Do you know good things come to those who hustle?
Imagine seeing your bank account balance continue to rise month after month…
Isn’t it great?
In fact, one in every three freelancers today has a side hustle and one out of every six freelancers earns at least $1,000 more per month.
Additionally, many people are looking for extra money to help them cover their regular expenses, pay for vacations, or save for retirement.
This is when a side hustle can come in handy. Moreover, there’s a side hustle for every personality, choice, and schedule – from dog walking to food delivery.
It’s as easy as downloading an app or uploading some personal information on a website to start a side hustle.
What Is The Concept Of A Side Hustle?
A side hustle is a way to supplement your income outside of your regular job. It enables you to earn more money, allowing you to pursue your passions, purchase items you require or desire, and alleviate financial concerns.
One of the best things about side hustles is that they typically allow people to pursue something they’re passionate about or interested in.
In fact, there are a variety of reasons and benefits for people to take up a side job.
However, the most compelling argument for people to establish a side hustle is the financial stability it may give.
Moreover, starting a side hustle can help you relieve financial stress while also increasing your wealth.
Check out how to manage your finances as a freelancer in this article.
A side hustle will help you earn a few hundred or thousand dollars extra every month. It is something that can help you make more money right now, tomorrow, or in five years. It’s a backup income if you lose your job unexpectedly.
Statistics About Side Hustle
- Over one-fifth of freelancers (19%) now work as side hustlers. Nearly two-fifths (37%) said they started freelancing in the last year, indicating that the number of side hustlers increased during the pandemic.
- 24% of freelancers surveyed, said they established their own side hustle to augment their main income. It is clear from these statistics that people today are looking to make extra money to meet their needs and wants. From students to working professionals to homemakers to old people, everyone has found a way to get some extra bucks in their pockets. In fact, the trend of side hustling has just started and in the near future, most people will have a side job.
- According to the study, 98% of side hustlers intend to continue freelancing in some capacity in the future. 13% said they hoped to make their side job their full-time employment, 22 percent said they planned to freelance part-time, and 33 percent said they planned to freelance while working full-time.
The conclusion from above is quite visible that people’s motivations for freelancing are incredibly positive, with more than half (55%) reporting a desire for more flexibility and nearly two-fifths (44%) claiming a want to increase their income.
How Does Side Hustle Work?
Making money is the objective of a side hustle, and there’s no secret formula for doing so—it takes effort. However, if you’re giving up your spare time in exchange for more work, make sure it’s a good fit!
So, how do people make money through side hustles?
First and foremost, your side job should be adaptable and not exhausting.
As a result, a side hustle usually fits into people’s schedules in one of two ways:
- It stays part-time until you’re ready to scale, and
- Its schedule is ultimately determined by you.
Moreover, a side hustle might achieve the tasks for someone else, but the most successful and popular ones entail being your own boss and determining your own schedule.
As a result, this normally involves scheduling your hustle before or after work, on weekends, or at any other free time, you may have.
Benefits Of Side Hustles
- Personal and professional empowerment can come from side hustles
You may have experienced the desire for more power in your life. It’s only reasonable to feel this way if you spend 40+ hours a week dealing with one or more individuals telling you what to do.
- You have complete control over your side hustle
This gives you a sense of personal autonomy and control over your life, which is extremely valuable. As a result, it has the potential to increase your happiness.
Both emotionally and professionally you can successfully enhance your trust in yourself, total confidence, and sense of empowerment.
- Side hustles allow you to explore your interests
A side hustle is a terrific way to get involved in a project you’re passionate about. Moreover, pursuing your passions as a side hustle can provide you with a strong feeling of drive and purpose, allowing you to stay motivated and devoted while also increasing your wealth-building potential.
- A great way to supplement your income
A side business can be a terrific way to supplement your income during the feast and famine cycle.
Having extra money coming in from a side job is a tremendous benefit, whether it’s for growing your income, paying off debts, or investing for the future.
- Polishes your current skills while also learning new ones
While money growth is an excellent effect of side hustling, personal growth is also a significant reward.
