The so-called “gig economy” boomed through 2021, with one-in-seven adults operating within this space on a monthly basis.
Interestingly, it appears as though the gig economy is increasingly likely to comprise full-time workers in search of a viable side hustle, with this accounting for 48% of those active in the space.
But why did side hustles become so popular this year, and what are the best ways to leverage this in the current climate?
Why Did Side Hustles Soar Through 2021?
Of course, side hustles became increasingly popular through both 2020 and 2021, as more people were required to spend time at home while others saw their primary source of income diminished.
So, not only have people had more time on their hands over the course of the last 18 months or so, but they’ve also been compelled to seek out additional work and income streams to help make ends meet.
What’s more, the impact of the coronavirus and recent concerns about a new variant continue to alter the mindset of citizens, who are increasingly uncertain about their economic future and more likely to create flexible income streams to help them pay their bills.
What are the Most Viable Side Hustles?
The question that remains, of course, is what are the most viable side hustles in the current economic climate? Let’s find out!
#1. Sell Items Online: This is perhaps the single most popular way of generating a secondary income, as you can create value in unwanted clothes and items by selling them through online marketplaces such as Ebay and Amazon. Interestingly, you can extend this further by engaging in dropshipping, through which you buy in-demand items at wholesale prices before selling and shipping these to customers for the retail price. In this instance, you make margin on the difference between these two values for each individual sale, creating a cumulative income stream over time.
#2. Investing and Trading: While cracking the financial markets through investment and trading vehicles may require some initial legwork, they can deliver viable streams of passive income over time. Investment includes strategies such as buy-and-hold, through which you procure selected stocks and retain them as they continue to appreciate in value. In the case of forex trading and similar derivative markets, you’ll speculate on price movements and look to generate a profit without assuming ownership of the underlying financial instrument.
#3. Freelancing: As companies look to develop increasingly agile and remote workforces, they’re increasingly inclined to hire creative talent on the basis of each individual project. This has created a growing demand for freelancers in certain fields, particularly content writing, SEO, graphic design and website development. So, if you have one of these skills and are adept at networking, you can create a secondary income stream through freelancing and boost your earnings accordingly.
Stewart Thurlow
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