In the current economic climate, many of us are feeling the pinch. With every new bill increase comes the equally eye-watering price of the drink you were planning to wash down the pain with. Reports of energy costs increasing further this winter only add to financial concerns.
To cope with the increasing cost of living, many have turned to an internet side hustle to pad out their bank accounts and ease the pressure. The online marketplace has skyrocketed in popularity and there are a number of legitimate online paths you can take to earn that bit extra.
1. Turn your hobby into an Etsy business
While handicrafts can be a satisfying way to unleash your inner creativity, they’re also a great opportunity to make some easy money. By setting up an Etsy account, soon your favourite pastime can become a bankable side gig.
There are a few things to keep in mind before taking this route. Firstly, you should establish your niche, ideally picking one kind of crafted item you’re going to sell. Take a look around other sellers in similar markets and see how they’ve branded themselves. Once you’ve got a few snappy pictures of your stock, try out some digital marketing tools to help boost your visibility on the platform. For a more detailed step-by-step explainer, check out this guide from eDesk.
2. Invest in stocks
More and more people have taken to the stock market to find other sources of income, and this should not come as a surprise. The rise of online trading has created the impression that it’s a quick and passive way to make large sums of money. However, don’t be led astray by Cinderella stories and claims of instant cash. There’s no doubt that you can make money from trading the markets, but thoroughly educating yourself before you dive in is crucial.
As Trade Nation explains: “There are lots of markets to trade and choosing one is not a decision that should be taken lightly. You need to know your market inside out for a chance at trading success, therefore it’s incredibly important you pick one that captures your interest”. A popular beginner’s market, for instance, is foreign exchange (forex) trading, since it is one of the biggest and most accessible.
It will be invaluable to keep a close eye on any shifts and developments in your chosen market. You should also develop a financial strategy before you jump in — that means, at the very least, making sure you have a clearly defined reason to trade, what your goals are, and what you’re prepared to risk.
3. Use freelance platforms
If you’re looking to carve out a side hustle but are not quite sure what your alternative skills or passions are, why not just take your labour elsewhere? Whether you work as a digital marketer or a translator, you can hang on to your full-time job while making some more cash on the side by establishing your presence as a freelancer online.
In the past, this was largely achieved by creating connections and networking with other professionals and choosing where to pitch your skills and abilities. Nowadays, you can simply use freelance platforms to advertise your services. These platforms are increasingly popular with businesses as they can save a great deal of time otherwise spent on recruitment, and they also cut corners from the traditional process of hiring freelancers.
To help you choose which freelance platform is right for you, 99designs has compiled a list of the 12 best platforms you can use right now.
4. Do usability testing
Who knew you didn’t have to be a newspaper columnist to make money from having an opinion? If you know what you like and don’t like about your experience as an internet user, you can turn this into income rather easily.
Many websites need to conduct usability tests. In short, you get paid to test something — a quicker alternative to, say, taking part in a psychological experiment. If this sounds like something you’d like to try, Logical Dollar has put together a list of current testing websites that need your help.
5. Flog your old belongings
Taking the time to sort through your old things can feel overwhelming, but ultimately you can clear your clutter and your mind all in one go. There are numerous platforms to help you market your vintage and second-hand tech, clothes, games and much more. Similar to those turning Etsy into a side hustle, all you’ll need to do is perfect your online seller profile and make sure your items look as appealing as possible.
That means taking decent photos (you only need a smartphone to do this), crafting some snappy descriptions for your products, and making sure you’re confident with how to ship them securely. We’d also recommend pricing in delivery costs when marketing your products.
6. Take paid surveys
While it’s true that you should not expect to make heaps of cash instantly, taking surveys remains a decent way to gain a payout in a short amount of your time. To see what’s out there, Wealth of Geeks offers this list of the best current paid survey sites right now.
Be warned: you should never pay to join a survey, and if you get paid in gift vouchers, the best practice is to spend them quickly, before they expire. You should also make the most of the referral option, which is sometimes needed to get around the flaws of paid surveys. For example, some won’t let you cash in until you’ve earned a specific amount, but the payout from one survey will be a number just shy of this necessary amount. Thankfully, you can top up this balance by referring the survey to a friend for a small payment, which will be sufficient to push you over the threshold so that you can claim what’s yours.
