Are you ready to explore the top side hustle trends for 2023? Whether you're looking to earn some extra income, save for a vacation, enhance your passions or hobbies, or start your own business, side hustles can be a great way to achieve your financial goals.
There are various options when it comes to earning money on the side, like podcasting and blogging. There are options available for everyone, whether you want to transition into a full-time job or just want to add your income with a remote job.
One article from Side Hustle Nation showed that Americans who are employed are reported to have a side hustle in 45% of cases. There are about 70 million individuals in all. This number increased to 50% for millennials.
About 60 million planned to start a side hustle in 2021. Besides, about 70% of Gen Z are reported looking for a side hustle. Further, 64% of Gen Z plan to monetise their social media project in the next year. Meanwhile, 42% of Gen Z and 39% of millennials in the UK are having a side hustle.
How about Malaysia? According to new reports from Randstad Malaysia's 2022 Employer Brand Research, 29% of Generation Z respondents between the ages of 18 and 25 changed professions to enhance their work-life balance.
In contrast, 21% of Generation X employees (aged 45 to 57) reported cutting back on overtime work to better balance their work and personal lives.
Related to that survey, is it true that the gig economy can build your work-life balance? Before you start a side hustle business, know the definition, advantages and disadvantages, and the list of side hustles below.
What is a Side Hustle?
According to FreelancingSchool, a side hustle is a simple job you do in addition to your primary job to earn extra money.
The term “side hustle” is used in a variety of ways by different people. For some people, it refers to an entrepreneurial effort or another form of self-employment other than a standard second job, such as remote work as a freelancer.
This may be running an online art shop, a business in affiliate marketing, or simply walking your neighbour's dogs.
One great thing about side jobs is that they frequently give people a chance to follow a passion or interest of their own. Hence, if you are seeking a side hustle as a freelancer, you can find it on the site that provides remote work with freelance positions.
Exactly, there are numerous benefits and reasons why people choose to work a side hustle for the gig economy. However, the main factor driving people to start a side hustle may be the added financial security they want to get.
Advantages of a Side Hustle
1. Extra income
The best option for people looking for new sources of income is side work. You may start making additional money today by choosing top side hustle trends that fit your lifestyle and skill set.
Starting a side hustle using VirtualSpace project management tools can be your co-pilot to help you manage your project.
2. Develop new skills
Many people are turning to side jobs in the current economy to earn extra money and develop new skills. Keeping up with the top trends in side gigs is critical due to the rapidly evolving technology industry and career pathways.
Having a side gig can help you advance professionally since it allows you to develop new skills or put ones you already have into practice.
3. Potential new business
There are some options to establish a side business, and the potential is growing. It may be time to take advantage of expanding trends inside hustles whether you're trying to boost your income or launch your own business. Besides, a side hustle can be the backup plan for your primary job.
One of the most beneficial aspects for anyone trying to start a side business or work a gig is networking and connecting. Many people are unaware of the positive relationship-building benefits a side hustle can have on their ability to advance in their careers.
Disadvantages of a side hustle
1. Increase stress
If you're not careful, managing many projects and balancing client expectations while holding down a steady job can cause increased stress and exhaustion.
You can start a to-do list and manage your work and personal life to manage your stress.
2. Low Return on Investments (ROI)
The amount of money you make from your side hustle business will depend on the type of business you run. Unfortunately, many fail to realise that low return on investments (ROI) is one of the biggest downsides associated with having a side gig business.
3. Extra time
For those who are currently juggling their full-time job with family duties or other responsibilities, the additional hours required for successful side hustles can be daunting.
A side hustle can require up to 20 hours per week to properly set up and launch, giving little time for other activities. If you are also trying to balance your day job, it could be very challenging. In addition, accommodating 24-hour consumer inquiries can sacrifice your sleep and rest hours.
4. Full of risks
A side hustle has its risks and responsibilities. Without proper knowledge and research, it can be challenging to sustain many popular side business trends over time, such as freelancing, blogging, or online product sales. Further, without great planning and research, your side hustle will likely fail. So, you must prepare everything you need to start your side hustle.
15 Trending side hustle businesses
Starting a side hustle not only offers the potential to earn extra money but can also help you keep pace with inflation. It can also increase your monthly income by 10%, 20%, or even 30% outside of your full-time job. The following are 15 popular income sources to consider according to Time.
1. Starting an online coach
You can provide services remotely. For example, if you are a fitness enthusiast, you can start an online coaching business where you can provide personalised workout plans, nutritional advice, and support to clients through virtual channels.
