Data science is a field that combines the knowledge of computer science, mathematics, and statistics to extract meaningful insights from data. To become a data scientist, you can start by acquiring a degree in this field, later advancing to a master’s degree, or get a Ph.D.
While you are in the industry, you should apply knowledge such as machine learning algorithms to numbers, images, audio, video, or texts and produce artificial intelligence systems to perform tasks that typically require human intelligence.
In turn, these systems will create insights that data analysts and business consumers can translate into tangible business value. Thus, you can advise the company based on potential data and provide new ideas on the enterprise mission.
Data science lets you use advanced statistical analysis, data visualization, and data mining techniques to create solutions that enhance business performance. Keep in mind that a data scientist plays a leading role in managing projects required to leverage and synthesize large volumes and various data to improve the business understanding of outcomes, decision points, individual population segments, and propensities.
Note that the role of data scientist has become crucial, and in this digital era, you can engage in other side jobs and earn extra money. Bear in mind that the skills acquired are outstanding and can help in performing a variety of tasks. Below are some of the side hustles a data scientist can carry out and get paid.
Use the list to monetize your skillset outside the primary source of income. Also, it is enticing to have an additional revenue stream, a profitable passion project, or a back-burner bonus gig. Hence it is vital to have ways of accumulating cash on the side as a data scientist.
#1. Engaging in Competition
Competitive Data Science is quite a productive activity for those that take part in it. There are websites such as Kaggle, a subsidiary of Google, where you can compete with fellow data scientists. These events have their community tailored towards helping you get a chance to grow and better your skills.
There are often lucrative money prizes for those who rank high up on the leaderboards if you perform well. Also, when you win, you improve your profile, and this results in a lot of exposure from the recruiters, which can lead to getting a permanent job in the future.
Data science competitors have a lot in winning and earning. Notably, when you work from home, especially during a pandemic season, you can make yourself a good amount of cash when you engage in the competitions. Having this as a side hustle introduces you to top-notch platforms.
With the ability to crack the world’s most interesting data science problems, you can accomplish a lot after the activity when you get rewarded. You are given a chance to test your skills in a battle for cash prizes regardless of being a novice or full-fledged data science expert.
Keep in mind that the topics range in breadth and depth; thus, you can choose the subject you have a deeper understanding and expertise to increase the chances of winning. Bear in mind, the vast rewards by the companies that organize these competitions are enough to inspire you to take this activity as a side hustle.
#2. Teaching
There are many ways to learn data science and general programming skills. During these centuries, online learning has become a norm, but physical classes are still ongoing. Therefore, data science students can acquire knowledge from either digital or analog learning systems.
Thus, to build skills and expertise in this field, it is essential to attend extra classes. Thus, as a data scientist, you can use your impressive portfolio to teach students major subjects in data science.
Institutions are requiring part-time lecturers to take the learners through a particular topic and get paid in return.
Notably, the best way to learn something is by teaching it. Thus, you can decide on teaching data-related units or statistics as a side hustle and acquire more knowledge. Hence, to become a skilled data scientist who can teach well in a class, ensure that all your concepts are crystal clear.
You can teach data science from your formal school, university as an assistant professor, start an academy either at home or somewhere else that teaches this course.
If you are not highly experienced, you can opt to start at the beginner level as you switch to the expert level when things become better along the way. Keep in mind that a data scientist makes extra money by teaching and give back to the programmer’s community.
#3. Vlogging
Vlogging stands for video log or blog where content is delivered in video format. It is the act of engaging with your online audience and finding new followers and an alternative way of getting your message out there, especially if you are not a fan of writing articles. It involves creating a video of yourself as you talk on a particular subject.
As a data scientist, you will share your knowledge on a topic such as data mining, linear algebra statistics, or any other subjects you understand fully. If you learn a new trick to solve some data issues, you can share it through your youtube channel and help those facing the same problem.
Videos provide an outstanding way to learn. There exist many platforms for video blogging, but the first landing place for most vloggers is YouTube. YouTube is the king to earning money while vlogging. Keep in mind that many people have ditched television stations, and in return, they are utilizing the YouTube platform to gain knowledge in various fields. Hence, it is wise to share your data science content on the site.
Others include Vimeo, Facebook live, Instagram lives and Flickr. These are excellent sites to use and, when done consistently, can turn into a permanent side job. Discovering quality content from online sites can become hectic, but it is easy to acquire information over videos on YouTube and other platforms.
Thus, as a data scientist, you can record videos or go live on online sites as you explain more on a particular topic in data science. When you continuously do vlogging and gain more subscribers, payments will start to flow.
#4. Freelancing
Data science skills are more precious in the world of freelancing. Most companies have started to believe in the power of data science when making business decisions. In that case, start-up companies with data problems don’t require a full-time employee. Therefore, you can get hired for a part-time job where you work on their current information issues.
Note that, if you have not yet found a permanent job, they can consider employing you in the future when you achieve excellent results.
As a freelancer in data science, you are most likely to liaise with the company’s CEO, CTO, or software engineering managers. Approach each of them properly and understand the data issues they face, and offer numerous ideas they need from the business perspective.
For instance, many CEOs are constantly seeking ideal ways to stay ahead in the competitive industry; hence you can give them top-grade data concepts to improve their productivity.
Working as a data scientist in freelancing has a flexible schedule, and the paying is high; this encourages you to stay in the labor market.
If you are looking forward to kick-start your freelancing career as a data scientist, you should develop a plan; whether you are looking to take a side project or you are a newly minted data scientist forging to the world of freelancing.
Things you should consider include marketing yourself, getting the right platform, researching how others do it, determining your worth, and establishing a workstation. Also, you can find tools and websites with best practices for visualizing data and handling transactions for your clients while working.
#5. Blogging
Data science, without doubt, is now among the most highly demanding jobs in the industry. While you achieve professional skills, you are handsomely awarded an excellent job position in a company. But, having a side hustle that brings passive income is a nice feeling.
Also, you can use the extra cash to clear debts, get an opportunity to unleash your creativity, and potentially acquire an empire for the future. Blogging is a tactic you can apply in performing a side hustle; it helps in honing and utilizing your skills as a data scientist.
Notably, you can share your knowledge via articles, podcasts, or videos.
Note that you are required to put significant effort, time, and perseverance into your blog before you start earning money from it. Keep in mind that blogging assists in documenting your work, reach a wider audience, and stay updated with the newest trends in data science. Also, you will establish credibility to getting decent tasks from clients, hence generating a sustainable source of income in the long run.
Some consider content creation a difficult job at first, but you can share your thoughts and opinions without major struggles if you have an educational background in data science.
In other words, blogging is done by beginners to intermediate data scientists to enable them to either kick start their careers or advance to a higher level. While writing an article for your blog, ensure you completely understand the topic. Then explain it thoroughly for the audience to properly understand what the subject entails.
You can use Grammarly to check spelling mistakes and grammar before you post the article.
#6. Create a Data Science Product
A product is something that is created to solve a real problem. As a data scientist, you can develop a software or application that solves data issues and provides insights to an organization. Remember that data scientists learn many computer skills that involve programming; thus, they can develop unique software.
To earn money on the side, you should start with a simple product before advancing to the complex ones.
Also, in creating your product, you should perform research to help you achieve authentic results. There exist data science books, tutorials, or videos that you can apply to create your software. Additionally, you can reach out to professional data scientists who have already created outstanding products to assist you with the ideal procedure.
Keep in mind that the best way to develop a product with excellent features is through consultancy. In this case, you should talk with the potential customers or the organization when you launch it. After that, get their feedback, review it, and improve on the sectors that need additional features or subtractions.
After completing the first cycle of testing with the potential end-users, develop another one until you reach maximum satisfaction. Notably, you aim to create a product that offers a complete solution to the customers. In return, you get paid for the software; and the help it offers regarding data issues.
For instance, you can develop a chatbot for local advertisement for a small area and review whether the data given is true or false and later provide the correct information after performing thorough research. Thus, by offering suggestions and recommendations to a company based on your software, you will get paid an amount of money.
#7. Consulting Jobs
Having a side hustle is a desirable option since it provides a viable source of income. Some platforms offer jobs to data scientists to earn extra cash. Website such as Upwork and freelancer are among the know sites that provide data-related projects and pay after completing a task.
Also, companies around you would like to hire someone to consult on data issues or ask any questions to provide business insights and build a better vision or mission.
Therefore, one of the best ways to commence your side hustle is by helping individuals and organizations close to you before you go to other far places. Most small businesses possess tons of data yet do not know data science and machine learning.
Also, the mention of Artificial Intelligence (AI) makes them intimidated since they do not know what it entails. Thus, they might have the mentality that these technologies could potentially automate everything and ultimately kill their jobs.
Thus, it is your role as a data scientist to debunk such misconceptions from their minds and enlighten them on the advantages of machine learning or any data-related technology in their organization. Your job will involve developing strategies for their data as you ask medium businesses if they have any data needs.
Then, do your best and provide solutions on how your skills can assist in better decision-making concerning data in a company.
Guide them on ways of making a profit while using primary tactics in data science. Some of the things you could do to get paid some cash include predicting the demand for their goods and forecasting future sales.
Additionally, you can build product recommenders and fraud detection systems and let them pay for the service. Notably, this side hustle is rewarding from a monetary perspective but can lead to top-grade networks and partnerships.
#8. Write a Book
Blogging and vlogging are good tools for delivering information to those interested in data science. However, you might decide to combine the two methods by writing a book containing lengthy concepts and content about data science.
Notably, your knowledge in the field of data science is valuable, and the authors of the books you used while taking your course are humans. Hence, you don’t have to think of coming up with 800 paged books or more since you can write a series of E-books on different topics.
Once you complete the book or books and put them out on the market, the possibility of earning passive income is unlocked.
Additionally, you can provide a link to your E-books on social media platforms that prompts the customer to pay first before downloading. Keep in mind that writing a book is a considerable step to equip you with data science skills and knowledge. It involves extensive research from libraries, online materials, and consulting professionals in the data science industry.
#9. Quora Questions
Quora is a platform that lets people ask questions where responses are given publicly. Also, it has a tool called Quora Partner Program where it invites authors and people to ask interesting questions. Quora reaches out to active individuals, calls them, and pays according to the number of people who answered their queries.
Additionally, the amount you receive during payment is based on each question’s traffic and ad impressions. Keep in mind that it operates on an invite-only basis; hence you have to figure out the type of questions you will ask when you get the invite. However, the advantage is that data science is a demanding field, and the questions regarding data are many and complex.
Conclusion
In a nutshell, data science is multidisciplinary that blends technology with consumer-oriented knowledge of a business setting to drive insights into organizations. Thus, you could be a data scientist who is comfortable at the current job or aspiring to make inroads in data science but still wants to earn extra cash.
Online platforms have made it easy nowadays since you can apply your knowledge in the comfort of your home and get paid massively.
Hence, the above ways will assist you in making money. These methods vary in difficulty, risk level, and the amount of cash you get after completing the task. But, all the techniques will improve your skills and help you earn money on the side.
Note that your skills in this field are unique, and these side hustles will allow you to monetize them. If the time is limited, choose one side job and focus on it. Remember that the great deal about side hustles is they come down to how determined and consistent you are with the projects.