The Gig Economy.
Are you looking for ways to make extra income while working full-time?
Well, the good news is that there is no shortage of approaches. In 2023, many of us are eager to maximize our income and earnings, especially when trying to hit the $100K mark or venture beyond our steady union jobs. Whether you want to pay off debt, save up for a big purchase, or simply boost your savings, there are plenty of ways to earn extra cash outside of your 9-to-5.
In this article, we’ll explore ten proven methods for making extra income while working full-time. From part-time gigs to online platforms and entrepreneurial ventures, read on to discover how you can maximize your earning potential without sacrificing your career.
Freelancing is a great way to make extra income while working full-time, as it allows you to pick up work on your own schedule and utilize your existing skills. The average hourly rate for freelancing depends on the skill set and experience but typically ranges from $20-$100 per hour.
There are a variety of freelance skills in high demand, including writing, web design, social media management, photography, consulting, virtual assistant work, graphic design, and more. Identify your skills and strengths, and then tailor your services to meet the needs of potential clients.
Platforms like Upwork, Fiverr, and Freelancer are great places to find freelance opportunities with clients from around the world. These platforms provide a safe and secure way to connect with clients, showcase your portfolio, and negotiate terms and payments.
To make the most out of freelancing, it’s important to have a professional portfolio showcasing your skills and past work. You should also research the rates in your industry and set your rates accordingly. Additionally, prioritize building relationships with clients and delivering high-quality work that exceeds their expectations. With persistence and dedication, freelancing can be an excellent way to supplement your income.
2. Online Tutoring
If you have expertise in a particular subject or skill, online tutoring can be a great way to make extra income while working full-time. Popular or common online tutoring subjects include math, science, foreign languages, business, and test preparation. The average hourly pay rate for online tutors is around $20-$30 dollars an hour; however, pay rates can vary depending on subject, experience, and qualifications.
There are several online tutoring platforms, such as Chegg, Tutor.com, and VIPKid, that connect students with tutors. You’ll need to create a profile with your credentials, expertise, and availability, and then you can start bidding on tutoring opportunities.
To make the most out of online tutoring, it’s important to be organized, have a strong internet connection, and adapt your teaching methods to the needs of the student. Building good rapport with clients and receiving positive reviews can help you secure more online tutoring opportunities in the future.
3. Take Online Surveys
Online surveys can be a convenient and accessible way to earn extra income. Companies and market research firms are always looking for consumer opinions on products, services, and advertisements, which means they are willing to pay for your input. Survey topics vary widely, from food preferences to political opinions.
The average rate of pay for online surveys varies from platform to platform but typically ranges from a few cents to a few dollars per survey. Some survey sites, such as Swagbucks and Survey Junkie, offer points that can be redeemed for cash or gift cards.
When taking online surveys, it’s important to be truthful and thorough in your responses. Completing surveys consistently and frequently can help maximize your earnings potential. However, it’s essential to be cautious and avoid scams or survey sites that require upfront fees or promises of high pay rates.
4. Rent Space on Airbnb
If you have extra space in your home or apartment, renting on Airbnb can be a lucrative way to earn extra income. You can rent out anything from a spare bedroom to an entire home or property. The amount of money you can earn through Airbnb varies depending on the location, amenities, and demand for your space. On average, Airbnb hosts earn around $100-$200 per night for renting out their space.
To become an Airbnb host, you’ll need to create a listing of your space, providing photos, descriptions, and pricing details. You can also set requirements for guests, such as providing references or requesting prior communication.
To ensure a positive experience for both yourself and your guests, it’s crucial to communicate clearly, ensure that your space is clean and inviting, and provide necessary amenities such as toiletries, towels, and linens. You may also want to consider investing in additional amenities like Wi-Fi, Netflix, or a home gym to increase the appeal and value of your listing.
5. Start a Blog and Monetize it
Monetizing a blog can be an effective way to earn extra income through writing. There are several ways to monetize a blog, including displaying ads, using affiliate links, and sponsored content. The main way to earn money through ads is through Google AdSense. Google AdSense shows ads on your website that are tailored to your content. You can also use affiliate links to earn a commission for promoting products or services from other businesses.
Sponsored content is when a brand pays you to write a post promoting its products or services. The amount you can earn through blog monetization varies depending on multiple factors, including the number of readers, quality of content, and niche. On average, bloggers report making around $200-$2,000 a month from blog monetization. It takes time and effort to build up a successful blog, but with persistence and quality content, it’s possible to make money through this channel.
