7 Side Hustles That Can Help You Achieve Financial Independence

Are you struggling to make ends meet with your 9-5 job? Do you want some extra cash for buying a new house or a new car? If the answer to both these questions is yes, then you should start a side hustles. Depending on how much time you can dedicate to your side hustle and the level of expertise and knowledge you have, you can choose the side hustle based on your needs.

Another advantage of starting a side hustle is that it diversifies your income sources. Having multiple sources of income lead to financial independence. Warren Buffet once said, “Never keep all eggs in one basket.” With a little extra cash in your hand, you can purchase things that are stuck on your Wish-list and could not make its way through the checkout process.

In this article, you will learn about seven lucrative side hustles that can help you make money on the side and achieve financial independence.

1# Translation and Transcription

The best thing about a side hustle is that you can even pick them up even if you don’t have many skills. Transcription and translation are the best examples of that. These are two of the easiest and most popular side hustles you can pick. All you need is the command over your natural language, typing skills and an ear that can differentiate between different accents. Many businesses hire freelancers who can transcribe and translate their content so they can reach to a local and global audience. On average, you can earn up to $25 per hour from your transcription and translation gig.

2# Freelance Writing

Another great way to make money is through freelance writing. If you have the writing skills and want to express yourself, you can pick up freelance writing assignments. The biggest advantage of freelance writing is that you can work on your own terms. You can either work part-time or full time. It also gives you multiple options to choose from. You can become a

  • Ghostwriter
  • Web copywriter
  • Blogger
  • Work as a contributor to digital publications.

What’s more, you can easily find writing gigs that pay well especially, if you know where to look at. Many sites are paying anywhere from $10-$100 per article. Upload some of your writing samples and client testimonials to show prospective clients your skills. Once you have done that, now you can start pitching to relevant publications. Finding your first writing gig might take some time so you need to be patient but once you are off to a good start, you won’t be looking back as new writing assignments keep coming in.

3# Coaching and Consultation

Let’s say you are an expert in your field and want to share your knowledge and experience with the world to help others. Coaching and consultation side hustle might be an ideal choice for you. Not only does it help you earn money, but it also builds your authority and establish yourself as a personal brand. Great coaches associate themselves with an organization. This helps them win the trust of clients. Businesses hire consultants, which are subject matter experts and help them make the right decisions. Business consultants and coaches can charge anywhere from $100 to $300 per hour.

4# Photographer and Videographer

Photography and videography can be a great hobby for many and if you are one of them, you can easily monetize your hobby. Businesses no longer rely on stock photography and videography to convey their brand message. They want custom photos and videos to make their point. That is why businesses hire freelance photographers and videographers.

Whether it is about covering their product launch events, annual events or taking headshots of employees. There are many factors that influence the money you make from photography and videography side hustles. Some of them are as follows:

  • Quality of photos and videos
  • Quality of equipment used
  • Experience
  • Portfolio
  • Style
  • Editing

5# Social Media Marketing

People are spending more time online than they do offline and a major chunk of that time is spending on social media apps. Businesses know the importance of maintaining a digital presence in today’s digital world. They need a social media manager who can manage their digital presence, keep the followers engaged and generate social interactions that are beneficial for brands.

For this purpose, they hire social media experts both online and offline. If you are good at social media marketing, you are in luck. You can make anywhere from $15-$50 per hour working as a freelance social media marketer. With social media becoming an integral part of digital marketing strategy, we might also see new openings for social media marketers in the future.

6# Start an E-commerce Business

Just because you have a 9-5 job does not mean you need to quit it to start your own business. You can start a new business on the side and earn extra cash. If starting an offline business seems like a daunting challenge, you can also start an online business. You don’t even need a physical brick and mortar store or even must manage a warehouse for inventory, thanks to the internet and drop shipping. What’s more, you can sell products to a global audience with an E-commerce store instead of being restricted to a local customer base with a brick and mortar store.

7# Virtual Assistant

Zip Recruiter data shows that freelance virtual assistants can earn anywhere from $14,000 to $124,000 every year. That’s a lot of money, right. With more and more businesses looking to outsource mundane tasks, finding opportunities to become a virtual assistant won’t be difficult either. From admin tasks to accounting to digital marketing tasks, you might have to do it all as a virtual assistant. This way, you can put your skills in a domain to good use and sell your service to earn money on the side. Soon, you will realize that you have earned sizable income by being a virtual assistant especially if you do it on a consistent basis.

Which side hustles is your favorite? Let us know in the comments section below.

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