There are over 6 million unemployed people in America. Those who aren’t fully unemployed have found their hours cut or furloughed. And many more work multiple jobs to make ends meet with increasing living costs.
Despite these changes, bills keep coming; expenses don’t vanish during a crisis. Earning extra cash and finding an additional or new stream of independent income is definitely on the agenda for 2022.
So how do you hustle up extra cash and become a freelancer? Let’s have a look.
I | Side Hustles—What are they?
Side hustles are supplementary ventures. They provide a secondary means of earning cash outside your primary income source.
They can be simple, low-cost, and low-maintenance if you create a passive income stream. You do most of the work upfront, then set sales on autopilot. The most you’ll probably do at this point is to advertise your product online.
You can choose how much time and effort you dedicate.
If your side hustle involves active input, like services or customized products, then the cost goes up, and so does the time you invest.
Whether you choose a passive or active side hustle is entirely up to your skills and the business you want to launch.
Either can become a legit business, but it’s not a requirement or the goal for all side hustlers or freelancers. Not everyone gives up their full-time job, choosing a dual income.
It’s another step in achieving your financial goals.
For those who are unemployed, the hustle takes on a greater significance. It’s no longer on the ‘side’ as they’ve lost their primary full-time income source.
While job hunting, consider starting an independent stream of income. You never know; you may end up creating your own profitable business.
II | Do I Need Special Qualifications to Become a Freelancer?
Not in the traditional sense. You don’t need a college or university degree to become a freelancer.
If you already have a degree, it can serve you well in establishing your credibility. Many ask for degree-qualified gig workers if you’re searching through a job board.
Otherwise, tap into skills you naturally possess or have developed over the years.
What skills do you have in your arsenal, and how can you market them to customers? Can you take a class online to strengthen your skills?
How you venture into your side hustle is also flexible.
You can venture out alone or join a marketplace with a distinguished track record of quality. Established marketplaces have the added advantage of a pre-curated client base.
If you’re a graphic artist, design printables and sell those on Creative Market, or you can open your own Etsy store. There is a wide range of online platforms like Zazzle and Society8, where you can sell products printed on demand.
You’ll limit your upfront expenses with digital products and a print-on-demand service.
Do your research. Discover which best suits your skills, interests, and business know-how.
You may not be too sales or marketing savvy. Established marketplaces can take the load off, but don’t leave it on them. Be proactive. Learn what you need to develop and grow your side hustle.
III | What You Need to Know About Side Hustles and Freelancing
1. Time is your friend and your enemy.
Time management is a cornerstone of success, not only in starting your side hustle but for life goals. Once you’ve learned how to prioritize your duties and work with a schedule, achieving your goal becomes more realistic.
Profitable side hustles don’t make themselves.
Set aside time to plan, start, and grow your business. It will be slow going at first, but over time, and with the right approach, you can make a steady income on the side.
2. Starting a business might not be for you.
If you don’t want to start a business, take your talents and expertise freelance. Hire out your services to other small businesses.
You can also take on remote, part-time jobs.
Here are the differences between the two avenues.
Freelancer
As a freelance contractor, you can show up with only your portfolio. Clients will want proof you can deliver what you say you will. Without the stamp of expertise, you’ll have to start from a more humble space, and that’s alright.
Offer your startup services at a low market price. If you know a business owner or potential client who could benefit from your services, offer it free in exchange for testimonials. Client testimonials are another stamp of approval. Even with a portfolio, client testimonials validate your skills and boost your chances of attracting clients.
If you’re hesitant about starting from scratch, sign up for sites like Upwork, Freelancer, and Fiverr. Again, you have the advantage of tapping into an already-established customer base.
For the best results, ensure you go through each site’s verification process. Being ‘verified’ ups your chances of booking clients.
Remote Part-Timer
Some companies offer remote, part-time jobs. These jobs may operate under the same 9-5 rules or with flexible hours. Flexi-hour jobs usually have predetermined objectives and deadlines. How you meet these deadlines isn’t important, only that you do.
Depending on the job, you can squeeze in some hours during the week and on weekends. Check the terms of your working criteria and make a final decision.
3. The hustle is free; success is earned.
Don’t approach your side hustle unprepared for the work and the challenges.
For your efforts to show any amount of success, your skills need to back them up. So do your knowledge and, in the best cases, your accumulated experience.
Gathering knowledge as you go ups the chance of success, but the basic foundation is necessary. Any business opportunity you choose requires dedication.
4. Make sure it’s something you’re interested in doing.
The tasks we often leave behind are those that don’t light our passions on fire. If it isn’t something you love or want to do, it falls by the wayside.
If you lack the skills and it’s something you love, your interest will drive your initiative to learn. And there is no better time than the present.
Even with no budget for further education, Google College and YouTube University are two of the best places to start. Others traveled the path you’re on and who write blog articles to help others along their journey.
Sites like Skillshare also offer free courses and free trials.
No matter how you look at it, passion and interest come in handy. These attributes are potent motivators when that first spark fizzles out, especially when you encounter rough patches.
5. Validate the idea before going too deep.
You’ve got the skills, the interest, and the idea… but are you offering a unique solution to a problem?
Research your potential competitors and their offerings. Analyze how they’re doing their business and how they’re attracting clients. It may seem like a lot of work, especially if you’re considering a short-term side hustle, but it is still a business. You want to make money, and you can’t do that without clients or customers.
