You don’t always need to leave the house to make some extra cash. Here, Peter Watton from OddsMonkey outlines the top five online side hustles you could try from home in 2021. *This is a sponsored Post*
In a recent OddsMonkey survey, Peter discovered that one in four Brits has a side hustle, earning an average of around £230 per month.
Side hustles out of home range from renting out your spare room, dog walking, or even babysitting — a little more difficult, the internet can be a great place to make some extra money from the comfort of your own home.
Below are five online side hustles you can try in 2021.
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Take part in surveys
Answering online surveys is a popular way to generate some additional income, and there are quite a few companies out there that will pay you for taking part. Each survey you fill out will be worth a certain amount of money, with the longest surveys being worth the most.
You’ll usually have to meet a payment threshold before the site will pay you though, meaning you might need to fill out a few before you get paid. The payment threshold can differ between sites, but it’s best that you take note of it and keep track of which surveys you’ve carried out and how much you’re owed for each one.
Matched betting
Another popular side hustle is matched betting, with 6% of the respondents naming it as their main activity to earn some extra money. On average, people earned around £216 each month.
Matched betting involves using the free deals offered by betting exchanges and placing a bet on both outcomes of an event to make a profit. Here’s how it works:
- Find a deal that you qualify for. Most betting exchanges usually offer a free bet to new customers, but other deals may also be available.
- Use this free deal to bet on an outcome of an event. This is your back bet.
- Use your own money to bet on the opposite outcome. This is called your lay bet.
- Because you’ve bet on both potential outcomes, you’ll earn something back no matter what the result is. So, if your lay bet wins, you’ll get your initial stake back plus your winnings. If your back bet wins, you will lose the money you spent on your lay bet, but your winnings will make up for the loss.
To ensure that you still make a profit even if your back bet wins, you’ll need to use an online matched betting calculator. This will work out exactly how much you should spend on your lay bet, to earn a profit no matter the outcome.
Selling online
Selling items online is a popular side hustle. 20% of the respondents in the survey said they prefer this method of making money.
You can sell almost anything online, from clothing to craft items. This is the perfect option if you’d like to turn your hobby into a business or if you’re looking to sell a few of your old things. Just find an online platform to sell from, such as eBay, Depop, or Etsy, or consider making your own website.
Social media is another great outlet for online stores. From setting up your own business social media page or heading to the online marketplace feature, you’re bound to get your products seen by a few eyes.
Dropshipping
Alternatively, if you’d like to set up your own online store but don’t have any products to sell, you could try dropshipping. This is just like selling online, except you won’t need to carry any stock yourself. Instead, you can get everything from a third-party supplier who will ship the item directly to the customer.
You’ll only receive a percentage of the profits after each sale (the rest will go to the supplier), dropshipping is a relatively simple way of making money. All you’ll need to do is handle the customer side of the business.
If you’re keen to give drop shipping a go, make sure you spend some time looking for a reputable supplier so you know exactly what kinds of products your customers are getting.
Blogging
Blogging can require a little more time and skill than some other side hustles but can sometimes see the best returns (an average of £333 a month, according to our survey). GreatDealsMadeEasy and careertaster.co.uk make money from affiliate marketing and sponsored posts.
The first thing you’ll need to do is find a topic to blog about. You’ll need to keep the blog up and running for a long time for it to be lucrative, so it’s best to pick a topic that you have a keen interest in so you can keep it going.
Once you’ve set up your blog, there are a few ways you can make money from it, including ad revenue, working with sponsors and affiliates, and guest blogging for other sites.
Having a side hustle is the perfect way to give your wallet a boost. If you’re looking to make a little extra money in the new year, just give one of these side hustles a try.
For saving tips for 2021, find out how you can save with the UK top money bloggers. Need to save money quickly? Check out some top articles. Finally, for more ideas on earning money from home, read the exciting article now.
Other side hustles include:
