With pay raises set to disappoint and almost 40% of Americans resolving to save more in 2023, some are looking for new ways to generate extra income with a side hustle.
Even as the US job market remains strong, so does inflation, leading some to seek more money. While Labor Department data shows that wages rose 4.6% in December compared to a year earlier, that still lags inflation, which rose 7.1% in November from last year. Labor force participation ticked up in December and the unemployment rate dropped to 3.5%, a five-decade low.
“Given rising interest rates, inflation and other rising costs, people are more inclined to sign up for a side gig to cover the increasing cost of living,” said Sinem Buber, lead economist at ZipRecruiter. Side hustles also become more common in strong labor markets — like the one we’re in now — when opportunities are plentiful, Buber said. Lining up a second part-time job may also provide a cushion in case layoffs spill over from big tech into the rest of the economy.
ZipRecruiter analyzed listings to identify jobs that can be done part-time with few or no starting requirements and ranked them by average hourly wages. Some popular side hustles like blogging or content creation didn’t make the list because they’re typically freelance and not listed on job sites.
These are the 10 most profitable side-gigs, according to ZipRecruiter:
1. Family assistant
Coming in at number one is “family assistant,” which usually involves some combination of cooking, cleaning, childcare, running errands, coordinating schedules and handling other household administrative tasks. Though many family assistants live with their employers and work full-time, part-time positions are available.
Craftsmen include specialists like carpenters, metal workers and glass blowers. Certificate programs, trade schools and community college offer training.
3. Sales specialist
Sales specialists work in a range of industries from tech to real estate to insurance. A sales representative reaches out to potential customers and manages those relationships.
4. Quality assurance reviewer
Quality assurance reviewers monitor, inspect and test products to ensure the company’s standards are upheld. QA reviewers can work in a wide range of sectors like food safety, pharmaceuticals, manufacturing and software.
5. Care coordinator
Care coordinators oversee and monitor patient care, usually in hospitals or long-term patient care facilities. The job involves coordinating schedules, working with patients and their families and organizing documentation and medical records.
6. Event representative
Event representatives organize special events for clients and help promote, set up and run the campaign. For example, event representatives could staff tradeshows or festivals, talking to potential customers and marketing products or services.
Many types of companies need commercial drivers, including construction, health care and retail.
8. Customer service
Customer service representatives resolve complaints and help clients with technical issues over the phone or via email.
9. Nursing aide
Nursing assistants support health-care staff by administering medication and providing basic care in hospitals, rehabilitation centers, nursing homes and assisted living facilities.
10. Lead generator
Commonly known as telemarketers, lead generators reach out to prospective clients by phone, email and social media, answering questions about services and scheduling appointments.
This article was provided by Bloomberg News.