The global freelancing and side gig industry, known as the “gig economy,” is projected to swell to a staggering $14.39 billion by the year 2030, and is on track to be the largest contributor to the overall workforce, making up 5% of the U.S. GDP and growing 15 times faster than the traditional job market. Despite over 50% of freelancers only making less than $55,000 per annum on average, this industry is rapidly accelerating? Why?
It turns out that approximately 60% of those who embrace this trend admit that they make more in their gig work than in their previous jobs. Another 70% opt in for making their side hustle a full-time freelance venture despite the pay uncertainty, lack of team bonding, and irregularity of work, so they can maintain a healthy work-life balance.
This is because there is a huge variety of gig work that can be performed online, allowing you to work from home as and when you wish, without the constraints of reporting your work location to an employer. Perhaps not surprisingly, the vast majority of freelancers are Gen Z and Millennials, accounting for 70% of the freelance and side hustle workforce globally.
What You Need To Know First
If you’re considering embracing this trend and opting in for freelance work as a side hustle, to replace a full-time job altogether, or as something to tie you over while you are job-hunting, here are a few things you need to know:
Most freelancing endeavors require some small investment or start-up capital: you’ll need basic tools, software, and equipment such as a laptop, fast and reliable internet, headphones depending on the type of work you are doing, a website and social media presence for your business, and ideally, a dedicated space in your home to focus on the work. You will also need to think about potential insurance and licencing costs depending on the type of work you are performing.
Some of the below ideas may call for slightly more financial investment, particularly if you’re driving marketing campaigns, conducting consumer research, or need to purchase more software to enable effective delivery of the work for your clients.
In addition, freelancing is not going to be easy. You may need to fork out hundreds of hours and sleepless nights to research it, and get it off the ground to a point where you are in a position to take care of yourself and your family financially. There will be dry spells, where there may be promising months at certain times of the year, and depending on current market conditions, hardly any clients or income for another month or two. You’ll need resilience, patience, and determination to see your venture through.
Some work from home freelance and side hustle ideas include:
- Small business consulting
- Virtual fitness coaching
- Virtual event management
- SEO services and consulting
- Teaching English as a foreign language online
- Podcast hosting
- Affiliate marketing
Here are eight other ideas you can select from:
Freelance Writing
As a freelance writer, you can earn money by focusing on a niche (preferably something you’re already familiar with and passionate about) and writing about it via a personal blog (and using affiliate links to drive traffic to sites where you can gain a commission), guest-blogging, and even becoming a regular contributor to a reputable publication.
Usually all you’ll need is your expertise, good writing skills (which can be polished over time), and your laptop.
Graphic Design
Graphic designers use their design knowledge to create a visual representation of a product or service, or to communicate ideas in a captivating way. They develop the overall layout and design for brochures, social media posts, some website features, logos, and even magazines or reports. As a graphic designer you will rely on software tools to perform your work, which is usually one of your main costs.
Social Media Management
As a social media manager, you would be launching social media marketing campaigns for clients and coordinating their press efforts across multiple platforms, ensuring they have optimal brand and product visibility. This requires you to have good experience and previous success within this field, which you either already possess or can obtain through volunteering to do it for free initially, so you can build your portfolio.
Social Media Influencing
The influencer marketing industry is one that is witnessing significant growth, forecasted to reach over $143 billion by 2030. It is being propelled by major brands who are seeking to partner with social media influencers to gain more visibility for their products. As a social media influencer, you could decide on a range of niches, for example you could be a lifestyle influencer, or focus on parenting, fitness, cooking, comedy, or fashion. The main aspects that will get you through the door are your personality and number of followers.
Online Course Creation
If you’ve worked in an industry or profession for a number of years and could describe your role with your eyes closed, why not teach what you know? With the e-learning market anticipated to hit a staggering $848 billion by 2030, this is certainly a sector that is in demand. With some careful resource planning and effective marketing, you can design and deliver an engaging course that sells on your own website, or course hosting platforms such as Udemy or Thinkific.
Online Tutoring
Similarly to online course creation, you can tutor pupils in any area you have previously taught or are confident in, and can choose to specialize in music such as instruments or singing, or teach an array of lessons from math to English for students at specific levels.
Life Coaching
Almost anyone can be a life coach. Coaching is generally an unregulated industry, so to stand out, you’ll need a solid portfolio of clients who can recommend you and your work (which you can obtain for free initially) and you need to focus on a niche and sub-niche. You can also explore gaining coaching certifications so clients can trust you.
App Development
If you already have experience as an app developer, why not turn it into a profitable gig and service small business clients? You can even create some apps without code using platforms such as Bubble, Softr, or Glide.
Freelancing and side hustling will require some upfront effort and painstaking; however, if you are consistent, perform market research, seek professional advice, and follow your passion, it will truly be rewarding for your financial freedom and work/life balance in the end, no matter which idea you choose.
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