• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Digital Market

seeing people behind the digits

  • About
  • Blockchain and Fintech Events
  • Domain Names
  • Reports
    • Technology
    • Venture Capital
  • Featured Listing
    • Make a Contribution
    • Submit a Sponsored Post
  • Contact

How to Successfully Side Hustle in the Post-COVID Era

June 30, 2021 By admin

SAN JOSE, Calif. – Participating in the gig economy can help you shore up funds when you’re in between jobs. Side hustles can also bring greater financial stability during normal times.

For more loan and credit education, visit myFICO’s blog at https://www.myfico.com/credit-education/blog

Think of it this way: If you work for a single company and you are let go, you’ll lose 100% of your income. But let’s say you side hustle with five clients or gigs, and each of them makes up 20% of your pay. If you lose one side gig and are down to four, you only miss 20% of your income.

Side hustling is also a great way to rake in extra cash even while you have a full-time job. And it can also be a way to supplement your pay if you have a part-time job. With the financial uncertainty millions of folks have seen during COVID-19, it can be a better route to provide greater security.

As you might expect, the pandemic has created shifts in side hustling—and also provided a financial cushion for those who didn’t have one.

“The pandemic revealed how helpful it is to have this dynamic marketplace, where people can find work in literally a matter of hours,” says Kathy Kristof, founder of SideHusl.com, an independently owned review site of ways to make money in the gig economy. “For people who didn’t have emergency funds, side gigs turned into something of a safety net.”

Let’s take a look at how the gig economy changed during COVID-19, how one can get started side hustling, and also how to use that additional income to boost your financial wellness:

A pivot toward online side hustles and the rise of digital creators

Covid decimated many types of travel and entertainment side hustles, from serving in restaurants and at events to tour guiding and working at camps and resorts, explains Kristof.

But as you might expect, other types of side hustles thrived. “Online tutoring went gangbusters, as did—no surprise—delivery,” says Kristof. “Artistic endeavors also saw a huge boost, from funny t-shirts to puzzles. Artists used sites like Etsy, Society6, RedBubble, FineArtAmerica and Printful to make a small fortune. ”

The pandemic also brought rise to remote side hustles like social media management, virtual assistants, online consulting, and coaching, adds Daniella Flores, founder of I Like to Dabble, an online platform that helps people start their side hustle business. “Think of the launch of blogs, vlogs, and podcasts like never before, ” says Flores. “The pandemic forced not only America but much of the world into a new kind of ‘creative’ technological revolution that made it so much more possible and accessible for many to start new ventures and find success online as content creators,” says Flores.

Start with a brain dump

Flores recommends starting with a brain dump. First, create two columns. Next, “dump” all your skills into the first column. In the second column, list which skills could possibly translate to an online side hustle. Below that, jot down side hustles that seem interesting.

“Go through the lists and highlight what stands out to you, what makes you smile, and what sparks ideas in your head,” says Flores. “The money goes where the most passion and creative energy flows.”

Focus on your strengths

Kristof points out that it’s important to focus on what you are so passionate about that you can do it better than everyone else. If so, look around for ways to make money at that.

Let’s say, for example, that you’re an awesome cook. You can earn some cash by either cooking for others —or teach others to cook — and earn a nice living doing it. Or you can start your own home bakery side business. Have a knack for organizing? If so, consider being a virtual assistant, or advertise your organizational services on platforms such as Thumbtack or TaskRabbit.

Depending on the side hustle you want to endeavor in, the market could be saturated. To stand out from a sea of equally eager and qualified folks, think about what makes you unique. For instance, let’s say you want to offer editorial services. Instead of being a general researcher and proofreader, do you have experience in a certain niche? Or do you have a journalism or English degree?

Choose something you enjoy

“There are side hustles that are uniquely suited to almost every interest and skill set,” says Kristof. That’s because side hustling gives you an opportunity to choose something you like doing. Plus, if you are passionate about something, you’ll be motivated to develop your skills and excel at it.

Tap into something you really enjoy doing that could also help break up the monotony in your everyday life. If you spend your days looking at spreadsheets but love to draw, consider selling artwork or design templates online.

Look for side hustles that require a low commitment upfront

If you’re just starting out and are strapped for cash, you don’t necessarily want to invest a ton of time and resources on a side hustle. Instead, look for gigs that either require very little equipment and materials or ones that you have some experience in.

Let’s say you have some experience tutoring. If so, then consider being a virtual tutor. Or, if you have a theatre background, you might find a fun gig being a virtual babysitter, where part of the job entails entertaining kidlets.

Once you have a proof of concept, or after you’ve made some money, then you can ramp up how much investment and time you put into it.

Find ways to monetize things you are already creating

Want a passive side hustle? Think about something you might already be creating that you could sell online as a digital product, suggests Flores. For instance, Flores provides the idea of creating budgeting worksheets. “Many people love creating spreadsheets and graphs to stay on budget, reach savings goals, track income, plan for retirement, and more,” says Flores. “If that’s something you also love doing, think about how that creative energy could create an extra income stream for you.”

For instance, you could create a standard template of these spreadsheets and graphs using free software, then sell it as a product on Etsy, says Flores. “Those sorts of products are actually very popular on the platform, and worth exploring.”

Use social media platforms to your advantage

During the pandemic, there was also a surge in the popularity of TikTok, points out Flores. “TikTok quickly became an educational platform and assisted in the rise of these new online creators and side hustlers in a new and exciting way,” she says.

You don’t necessarily need to be a TikTok guru. Instead, choose what comes naturally to you that you might enjoy. You don’t need to go full throttle on all social media platforms. You might end up spreading yourself thin and do a half-hearted job.

