ICYMI, Singapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year. The results of the survey by the Economist Intelligence Unit were released yesterday (Dec 1) and this is the eighth time in 10 years that our city-state has topped the list.
Not that it hasn't been noticeable—everyone and their mother has been balking at how much more a Grab ride or eating out now costs. But unless you're able to secure a higher-paying job in a time where leading companies are announcing major layoffs and hiring freezes, it might be a good idea to start a side hustle to rake in the extra cash needed to, well, simply exist.
It helps that the enterprising among us has shown that it is entirely possible to sustain a second or third income stream, whether it's through dropshipping, making YouTube tutorials or operating a mobile pet groomer.
But if you need more ideas, smart accounting firm Osome can help you out with a list of 20 income-boosting side hustle ideas for 2023. The list was put together after the company surveyed 1,000 adults in Singapore and found out that 66 per cent would like to run their own business one day.
Osome's 20 side hustles that will make you extra cash in 2023 are:
1. Sell homemade crafts on Etsy
2. Refurbish and resell used furniture
3. Start a kitchen table travel agency
4. Buy and sell pre-owned jewellery
5. Rent out your speciality gear
6. Become a mover
7. Become a notary
8. Create an Airbnb Experience
9. Start dropshipping
10. Be another Shopify store owner
11. Prepare people’s tax returns
12. Test websites for cash
13. Rent out spare space on your drive
14. Get paid to teach your hobby on Skillshare
15. Take up programming projects
16. Offer part-time consulting
17. Earn passive income through vending machines
18. Slide into a repairs side hustle
19. Create YouTube tutorials
20. Open a mobile pet grooming service
Inspired? Don't wait too long to get started. Because as the company also found, those with business aspirations typically wait for more than five and a half years before attempting to turn their dreams into reality. Unless you can sincerely say that you'll be spending that time on something else more meaningful and/or productive, that's a lot of days lost.
"Especially as you get older, the years go by so quickly that before you blink, half a decade has gone," says an Osome spokesperson. "Many of our respondents have been waiting a decade or longer to start their own enterprise, which is time that could have been spent building the business."