When embarking on a new project, there is almost always a learning curve, but with it comes the acquisition of new, useful abilities as well as the improvement of current ones.
Check out the must-have soft skills for 2022.
- Side hustles introduce you to new people and chances
When you start a side hustle, you’ll gain access to all of the new people and opportunities that come along with it.
What To Think About While Picking A Side Hustle?
While the advantages are clear, let’s go over the considerations you’ll need to make before jumping into one.
One of the most important factors to consider before starting a side hustle is how much money you can generate from it.
The truth is that not all side hustles will pay off, and you don’t want to spend your time on them.
You want to make sure it’ll be worth it if you’re trading your time for money at the start (or throughout).
- Your abilities
Start by making a list of your present skills and hobbies while you’re looking for the ideal side hustle for you.
As previously said, the better-paying side hustles are those that require a higher level of competence.
So, if you’re extremely good at something, make use of it!
You’ll be able to start making money a lot sooner if you already have the skillset needed for a hustle.
- Your interests
Success necessitates a high level of motivation. You’ll be a lot more ready to devote time to something you enjoy doing if you enjoy it.
Yes, if you’re truly interested in your side hustle, you’ll be far more motivated to work on it!
- Expenses associated with the side hustle
When it comes to costs, once you’ve determined that you’re willing to put in the time required for the duration of your hustle, make sure you figure out how much it will cost you. Then consider whether those costs are reasonable for you. Some side hustles, but not all, will necessitate a financial investment. It’s critical to do your homework and budget for any necessary expenses ahead of time.
- How much time are you willing and able to dedicate?
Before you engage in a side hustle, be sure you understand how much time it will take you.
The best side hustles are those that allow you to set your own schedule.
Be realistic about how much time you want (and need) to devote to your side hustle; you don’t want to burn out and become unhappy or have your day job suffer as a result.
Knowing how much time you’ll need to devote to your side hustle—and whether or not that quantity is realistic for you—is critical to your success.
- Will you be able to scale?
Last but not least, decide whether you want to expand your side hustle into something greater or if it’s just a means to an end from the start.
This is another element that will necessitate some research; some side hustles scale well, while others do not.
Freelancing and affiliate marketing, for example, are ideal for scaling, whereas being a babysitter or a delivery driver is not.
When considering the scalability of a side hustle, consider the following factors:
- Are you able to stand out in your market?
- Is it even possible to raise your rates or increase your earnings?
- Is it feasible to automate some functions?
How much do side hustle services bring in?
Next, let’s look at the numbers to see if side hustles are profitable.
We evaluated the top ten money-making side hustles based on the approximate incomes of part-time freelancers. Illustration projects listed by side hustle merchants have generated more revenue than any other sort of service around the world.
Top 10 Side Hustler Jobs
Based on the data provided by Canva, on total expected earnings of active part-time freelancers in March 2021 for each job. As you can see, the side job of making illustrations has the highest total earnings followed by proofreading and editing. You can upskill yourself by doing free courses online or can learn various designing and writing tools through YouTube videos to run a profitable side hustle.
Ultimate guide to become a web designer>
15 Best Side Hustles Ideas To Make Extra Money
Based on our research and poll, we have collected this data for you to understand the best side hustles, their growth, and their earning potential. You can determine the most suitable one on the basis of your interests, skills, and qualifications. Keep the growth potential and earring potential factor in mind if you want to make the most of the side hustle job you select.
What can you do to make your side hustle stand out?
Whatever number of hours you devote to your side hustle each week, it’s critical to have a strong, memorable, and positive brand that distinguishes you from your competition. Take some time to consider how you want to present your services to the rest of the world before you begin. Knowing your target demographic and researching the best techniques to appeal to them with your brand is especially important.
One strategy to increase your online reputation is to include testimonials and evaluations from previous clients, as well as to keep your website professional and functional – that is, no spelling problems, dead links, or superfluous errors.
Check out the 6 elements of Personal branding.
