The so-called “gig economy” has continued to grow year-on-year, with an estimated one-in-7 adults now working monthly in this space.
Interestingly 48% of all gig economy workers on these shores also have a full-time job, meaning that they turn to contract and part-time work as a way of generating a secondary income.
But what are the best methods of achieving this objective in 2021? Here are some ideas to keep in mind:
#1. Freelancing and Social Media Management
Let’s start with the basics; as freelancing on the gig economy represents one of the best and most diverse methods of generating additional income.
The first thing to do is understand the most in-demand and marketable freelancing skills, with popular examples in the digital economy including copywriting, web design, SEO techniques and graphic design.
Similarly, social media management is a common freelance discipline in the modern age, as you assume control over clients’ accounts and take responsibility for conceiving, scheduling and posting content.
These roles command slightly different hourly rates, but it’s not unheard of for skilled and experienced copywriters and social media managers to bank around £30 an hour upwards in some instances.
#2. Financial Market Trading and Investment
The only downside with the previous option is that it will require a significant time commitment and organisational skills, and you may prefer to seek out passive income streams in many instances.
Financial market trading is an excellent option in this regard, as even inexperienced retail traders can complete an MT4 download and access a raft of derivative markets and asset classes in real-time.
This type of investment vehicle is speculative and highly-leveraged, so you can profit directly from price fluctuations without owning the underlying asset and control trading positions that are considerably larger than the size of your deposit.
You can also access traditional “buy-and-hold” investment assets such as equities and gold, with this ideal for more risk-averse individuals who seek a secure store of wealth and incremental or long-term gains.
#3. Selling and Drop-shipping Items Online
The online and e-commerce marketplace represents huge business in the UK, and has done ever since the turn of the century.
Here, sites like Amazon and Ebay help you to connect with hundreds and thousands of potential customers, while creating viable marketplaces for new and bespoke items alongside second-hand goods.
This market has also created another opportunity in the form of dropshipping. This is ideal for online sellers who are a little more experienced and entrepreneurial, as they can identify in-demand goods and acquire them at wholesale prices before selling these on retail value.
Individuals then bank the difference between these two prices as profit, relying on an increased volume of sales (where possible) to optimise returns. This transforms online selling into a viable business and side hustle, and one that can deliver incremental returns over time.
*Collaborative post*
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