Americans have started plotting out their money moves for 2024. Nearly a quarter, 22%, plan to pay down debt, according to a November 2023 Bankrate survey of 2,391 U.S. adults, while 15% plan to save for emergencies. And just a notch more, 16%, plan to get a higher paying job or pick up another source of income.
If you're one of those looking for another income stream this year, consider what you like to do for fun or have a natural aptitude for and look into the option of monetizing that. If you love animals, for instance, maybe pet sitting is for you.
Here are four side hustles experts believe will be in demand this year.
House helper
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Workers have been trickling back into the office since the pandemic. "Folks who got accustomed to being able to do a lot of things because they didn't have a commute and they were home now can't do that," says Angelique Rewers, CEO of small business consulting firm BoldHaus.
As a result, "we're seeing people want helpers for personal shopping and even personal returns," she says. People are hiring for "things like mowing the lawn, getting their car washed." It's a category generally referred to as house helper, house manager or even personal assistant, and can span the gamut of errands in people's day-to-day.
Offer your services as a house helper on sites like Nextdoor and local community groups on Facebook. If you're interested in doing people's laundry you can also sign up on sites like Poplin or hampr. Rewers says she's seen the gig pay anywhere from $15 to $30 per hour.
Money Report
AI specialist
Demand for people with AI skills has exploded, especially since the launch of ChatGPT in November 2022. Searches for AI consultants on freelancer site Fiverr increased by more than 650% between January and July 2023, according to the site.
Doing "a deep dive into an AI skill is absolutely worth your time," says Kathy Kristof, founder and editor of Sidehusl.com. That is, learning how to use tools like Midjourney and ChatGPT. But, she adds, "have a niche where you feel really comfortable that you can deliver something better than anybody else."
She gives the example of a guy who charges $150 per hour for using AI tools to design book covers. There are AI experts on Fiverr who focus on email outreach or creating animated characters as well. Peruse sites like Fiverr and Upwork to see how people are finding their niches and figure out what's most appropriate for you — just keep in mind the fees each site charges when you get hired.
"You're talking anywhere from $50 to $150 an hour, depending on the specialty and their level of expertise," says Rewers.
Tour guide
Even a few years after the height of the pandemic, "there's still this kind of lockdown backlash," Kristof says. Whether it's travel or entertainment, "people just cannot get enough of it."
With travel specifically, "you're seeing this huge rise in people traveling everywhere and anywhere," she says. Tourism recovered 87% of pre-pandemic levels from January through September 2023, according to the World Tourism Organization. And those people need tour guides.
If you're an expert in your hometown or local city, consider building a tour and offering it on sites like Viator or ToursByLocals. A craft beer tour of Denver, Colorado, starts at $58 on Viator and a tour of Tucson, Arizona, is $445 for up to four people.
Both sites include fees for guides so make sure to read the fine print. Plus, depending on the kind of tour you give, there might be some costs incurred. If you offer a driving tour, gas might end up cutting into your profits. If you do a food walking tour, you might end up spending some money on the foods you introduce people to.
Some tour guides might not even be serving travelers. Kristof and her daughter "did a crime tour of L.A. just to be tourists in our own city," she says.
Athletics instructor for seniors
There's a growing population of seniors. In 2020, one in six people was 65 years old and older, according to the U.S. Census Bureau.
As they retire, "we older people also are taking up different sports," says Kristof, "like pickleball." And they're looking for instructors. Sites like TeachMe.To offer people of all age groups lessons in pickleball, tennis, golf, boxing and surfing. One pickleball instructor on the site charges $141 per one-hour lesson.
If you're experienced in any of these sports and like teaching, consider offering your services. TeachMe.To charges a commission as well, so price accordingly.
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