A side income can even become a new professional path that permanently eliminates those financial worries.
Follow these tips to start making a reliable side income.
Explore Low-Stakes Side Gigs
Though everyone is an expert at something, you don't have to be a guru to find a side gig that pays. Many opportunities require skills like communication, being punctual and professional, and knowing how to learn on the go — essential soft skills for all career paths.
Think back to your teen years and consider simple side gigs that can help you earn quick cash. Mowing neighbours’ lawns, babysitting in your community, or offering grocery delivery are simple ways to make a few extra dollars.
Remote opportunities can also help replace lost income. Some of the most accessible remote jobs that don't require experience include virtual assisting, customer support, and data entry roles. With some skill building (or earning a certificate), you can pursue additional remote jobs like tutoring, transcription work, and medical coding suggests Monster.
Many people tend to discount their hobbies as cash-earning opportunities. Yet, any hobby can be monetised, whether you enjoy making or doing things.
For example, suppose you're an avid traveller and have been to many different places. In that case, your expertise could support a side gig in travel blogging, social media monetisation of travel content, or even becoming a travel agent.
Similarly, a passion for interior design could propel you into a freelance role that allows you creative freedom. Using a job description for an interior designer, you can develop your skills and build a resume that appeals to employers. A portfolio of your design skills could win over clients, too.
Whether you're looking for a part-time job or a freelance project to earn fast cash, the strategy for finding work is the same. Watch out for scams, advises the Federal Trade Commission, and do an online search of the company before applying.
If you're looking for a part-time role, use reliable online job posting sites and skip openings that lack pay rate, location, or other necessary details (surefire signs of a scam).
Signing up for freelance platforms might make sense if you're taking a freelance approach and want to fit in a few projects to make extra money. Sites like Upwork and Fiverr are marketplaces for clients to find freelancers to complete projects, often on short notice.
Creating a solid freelancer profile on these sites makes your information discoverable by potential clients. You can even set up package deals for a set of services, like five blog posts for their website or two logo designs for their new business.
Picking up a few side gigs can help fill cash flow gaps, but there are options if you're looking for more. Starting a business is one way to take your professional future into your own hands.
Forming a limited company for your business helps you start on the right foot, with flexibility in how you grow your company, plus limited personal liability. Using a formation service saves you on legal fees, but make sure to follow your country/state's guidelines.
Once the basics are covered, developing an online presence will be your next to-do item as a new business owner. Advertising your business will generate a flow of customers. Having an easy-to-navigate website with an easy means of scheduling services or purchasing products will make you money.
Layoffs, underemployment, and limited local job markets can all hamper your financial planning. With these ideas, you can capitalise on your existing skills and passions and earn money quickly. You might even discover an entirely new career path that’s more rewarding in every way.
Creo Incubator offers entrepreneurship courses to help you grow your business skills and become the best entrepreneur you can be. View our catalogue here.