Having a side hustle is an opportunity to earn additional income. This additional income can be used to pay off your debts, save for future goals, or just simply improve one’s financial stability. Relying on a single source of income can be risky, especially during uncertain economic times. Having a side hustle will provide you a level of financial diversification, which can help buffer against unexpected events and can also give individuals more control over their finances.
There are several side hustles that people can start part-time. Below are some examples:
Online Selling: Starting an online store and selling products through platforms like Shopee or Lazada is a common side hustle. This can involve selling various items such as clothing, accessories, electronics, or handmade crafts.
Freelancing: Nowadays, many people are turning to freelancing as a side hustle. This can involve offering services such as writing, programming, graphic design, or virtual assistance as to clients online.
Vlogging: Starting a YouTube channel and creating a video content can be a lucrative side hustle. This can involve sharing your hobbies, day-to-day life routine, travel experiences, or providing informational content on a specific topic.
Financial Advisor: Becoming a financial advisor or an insurance agent is another viable side hustle. This involves providing financial advice and selling insurance products to clients.
Offering Professional or Trade Skill Services: If you have specific professional or trade skills, you can offer services on a freelance basis. This includes services such as photography, event planning, tutoring or home repair.
Sharing Economy: Taking advantage of the sharing economy platforms such as Grab, Angkas or Airbnb can be a profitable side hustle. This includes providing transportation services, offering accommodation or renting out properties on a short-term basis.
Buy & Sell: Engaging in a buy and sell activities is also a popular side hustle. This can involve sourcing and selling products online or a flea markets.
Blogging: Creating a blog and monetizing it through advertising or sponsored post is a popular side hustle. This can be done by sharing a valuable content, personal experiences, or niche expertise.
Live Video Streaming: Platforms like Facebook Live offer opportunities to earn money through live video streaming. This can involve streaming gaming sessions, tutorials, or live events.
Peer-to-Peer Lending: Participating in P2P lending platforms and earning interest on loans can be a profitable side hustle. This involves lending money to individuals or businesses and earning interest on the loans.
It’s important to note that the success of these side hustles may vary depending on factors such as skills, market demand, and dedication to venture. It’s worth noting that managing a side hustle alongside a regular job requires discipline, time management, and dedication. It’s important to strike a balance between the side hustle and other responsibilities to avoid burnout.
