Ready for a side gig? This is how to get started

In today’s economy, it is not uncommon for Canadians to look for ways to bring in some extra money. Side gigs and side hustles are a great way to top off your primary income and put your hidden talents to use. Just don’t forget to take some time to rest!

Essentially, this is work you do in addition to your main job. If you need to earn extra income to help pay the bills or save for a special occasion or unexpected repair, a side gig could be the answer. If you have a hobby or skill that you’re passionate about, but aren’t certain if pursuing it full-time will cover living expenses, dabbling in the side hustle version can be a great way to round out your life and your earnings.

Side gigs are an increasingly popular way to help boost your cashflow. In a recent survey by Statistics Canada, nearly half of all Canadians felt that the current economic climate made it difficult to afford everyday expenses.¹ This has meant many Canadians are looking for ways to enhance their income. That’s where side gigs come in. According to the survey, approximately one in four Canadians is getting into the side job business.

Perhaps you have a big once-in-a-lifetime event you are saving for or just need help balancing your budget. You are not alone. For the many Canadians looking for ways to bring in supplemental income, side gigs are on the rise.

First things first, get a clear idea of how much extra money you want to bring in monthly. Take a look at your existing budget and see where and how much you are falling short.

Scotia Smart Money by Advice+ can help you with creating and managing your budget.² It makes it easy to track your bills, monitor spending and manage your cash flow from the convenience of the Scotiabank app. Plus, you'll get personally tailored advice you can use to better manage your money.

The Scotiabank Money Finder calculator can also help you determine if you have additional funds available to put towards your financial goals by comparing your income to your expenses.

If you have an innovative idea or a specific product you want to sell, do some homework to see if there is currently a demand for it and how much people are willing to pay for it. For example, what should your gorgeous custom pet portraits cost? If an online search isn’t helpful, try asking your friends and family for some free market research.

Figuring out how much time you have weekly to dedicate to your side gig will help you decide which route to take. Some side gigs require a bigger upfront investment but then ease up, while others, like dog-walking, require a set time commitment. Be realistic about how much time you have to give and how much flexibility you need without burning out.

How much might you need to get started? Is it a passion project or hobby turned side hustle that may require you to purchase materials upfront? Do you need any license or certification first? Before jumping into a side job, consider how much it will cost and examine how long it will realistically take for you to start making money.

You may start small, like baking cakes for friends' birthday parties or selling tie-dyed T-shirts at a local event, but if you are thinking bigger, you need a business plan. If you consider this side gig more than a short-term part-time job, you may need to set up a business bank account. Check out these small business resources and helpful checklists.

There are plenty of online platforms available where you can set up shop. Some sites are product-specific or niche, while others will let you sell anything from baseball cards to specialty cupcakes. Whether you’re a stamp collector, a clothing designer, a vintage-hound or a needle-point virtuoso, there is a platform for you to sell your goods. It may take some time to set up and list your items, but once you are active, the sites do the work for you as consumers search. Carve out some time to ship, and you’re set. 

There are truly unlimited options for what your side gig could be depending on what you want to pursue. Here are a few popular options you can consider.

Whether you are driving people around or bringing them their food, with a clean driving record (and car), you can make some extra money with your vehicle. Just be mindful; many rideshare and food delivery services have specific requirements. For example, you have to be at least 18 years old, have a valid driver’s license and clean driving record, have a vehicle that meets certain conditions and standards, and in some cases, take a road safety test. While there are chances to make money all hours as a driver, it can also be unreliable as an income source, especially if you aren’t in or near a major city. Hourly averages range from $20-$35/hour.

Ready to take care of some neighbourhood pets and get paid for it? Your services can be advertised word of mouth, you can post some fliers in your local pet store, or you can take the app route and post a profile on an established pet-sitting service. Dog-walkers make on average $16-25/hour per dog. So, if you are looking to step away from your desk, get some air and some exercise and you love dogs, this could be the gig for you. Some days, you may find yourself walking several at once and bring in bank just throwing tennis balls at the park on your lunch hour. Willing to house a pet when their owners are traveling? Some make between $60- $100/night for animal lovers who prefer their pets are in a home instead of in a kennel when they are apart. Just know that you may require a permit or insurance to walk multiple dogs.³

If you have skills and tools, there are apps where you can create a profile listing your availability and resources to help regular people with tasks they can’t complete on their own. This can range from hanging paintings, assembling furniture, setting up someone’s surround sound, repairing a sink or decluttering a garage. If you are organized, efficient, or technologically adept, put that to use with a task service. You can accept jobs based on your availability and set your own hours and rates (ranging from $50- $125/hr).

Are you good at teaching or helping others but didn’t want to commit to it as a full-time career? Becoming an online teacher or tutor might be just the gig for you. Plenty of existing platforms will set you up to tutor anyone from kindergarteners to adult learners, depending on your skill set. Most don’t require you to have formal teaching credentials, but often proficiency testing, degree requirements or skill demonstrations are necessary, and there are mandatory background checks. Like many of these side gigs, you set your hours and rates, and pay will fluctuate depending on skill and subject. For example, if you teach 4^th grade math, you’re looking at around $28/hr, but if you are doing private LSAT tutoring, you can make $100-300/hr. 

Of course, those aren’t your only money-making options. When it comes to side gigs, the sky is the limit. 

Sometimes, the hustle isn’t only about making money. Sometimes, it is about feeding your passion for art or honing your guitar skills or just taking a step away from your day job with your deep love of teaching archery.

A side hustle can be a creative way to fan the flames of your passion project without giving up your primary source of income... until that side hustle takes off and you’re kissing that day job goodbye.

If you are any of the following, can you temporarily turn that art into income until that album hits?

• Fine art photographer: Dream of building up a portfolio? Consider doing portraits, headshots or wedding photography.
• Musician: Composing an original album? Can you teach lessons or look at playing at weddings or private events?
• Novelist or screenwriter- Writing that novel? Can you do some copywriting, ghost writing or editing on the side?
• Painter- Explore your art in different ways, like home murals or face painting at parties and events.

There is no bad way to put your gift into practice, and if that day job ever truly becomes more than you can bear, use that side hustle cash to help you set up your Forget You Fund.

Just remember that if you are going into business for yourself, there are steps you need to take. You may require licenses and permits and to set up a business bank account and all income must be declared when you file your taxes.

While having a side hustle can be an important step in your financial wellness, you also need to be mindful of your physical and mental wellness. The allure of extra income can sometimes cause us to lose sight of the necessary balance to take care of ourselves and avoid burnout. Make sure the time and effort you are putting in are worth it.