With inflation rising by 9% in 2022, it’s no secret that plenty of us could do with a bit more money in our pockets! If you’re wondering how to make a bit of extra cash on the side of your day job, then you may have considered a side hustle.
If you’re wondering whether a side hustle is right for you, read on.
Why start a side hustle from home?
Firstly, lets look at why people may want to start a side hustle.
One of the main reasons people start side hustles is to help become more financially stable. By having a secondary revenue stream, you not only have income if anything was to go wrong in your day job, but you’ll also have more money at your disposal. Although you may not want to give up too many evenings and weekends, with 50% of Britons unable to afford a £50 increase to their cost of living, side hustles are a great way to stay ahead.
If a side hustle sounds like too much of a commitment, it’s important to remember that they are self-driven, so you can work as and when you want to. What’s more, as you can do your side hustle from home, you’re free to make money as and when you like.
What are some of the best side hustles to start?
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Forex trading
Trading on the foreign exchange market is one of the most common side hustles for people looking to make a bit of cash on the side of their day job. Done using just a smartphone or laptop, forex traders make money from the changing values of currencies in relation to each other, trading currencies to profit when a currency moves in your favour.
To get started, it’s important to conduct thorough research into the market. As forex trading can be complicated, it’s important to use a demo account at first until you’ve got the hang of things. Then, if you’re brave enough, you can move onto using real money.
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Freelancing
If you have a skill that’s in-demand, why not consider freelancing?
An excellent way to make some extra money, freelancers typically charge an hourly fee for services such as writing, graphic design or digital marketing. As a freelancer, you decide when, where and how you work, making it a great way to earn some money on the side of your day job.
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Drop shipping
Drop shopping involves setting up an online store through a site like Amazon. Rather than holding your own stock, drop shipping involves you seeking a supplier once the purchase has been made.
As you won’t hold any stock yourself, drop shipping is a relatively risk-free side hustle for you to try.
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Social media management
With constant changes to algorithms, many businesses pay over the odds for help when it comes to social media. If you’re a bit of a social media whizz, then you can make good money by creating punchy posts and engaging with audiences.
You could even look after a portfolio of businesses social media accounts if you’re a pro!
What will you give a go?
