The Best Side Hustles for 2022

The Best Side Hustles for 2022

The Best Side Hustles for 2022

The gig economy represents huge business, with this entity having more than doubled in size since 2016.

To this end, gig workers currently contribute an impressive 347 billion dollars to the global economy, with most of its grow value coming from asset-shared platforms such as Uber or Airbnb.

Interestingly, some 48% of gig workers on these shores also have a full-time job. But as many are turning to the gig economy to boost their primary income stream, what are the best side hustles to consider? Let's get into it!

Why are People More Inclined to Seek Out a Side Hustle?
The initial question is why are more people turning to the gig economy or looking to create a viable side hustle?

Certainly, this trend has been accelerated by the coronavirus pandemic, which has impacted significantly on the finances of households and (in the worst case scenario) caused contributors to lose their jobs.

This has created a sudden and pressing need for extra money, while continual lockdowns and similar coronavirus measures have also afforded people the time to re-evaluate their lives and seek out additional and more flexible streams of income.

This trend is also being enabled by technological advancement, which is making it easier than ever for Millennials and even older demographics to work remotely and participate fully in the gig economy.

What are the Best Side Hustle Ideas in 2022?
At this stage, all that's left is to appraise and evaluate the best side hustle ideas for 2022. Here are some key money-making opportunities to keep in mind:

#1. Dropshipping: If you want to dip your toe in the $118 billion (£90.19 billion) ecommerce marketplace but don't know where to start, you could consider working as a dropshipper. In this case, you'll identify in-demand items among clients and purchase these at wholesale prices, before shipping these directly to your customer from the supplier. You'll sell the items for their recommended retail price, banking the difference between this and the wholesale cost as your profit.

#2. Forex Trader: No list of this type would be complete with the inclusion of forex trading. Available through vehicles like spread betting and CFD trading, this enables you to speculate on market price shifts and profit even in a depreciating market, while accessing increased leverage to control disproportionately large positions. Of course, you'll need market knowledge and a sense of determinism to succeed as a forex trader, but this is ideal when looking to supplement the income from a 9-5 job.

#3. Micro-Influencer: While bona-fide influencers tend to be minor celebrities and boast millions of followers across their social channels, micro-influencers can operate at a slightly lower (but still lucrative) level. You'll need a social media following that's larger than the average but smaller than a full-scale influencer, while having expertise in a specific market is also helpful. You can leverage this platform to promote relevant products or services, usually as part of wider and more integrated marketing campaigns.