5 Ways Singaporeans Are Creating Side Income

Singapore is one of the most expensive cities in the world and there’s no stopping Singaporeans from making more moolah. Who wouldn’t? When prices keep shooting up and the cost of living is rising, creating side income is but the most practical thing to do.

Here are 5 of the most reliable side gigs that anyone with spare time can explore.

Dropshipping

Singaporeans are among the most wired people in Southeast Asia spend an average of 3.5 hours daily on mobile internet. Entrepreneurs launch businesses using this platform and merchandising their goods has never been easier – why shouldn’t you?

All you need is a product to sell, an effective marketing strategy, and a third-party manufacturer like Lazada, Shopee or Zalora. The manufacturers take care of inventory, product packaging and shipping, while you handle daily orders and consumers’ queries. It is a low risk business model in which you may satisfy thousands of online shoppers and earn a decent amount on the side.

Extra Tip: Undecided which product to sell for your dropshipping business? Consider cosmetics. It is said to be the leading industry in Southeast Asia as far as e-commerce goes.

Grab

Grab is a transport app that can turn your car into a lucrative investment. Aside from your daily ride earnings, you get to enjoy additional moolah on your cash wallet for specific situations such as a S$4 cashback when a passenger cancels a ride. You also get to set your own driving schedule.

Extra Tip: Subscribe to Grab’s monthly newsletter to keep yourself updated of their driver incentives.

Food Delivery

Food delivery is now a decent income-generating gig made popular by Deliveroo, GrabFood and FoodPanda. No complicated process is required to get you started. Anyone 18 years old or above with a decent motorcycle, e-scooter, or bicycle can register.

Most food delivery drivers get paid weekly with an hourly rate of around S$25 to S$30. Similar with Grab driving, you’re in charge of your own working hours and earnings.

Extra Tip: Some food delivery companies cover their drivers with insurance, along with  medical benefits and reimbursements for ERP and parking fees. Make sure you inquire about these perks when you decide to take on this side hustle.

Stock investments

Can’t afford to go out to earn extra? Consider stock investment. Anyone can invest as long as you have sufficient capital, basic financial knowledge and sound decision-making skills. Generally, “buying a stock means you are buying a piece of a company.” Shares that you’re invested in entitles you to a certain amount of profit.

There are many forms of stocks to invest in, including mutual funds, exchange-traded funds (ETFs), or a well-diversified mix of individual stocks.

Whichever you choose, remember to think long-term and invest on a well-run company with good management practices. Some financial advisers will help you decide but it still pays to do your own research.

Extra Tip: They say that the younger you start investing, the better. It doesn’t hurt to try stock investment this early!

Streetbees

Answering surveys can earn you money, thanks to Streetbees. Instead of browsing on Instagram on your way to work, you can answer simple questions on the Streetbees App and earn S$2 to S$10 for it. Other tasks may involve taking photos or videos which can be accomplished in less than 5 minutes!

Extra Tip: Ready to use Streetbees? Make sure you also set up your Paypal Account so you can receive your pay hassle-free. Streetbees usually pays 48 hours upon approval of submitted task.

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