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Wherever you are and whatever stage you’re at, it’s likely you’ll be affected by the rising
prices of fuel, food, and other essentials right now. If so, adding a source of income can be
an ideal way to bring some extra money in. Even if you’re not looking to make some extra
cash, having a side hustle can be a great way to build your entrepreneurial skills and this can
be hugely beneficial in your day job.

Side hustle

Plus, if you’re passionate about your side hustle, you could go full time and leave your day
job behind. In fact, 80 new businesses were created every hour in the first half of 2021.
Chances are, many of these started out as passion projects before they became fully-fledged
businesses.

If you’re considering introducing a side hustle, here are some ideas for you to try.

What is a side hustle?

Before we look at the different side hustles you could try, it’s worth having an idea of what
this is. Someone who has a side hustle will be working in a job either full time or part time.
This is the main source of income and is a secure career choice for now. However, they also
have an additional income coming from a project they’re working on or a hobby they enjoy
that they’ve managed to be paid for.

For example, the main role might be a traditional office job, but their second job is knitting
jumpers and selling them occasionally. In some cases, the knitting job overtakes the office
job in terms of revenue and it becomes clear that the side hustle is a better source of
income.

One very current example of this is social media influencers. Often, what starts out as a blog
or the odd funny post becomes a full-blown career move. As well as jumper making and
influencing, there are more side hustles to try.

Hustle 1: spread betting

Spread betting allows you to speculate on financial markets without owning the asset they
are betting on. Here, the strategy involves predicting if the asset’s price will rise or fall and
these predictions are made based on the prices put forward by a broker.

It’s a great side hustle because you’re betting on what’s going to happen rather than on
physical stock or commodities. Additionally, you can try spread betting across different
markets, including forex, indices, and stocks, so it’s possible to tap into the different trading
options available and establish which market is profitable to you.

Hustle 2: ecommerce

Ecommerce is big business right now. The events of the last two year have led to more
retailers and other companies moving online, selling their wares through digital platforms.

Many people who didn’t have the physical shop to start with have opted to buy products in
bulk at wholesale prices then used well-established sites like Amazon to list, market, and sell
their products. In fact, it’s the ease with which Amazon makes it possible to sell through its
platform that explains its estimated $729.8 billion of sales this year.

This can be an easy money-spinner for you, especially if you buy a product that’s in demand.
Do some research and see what could be trending. This will help you tap into products that
are likely to be snapped up.

Hustle 3: social media management

Social media is a must-have for many businesses. From the local coffee shop to global
brands, businesses from all industries and sectors have at least one account, whether that’s
Instagram, Facebook, TikTok, or Twitter. The social media app that the business chooses to
follow will very much depend on where their customers sit and who they’re targeting – and
that’s where a social media manager comes in.

The role of this manager is to advise businesses on the accounts they should set up and then
they oversee the running of the accounts. If you’ve got a large following of your own or
you’re savvy with your socials, this could be the dream side hustle. Start small with a local
business and build up from there.

Do you have a side hustle? What would you turn into a business opportunity if you could?

Published by HOLR Magazine.