- Make a marketing strategy
Start by creating a Facebook profile with loads of vital information about your services for potential clients, as it is by far the most popular social media network on the planet. Instagram, Pinterest, and Twitter are immensely popular with younger people and your competitors are likely already establishing their followings on those platforms – so make sure your business isn’t left behind.
If you have your own business website, attempt SEO (search engine optimization) tactics to improve your page’s Google ranking. With the majority of consumers only looking at the first page of Google results, getting your business to the top of the list is critical.
Your ultimate goal is to establish yourself as the leading authority in your field. Customers should link your brand with high-quality service and content, and they should want to share what you’ve created.
- Get Clients thrilled
By delivering exceptional customer service whenever possible, you can persuade more individuals to use your services. Your goal is to build a powerful, good customer experience that encourages consumers to submit glowing reviews and ratings, as well as encouraging new users to trust you.
Genuinely empathizing with your customers and working out solutions with them is a certain approach to be remembered for good customer service. Make sure you answer customer concerns and get feedback as soon as possible so they don’t have to wait too long and become irritated with you.
Having a side hustle can be really beneficial — just do your homework and plan ahead!
It’s no secret that freelancing is the most profitable side hustle available. It’s a low-risk, high-reward path that everyone can jump into right away.
Moreover, Refrens is one of the best options for people to get started with freelancing. It will guide them through the process of looking for work, finding and communicating with clients, and getting the work delivered, as well as ensuring that they are paid safely.
Hence, wait no more and create your freelance profile on Refrens and get your first lead with us.
1. What is a side hustle for freelancers?
A side hustle for freelancers is a secondary source of income that freelancers can pursue in addition to their primary work. It can be a great way to earn extra money while diversifying your income streams.
2. What are some popular side hustles for freelancers?
Some popular side hustles for freelancers include selling digital products like e-books or courses, affiliate marketing, offering coaching or consulting services, doing freelance work in a different industry, and selling handmade or vintage goods on platforms like Etsy.
3. How can I balance my side hustle with my freelance work?
Balancing a side hustle with your freelance work can be challenging, but it’s important to establish clear boundaries and set realistic goals. Try to schedule your time efficiently and prioritize your tasks based on their importance and deadlines. Don’t be afraid to delegate tasks or outsource work if necessary.
4. How much time should I dedicate to my side hustle?
The amount of time you dedicate to your side hustle will depend on your goals and your availability. Some freelancers may only have a few hours a week to dedicate to a side hustle, while others may be able to commit more time. It’s important to be realistic about how much time you can dedicate and set achievable goals.
5. Can a side hustle for freelancers turn into a full-time business?
Yes, a side hustle for freelancers can turn into a full-time business if it’s successful and scalable. Many successful businesses start as side hustles, so don’t be afraid to pursue your ideas and see where they take you.
6. How can I promote my side hustle as a freelancer?
Promoting your side hustle can be challenging, but there are many ways to get the word out. You can use social media to promote your products or services, create a website or blog to showcase your work, attend networking events to connect with potential clients or customers or use paid advertising to reach a wider audience.
7. What are some tips for making my side hustle successful?
Some tips for making your side hustle successful include identifying a niche or gap in the market, creating a clear value proposition, delivering high-quality products or services, providing excellent customer service, and continually learning and improving your skills.
8. How can I track my income and expenses for my side hustle?
Tracking your income and expenses for your side hustle is important for tax purposes and for understanding your profitability. You can use accounting software like QuickBooks or Xero to track your finances, or you can create a simple spreadsheet to record your income and expenses manually.
9. How can I stay motivated while pursuing a side hustle?
Staying motivated while pursuing a side hustle can be challenging, but it’s important to stay focused on your goals and to remind yourself why you started in the first place. Set achievable milestones and celebrate your successes along the way. Don’t be afraid to seek support from friends, family, or a mentor if you need it.
10. Is it worth pursuing a side hustle as a freelancer?
Yes, pursuing a side hustle as a freelancer can be a great way to diversify your income, expand your skill set, and pursue your passions. However, it’s important to be realistic about the time and effort required and to weigh the potential benefits against the risks and challenges.