluable future backup plan in case you lose your job.
With this in mind, let’s outline the top nine lucrative online side hustles this year and beyond.
1. Online Tutoring
Since the COVID-19 pandemic hit, education has remained in a state of flux. Children have not been able to go to school, learn online at home, or combine both. In some cases, they are alternating between the two, depending on the coronavirus activity level in the local district. As a result, the arrangement significantly burdens both instructors and parents. Teachers cannot offer the needed support to the learners, and parents may struggle to fill the gap they know little or nothing about. This gap creates a productive ground for tutors. If you excel in a particular area, like mathematics, writing, or science, you might become an invaluable asset to a learner who has difficulty coping with the rotating school program.
With the advancement and accessibility of online learning platforms, tutoring has become a lucrative and rewarding side hustle. One of the main advantages of online tutoring is that you set your rates and schedules, so how much you make is in your control. You can get clients by registering your services with institutions in your locality. Once you get a few students to tutor, your online tuition services will probably increase in demand through word-of-mouth. Social media platforms, community centres, and networking opportunities help find potential students.
Online tutor’s earning amounts may vary for multiple factors such as education qualification, previous experience, subject expertise, tutor’s approach, and type, as well as a student’s grade. As per the survey, the average salary of tutors is around £40-£50 per hour. Subjects like mathematics and science generally command a higher rate. Some tutors may charge additional charges for projects and homework help.
2. Invest in Real Estate
In the realm of 2024 side hustles, diving into property investment emerges as a strategic move for long-term financial growth, even with a modest budget. This avenue opens doors to potential gains and taps into attractive tax benefits, catering to anyone eager to bolster their income. From exploring real estate crowdfunding to adopting accessible options like house hacking, where living in one part of a multifamily property generates income, or delving into the fixer-upper market with DIY efforts, there are diverse entry points for those starting small. The key lies in gradual learning and scaling as your side hustle evolves, making real estate an inclusive path to financial independence, even on a limited budget.
Real estate investment has the potential to generate generational wealth. Information and knowledge about the dynamic market are key traits to evolve in this field. The salary here varies according to the location of the property. The average salary for real estate jobs is £52,500/year. The additional commission may vary as per the price, area and location of the property. With a clear strategy and diligent navigation of the market, you can unlock the huge potential of this platform.
P.S.: you can also consider how to get on the property ladder with a web property!
3. Become a Freelance Writer
Every day, you probably visit several websites to learn about a service or product, read news, learn more about a particular health condition, or purchase something. Every content you find on the web is written by someone word by word. Surprisingly, most people who post their content on the World Wide Web get paid to do it. Although some of the bigger websites employ full-time writers, most web content gets written by freelance copywriters who serve several clients. You don’t need writing experience or a mass media communication degree to become a freelance web content writer. If you have exceptional writing skills and the ability to research and use phrases and words that encourage clients to read and go back to specific pages you need them to visit, you can write SEO-optimised content for websites in that field and earn a considerable amount of money.
In today’s digital age, the demand for quality content is booming as businesses, websites, and bloggers seek engaging articles, blog posts, and product descriptions. With 60% of freelance writers working part-time (around 10 hours a week), there’s a lucrative opportunity to turn your writing passion into a side hustle. From startups to large corporations, organisations of all sizes require skilled writers to convey their message and enhance their online presence. Freelance writing not only offers financial benefits but also provides a platform to continually improve your writing skills. Whether you’re a seasoned writer or a beginner, freelance projects allow you to challenge yourself, experiment with new styles, and expand your expertise in a dynamic learning environment.
Initially, the more you work, the more you get paid, but with time, the price increases as the core is to work efficiently and promptly. According to the survey, the average salary of a freelancer is £39,959 per annum. The hourly rate varies from person to person based on various factors. The average hourly earning is $24; a high school diploma earns around $19 per hour, whereas freelancers with postgraduate degrees earn the most.
4. Launch a Dropshipping Business
Dropshipping is among the best side hustles you can begin because it doesn’t require a huge start-up budget. It enables you to send goods directly to the clients without buying any inventory. It’s a unique, virtual business model where a third party produces and ships products for you. All you need to do is open a store, do some research on how to find dropshipping suppliers, price your goods, and market the business. Dropshipping allows you to own any business of your choice. From kitchen appliances to cosmetic products, you can pursue any niche with dropshipping. Launching a dropshipping business is a low-risk venture because products get shipped when a client makes a purchase.
In dropshipping, choosing the right niche is important. Doing detailed research on the products in trend or niche markets with comparatively less competition but in demand is a game changer. While selecting your niche, you should consider market trends, audience size and profitability. To reach the targeted audience, utilise SEO and branding strategies, social media, influencer partnerships and content marketing.
In the dropshipping business, earning generation has no limits. According to this survey, the average earning of a drop shipper is around £2,000 a month. The profit margin of an average drop shipper is 15% to 20%. Dropshipping is a lucrative money-generating ground. With consistency, audience understanding and the right niche, you can thrive in this field.