For instance, if you are selling crafty items and are a visual person, then Instagram might be your go-to platform. If staying on top of current events and creating and engaging in dialogue might be your strength, then Twitter might be the social media platform for you. If you love to impart your wisdom to others, then educational clips on TikTok might be for you.

Make that money work for you

To make the most of cash earned from your side hustle, start by exploring what you can do to optimize your earnings. If you’re struggling financially and need it to cover bills, that certainly takes priority.

But beyond that, see if you can sock some of it away. Even $50 a month could help, as that adds up to $600 a year. Consider going on a spending fast where you spend money on just the bare necessities. That way, you can accelerate your savings.

If you’re on the fence about whether to put any “extra” money toward an emergency fund or to pay off debt, it’s typically a good idea to squirrel some beans away for a rainy day first. Why’s that? Well, if you don’t have an emergency fund in place, then should an unexpected cost arise, you’ll need to resort to debt. In turn, you’ll only be digging a deeper debt hole.

Consider it as a long game

A survey revealed that in 2019, 73% of those who side hustled earned an average of $200 a month, and the majority of folks earned an average of no more than $500 a month. You might not get rich overnight, but you’ll be building the inroads for successful side hustling.

There is no one size fits all to any financial journey nor side hustle experience, adds Flores. “Everyone’s lives and goals look different. Don’t get stuck in a perfection or comparison trap when starting – start now with what you have, where you have, and then tweak as you grow your side hustle,” says Flores. “Starting out messy seems scary, but in my experience, the best way to learn is by doing.”

A final note: Now that the world is getting back to semi-normal, start looking around for side gigs that you like and would want to do—not just need to do, suggests Kristof. “Use some of those to build up emergency reserves and, also, to learn more about the market and how you can use it to your best advantage,” she says. “In the off-chance that another emergency happens down the road, your knowledge about navigating the gig economy will come in handy.”

About myFICO
myFICO makes it easy to understand your credit with FICO® Scores, credit reports and alerts from all 3 bureaus. myFICO is the consumer division of FICO– get your FICO Scores from the people that make the FICO Scores. For more information, visit https://www.myfico.com.

SOURCE myFICO
http://www.myfico.com

Filed Under: News Tagged With: gig economy

Primary Sidebar

App Coding

How to build a search engine
Digital twins transform the efficiency of current business processes
A developer’s job isn't just to churn out code every day
What are implications of rewarding developers basing on number of lines of code?
Cybertech 2023 in Tel Aviv: Navigating the Challenges of App Security
Brits app-sessed: New Builder.ai data reveals over 20 million can't live without social media apps
Zype Releases New Feature-Rich Apps Creator for OTT

API Coding

Most commonly used HTTP Headers
Apple Provides Developers with Even More Powerful Technologies to Push the App Experience Forward
Profound Logic Builds IBM i Salesforce API Integration Example without Writing a Single Line of Code
Join Our Team as an API Coder - Power Cutting-Edge API Apps
How to recognize malware API
Cybertech 2023 in Tel Aviv: Securing the Future with API Security
Creating an API that generates a description of an image using ChatGPT

Secondary Sidebar

Blockchaining

What is Web3?
How a blockchain works?
One of the world’s biggest blockchains is testing a new way to approve transactions
Blockchain topics to be covered at DLD 2023
ETHDenver’s #BUIDLathon and Community-Owned Innovation Festival Returns in February 2023

Marketing Development

What is The Role of Social Commerce?
What trends are shaping the future of marketing
What are the latest trends in marketing technology?
Profile and traits of status-obsessed buyer
Market Yourself: How to write a resume

Footer

Recent Posts

  • What are cultural aspects of digital transformation
  • What it takes to make a digital town square
  • Idexo Releases New NFTMe Mobile App That Makes It Easy For Anyone to Turn Selfies Into NFTs and List Them for Sale with a Few Clicks
  • Evmos Closes $27M Token Sale to Accelerate Development of the Cross-Ecosystem dApp Platform
  • Countries with better FinTech development saw greater GDP resilience, employment during Covid-19: report
  • Moonshot Commons Raised Seed Round from HashKey Capital to “break geo-barriers” for the next Gen-Z founders in Web3
  • Umbro Enters Web3 With “The Nations’ Collection by Umbro”
  • GlobalConnect successfully raised EUR 1 billion in new ESG linked financing, enabling sustainable growth
  • Denmark has the best digital quality of life in the world
  • A license for a Bloomberg Terminal costs $24,000 per year, OpenBB is free

Media Instances

THE LAST MANHUNT Trailer (2022) Jason Momoa
Play about plague death of William Shakespeare’s son
Guess the Bigger Picture
The Centi-Millionaire Report: The Emergence of a New Class of Super-Rich
Being a teenager is not all fun and games

S3H

Why are so many tech companies laying people off in the period of high inflation?
What are we doing to mitigate climate change?
How to speak up when you see something ethically questionable
The Science of Dreams: Generative AI can drastically boost productivity by automating routine tasks
War and extreme weather events can both contribute to food insecurity

VPNW

Fear holds back innovation efforts
Start today and make exercise a part of your daily routine
How to re-calibrate personal goals
Why hyper-efficiency is bad
How to unleash the creativity inside your team

Pixel Effects

Happy Independence Day 2022
Tell me it’s not true!
Is there a place for digital art in museums?
National Chicken Wing Day is coming
AI bias bounty competition

Copyright © 2022 DigitalMarket.org

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT