Side Gigs Are All The Rage These Days!
Side gigs are all the rage these days, with professionals of different generations considering the benefits of picking up side work for extra cash. For a fresh graduate, a side hustle could provide the extra income necessary to save for a wedding or pay a down payment on a home. For a retiree, a side gig is the perfect way to get some income while keeping you active in an area that interests you.
The popularity and availability of side gigs is all thanks to the gig economy, which is a trend that is encouraging more businesses to hire independent contractors and more individuals to start new ventures. While the gig economy has some major pros and cons for the economy at large, it is good to take a look at how it impacts the individual participating in it; in other words, are side gigs really the best way to earn additional income?
The Nature of the Side Gig
First, we need to address the fact that not all side gigs are created equal. Some are capable of making you far more money than others, and some require a much more significant investment of time. For example, driving for a ride-hailing service providers like Grab or other similar companies can earn you a decent amount of money--however after you deduct expenses and the cut taken by the parent company, it can be significantly lower.
There are also other side gigs that have proven to be lucrative, and require far fewer expenses. For example, if you are able to tutor, you could get by with minimal equipment and overheads and make a minimum of $20 per hour for primary school students. This will increase based on the level of the student taught. An ex-Ministry of Education Teacher can demand significantly higher amounts especially if the tutoring sessions is done in groups.
There are also new entrants like the mobile app PHIX which originated from Singapore. It is a two-sided mobile app which connects service providers to the general public. Services such as cleaning, plumbing, electrical and much more are made available and can be booked immediately. This on-demand platform simplifies the need to painstakingly look for trustworthy contacts to service the needs of the public. Once the work is completed, the service providers would invoice the customer through the app seamlessly. Hourly rates are set by the service provider and are dependent on the type of trade. An hour of cleaning would average about $15 per hour whereas putting up a short curtain rod would average about $40 per job. Upon the completion of a job, service providers will be given a rating which would boost their profile.
Obviously, it is possible to make lots of money with a side gig (or make very little), but the level of compensation is not the only factor you have to consider when evaluating the opportunities that side gigs provide.
A young lady fixing a pipe
The Time Factor
One of the biggest advantages of a side gig is that it typically comes with scheduling flexibility. You do not have to quit your job or drop out of school to pick up a side gig. You can usually set your own working hours (or at least set your own availability). You can work as little or as much as you would like. This flexibility is something you will not find in a typical part-time or full-time job, and it is perfect for people with busy lifestyles, or those who are providing care to their loved ones and can only afford a fixed timing to work. The mobile app PHIX allows you to set your schedule whichever way you would like. Apart from the scheduling of work hours, you could also go online whenever you want with a slide of a button.
The Risk Factor
There also is not much of a risk in picking up a side gig, since you would not have to make a major initial investment. If you try walking dogs for some extra money but you do not like it or you cannot sustain the work, you can always quit without burning bridges. You also do not have to go through the process of starting a full-fledged business.
There is also the option of upskilling and learning a new trade. This would allow you to perform a new job that can be more lucrative than your current job. Local app developers PHIX, would provide the proper pathways to be skilled in the vocations offered on their app by reskilling local providers through Skillsfuture courses conducted by the relevant institutions.
The Personal Interest Factor
Side gigs are also appealing because they oftentimes do not really feel like work. People pursue them because they align with their personal interests, or give them an opportunity to engage with their favourite hobby; for example, the PHIX app offers services such as floral arrangement and landscaping which is an addictive hobby for some. And this can be a great service that others might need at weddings and other special parties. In this context, side gigs are the "best" way to make money not because of how much money they return, but because the money is simply an added perk of doing what you might be doing otherwise.
Alternative Forms of Income Generation
Already, it is clear that side gigs have some enormous advantages, but let us take a look at how they compare to other forms of making more money:
Raises, bonuses, and promotions. This is arguably the best way to make more money, since it has the potential to return more income while demanding little to no extra work. Asking for a raise or a more important job title can instantly boost your earnings. With the PHIX mobile app, you can set your own rate and give yourself the required raise as you improve your work experience and performance.
Major career changes. Your other option is to try and pursue some other full-time career, which usually takes a massive investment of time and money, or a huge personal risk. For example, you could be starting your own business.
Stacking side gigs. There have been a large number of people who have explored working multiple sources of gig jobs at once. They would drive passengers around in the morning, fix lightbulbs midway and do deliveries in the evenings. This form of scheduling of side gigs prevent the onset of monotony and burnout. You could also pick and choose, which gigs are the ones that pay the most and are most convenient for you.
The Bottom Line
Side gigs are too diverse too make a definitive conclusion about them overall; some side gigs are lucrative opportunities that could rival your full-time salary even with part-time work. Some side gigs will cost you more money than they will make you. But that diversity is what also makes them so perfect. Chances are, there is a side gig you genuinely love doing. There has to be one that perfectly fits into your schedule. There has to be one that has just the right balance of risk and reward. Because of this, side gigs truly are the best way to earn more income for millions of people.