Monday, September 25, 2023

Lucrative Side Hustles for Fully Employed People in Kenya

By Benson Bundi

Are you looking to make a little extra money on the side without having to leave your current job? Then, side hustles are the way to go.

With so many creative and inspiring jobs out there, it’s possible for anyone, no matter their skillset or availability, to find something that will not only bring them additional income but also personal satisfaction.

In this blog post, we’ll explore some of the best side hustle ideas for people who already have full-time employment.

1. Invest in Shares and Government Securities

Investing in stocks and government securities can be a great additional source of income and an intelligent way for employed people in Kenya to utilize their spare funds.

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An effective way to do this is by opening a Central Depository System (CDS) account. This will allow you to invest up to KSH 100,000 into government securities, which have the potential to earn up to 14% returns.

It’s a low-risk, high-potential option to increase wealth and make the most of your extra funds.

2. Consultancy

With the blooming of the gig economy in Kenya, turning to consultancy work as a side hustle is becoming an increasingly attractive option. Consulting allows people with skills and expertise to put the experience into practice and leverage resources to help those needing guidance.

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It’s an accessible way for professionals to find exciting and challenging projects without committing full-time. With this freedom comes added responsibility – but that’s usually part of the fun too.

3. Online Work

With the ubiquity of mobile phones and the internet, more people than ever before have access to platforms like Upwork, Fiverr, and many other online job boards that can connect employers and employees.

Whether you are experienced in technology, programming, writing, tutoring, virtual assistant services, or creating graphics design documents, you can do an expansive range of services to expand your income.

4. Save Through Fixed Deposits and SACCOs

Fully employed people in Kenya can start their side hustle journey with a fixed deposit or SACCO account, which allows them to save smarter and earn more from their funds.

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Fixed deposits give you better rates than your average bank account, ranging from 7-9%, depending on the amount deposited and the investment period.

You can get started with any amount according to your convenience and needs – it’s always good to begin saving.

5. Real Estate

Investing in properties as part of your portfolio can bring you a steady stream of passive income and provide robust returns.

An essential factor to consider when investing in property is location – luxury or high-value areas will attract tenants willing to pay relatively higher rents but also come with higher purchase costs.

No matter the area, investors must always conduct comprehensive market research before they commit capital to the real estate sector. Connect with agents knowledgeable about property trading to ensure greater investing success.

With enough time and the right focus, you can start earning some extra cash on the side without quitting your day job. There are many ways to hustle while employed full-time, so find one (or a few) that fits your skill set and interests.

And who knows – with discipline and dedication, your side hustle could eventually turn into a full-fledged business.

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