5. Start a Blog
Blogging is one of the most lucrative side hustles to do from home or any location in the world. It enables you to build your brand without sacrificing your assets. Although blogging is not an instant income-generating opportunity, it can help you make extra cash from marketing, guest posting, and affiliate revenue. Writing blogs in a field you understand enables you to reach a broad audience with the same interests as you. Business, beauty, fitness, and cars are among the popular areas for running a blog and you should check how some of the most influential UK bloggers do it. If you’re talented at blogging about a wider variety of topics, you should look into private blog networks as monetization options.
Whether you want to increase your income, add stability to your uncertain job, or start building your next online career, consider starting a side hustle. Although you might face challenges when you start, you will realise the struggle is worth it once you get your first client. Once you get started, don’t look back. Most people have built thriving businesses and successful careers from what began as a side hustle and you can find examples when looking at websites that make millions.
The amount of money depends on the time and effort of the blogger to put on the perfect strategy to generate revenue. The income may vary from $10 to $100, as only some choose it as their full-time gig. Initially, you can make from $500 to $2000 a month. Experienced and some celebrity bloggers can make even six to seven figures. Blogging can create your brand and open other opportunities.
6. Start Graphic Designing
Emerging online platforms have accentuated the demand for graphic designers. Graphic designing is an excellent side hustle genre which can be achieved with only a few hours of work. It may provide you flexibility as a side gig than full-time work.
You can teach graphic designing on online platforms with a very little set or can sell your design, creating your brand. Graphic designing has huge potential to generate side income. Designing templates for digital products has become one of the most popular ways of generating passive income. With a time investment of your time and effort in creating a template design, you can sell it over and over.
Customised merchandise like t-shirts, mugs, bags, phone cases and other products has gained popularity. You can sell your customised design or customise and create a design according to the client’s requirements. You can also sell your customised design on different online platforms to get extra money.
Businesses and startups will always require a logo, and creating logos and branding materials will always stay in demand. Freelance graphic designers can earn £200-£400 each day. With the uniqueness of your design, the demand and price of your design will increase.
7. Become a Video Editor
Freelance videography and editing can be turned into a successful career. As a freelance video editor, you will have a wide variety of platforms and projects to deliver your skill and launch a career out of it. Video editors are required in multiple areas, from short films, commercial videos, and corporate videos to music videos. Developing skills and staying up-to-date about technologies are the keys to shining in this market.
The pandemic has changed the course of work, business meetings have moved online and companies often require the videos to be edited for safety. Launching an opportunity as a freelance video editor will generate a consistent income for months. Platforms like Netflix, TikTok and YouTube have huge audiences so does the requirement for video editors. You can make it your side gig working for a content creator or an influencer.
Beginner freelance video editors may charge between $20 and $45 per hour. With experience and polished skills, a video editor can typically charge between $45 and $100 per hour. The video editing industry has grown at the rate of 10% in the last ten years and is far from reaching its saturation. Choosing and developing video editing skills for the generation of a passive income or to launch it into a full-time gig holds very high potential.
8. Start Designing Websites
Stepping out of the generic list of side hustles, web designing is a lucrative side hustle to generate extra money. Unlike web developers, you don’t need to acquire knowledge of coding to be a web designer. You can easily build and design a web page from scratch with the use of certain websites and applications available online.
Huge demand for websites promotes the demand for web designers, turning it into a profitable business. Multifacet websites also provide you with the option to choose your niche. Selecting the proper niche is necessary to achieve success as a web designer.
Businesses are in absolute need of a website to keep their online presence. The website profile needs to be coherent to the business; as a web designer, it will fall under your responsibility to design a reliable website. Moreover, e-commerce websites constantly need web designers to design product cards with descriptions and professional photos to make it easy for potential customers to navigate through their website and cart. Your creativity will play a great role in generating passive income without working long hours.
Web design is a flexible platform and an efficient side hustle to earn extra money. An average web developer can earn £19.23 per hour. With experience and expertise, £26.46 per hour. The growing importance of online presence and digital technologies is increasing the demand for web designers and opportunities to make a good career out of it.
9. Provide Virtual Assistance
The working landscape has experienced a massive change due to the pandemic. Remote jobs are preferred on a large scale, business and companies are also leaning toward hiring freelancers and independent contractors rather than hiring permanent employees. This shift has profoundly increased the demand for virtual assistants.
A virtual assistant is a company or client’s administrative and creative assistant, assisting with their requirements from home. It may involve various responsibilities, from answering phones, providing business planning, and desktop publishing to bookkeeping. Your skills will set the earning bar as a virtual assistant. The more skilled you are, the more you can charge. Additionally, you can work flexible hours from your home comfort; you will need a desktop with the required official applications, a proper internet connection, and separate phone and office appliances to set foot in this genre. You can comfortably earn over £200 a day. A virtual assistant can earn an average annual salary of under £30,000.
What Side Hustle will you start in the new year?
Digital advancement has created platforms that are beaming with opportunities to earn extra money. Explore some of the popular side hustle genres listed above and find what works best for you to reach your financial and career goals. Apart from earning some extra bucks, side hustles are a way to learn valuable skills and grow professionally. You can test your business ideas while polishing your skills to become a successful entrepreneur.