Investors and economists predicted a recession in the U.S. in 2023. Yet, they were mistaken. The economy of the U.S. thrived in 2023. However, the country is expected to slip into an economic downturn in 2024. Economist David Rosenberg says there is an 85% possibility of a recession in the U.S. That is the highest chance since the Great Financial Crisis.
In times of recession, having multiple sources of income can offer financial stability as well as peace of mind. Starting a side hustle is a great way to bring in extra cash. However, consider opting for a recession-proof side gig. This will keep you financially resilient during an economic downturn. But, how do you choose a side gig when the options are abundant? We’ll help you do that.
In this article, we’ll explore recession-proof side hustles you can start today.
Virtual assistants are always in demand. Industries like finance, hospitality, retail, healthcare, and media constantly seek talents who can provide remote technical, administrative, and creative support to their businesses.
Working as a virtual assistant is lucrative. Virtual assistants, on average, earn $5,232 per month. But, many companies prefer hiring assistants part-time and paying them on an hourly basis. You can earn between $15.07 and $39.93 per hour if you take up a side gig as a virtual assistant.
Your tasks could range from handling customer inquiries, scheduling appointments, and managing emails to managing a company’s social media account. This role doesn’t require any prior experience, and you are also free to choose your working hours. That makes it an attractive option for individuals working nine to five.
Virtual assistant jobs are aplenty on the internet. Upwork, Fiverr, and Flexjobs are popular sites where you can search for virtual assistant jobs that match your talent and skills.
With the rise of on-demand delivery services, delivering groceries has become a thriving side hustle. Platforms like Shipt, DoorDash, and Instacart, offer individuals opportunities to earn extra cash by delivering groceries to the doorstep of customers. You can sign up as a driver on these platforms and start making money.
As a grocery delivery driver, you will have the flexibility to set your own schedule. You can work as a delivery driver any time during the day and work as little or as much as you want.
Grocery comes under the essentials category. That means the demand for them is always high, even during economic downturns. Your potential to earn as a grocery delivery driver is high. You can, on average, earn $18.88 per hour by delivering groceries to customers’ doorsteps.
However, plan your route efficiently so that you can make the maximum number of deliveries per trip. This will help you minimise fuel costs.
Additionally, keep an eye on the pricing. Many grocery delivery platforms surge pricing when there is a high demand for delivery. You can pocket more money by delivering groceries to customers’ doors. Lastly, provide exceptional customer service. This will increase your chances of earning tips, making your side gig lucrative.
These recession-saving tips can help you maximise your income and make the most of this side hustle. This side hustle will remain recession-proof as long as people need groceries delivered to their homes.
Freelancing has become an attractive option for people seeking supplementary income. Credit goes to the rise of the gig economy and remote work. Some fields where freelance creatives are in high demand are content writing, digital marketing, web development, teaching, and transcription.
Offering creative services as a freelancer is recession-resistant because many clients hesitate to hire full-time staff during an economic downturn. Freelancers, unlike full-time staff, aren’t paid a monthly salary. Rather, they are paid on an hourly or project basis. This payment method makes them an attractive option for businesses during a recession.
Freelancer.com, Upwork, and Fiverr are some platforms where you can connect with clients seeking your expertise. A significant advantage of working as a freelancer is that you work on your own terms with the clients of your choice and projects that align with your availability, interests, and skills.
Whether you’re a writer, web developer, or designer, freelancing offers a rewarding and resilient avenue for generating extra cash. You can expect to make anywhere between $62,000 and $108,000 as a freelance creative.
To wrap things up, recession-proof side gigs aren’t merely a means to boost your income. They are an excellent way to become financially resilient and independent.
Whether you choose to become a virtual assistant, grocery delivery driver, or freelance creative, each of these side hustles will help you future proof your finances.
However, this list isn’t the be-all and end-all when it comes to recession-proof side gigs. Many more recession-resistant side gigs are available. Some of them include becoming a transcriber, taking surveys, working as a bookkeeper, and offering child care services.
Before you choose any of these side gigs, remember that it isn’t only about earning extra money. Rather, it’s about taking control of your financial destiny and creating opportunities for growth and stability.
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