The cost of living is rising and with Brexit still unfinished, it’s uncertain how high prices will rise. According to some economic experts, the United Kingdom is on the brink of a recession and the rest of the world’s economies do not appear to be much healthier.
These are worrying times, and many are concerned about how best to secure their financial futures. We are also living in the era of the side hustle, where everyone is trying to monetise their hobbies or find ways to turn their spare time into a second income stream.
With so many pressures and so many opportunities thanks to the possibilities offered by the internet, now is the perfect time to launch a digital business. If you’re looking for a side venture in an online market, here are some of the best choices for 2022.
Digital Consultant
There are many different avenues to take a digital consulting business based on the skills and expertise you possess. Social media has become one of the primary ways that customers find new brands and interact with brands. Having a social media manager on staff is an expense that many small businesses don’t think they can afford, however having a social media consultant to guide them strikes them as a workable compromise. This is a huge potential industry if you have strong social media marketing skills.
Another possibility is an e-commerce consultancy. Businesses know they need to sell online to remain competitive, but many are unsure how best to implement these features. A great example of a successful consultancy in this field is Leeds-based That Works. They work with brands to improve their e-commerce offerings and overall customer experience using the Shopify platform.
iGaming business
Online casinos are becoming a huge industry in the United Kingdom and across most of Europe. There is so much room for growth. Even though it is a crowded market, it is still young enough that there are plenty of specialized niches that are just waiting to be filled.
Unlike some of the other suggestions on this list, running an online casino isn’t the kind of side venture that can be fit into a few spare moments, it is a major investment and commitment, but it also has the potential to pay out in a big way.
If this is a commitment you’re willing to make, thankfully there are some ways to ease the burden. There are established companies that can help you build your online presence in iGaming and handle much of the behind the scenes running of the business.
If you find iGaming interesting but don’t want such a major side venture, there is a market for streaming online casino gameplay. Most people are familiar these days with the popularity of video game streamers but there is also a market for iGaming streamers. People want to see what a game or online casino is like before playing it, so with the right personality and detailed information about the games being played, it’s possible to turn slot game streaming into an income stream.
Blogging and YouTube
If you have a creative streak that isn’t being utilised in your regular day job, your side venture could be the perfect way to put those talents to good use. Unlike the other options listed above, these will not be immediately profitable. However, with the rise in affiliate and influencer marketing, they have the potential to be very lucrative once you develop a following.
If writing is your forté and you prefer not to be in front of the camera, blogging is the ideal option for you. Blogs may seem to have had their heyday in the 2010s, but they are still read by millions daily. Starting a blog is also very easy and doesn’t require much, if any, financial investment.
Starting a YouTube channel doesn’t have to be a major investment either, many channels begin simply using their phone or computer’s built-in microphone and camera. If you have anything that you’re passionate about, YouTube is a great platform for sharing what you love. Income can come through ad revenue, affiliate links and sponsor deals, and through the sale of merchandise once you’re established enough.
The two most important factors in a successful channel or blog are to have a unique voice and focus — this will allow you to develop a following, and to be consistent with posting — this helps you keep the following you’ve built.
