Ever hear of the saying ‘don’t put all your eggs in one basket’? Well, it turns out this makes sense, especially when inflation has made everything so much more expensive and job insecurity has threatened the stability of incomes.
These days, it can feel like just having one full-time job isn’t enough to provide for yourself and your family, especially with rising costs, and retrenchments become more common. This means that it may be time to consider taking up additional streams of income. Here are a few side hustles that you can consider doing so you can get that bag.
Picking the right side hustle for you
With so many possibilities out there, it can be hard to figure out where to start? For one, think about the skills you currently have under your belt. Some jobs, like food delivery or telemarketing don’t require much specialised skills, if any at all, and can be picked up fairly easily
On the other hand, if you pick something like a website tester or photographer, you’ll need to already have some knowledge in that area if you want to hit the ground running.
Keep in mind that if you already have a full-time job, these gigs should come second. The last thing you want is to have them clash with each other, which can risk both of your income streams, and additional benefits you don’t get from moonlighting.
As such, be thorough when planning out your schedule to make sure your side hustle aligns with your existing schedule, fulfil your needs, and is sustainable in the long run.
Freelancing and Contract Work
These options tend to be common picks for those looking to earn some extra cash. While you may not enjoy all the perks full-timers get like healthcare and insurance benefits, there are still merits to freelancing and contract work that are unique to them.
For freelancers, flexibility is their main appeal. They get to determine things like how long they work for, who they work with, how much they get paid and even where they work. They also don’t have to commit their efforts to just one employer, and can take on a variety of projects at the same time.
Contract work, on the other hand, offers a slightly more structured approach and is usually with a fixed employer. For example, freelancers are free to take on many different jobs, while contract workers have a defined set of terms that they have agreed to with a single employer.
This means that contractors have defined working hours, along with tasks and projects that they must complete. In spite of this, they are able to negotiate for pay rates that are far more lucrative as compared to that of a monthly salary.
One thing to take note of is due to their increasing popularity, competition for job openings has grown increasingly stiff, especially as some turn to freelancing and contract work as their main form of employment.
In fact, some people opt for either freelancing or contract work as their main form of employment, which makes it even harder for those who enter this space later to compete with the already well-established name and reputation of seasoned workers.
Moreover, with great freedom comes great responsibility. You’re essentially your own boss, which means you gotta be on top of things like deadlines, client management, payments, and every other part of a regular business, which can prove to be overwhelming if you’re not organised and disciplined in your approach.
E-Commerce
If you’ve ever shopped online, you might’ve come across local businesses selling their wares, from crystal bracelets to handmade keychains. If you’re able to, why not follow in their footsteps and leverage on the power of e-commerce to earn some extra income?
To start, it’s important to do your research, such as on product popularity,market trends, and the most optimal platforms for your business model.
Once you’re done and have everything set up, you can utilise your own social media platforms to promote your products online. Eventually, you’ll be able to establish a small but growing network of buyers who can invest in your business.
Do keep in mind that if you’re interested to go down this route, you’ll need some amount of capital to kickstart your business. Plus, starting your own business does come with its own set of risks, with a good chance of incurring losses if things go south. So be sure to do the necessary research and calculations before diving into this.
Tutoring
Maybe you’re good with languages, or you’re a maths god that can do mental sums without using your fingers to count. Whatever the case may be, there will always be a demand for tutoring, especially considering the competitiveness and complexity of the academic system in Singapore.
Whether you decide to take up a part-time position at an actual tuition centre or advertise your services as a freelancer, you’re spoiled for choice when it comes to jobs here.
On one hand, private tutors can often negotiate a higher rate as they can often work one-on-one with individual students. On the other, working at an established tuition centre means having a steady and consistent stream of clients. Plus, it’s a good way to work your way up the ranks as your reputation improves.
You may even opt to start at a centre before venturing out on your own once you’ve acquired enough experience and reputation to strike it out as a freelancer.
Pet sitter
It's no secret that many families consider pets an integral part of their home and lives, with many being happy to spend on luxuries like spa days and travel tickets for their beloved ‘fur babies’.
In fact, with a rise in pet ownership (for both dogs and cats) over the years, this has unintentionally spawned its own self-sustaining ecosystem dubbed: the pet economy.
This means there is no shortage of clients when it comes to services for pets. But while some do require some form of vocational training and certification (like a groomer or estate planning), pet-sitting is one of the exceptions.
It’s not hard to start, either; you can start by reaching out to family and loved ones and use either your own home or theirs if they are comfortable with this arrangement. However, do be sure to familiarise yourself with HDB’s rules and regulations about pet ownership before you start so that you aren’t unknowingly flouting the rules.
Get them to leave you a review online or spread the word about your services as well. This is crucial in building a good reputation, which will instil confidence in others to leave their pets with you, and help kickstart your new side hustle.
Monetising your hobbies
Have a knack for the guitar, or know your way around a camera? You could try monetising your hobbies to supplement yourself financially.
You could, for instance, take your passion in photography, and teach those around you who are interested in learning. Some even open home-based businesses that sell baked goods, handicraft and so on. A good example is Ground Floor Coffee: a business run by a self-trained barista who sells coffee and food out the window of his ground floor home in Pasir Ris.
You could even take advantage of your slight gaming addiction and become a streamer on Twitch or Youtube, where you live stream your feed, post walkthroughs that can be monetized on Youtube.
Plus, you might be lucky enough to make it big and become the next biggest online personality, which comes with its own perks like sponsorships or partnerships.
5 Side Gigs to Explore During Job Insecurity
There’s no doubt that it can be stressful to deal with job insecurity, especially when it comes to ensuring that your finances stay secure. This is what makes side hustles so appealing; not only are there plenty of options to choose from, they’re often easy enough to start earning almost immediately.
In some cases, it can become lucrative enough to be considered as a full-time job in itself, which can help resolve your job instability concerns. It's important to remember that although this is a side gig, you’ll need to put in effort if you want to savour the fruits of your labour.
You’ll also need to be mindful when juggling this alongside your other responsibilities since things can easily go wrong if done carelessly, so make sure you’ve thought this through before committing to this.
