Top 5 Side Hustles For Women In 2023’s Gig Economy
The gig economy is in full effect, with the youngest members of the workforce, Gen Z, earning their title as the “Side Hustle Generation.” Yet, despite that more and more Americans (53% of Gen Z and 50% of Millennials) are maintaining multiple income sources, women in particular seem to be hardest hit.
In fact, the US cost of living crisis is twice as bad for women. Here’s why.
A recent survey into workplace inclusion and diversity showed that:
- While 24% of females have not had a pay raise in the last 12 months, only 15% of men report to have experienced the same.
- Men are also reported to be twice as likely to receive additional monetary-based perks in their workplace.
- 67% of men earn a median salary of $55k or more, versus only 39% of women.
- Overall, factors like these have led to 40% of women feeling underpaid for what they do, versus only 24% of their male counterparts.
So, while a singular job may not be cutting it for a growing number of Americans, the pay gap leaves women specifically vulnerable. Women have a greater need to leverage part-time gigs to supplement their income.
Here are the top five side hustles for women to consider in 2023.
1. Start a freelance writing or blogging gig.
On average, freelance writers earn $29 an hour. This means that with only 10 hours of work a week, you can rack in an extra $1,160 a month, which equates to $13,920 a year.
The benefit of freelance work is that it can be done anywhere and on your own time. You can build a portfolio for your niche— whether that be copywriting, blogging, or news writing— that evolves into higher paying opportunities or even a full-time job in journalism or content marketing.
Not sure how to land your first freelance writing job? Visit job boards like Peak Freelance or FlexJobs.
2. Turn your hobbies into a business on Etsy.
Whether you’re into pottery, knitting, graphic design, photography, painting, or jewelry making, you can monetize your hobby by opening an Etsy shop. Etsy connects you to a huge audience and consumer base. Successful Etsy businesses turn between $43,000 and $46,000 annually, which is even more than the average salary in the United States for people ages 20-24.
Once you establish your e-commerce business, be sure to self-promote on your own social media profiles.
3. Begin online or in-person tutoring.
Online tutoring is a great way to earn extra income, especially if you need more flexibility in your side gig. Websites like superprof and Preply can help you find virtual teaching and tutoring jobs.
4. Use your social media know-how.
Today, social media is so much more than just a way for people to connect with their friends or post pictures — it’s a whopping $68B industry with so much projected growth.
Across all industries, social media has evolved into a huge marketing avenue for companies, which leaves thousands of small businesses out there, including start-ups, mom-and-pops, cafés, and more looking for social media connoisseurs to manage their accounts and connect with consumers.
Gen Zs are digital natives … social media comes more naturally to this generation over others. So, use your digital skills to make extra money. Search sites like Indeed to monetize these skills.
5. Open a childcare service.
Childcare and education are excellent niches to make extra cash while doing rewarding work. Historically, childcare has been a female-dominated field, and still today, an overwhelming 85.8% of babysitters are women. These jobs can pay as much as $30 per hour depending on experience and location.
You should also note that landing a childcare gig is easier now than ever before. No old-fashioned networking necessary; websites like care.com connect you directly to families looking for your services— all you have to do is build a profile and subscribe to find your next high-paying side gig.
Hopefully these 5 side gig ideas left you feeling more optimistic about your finances and sparked an idea for how to make additional cash this year.
Source: Forbes.com
