They say don’t put all your eggs in one basket, especially in these changing economic times.
Relying on one income stream can be risky due to job cuts, retrenchment, and advances in technology. Companies are downsizing and adopting new technology to cut labour costs. All is not grim though; you can start a side hustle to earn a side income and protect your future.
A side hustle will give you the financial muscle you need to survive in this economy. In this article, we’ll take a peek into what are some of Singaporeans’ most profitable side hustles.
Tips for a successful side hustle
Before we go into the side hustles, here are tips you can follow to ensure success as you seek that extra income:
- Research on the best side hustle — look for one that earns you residual income and doesn’t require too much effort.
- Start where you are and identify knowledge gaps you can fill.
- Have a plan to make sure you manage your time well to avoid overlaps and conflicts.
- Find a side hustle that aligns well with your life goals.
- Seek advice from your industry experts to learn more about the industry before you start.
- Look for a side hustle where you can use your current skills.
- Have a clear goal on why you are starting a side hustle. Thinking of the bigger picture helps.
Profitable side hustles for Singaporeans
Side hustle income can help you reach your financial goals more quickly. Here are 17 side hustles that can help you earn a side income in Singapore and change your life for the better.