I've tried out a range of side hustles since I was P6 (the OGs will know i sold wallets and makeup 🤣), and even now when I am out in the working world, I am still side hustling!
side hustles are a great way to earn additional income on top of your normal job, or earn money from your hobby 😉
instead of telling you WHAT side hustles to take up, think of what TYPE of side hustle you want to be doing before deciding on the side hustle itself!
1️⃣ NO capital required, NO skill required
this is the easiest type of side hustle you can do. this type is oversaturated (I feel 🥲). only if you do it enough, you will get loyal customers. hence, don't expect immediate results!
examples: dropshipping, or AI content creation.
2️⃣ NO capital required, little skill required
this is great for students who have no money, yet want to pursue a side hustle! you won't be able to scale it that much as you are limited by the time you put into this side hustle!
examples: tutoring, content creation, affiliate marketing
3️⃣ LOW capital required, NO skill required
if you have money but do not want to spend time honing a skill, you can try a side hustle of this type. the demand from type of side hustle is usually determined by trends or fads. hence, you have to capture the right time/opportunity to earn bucks here!
examples: reselling of products such as sneakers
4️⃣ LOW capital required, little skill required
if you want to provide a product or service that is difficult for the general public to do themselves. this helps as people usually pay for products/services in this type of side hustle.
examples: tarot reading, baking.
❗️if you can do the below side hustles, note it is high stakes due to high capital required. not many people have the $$, hence I will provide alternatives on how to achieve the below!
5️⃣ HIGH capital required, NO skill required
if you are rich and not looking to put in much effort.
examples: franchising a business, investing in property.
alternative: investing in REITs
6️⃣ HIGH capital required, little skill required
this type of side hustle usually succeed greatly (or fail greatly). it is the hardest to succeed here, but if one does, it usually does really well!
examples: tech startups
alternative: bootstrapping the tech startup by working with skilled partners as a side hustle instead of hiring employees. else, you can invest in tech startups instead of creating your own.
before choosing a side hustle, it is good to determine whether you have interest in it, how often your customer will come back / how high the demand is. you should also be aware of your own risk appetite – are you willing to spend more money or time on your side hustle?