You need at least one unique selling point to create a lucrative side hustle. What makes you the best option out of the mass of others on the internet? What makes you so special?
Additional tests and client feedback
Once you’ve set the groundwork with your unique selling proposition, the next testing comes when you book your first client or sell to your first customer. Ask for reviews and feedback. It’s the quickest way to work out all the kinks and set you on the fast track to increasing your customer/client base.
Sadly, sometimes client feedback may call for a complete overhaul instead of a few changes here and there. If there is no interest in your offering or if it doesn’t measure up to market expectations, it’s back to the drawing board. It makes no sense you pump cash and time into a failing venture.
Toss out what doesn’t work and develop what does.
6. Set clear, measurable goals.
Dream big and align your goals with those dreams.
Besides client feedback, keep track of your idea’s success by outlining milestones. These goal milestones should include short-term and long-term objectives you’re aiming to meet. Decide your weekly, monthly, quarterly, and yearly, and if you want to go big, include five and 10-year goals.
The timeframes you set depend on the purpose behind your side hustle and what you hope to achieve in the long term. Whether or not you see your side hustle as temporary or permanent with a chance of growth.
Your goals should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
Aiming for five clients in the first month is specific, measurable, achievable, and relevant to a timeframe. Whereas aiming for 500 is a bit of a stretch.
Unrealistic goals lead to an unfounded sense of failure. These feelings of failure have caused many dreamers to give up.
IV | Side Hustle / Freelance Options
In case you’re looking for some options. Here’s a short list of profitable side hustles you can start with minimum startup investment in the shortest time.
Blogging
It’s one of the easiest and most popular side hustles on this list. You only need a computer, decent writing skills, and a fast turnover rate for reliable content.
Monetize your content as an affiliate marketer. Affiliate programs raise passive income if you funnel enough visitors to your site.
Join an affiliate network like Amazon Associates, ShareASale, or Flex Offers. Google AdSense is another helpful option.
Choose a subject matter you’re passionate about. Infopreneurs and content creators gain followers with actionable yet straightforward information. Information that helps readers in their everyday lives.
Freelance Writing
Do you have proficient writing skills? Businesses are always up for outsourcing content creation for blog posts. It frees up time for the bosses to focus on running the business.
Set your rates and work hours as a freelance writer. Build up your skills and portfolio with quality content for future scale-ups, and once you’ve garnered a growing portfolio and constant stream of clients, transition into a full-time writer.
Website Design
Having even the most basic online presence is essential for small businesses. If you have the skills to create websites, go freelance with your services. It’s one of those evergreen side hustles you can quickly scale into a full-time income with the right approach.
Graphic Design
Another evergreen on this list, graphic designing, is a field of opportunities. Niches range from marketing collateral and custom designs to book cover designs for authors and wedding invitations.
Couple your graphic design skill with website design, and your options for clients will expand.
Start with designing as a part-time job and scale up as your client list grows.
Social Media Manager or Digital Marketing Consultant
Already involved in digital marketing? Maximize the reach of your skills by offering your expertise to clients online as a social media manager or a digital marketing consultant.
With the growing influence of social media, potential influencers are always on the lookout for courses, templates, and worksheets. If you’re familiar with email marketing, offer lessons to other entrepreneurs on maximizing their email list.
Sell your knowledge and generate passive income as a content creator.
Social media and digital marketers are in demand. The companies that’ll survive the lulling effect of the pandemic are those that keep marketing their products and services.
Online avenues are the most effective means of gaining traction, which is why having a strong social media presence is such an asset.
Virtual Assistant
If you’re used to managing others and taking care of things around an office, go virtual. Virtual Assistants offer the benefits of a secretary with the convenience of saving office space and paying only as needed.
These are some perks clients sign up for. Flexible scheduling allows you to plan your days to fit your needs, shave down transportation expenses, and makes working multiple jobs easier.
Soap, Bath Bombs, and Candle Making
Do you like getting crafty? Creating handmade products is an evergreen option.
There will be some upfront costs for buying supplies. Purchase in small quantities at the start as you experiment with products and learn how to make the best ones. Once ready, do presales to determine how many products you need to create. Maintain a limited stock supply.
Thrift stores are one affordable source of materials.
Consider what other creative skills you may have and how you can take them into a business opportunity.
Other side hustle options:
- Online surveys: it’s not the most profitable option, but it’s one of the easiest choices for earning extra money. Companies use survey sites in their market research to improve how they do business.
- Bookkeeping Business: if you have the experience and qualifications, offering your services as a bookkeeper will earn you a few dollars per month.
- Unused gift cards: earn money on sites like GiftCash and CardCash.
V | Your Business and Your Home Insurance
Check your home insurance if you convert a spare bedroom into a home business space and start purchasing equipment or store stock. Look at the protections your coverage provides for business-related losses and damages.
Without adequate coverage, you’ll stand the cost of replacing or repairing damaged equipment in a disaster. Speak without your insurance agent about how much additional dollars of coverage you may need to shore up your protections.
Conclusion
Achieving success with your side hustle comes down to you:
- Figuring out the reason you want to start a side hustle. This reason will motivate your perseverance when things get tough. And they will.
- Tapping into skills, talents, and interests you already possess and choosing the perfect side hustle to complement them.
- Setting aside the time to plan your side hustle and research the competition. Don’t enter any sort of business venture unprepared for the rollercoaster ride to come.
- Being realistic with the goals you set.
