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10 lucrative side hustles to supplement your income with
2020 has been a rough year to most. A good number of workers have been furloughed or have received pay cuts. The lucky ones, who manage to get away with it all, might also feel a sense of financial insecurity.
To buffer up your savings or stop the endless chase of making ends meet, you might have contemplated creating a side hustle. That’s not such a bad idea. The extra time saved on commuting and dressing up (for those of you still working from home) could be put to better use.
How to create a side hustle? A popular way is to do what you already love, and try to build a small business.
Here are some side hustle ideas:
1. Freelance copywriter
Given that digitalisation of media, and, well, everything… digital copywriting, has become all the more important. If you can equip yourself with SEO and social media knowledge, it will make your copywriting or design skills all the more valuable.
For a start, you may only be able to charge very little, but over time, you might gather a pool of legitimate retainer clients and create a decent side hustle. You can start off by getting jobs from Fiverr and other freelancer platforms. Alternatively, go by word of mouth.
2. Freelance graphic designer or website designer
The above also applies to graphic design and website design. For such visual fields, building a portfolio of all your work to keep handy whenever you pitch for work is useful.
| See more: 7 Work-From-Hotel packages in Singapore for every budget |
3. Sell stock photos
Have a good eye, and a very good collection of cameras? You can contemplate selling stock photos. If you’re good, you could get around $100 or so for each photo with a stock photo bank like Getty Images. But Getty Images have strict submission guidelines. Yet, there are still others like Shutterstock that you can sell your photos to, although they don’t pay half as well.
If after the circuit breaker you have honed your baking skills, why not try selling baked goods under your own brand? If your business is still small and you intend for it to be just a side hustle at the moment, you actually do not need a license to sell from your home, although you are highly encouraged to follow NEA guidelines.
Do take note that if you want to scale up your business, you do have to invest in larger ovens and equipment, which could require capital.
| Also Read: How to earn passive income in Singapore |
5. Influencer or affiliate marketer
If you don’t mind losing a bit of your privacy, you can always open up your life to become an influencer. This means that you need to have skills in photography, copywriting, social media analytics, and so on. Once you have clout, you can input affiliate marketing links, which will push your followers to the products you recommend them.
Established influencers may even get sponsored work from clients, which pay better than affiliate marketing. Sponsored posts could cost anywhere from a few hundred dollars to a few thousand dollars—per post.
6. Sell plants
Not everyone is blessed with a green thumb. So if you do, and you manage to propagate exotic or rare plants successfully, you would have created a very low-cost side hustle with high profit margins.
If you didn’t know, exotic or trendy plants could sell for hundreds, easily. So… give it a go!
Actually, this applies to everything you can make, from crochet crafts to acrylic paintings.
7. Write ebooks
If you are particularly passionate about one topic and know more than the average Joe on it, you can also write ebooks and share your expertise. For instance, if you’re a UX designer, you could share your portfolio and thought processes. If you are a fitness instructor, you should share your routines, as well as how you eat to complement your exercise routine.
Ebooks could make nothing at all in the beginning, but if you have established a name for yourself, you could earn a few thousand dollars each month.
8. Teach online courses
Not so much a writer as an orator? You could record video lessons on pertinent topics like how to earn money via YouTube, or writing for SEO and place them on online course platforms such as Skillshare and Udemy.
9. Teach tuition
The tuition industry in Singapore is one of the most resilient, holding up strong even as the retail and aviation sectors are hard hit by Covid-19 this year.
Since teaching tuition one on one is still allowed and within the 5pax rule, it’s a side hustle you can get into as long as you are qualified and know your primary and secondary school syllabi well.
We caution you when we suggest this idea. The internet is amok with “e-commerce geniuses” promising that if you give them 10 seconds, they can show you how to do dropshipping so that you can sell products to customers without holding any inventory.
Dropshipping itself is not a scam, but it is not as easy as these “experts” claim. If something sounds too good to be true, it just might be. Here’s a good article on the pros and cons of drop shipping.
| See also: How to rent out a room in Singapore |
A side hustle is not intended for you to earn money passively. In fact, for some of them you might even need some capital at the start. However, if your side hustle is something like freelancing from home, you won’t have much overhead. You’d also be doing something you love, with the flexibility to quit anytime you want since you still have your full-time income.
Take note though. When building your side hustle, ensure that your side hustle will not entail a conflict of interest between your side hustle and your full-time 9 to 5, unless you’re ready to launch your side hustle to a full one!
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