Long gone are the days of having one source of income. Considering many college grads of the last decade or so entered the job market during an economic recession and many are currently entering into an unforgiving and unstable workforce, having varying revenue streams has become a tool of survival.
We are also pursuing our dreams and using side hustles to fund them.
A side hustle is simply a separate gig one takes on with the sole purpose of additional income, and/or experience. This isn’t yet a full-time role or position, it is simply work done on the side of your day job.
Side hustles can be quite lucrative if done correctly and can be a great source of additional income and who wouldn’t want a few extra coins? Ahead, check out a few of the most popular side hustles.
1. Freelance Work
No matter your industry, from actors to writers, there will always be work for freelancers. Freelance work, simply means work offered on a temp, or non-contractual basis. This is work based on the need of the employer, not in a salary or full-time position. Freelance work is great for anyone with extra time, looking to make some extra money all while pursuing a passion. If you’re a creative of any sort, freelance work is a great way to network with professionals and build out your professional portfolio.
2. Ride-Share Driving
Uber? Lyft? Via? Take your pick. Ridesharing companies have not only changed the way we travel in cities around the world, they’ve also become a reliable source of side gig income. In just 2018 Uber grossed over $11 billion dollars in revenue with Lyft not far behind with over $2 billion. Rideshare companies have become the new wave of transportation throughout the nation growing in popularity and income. If you’re looking for quick, easy money, and a side hustle with a flexible schedule, this might be the gig for you.
3. Meal Delivery
From UberEats, PostMates, Seamless and so many more, there is no real reason you couldn’t be making extra income. According to Deliverect.com the food delivery industry is worth over $80 billion dollars and continues to grow as new restaurants surface. If you’re looking for extra income, all you need is a car and some free time to earn a few extra dollars throughout the day.
If you’re a homeowner or renting an apartment and happen to travel often, you might want to look into becoming an Airbnb host for the times that you’re away. Becoming a host simply means, providing accommodations for travelers looking to save money while on vacation. According to Priceonomics.com Airbnb hosts are making more than anyone else in the gig economy, earning over $900 monthly.
5. Start a Business
Starting a business will probably be the most difficult, yet most rewarding of all the gigs listed. The truth is, it takes a lot to begin a business and it’s far from an overnight process. You have to discover your niche, get a trademark, business license and this is all before the official launch. But, while the startup costs can be taxing on you both emotionally and financially, the reward in the end will all be worth it. Ownership is key, especially in this generation. If you’re looking for long term financial freedom and independence owning your own business will get you there faster than working for someone else to build theirs.