Side hustles are growing in popularity, and it’s no surprise given the inflation and cost of living increase over the last few years. Though the cost of living has reduced to 4%, many are still looking for ways to increase their cash flow.
Side hustles are an excellent way for individuals over 50 to earn extra income for retirement savings, pay rising bills, or even just have a little extra spending money.
Because a side hustle may be a little different for the older population, we reached out to Daniel Westhead, elderly personal alarms expert and founder of SureSafe, who has compiled 8 ways to earn extra money without investing a bunch of money upfront.
Consulting in Your Field of Expertise
Consulting is an excellent way to transform years of knowledge into additional cash flow. Some areas currently available to capitalise on consulting include;
- Management: strategic planning, operational improvement, and change management,
- IT: cybersecurity, software development, and digital transformation,
- Financial: risk management, tax advisory, investment advisory,
- Human Resources: talent management, organisational design, employee relations,
- Marketing: brand strategy, digital marketing, market research,
- Environmental Consulting: sustainability advisory, regulatory compliance, environmental impact assessments, and
- Health & Safety Consulting: workplace safety, risk assessments, training and education.
Tutoring or Coaching
You can begin tutoring and coaching using your current skills and knowledge in specific subjects. Many companies offer online platforms and options to help set you up with those needing your expertise.
Crafts and Handmade Goods
Perhaps you have a knack for creativity and want something to offer an outlet while making some extra cash. Handmade goods are an excellent option, and local craft fairs or online platforms like Etsy will help you profit from your new hobby.
Gardening & Landscaping Services
Many over 50 have honed their gardening skills and know how to craft a perfectly curated yard. Coupled with the fact it’s almost planting season, offering gardening services is an excellent way to make some extra money. Look for a niche that doesn’t require as much physical labour, such as organic vegetable gardens or curated flower beds.
Pet Sitting and Dog Walking
Are you someone who loves to spend time with animals and be active? You can profit from pet sitting and dog walking while gaining extra companionship and exercise. Not to mention, pet sitting is an ever-growing market.
Freelance Writing or Content Creation
Content creators and writing are always in high demand in this digital age. If you are someone with experience or the desire to improve your writing skills, look for opportunities like freelance writing, blogging, or content creation, which allow flexibility and extra income to meet your needs.
Property Management
Many areas are experiencing a surge in rental property, which means there is a demand for reliable property management services, many of which are part-time opportunities. Excellent organisational skills and a basic understanding of real estate are valuable qualities property management companies are looking for.
Virtual Assistance
Another area growing at a rapid rate is the virtual assistance market. Many companies offer hourly side work for tasks ranging from administrative duties to customer and technical support. Those over 50 are excellent candidates for this work because of their vast experience dealing with customers of all ages throughout their careers.
Starting a side hustle at an older age may seem overwhelming. Still, those over 50 have a unique blend of passion and pragmatism that makes them ideal candidates for consulting, coaching, property management, and virtual assistance, and they have the patience to turn hobbies like crafting, gardening, pet sitting, and writing into a lucrative source of income to help them meet their financial goals.
