How To Earn Extra Income in Singapore, What's the Best Way?
Workclass.co, How to Earn Extra Income in Singapore - Singapore rapidly became a high-income country in the decades after independence. Living in Singapore means you already know that Singapore is one of the world's most competitive economies. Now that you know about how the world views the Singapore economy, look at yourself. Are you satisfied with your current income? If not, you might consider taking a side job in order to earn more money.
Despite Singapore being a high-income country, the fate of your financial security is in your hand. Financial security is to have a stable income or other resources to support a standard of living now and in the foreseeable future. If you're worried about this right now, then earning extra income is a solution for your worry.
Earning extra income will also help you to ease worries caused by relying solely on your day job due to some possible risks. The risks such as pay cuts, retrenchment, and many others. You may be content with your current income and position because you're doing well, but you will also want to save money for a rainy day.
The other benefit of earning extra money is that it will give you a little help to save money in the bank, because saving money only without extra income can't give you a significant impact.
In conclusion, the idea of earning extra cash may have crossed everyone's mind. As it can give them financial security, freedom to exercise and maximize their potentials, and freedom to use their resources as they like.
But, how to earn extra income in Singapore? What can you do to earn extra money?
The answer is side hustle. The definition of side hustle itself is any type of employment or works undertaken in addition to one's full-time job. The purpose of side hustle is to provide supplemental income. However there are many ways to do side hustle and gain extra money.
You can choose any type of side hustle that fits your passion and schedule. To start your own business is one of the side hustle that you can choose if you have passion in business. If you prefer to work for a company, you can work as a freelance, contract, on-call, or part-time. Last, you can also choose passive income or make money online.
Before reading further about side hustle in Singapore, first be sure to find out what your company's policy is regarding outside work to avoid any potential conflicts with your employer. You should also be careful not to take side jobs that can disrupt your main job because keep in mind that a side job means giving up some of your free time, not messing up your main priorities.
To start a business you need tremendous will to be prepared for anything. As only those succeed businesses that inspire you to start one, but you also must be aware of chances your business won't last. These kinds of things are the first thing you need to be aware of in order to succeed at building a business.
At one point, sure, your initial purpose to start a business is just for a side hustle. However, as soon as you start “diving”, whatever is in front of you, is what you actually have to face. You still need to pour a lot of energy and effort to make it succeed.
Therefore, there are steps you should follow before you start a business and maintain the progress so you succeed in running your own business.
a. Build your network
A network is the lifeblood of any successful business. Building and maintaining a network is not easy. It requires discipline and effort to get more beneficial networks and keep in touch with them in the long-term.
To build a network, you can start with joining online groups on social media that are related to and support your business. You'll learn a lot of insights from people who have started the business earlier than you. You'll also gain a lot of information from basically everyone in that group through information sharing.
Then you'll need to maintain and keep in touch with them. You can do it by asking them to get together over coffee once in a while. The other way that you can choose is reaching them out by email, text, or social media (Facebook, Twitter, Instagram, LinkedIn).
Network is important because they can give you advice that might work well for your business and also expand your knowledge. That's the reason they can be your mentor as well if you find one that fits well with your needs. So if you have no idea what to talk about with your networks, in this matter, you can talk about your business with them.
b. Write a business plan
If you care about being organized, a business plan will help you to get everything straight before jumping into the action. It will help you think through your most basic ideas and vet the business model as a viable opportunity. So a business plan can be the first “print” by laying out intentions on black and white to make sure that your business is actually do-able and realistic.
c. Get your finances in order
It is wise to remove yourself from the burden of any debt first before starting a business. It's also better to set your financial priorities first. For example, you need to determine the budget for every kind of expense. Remember, your intention to start a business was a side hustle. However, even if it's a side hustle, you still have to make it right.
d. Set realistic financial goals
Making realistic assumptions on revenue and expenses help you meet your goals. This point is really important in the first phase of starting a business. Figure out your true current compensation beyond your base salary and bonus.
Add benefits such as health and life insurance, stock options, paid time off, even maternity/paternity leave. Determine if you can bill enough to make up for your lost income.
e. Sample of Business
Next, there're many businesses that you can choose from. Find one that you think is the right one. Here are several common small businesses that might interest you.
1) Food Business
This is one of the most businesses that can do from home. Though it's common, it doesn't mean this business is easy to maintain. Many start this business, only some of them can maintain it for the long-term. Every business has its own ups and downs, but if you have passions in selling your home cooks, there shouldn't be second thoughts to start it.