Similarly, if you are a business consultant, you can offer your services remotely to help small business owners optimise their operations and increase profitability.
2. Real estate investments
By purchasing properties and renting them out, you can generate a steady stream of passive income.
For example, you can invest in a rental property in a desirable location and earn rental income every month.
With the right strategy, you can even turn a profit by buying low and selling high. Whether you are a seasoned investor or just starting, real estate investments may offer many opportunities to earn extra income for your financial security.
3. Starting a YouTube channel
Starting a YouTube channel can be a fun and creative way to earn some extra income. You can share your passions and interests with the world and potentially turn them into a profitable venture.
For example, if you love cooking, you can create cooking tutorials or share your favourite recipes on your channel. So why not give it a shot and see where your creativity takes you?
4. Selling products online
You can start selling products online by finding a niche that interests you and creating a store on platforms like Etsy, Amazon, or Shopify.
For example, if you're passionate about fashion, you could sell handmade accessories or clothing items. You also can try to be a reseller or dropship, you can sell products online even if you are not producing the products.
5. Doing freelance work
Freelancing is a fantastic way to earn money while doing something you enjoy. You could offer your services as a writer, graphic designer, web developer, or social media manager, among other things.
Websites like Upwork, Fiverr, and Freelancer.com are great places to find clients. As a freelancer, you may have the chance to learn many things, including pitching to the client and personal branding yourself.
6. Launching a paid newsletter or subscription
If you're knowledgeable about a particular subject, you could launch a paid newsletter or subscription service.
For example, if you're a nutritionist, you could create a newsletter that provides subscribers with healthy recipes and lifestyle tips. Platforms like Substack and Patreon can help you set up your service.
7. Learning a new trade skill
Learning a new trade skill can be a great way to increase your earning potential. You could take courses in fields like plumbing, electrical work, or carpentry, for example.
Once you have the skills, you could start offering your services to clients in your community.
8. Tutoring college and high school students
Becoming a tutor for college and high school students can be a side hustle option for you. You could advertise your services on websites like Wyzant or TutorMe, or tutor platforms in your country.
You can offer one-on-one sessions online or in person. For example, if you're skilled in mathematics, you could help struggling students improve their grades.
9. Building a niche reviews website
You can build a niche reviews website to earn extra income. For example, if you're passionate about digital marketing, you could create a website that provides in-depth reviews of digital marketing, content marketing tips, or growth business.
You could earn money through affiliate marketing, sponsored posts, or selling ad space on your website.
10. Starting an independent moving company
You could invest in a moving truck and offer your services to people who are moving in and out of your area.
You could advertise your services on social media. This can be a good idea if you are living in a busy city.
11. Offer services on Fiverr
Fiverr is a platform that allows freelancers to offer their services to clients around the world. Try to offer a variety of services on Fiverr, such as voiceover work, logo design, or translation services, for example. You could set your prices and work on projects that interest you while earning extra income on the side.
12. In-person services
Offering in-person services like pet sitting, house cleaning, or lawn care can be a good idea too.
You could advertise your services in the community, or on social media.
13. Promote additional companies while earning a commission
Many companies offer affiliate programs that allow you to earn a commission by promoting their products or services. You could sign up for affiliate programs with companies like Amazon, or Shopee for example.
You could then promote their products on your website or social media. Earn a commission for every sale made through your unique affiliate link.
14. Offer customised baked products
If you enjoy baking, you could create a website or social media page that showcases your products and takes orders. For example, you could offer customised cakes or cupcakes for weddings, birthdays, or other special occasions.
You can easily promote your work on social media, especially when you are sharing your baking process. It can be a good idea too.
15. Create a popular playlist
If you're passionate about music, you could create a popular playlist on platforms like Spotify, Apple Music, or YouTube. You could curate a playlist that showcases your favourite songs or focuses on a particular genre or theme.
You could then earn money through advertising revenue or sponsorships. For example, you could create a workout playlist and partner with a fitness brand to promote their products.
Side businesses are a fantastic way to boost your income and can lead to new opportunities in your work. They also need commitment and effort, though.
Research the many trends and opportunities before starting a side hustle to identify the one that best fits your demands and your preferences. Before choosing one choice over another, consider the time, money, and personal reward involved.
If you're looking to earn extra income, keep in mind to manage your time and energy. Using a project management tool can help you manage your side hustle project. VirtualSpace provides project board features that can optimise your workflow. You can sign up for a free trial to explore its features.