Are you an employee who is looking to earn extra income during your spare time? If yes, then what you’re probably looking for is a “side hustle”, “gigs” or “sideline”. Side hustles are increasingly becoming attractive to many because of its wider acceptance by millenials and young professionals.
Simply speaking, a side hustle is another source of income that is separate from a person’s main job or occupation.
For instance, a person could be spending a full 8 hours in an office as a finance analyst. After his office hours, he could be a freelance writer writing paid articles online.
The extra money that side hustlers are bringing in monthly may vary depending on a person’s skills and experiences. But the benefit is quite obvious: extra income. If you’re looking to improve your cash flow, then you may consider starting your own side hustle. Just be ready to trade some of your free time to doing something worthwhile, which can be quite exhausting sometimes.
Extra income sidelines are different from having part time jobs since with sidelines, you can pretty much dictate the income you want to get and the amount of effort you want to put in. Normally, there are people who discover something they love doing and create an income source out of that passion. For many, an extra income sideline is a means to pursue faster financial stability without giving up employment easily.
What follows is a list of the most profitable extra income sidelines you can explore.
1 – Skill Services
Estimated extra income: P10,000 – P40,000 per month
Skill services have been a neat source of extra income already. With the world getting busier today, many people are choosing to outsource services that needs to be done for them. Skill services can vary from job listings for manual labor or even professional services.
Example of platforms that you can explore to offer your services:
If you can do any of these services reliably and professionally, then skill sharing services might be an extra income sideline option for you.
- Cleaning and pest control services
- Electrical services
- Plumbing services
- Moving and trucking services
- Home decor, repairs and improvement
- Gadget repair services
- Events management services
- Delivery services
- Bookkeeping services
- Paralegal services
- Proofreading and copy editing services
- Article writing and graphic designing services
- Social media management services
2 – Vlogging
Estimated extra income: P24,000 – P50 million per month
Many influencers and content creators are surely earning a lucrative income today. With creating a Youtube channel being as easy as 1,2,3, making Youtube videos for a living can be attractive to you. As long as you can share engaging videos online, you can earn a lot and even millions, depending on the number of posted videos and viewers.
Vloggers make money in many ways:
- Number of views and click of ads placed in the videos
- Paid filming product reviews
- Paid product launches
- Sponsored video posts
You can start with just a simple phone with a decent camera. Start planning your content and upload your videos. Grow your subscribers and see your views and income increase over time. However, not everyone succeeds in vlogging—it takes a lot of commitment, talent, and strategy to really stand out.
3 – Live Game Streams
Gone are the days when playing video games is equal to being a bum. Love video gaming? Then turn your hobby into profit through live video game streaming.
How does this work? You will simply share a video stream of yourself playing games online on platforms like Facebook Gaming and Youtube. Your viewers will most likely be other online gamers as well.
Included in the list below are some of the ways you can earn extra income as a live game streamer:
- Pay per view subscriptions
- Donations from fans
- Affiliate commissions from sponsors
- Brand deals
- Selling your own brand merchandise
4 – P2P Lending
Estimated extra income: 6% – 30% of the money invested per year
If you want to take a lesser risk in investing in the stock market or mutual funds, you can try investing in P2P lending. Peer-to-peer lending involves lending your money to borrowers and you will do it using online platforms. Examples of such P2P lending platforms are Blend PH, FundKo, Uploan and MoneyMatch.
A side hustle doesn’t have to take so much of your time. With P2P lending, you simply lend your money and earn it back plus interest. It is less complicated to learn and you can start with small investment like P5,000.
As the name implies, P2P lending involves lending money to borrowers (through online platforms such as FundKo, Blend PH, and Vidalia) and earning interest from it.
5 – Financial Consultancy
Estimated extra income: P10,000 – P100,000 per month
Ever wondered why more and more young professionals, even those with license and degrees, are joining the field of financial consultancy? That is because, aside from being an extra income sideline that is lucrative, it also comes with a noble mission.
Being a licensed financial consultant can be incredibly profitable especially if you have the required skills to share about insurance and investment to others. While the job requires selling of financial products of your chosen company, the sideline also requires the financial consultant to offer sound financial advice to people.
Included in the perks of being a licensed financial consultant is flexibility in time, with others doing it only on a part-time basis. As the earnings depend on your efforts and closed cases, commissions can go up to 50% per sale. Most financial consultants are paid on a weekly basis.
Aside from the weekly commissions, other incentives await successful financial consultants like:
- Travel incentives
- HMO incentives
- Bonuses based on productivity and number of cases
- Paid trainings
If you do the math, you can earn as much as P30,000 per month assuming you close at least three (3) cases worth at least P20,000 monthly.
6 – Freelancing
Estimated extra income: from P10,000 – P100,000 per month
If you have reliable and high-income skills to offer and you don’t want to get clients from “middlemen” job posting websites, then maybe freelancing is for you. You can get your own clients, pitch to them your skills and name your price.
A freelancer is simply a self-employed skilled worker who has no long-term commitments to a single employer. Among the skills that you can explore in freelancing are:
- Online tutor, i.e. English as Second Language, elementary subjects, arithmetic
- Writing, i.e. copywriting, transcription, proofreading, content writing
- Events organizing, coordination, events planning
- Photography, video editing
- Virtual assistant
- Customer service
- Website designer
- Professional consultancy
Which of these profitable sidelines sparked your interest? Can you add more to this list?