The need for a side business is signalled by the rising cost of expenses in Nigeria.
Mr Nathan is an investment banker in Nigeria with more than ten years of expertise. He works for one of the best investment firms in the nation. He has a lovely wife and three children who complete their happy family.
However, Mr Nathan recognised that to give his family a befitting lifestyle, he needed to make wise financial decisions.
Looking back, he discovered that he had a flair for writing during his college years. So, he decided to apply for part-time remote writing gigs to increase his cash flow.
A side hustle is any job/skill different from your primary source of income that fetches you extra cash.
This means that the side hustle of Mr Nathan discussed above is writing. No particular business or career is restricted to being a side hustle.
Why You Need a Side Hustle
- More cash flow: Increasing your sources of revenue through a side business increases your available cash to meet the family’s expanding needs.
- Financial stability: The anxiety of going broke in the event of a job loss, which can be brought on by an economic crisis, is diminished by having an additional source of income. Some people awaken to a new day without being aware that they have a termination letter awaiting them in their email inbox.
- Turning your passion into a business: You can gain more experience while doing what you enjoy by having a side hustle. This is because most people turn their passions or hobbies into side hustles that allow them to pursue alternative careers or business opportunities.
- Cater for financial emergencies: By running a side hustle, you can gain additional experience while doing what you like. The majority of people convert their interests or pastimes into side companies that enable them to seek alternative career or business options, which explains why.
- Having a relaxed mind: There is this calmness that you experience knowing that you have money coming from several sources. Also, you can go on vacations without worrying about the dent it will make in your account.
How to Start a Side Hustle
Starting a side hustle requires effort, discipline, and dedication. Below is a step-by-step process for getting started.
- Discover your passion/hobby: What activity do you love doing? It is not surprising that some people do not have their ideal professions because of life’s ups and downs. Don’t worry, life is giving you another chance to pursue your passion by offering you a side hustle.
- Learn a skill: It’s okay if you don’t have any hobby you want to transform into a side hustle. You can pick a skill based on your area of interest and commit to learning it. After some time, you will become an expert in that field.
- Research: This entails knowing all the required steps and processes needed to set up your skill and start earning from it— the materials, type of portfolio, and added skill set to boost your growth.
- Set up your business: The next step is to set up your business or start shooting your shot at different freelancing gigs depending on the type of side hustle. This can include drafting a business plan, opening social media pages, and setting up your portfolio.
- Freelance: Most people choose side hustles that allow them to freelance so that their main source of income won’t be affected. If this is you, it is now time to apply for freelance gigs based on your niche. Numerous platforms like Upwork, Fiverr, and Freelancer offer freelancing opportunities to individuals with different skills.
15 Side Hustles You Can Do to Make Extra Cash
Become a Virtual Assistant
If you are an organised person, you can put this skill to use by applying to become a virtual assistant. As the name implies, you don’t need to be physically present to have such a role. Your tasks include drafting a schedule for your boss, making and receiving calls, replying to emails, and so on.
Create Digital Courses
Online courses have become a thing after the onslaught of Covid-19. Share your knowledge about different topics by putting them into short-form videos and posting them on online learning platforms like Udemy and Simplilearn.
Become a Tutor
You can tutor a high school or college student in your spare time. Tutors usually use 3 to 4 days weekly to schedule classes for their students and these classes last for 2 to 3 hours on the agreed day.
Open a YouTube Channel
If you love being in front of a camera, you can open a YouTube channel to share your knowledge and life experiences with the world while earning from it.
Anyone who has a knack to see the unseen can use this skill to become a proofreader or editor. Here, you help writers proofread and edit their work to produce the best results.
Start a Podcast
You can start a podcast where you talk about any topic of your interest. Though most podcasts on the internet are made into videos, there are still several podcast channels online like Spotify, Apple Podcast, and Anchor, that promote audio versions.
If you have a passion for writing, you can start a blog to share your ideas. Also, you can venture into content writing, copywriting, and article writing and register on several freelancing platforms to get gigs.
This industry would be great for you if you are very good at organising. You can get more knowledge by doing internships with event management companies.
Produce Handmade Craft
Handmade shoes, bags, and accessories are becoming popular these days because they add colour to our outfits. You can learn to make them and earn money on the side.
The growth in technology and the online space has increased the need for website designers. Designers of websites don’t need to be physically present to deliver targets. You can learn website design today and start earning.
Incredible graphics are pleasing to look at and the need for graphic designers has increased drastically.
Social Media Management
It is a must for businesses to have an online presence to grow their brand. Take advantage of this opportunity and learn social media management today.
Be an Uber Driver
So many ride-booking apps like Bolt and Rida have sprung up after Uber. You can decide to use your vehicle a few hours before and after work to make extra cash.
Marketing has moved from being strictly one-on-one to the online space. Digital marketers are needed to help brands improve sales in the online space.
You can delve into an underserved industry and have an impact. Cleaning houses and offices have the advantage that, after a few years of working freelance, you can turn it into a full-fledged business concept. Due to the multiple advantages of running a side hustle, it’s becoming more and more common. If you don’t have one, don’t feel like you’re missing out on the action. You have the power to change your financial narrative right now.