2) Sell Handmade Products
If you have passions in handcrafts, you'd want to sell the products to earn extra money. So you can continue doing activities you're passionate about. If you enjoy knitting, you can create a sweater, blanket, or anything and sell it on e-commerce platforms. You can also make own website to sell items that you have.
There are many others such as selling craft wooden furniture, candles, jewelries, pieces of art, and many more that suit your skills and interests.
3) Dropshipping Business
Starting a business doesn't always mean you're the one to produce the products. If you don't feel like having skills to produce anything, you might want to consider being a drop shipper. A
s a drop shipper, sellers partner with dropshipping suppliers who manage the inventory and ship products directly to customers on the seller's behalf.
4) Online Business
If you have skills like internet marketing, developer, content creator, graphic designer, videographer etc, maybe you can try a business that can be run online. For example, if you are interest on videographers or reviewing a product you can make a Youtube channel and then upload you video to your channel. You can also use social media platforms to promote your Youtube Channel.
If you have a product, you can be selling products online on a marketplace or make your own e-commerce website.
Being tutor on online courses
Make money online with survey sites
Generally, it's not easy to take a part-time job when you have a full-time job due to limited time. But if you can manage to do all your jobs extraordinarily, you might consider getting one because the salary is good for example, you can earn a few hundred dollars every day.
Some people do part-time jobs not only for the money. They also use this chance to build their resume. It means, there's a lot that you can achieve with a part-time job depending on your purpose. This is the reason it's important to know what kind of part-time job you can do, would support your resume, and fulfill your passion.
Many part-time jobs also allow you to be a freelancer and work from home. So your contract with your employer is only for the agreed job or task and it allows you to take other jobs at once as long as you can handle them all. Now, here are some part-time jobs you'd like to know more about to earn extra money or you can also find others that suit your interest and passion better on workclass.co.
The example jobs :
Online tutoring / tutor online
There are many events in Singapore and in order for the event to run smoothly, they need to hire an emcee. If you are already familiar with emceeing or interested with this job, you may consider applying for this job. Even in this pandemic era, there is also the option to work as a virtual emcee.
The people who consider emceeing as a no-no job, should know that they are paid quite well in Singapore. The work time is also shorter than other jobs. You only have to come to work for a day, complete the job on the same day, and get paid on the same day.
What does an emcee do? Their main tasks are introducing performers or speakers to put them at ease, announce items on the agenda, and recognize sponsors. They also create an atmosphere of interest and expectation by providing some humor, giving some brief, or ice breaker.
4. Earn Extra Income by Becoming an Tour Guide
As the number one tourist destination in the Southeast Asia region according to aseanstats.org, the tourists are willing to pay hundreds of dollars for a tour in Singapore. This can be a good chance if you like the idea of taking people strolling around Singapore.
However you are required to have a tourist guide license to be a tour guide in Singapore. You can obtain it by completing a 6 months long training program. The training provider you shall choose is based on SkillsFuture-approved education provider. They will teach you about Singapore's history and heritage, as well as teaching you how to do excellent presentation and tour-leading skills.
5. Earn Extra Money by Becoming an Admin
Part-time employee as admin usually has less work time. For example, you'll only be required to work three days per week in a company as a part-time admin. It makes a good option if you are interested.
Their duties are liaise with customers and suppliers on the orders and deliveries via phone and email, prepare delivery orders and invoices, and collate and record daily orders or deliveries.
6. Earn Extra Money by Becoming Tutor
The tutors can also work independently or for the company that hires them. For example, home tutors, they tutor the students from one house to another. Home tutors however can work independently or hired by a company as well.
This job can give you a high salary because of how competitive the education system in Singapore is. It affects the family that they are willing to pay more money so their kids can pass the school well. This means that your education background matters. You can find tutor jobs on job sites like workclass.co
If you have a bachelor's degree in English from a notable university and tutoring JC students, you can earn money over $100 per hour. Then, if you are tutoring middle or elementary school, the range can be between $30 and $60.
7. Earn Extra Money With Passive Income
Passive income is another way to earn extra money. With passive income, basically you don't have to do much to earn extra cash. It can mitigate the negative effects of having a part-time job. But, you'll need a lot to do before your passive income eventually can run smoothly. You can choose investment as a passive income.
According to DBS research data, S$35.3 million of stocks have been bought by NAV Planner users from Singapore in March 2020. The number is three times more than in February. The users invest and read up on investment products such as Real Estate Investment Trusts (REITs) or how to use their Central Provident Fund (CPF) to invest.
Finally, earning extra money by doing a side hustle is a way to reach the financial security and freedom that everyone has ever dreamed of. There are at least three ways to do it based on your preferences, resources, and capability. You can earn extra income by starting a business, work part-time, and receiving passive income by investment.
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