Since its inception, “side hustle” has become increasingly popular. The term “side gig” was initially used to refer to earning some extra cash outside of a regular day job. Now, many people live their lives in this way.
A whopping 46% of people who work a day job have side gigs such as working remotely and driving for ride-sharing apps on the weekends. Research indicates that 30% of these side hustlers make more than $500 a month. A person’s primary motive for seeking an additional source of income is to make ends meet.
A part-time job is not just for covering expenses; some people look for alternate ways to earn money to achieve financial independence and live comfortably. There are several popular side hustles you may want to consider that can make you some extra cash.
Popular Side Hustles To Generate Money In Canada
Amid the Coronavirus affecting our daily routines and most people working from home for security reasons, plenty of people claim that their financial status has been affected. People are looking for many ways to make money online while still working a 9-5 job. You can earn passive income from a side job continuously.
Businesses that are always accessible to consumers are a boon to digital entrepreneurs. Increasing your financial stability can be achieved by making use of the internet. People may have specific goals such as planning a dream vacation, purchasing a home, or getting out of debt. Whatever your reasons may be, you can make money while at home by using the internet.
#1. Create An E-Commerce Site And Sell Products Digitally
If you’re confident you can produce or have a product or service that people will purchase, then creating an eCommerce website is an excellent fit for you. This allows you to sell products directly to consumers. However, there are several factors that you’ll need to fill in.
- A catchy and traffic-generating website to place your products or services
- A trusted merchant account for the payment process
- Shipping and logistics plans
- Warehouse for tangible products
- An effective marketing strategy to spread awareness about your business
If you don’t have your products, dropshipping is a great business model. It doesn’t require keeping or owning any products. You need to promote a product on your site and fulfill orders by buying it from third-party suppliers. They ship the products straight to your customers.
Popular drop shipping platforms include Amazon FBA and Shopify.
#2. Blogging To Affiliate Marketing
One of the most straightforward approaches to generating passive income from a side hustle is blogging. Your blogs are specific to your target niche. While food blogging seems a good choice, you need to be more particular about what area you’ll be dealing with.
Your content has to be narrow to help your target market or audience what they’ll get in particular. Once you have identified your target audience, affiliate marketing comes in place and optimizes its effectiveness.
Affiliate marketing is a popular business model where you earn a percentage or commission from generating sales or traffic to a particular site, products, or services. It’s accomplished by including links on your blog contents relevant to your niche.
#3. Start Your YouTube Channel
This is the boldest side hustle you can try. There are various ways on how you can start your channel. First, you need to identify what niche you will be working with. You should be confident in front of the camera and a little know-how with technical stuff, plus consistency.
To be successful on this side hustle, you need to figure out:
- Why someone will watch your videos
- Who is your target audience
- What’s your topic or niche
- How to stand out from the competition
Popular contents include:
- Unboxing videos
- Educational content
- Product reviews
#4. Transcription Jobs
Transcribing recordings from interviews can be time-consuming. This can take hours to get things done, and sometimes, the software is not always accurate. Plus, some pointers need to be done outside the interviews. This is where transcription jobs make an excellent way to help you earn extra cash.
You can search transcription jobs from trusted sites. Be cautious of scams which does not pay you for any work you’ve done. The rate for this part-time work varies with your client. It can range between .60 cents per minute to $1.20 per minute for every transcribed audio.
#5. Become A Virtual Assistant (VA)
One of the profitable ways to generate income online is working as a virtual assistant (VA). This is a digital service where you lend your skills to assist a particular project online or virtually. VAs are generally tasked with secretarial or admin tasks, but this does not limit your work scope as a virtual assistant.
VA tasks include but not limited to:
- Online Translator
- Newsletter Writer
- Digital Marketer
- Blog Manager
Benefits Of Having Side Hustles
Aside from a safety net, having a side hustle comes with several essential advantages. This includes
- Having multiple income sources which can help improve your financial stability
- This allows you to generate additional income to help pay off any debt
- Side hustles can turn into part-time work to a full-time passive source of income
- It enables you to build your wealth and improve financial stability
The benefits of side hustles include being able to protect your income, as well as a sense of fulfillment. Working on something you enjoy will allow you to learn new skills and create something you will be proud of in your name. Here, an extra sum of money might be considered a bonus.