6. Invest in Stock Market
Investing in the stock market can be a great way to grow your wealth and earn extra income. However, it’s important to understand that investing in stocks comes with some risks. So, it’s important to have a solid strategy and knowledge of the market before getting started.
One benefit of investing in the stock market is the potential for high returns. Historically, the stock market has provided higher returns over the long term than other investment options like bonds or savings accounts. On average, the stock market has provided an annual return of around 7-10%.
To get started with stock market investing, you must do your research and develop a strategy that aligns with your financial goals and risk tolerance. Investing in the stock market means you’ll have to weather fluctuations in the market that could result in losses. However, with careful planning and a long-term approach, the stock market could be your vehicle to grow your wealth.
7. Make Deliveries
Delivery driving is a great way to earn extra income on your own schedule. Popular gig economy apps like Uber Eats and DoorDash allow you to pick up and deliver food orders from various restaurants in your area. Other apps, like Instacart, allow you to shop for and deliver groceries to customers.
The amount you can earn through delivery driving varies based on factors like location, demand, and tips. On average, delivery drivers can expect to make around $15-$25 per hour, with the potential for higher earnings during peak hours or in areas with high demand.
To start earning money as a delivery driver, you’ll need to sign up and create an account with the gig economy platform of your choice. Before you begin, make sure you have reliable transportation, a smartphone with the app installed, and any necessary documentation, such as a driver’s license and insurance. With some effort and attention to customer service, delivery driving can be a rewarding way to earn extra income.
8. Work as a Translator
Translating is a lucrative way to earn extra income for multilingual people. Translators can work on different use cases, from interpreting live conversations during conferences or events to translating written documents and media such as articles, books, and films. The demand for translators has been growing in recent years, particularly as global interactions increase and language barriers become more evident.
The amount you can earn through translation varies based on the complexity of the work, the language pairs you work on, and your level of expertise. On average, skilled translators earn around $25-$50 per hour, with the potential for higher earnings for more complex or technical translations.
To get started with translation, it’s important to identify the languages and areas of specialization you work on best. You can find work with translation agencies, freelance platforms or by establishing relationships with clients in your industry. In general, building a strong reputation for accuracy and timeliness is essential to be successful as a translator.
9. Sell Stock Photos
Selling stock photos can be a passive way to earn extra income if you have a knack for photography. There are many popular stock photo marketplaces where photographers can upload and sell their photos to businesses or individuals. Some of the most popular stock photo marketplaces include Shutterstock, Getty Images, Adobe Stock, and iStock.
The amount you can earn through selling stock photos varies based on the platform, the quality of your photos, and the demand for the type of content you produce. On average, photographers can expect to earn anywhere from $0.25 to $75 per image, depending on the licensing agreement and usage restrictions.
To get started with selling stock photos, it’s important to research the types of photos that sell well and are in high demand. Build up a portfolio of high-quality images that reflect popular trends and themes. Once you’ve created a portfolio, submit your photos to the selected stock photo marketplaces and wait for sales. Over time, with dedication and persistence, selling stock photos can be a great way to generate passive income.
10. Side Business With Amazon
Even as a single company, Amazon offers a variety of methods for earning extra income. Amazon Associates, for example, is one of the most popular affiliate programs on the web. Many bloggers, vloggers, or influencers use its program and links to generate extra cash flow when subscribers purchase their recommendations. The earnings for these sales are typically 3%-5% commissions.
Additionally, many writers have found success through self-publishing their work through Amazon Kindle Direct Publishing.
People who prefer manual or on-site work have successfully earned $15-$20 an hour through Amazon Flex roles in warehouses, fulfillment centers, and other sites.
And Amazon FBA (or Fulfillment by Amazon) has allowed thousands of people to white label their own products, store their inventory in Amazon warehouses, and allow Amazon Prime to do the rest – sparing them from dealing with shipping, returns, and other fulfillment logistics.
Of course, the earnings for this path vary greatly depending on what you sell and how much you sell.
In 2023, many of us are looking for ways to increase our earnings and meet our financial goals. Fortunately, making extra income while working full-time has never been easier or more accessible than it is now. Ten years ago, if you wanted a part-time job, you’d have to hurdle through job searching, late nights, and weekend work. Now, thanks to the internet and the gig economy, we have unprecedented flexibility, a variety of options, and the ability to ramp our hours up or down to meet our needs.
So what are you waiting for? Get started today.