Side hustles have never been more popular. As bills go up and wages stay the same, more and more people are looking for ways to supplement their income.
The opportunities are endless for making extra money. Advancements in technology mean that activities like online trading, freelancing or launching your own e-commerce store have never been easier.
Forex trading: Leveraging market opportunities
Forex trading may be a term you have heard a lot but do not know much about. Simply, forex, or foreign exchange, is the conversion of one currency into another. This can then be traded for profit or practical purposes such as holidays and business transactions.
Trading in forex does come with profits that can supplement your income. However, the movement of these currencies can make the market quite volatile, meaning it can be a risky business to be in. Speculating on whether the price of a certain currency will rise or fall is challenging, hence the risk. But when you get it right, you can enjoy the profits quickly.
Freelance services: Monetising your skills
Since the rise in remote working, freelancing opportunities have increased. This is a saturated market, though, so think carefully about the skills you have to offer.
Tech-based jobs such as cybersecurity consultants, developers and analysts are all skills which are commonly requested. However, if you have experience in copywriting, social media management, SEO or virtual assistance then you can leverage those as desirable for businesses.
Some people start off doing freelancing as a side hustle and eventually transition into being a full-time freelancer. Just remember to fulfil your tax obligations to stay on the right side of HMRC!
E-commerce: Selling online
Starting a small business is a dream of many, and it has never been easier to do so. Setting up your own e-commerce store is simple – having a solid business plan is the hard part! Take some time to research the market surrounding your product and make sure you have a unique enough offering to make it successful.
As your business begins to take off, remember to set boundaries between your personal and working life. This can be hard if you are also working full-time in another position, but it will prevent you from getting burnt out and overwhelmed.
Investments and passive income streams
Passive income streams are ideal for those who are too busy to put energy into another job or project. Platforms such as Tradu have made accessing the stock market and trading online incredibly easy and straightforward which is great for beginners.
Like forex trading, getting into investing and the stock market can have a steep learning curve, but can also result in nice profits.
If you want to be successful in investing, think about the long game rather than the short-term. Try to diversify your portfolio by investing in different industries and businesses. Crypto, real estate and stocks are all different forms of investment, meaning your money is spread around, minimising risk.
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