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In the past few months, the UK’s appetite for extra income has grown incrementally. This is illustrated below by the increase in people searching for the term “side business” on Google within the UK.
In January 2021 there were peak values in the search for the term, almost twice as high as in the last 5 years! If this is taken as an indication of interest then we are at an all time high for people looking for a side job!
Extended time at home, over 10 million people on leave, and rising layoffs have created a “perfect storm” for people looking for security in extra money to make in their spare time.
We’ve put together a round-up of some of the ways you can make money online.
Matched betting
In terms of the time it takes winnings to reach your bank account from a side business, few can match matched betting! With a few clicks you can make profit and withdraw it to your bank account from the platforms that you can spend or save.
So what is it To let OddsMonkey Spokesman Peter Watton explains:
“In short, matched betting is the process of getting real profit from the free bets that bookmakers offer to people who sign up.
A typical offer could be “Bet € 10, Get a € 30 Free Bet” – matched betting shows you how to place the € 10 bet to make little or no loss and then how to put that € 30 in convert real profit.
So you can walk away from this offer with a profit of around £ 24! Obviously there are hundreds of bookmakers in the UK with similar offers so just imagine how much profit can be made. “
One of the only things to be careful about is checking the odds on the bets to make sure everything is in line with the instructions on OddsMonkey. So be careful and reduce the risk of human error.
The obvious benefits of matched betting make it a very accessible starting point for additional income.
Dropshipping
Dropshipping went through a real “golden era” between 2016 and 2018 when many savvy online entrepreneurs found out they could buy items from online platforms like aliexpress and ask the supplier to ship them directly to the customer – but of course the product too mark in the sales process.
As this micro-industry exploded, certain e-commerce platforms and tools like shopify and Orbelo also exploded, making it much easier and more efficient to become a dropshipping entrepreneur.
The barriers to entry to dropshipping are an obvious investment of time in building a website, learning the processes, fulfillment platforms, and set up costs.
If you do manage to find a “hit product,” expect sales to come in pretty quickly if you get your marketing efforts right, but success may be short-lived as others are selling the product and are on the same marketing channels sneak in.
A quick summary – there’s a steep learning curve, but if you’re early on on a product you can make a decent profit, just expect others to quickly saturate the market.
Survey
We all know the score on paid surveys through a provider like Swagbucks or Google Rewards. Answer a survey for a set number of questions to complete and receive either cash, points or coupons.
Building profits can be slow for the time invested, the monetary reward is usually low, and while the barrier to entry is low, many find that simply time vs. reward is low. Totally fine if you shed a few pounds (literally) every month but don’t expect it to be a significant amount unless you spend a lot of time on it.
Low risk but low returns and very time consuming.
Find out more about online surveys here.
Self-employed
If you have in-demand skills such as content writing, digital marketing, or graphic design, then you should definitely consider freelance work to get away from the hustle and bustle. There are some great platforms out there like Upwork or even websites like fiverr if you’re looking for shorter term projects.
With freelance work, remember that your reputation is paramount in the area where you choose to be a freelancer so it is not a simple sideline. You want to maintain a high level of service and performance in order to get more work through good feedback.
Find out more about freelance work here.
Which side hustle suits you best?
This is not an exhaustive list, but it does offer some opportunities to start earning extra income as early as 2021. If you want to make a few pounds with the lowest barrier to entry then polls are a great option, but as mentioned, the ‘fruits of your labor’ will be extremely low. There are some learning experiences associated with matched betting, however OddsMonkey carry out step by step with full support, the profits are much higher than surveys, tax-free and also ongoing.
The remaining two options are much more “serious” and time consuming. Freelance work is project-based and can grow into regular customers with regular “customers”. Dropshipping is arguably a “business” and not a “sideline”. means passive or “record and play”.
Hopefully, if Side Hustling has been on your to-do list for a while, we’ve highlighted a few different options that could suit your time, skills, and lifestyle in 2021.
