The economy has never been in as bad shape as it is this year. A global recession is on the horizon, and fuel, food, and power prices are skyrocketing. It seems our incomes simply aren’t keeping up the pace with inflation.
The constant rise in the cost of living has most of us wondering how we can make a bit of extra money this year. So, if you’re looking for ways to generate more funds each month, here are a few side hustles to consider.
Start An E-Commerce Store
The overhead costs of starting and running an e-commerce store are fairly low. Moreover, the potential profits can be enormous because there is an increasing demand for new e-commerce retailers.
Nevertheless, you will need a delivery partner like Cleveland Couriers, a range of products and a supplier, packaging materials, and of course, a professional website.
Launch Or Buy A Blog
Blogging has become a popular way of generating extra income. Whether you decide to start your blog, or purchase an existing blog website, you can generate funds with affiliate links and guest posts.
Some blog websites can generate as much as $1000 or even more per month. You will need to invest some effort into maintaining the website and publishing fresh content regularly. And if you can’t afford to buy a blog or start your own, you could also consider freelance writing as a side hustle.
Start A Youtube Channel
If you start a Youtube channel and grow your subscribers’ list by posting creative and engaging content, you can partner with Youtube and generate funds through the platform.
It will take some time to grow your channel to a point where you can partner, but the efforts will be worth it in the long run. But with this, keep in mind that you must create your content and should avoid plagiarizing content.
Transcription is another popular side hustle to consider this year. There are quite a few transcription platforms like rev.com that will pay you per project. All you need to do is transform audio files into text.
You won’t become rich overnight with transcription, although you can generate a bit of extra money per month depending on how much time you invest in this side hustle.
Like transcription, you can also find website testing opportunities and rake in extra funds regularly. Website testing is straightforward. The only tricky part is finding platforms looking for testers.
In addition to the above options, you can also consider freelancing any expert skills you might have. Graphic design, writing, web development, and even coding are all skills that you can offer as a freelancer.
There are quite a few practical ways to make extra money online. But before you choose a side hustle, it’s essential to understand how each option works and whether or not you’ll be making enough extra money to make the effort worthwhile. If a side hustle can’t improve your financial status much, you should also consider ways to save money.