There’s no doubt that the gig economy represents big business in the UK, with the size of this market more than doubling between 2016 and 2019 to employ an impressive 4.7 million workers.
While many of these individuals work as full-time freelancers, there’s also a growing number of people who operate on a part-time basis as a way of supplementing their main income stream.
Fortunately, there are numerous ways to earn additional income in the modern age, but which of these are the best and most popular options? Here are some ideas to keep in mind:
- Freelancing
We’ll start with freelancing, which can be done by anyone with good time management skills and a marketable skill that’s in demand in the digital age.
Particularly popular freelance roles include copywriting, graphic design, content design and SEO practitioner, while those who develop professional websites can also thrive in the gig and freelance economy.
The key is to utilise channels like LinkedIn to network with potential clients, while being proactive across various social media platforms to publish, share and discuss your very best work.
We’d also recommend that you learn how to manage your scarce time effectively and create a viable working schedule, and one that doesn’t compromise on your day job or any commitments you may have as a mother or father.
- Launch a Side Business
Freelancing can often provide a gateway to a successful business, particularly if you’re able to scale your efforts organically and grow your client base over time.
Of course, transforming any marketable skill or passion into a business is extremely challenging, from attempting to fund and scale your endeavours to learning additional skills such as networking, the management of staff and (in some instances) invoicing and accounting.
However, this can be incredibly rewarding from both a financial and professional perspective, while the barrier to and cost of entry when launching a new business have diminished during the digital age.
Minimising overheads is definitely key here, as this will enable you to scale your efforts as much as possible without requiring you to take on debt.
- Consider Options Such as Trading or Investing
On a final note, you could also enter the financial market to trade or invest in particular assets and create an ultimately passive stream of income.
From a trading perspective, you can earn a supplemental income from forex trading, even in instances where you only have a few hundred pounds to spend. This is thanks largely to increased leverage in the market, while the derivative nature of currency means that you can speculate on price movements and profit from everyday volatility.
As an investor, you’re more likely to exchange money for more tangible assets and stores of wealth, including stocks and shares.
This is great for those of you with a long-term outlook, as investment can deliver regular and sustainable yields through vehicles like equities and bonds.
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