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Having a profitable side hustle can be a valuable tool in increasing your earnings in 2023. A side hustle can provide you with additional income, allowing you to achieve your financial goals more quickly or improve your standard of living.
In today’s economy in which inflation keeps rising and the job market is uncertain, having multiple streams of income can provide a safety net. With the rise of the gig economy and the increasing popularity of freelance work, there are many options for starting a side hustle.
In this article, we suggested four profitable side hustles that you can use to supplement your income and stay ahead of inflation in 2023.
1. E-commerce: Many Nigerians have started their own e-commerce businesses by selling products on platforms like Jumia and Konga. You can do this as well. To get started, you have to research your target market, what their needs are and what product they are interested in buying. Once you have been able to identify this, the next thing is to find a product that is in high demand, but with low competition. You can use Google trend or Jumia best seller to help with your research. Ensure you find a reliable and trustworthy supplier to avoid any issues with your business. Use social media, email marketing, and influencer marketing to promote your products and reach a wider audience.
2. Content creation: With the growing demand for high-quality content, many Nigerians have started their own content creation businesses. You can do this as a side hustle as well. To get started, determine your niche by identifying the type of content you want to specialise in such as writing, finance, photography, videography or graphic design. Create a portfolio of your work to showcase your skills and experience to potential clients. Once you have a portfolio, network and market your business, attend industry events, connect with other content creators and potential clients, and use social media and online platforms to market your business.
3. Food delivery: With the rise of food delivery apps like Jumia Food and Glovo, many Nigerians have started their own food delivery businesses. To get started, research and identify areas that have a high demand for food delivery services and the types of food that are popular. Determine who your target market is such as busy professionals, families or students. This will help you tailor your services and marketing efforts to meet their needs. Partner with local restaurants to offer their menu items for delivery. Choose a delivery platform such as Jumia Food or Glovo, to handle the logistics of food delivery. Alternatively, you can develop your own delivery app or website to handle orders and delivery. Hire reliable and professional drivers to handle the delivery of food to customers. Provide them with training, insurance and a fair compensation package to ensure their satisfaction. Don’t forget to establish a pricing structure that covers the costs of food, delivery and overhead expenses, while also providing a profit margin. Finally, use social media, online advertising and local marketing efforts to reach your target market and promote your food delivery business.
4. Virtual assistant: Identify the specific skills and services you will offer as a virtual assistant such as administrative support, social media management, or customer service. Develop and refine the skills you need to offer as a virtual assistant. This may involve taking online courses, attending workshops, or gaining practical experience. Create a professional profile on platforms such as Upwork, Freelancer or Fiverr to showcase your skills and services and attract potential clients. Create a portfolio of your work to showcase your skills and experience to potential clients. This can include samples of administrative work, social media posts, or customer service interactions. Network with potential clients and market your virtual assistant business through social media, online forums and professional organisations. Finally, offer a trial period to new clients to showcase your skills and gain their trust. This may involve working on a small project for a reduced rate.
There are other side hustle ideas you can do as well such as:
- Online tutoring and coaching
- Digital marketing
- Event planning and coordination
- Personal shopping and styling
- Cleaning and home organisation services
- Social media management
- Freelance graphic design
In conclusion, when starting a side hustle, it’s important to thoroughly research and validate the opportunity before committing to it. It’s also important to manage your time effectively to avoid burnout. A profitable side hustle can be a valuable tool in increasing your earnings in 2023 and can provide a safety net, personal fulfillment and financial benefits.
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