Many Americans worry on a daily basis about losing their jobs. As prices soar and the new administration continues making cuts, the economy is tightening, and technological advances are causing massive layoffs. With more uncertainty looming that ever, the average consumer is nervous about making ends meet, and the workforce is seeking extra income to make a living. Side hustles have become one of the best ways to earn a living to keep up with economic pressures.
The Four Most Lucrative Side Hustles
Working in a job that could end at any moment, creates stress and limits employee control over work-life balance. Research shows that two in three laid-off workers are happier building freelance careers than they were before being laid off because they have more flexibility and work-life balance.
According to a recent report from the Bureau of Labor Statistics, five percent of the workforce has more than one job. And at least 12.8% or 1.1 million of these multiple jobholders have side hustles involving short-term contracts.
If you’re looking for a side hustle to help you meet the rising prices and lower your worry about economic pressures, researchers at NetCredit have done some of the leg work to help you find a side gig that fits with your interests and expertise. They analyzed publicly-available data on U.S.-only freelance ad rates from Fiverr for 144 common side hustle jobs across multiple categories.
They ranked the side hustles based on the average base price for all services advertised within a specific category with express 24-hour delivery time. Overall findings include:
- Marketing Strategy is the highest-paying side hustle for a single day’s work ($150.00 per day).
- Writing Website Content earns an average of $107.50 per day–the most of any writing side hustle.
- AI Spokesperson Videos is the top-paying AI-related side hustle ($110.00 per day).
- Focus Group Work is the highest pay for a side hustle that requires no experience ($28.00 per hour).
10 Most Lucrative Side Hustles Requiring No Experience
The NetCredit researchers found that if you’re a freelancer, you can make quick cash with a side hustle, even if you have no experience. They conducted manual research on common no-experience-required side hustles to identify the highest-paying casual side hustle jobs based on the freelance rates gathered from Fiverr. Here are the ten highest-paying side hustles that require no experience along with average hourly pay.
1. Focus Groups ($28.00)
2. Virtual Assistant ($26.63)
3. Website Tester ($25.00)
4. Dog Walker ($24.84)
5. Nanny ($21.39)
6. Online Tutor ($21.15)
7. Personal Assistant ($20.58)
8. Babysitter ($19.99)
9. House Cleaner ($19.82)
10. Delivery Driver ($19.60)
How To Grow Side Hustles Into A Successful Business
The experts at NetCredit advise that if you want to earn a worthwhile income with a side hustle, consider treating it as a small business. They add that it’s also important to have a business plan and an accounting and marketing strategy. Here are their six tips to get started.
1. Choose a side hustle that complements your core career and personal needs.
2. Build it slowly. It’s more manageable and less intimidating to grow incrementally.
3. Grow your network. Although freelancing platforms make it seem like finding good work will be automatic, experts state that the reality is the majority of your work may come through word of mouth or from repeat clients.
4. Keep it official. Register your business and keep your accounts to help avoid nasty surprises later and to make you look and feel more professional in the eyes of your clients.
5. Manage your time. Schedule your work so you make the best use of your energy, and remember to make time for rest and relaxation.
6. Build a tool stack. Explore the available tools you can use for the job and find the ones that make your side hustle easier to complete. For example, you can identify repetitive areas of your work that you can automate with the help of software or AI tools.
A Final Takeaway On Side Hustles
According to NetCredit, online freelancer platforms make it easier than ever to get started. You can sign up on a network like Upwork or PeoplePerHour, browse opportunities, get hired and get paid in just a few hours. But they caution that to create a reliable business with a decent level of compensation, it requires your longer-term dedication to the pursuit.
They conclude that if you have an underused skill or area of expertise and a few hours a week to spare, side hustles can help shore up your finances and even improve your performance in your main job as long as you understand that side hustles require strategy and commitment.