Make Extra Money As a Data Scientist
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And after that? Well, it was in the lead as well! being number one for 5 years in a row since 2016. With a mean base salary of more than $100,000. No wonder, qualified data scientists are handsomely rewarded in the job market and people can make serious cash off it.
We’ve discussed most distinct roles and Job Functions in Data Science and Machine Learning on this topic. To learn how to become a data scientist, you can check out this detailed topic on Becoming A Data Scientist!
In this blog we will explore how to “Make Money As a Data Scientist”?
Yet, Monetize your skills and having a side hustle that brings a good extra income is a great opportunity to unleash your creativity, earn more money, and first and foremost, be your own boss! A side hustle can be the first stone in a potential business empire.
So, how can we accomplish that?
Publish and Monetize “ Datasets and Models ” Through APIs
As a new data scientist you aspire to start out your own business, you can easily feel a little overwhelmed by the fact that all the heavy lifting is done by the titans of tech.
So, instead of putting out a super AI product that competes these titans, you can esaily look into the niche issues that the tech gaints are too distracted to invest in.
Distinctive APIs can be used by developers as external services to improve their own programs and building powerful solutions at variable scale.
Worth mentioning , APIs revenue fuels the most lucrative tech firms.
According to the Harvard Business Review, “APIs Contribute in 50% of the revenue of Salesforce.com, 90% for Expedia.com, and 60% for eBay”. Whoa!
” You can esaily look into the niche issues that the tech gaints are too distracted to invest in. “
So there’s huge cash out there, how do you get started?
As an initial step, you can start by cleaning up the data and pitching it to your target customers. As an advanced step, training your machine learning models and build your distinctive solutions, then deploy it using an API marketplace. Where you can publish and monitize your own work. RapidAPI offer a good service to monetize APIs with several paid subscriptions plans for various types of APIs.
This enables develpers without experience in machine learning to use such APIs by plug and play in thier own software.
Even better, mobile apps are a huge marketplace to integrate the machine learning into. Collaborating with mobile apps developers and build ML-powered apps can be a brilliant idea. There are a lot of use cases that the Mobile ML ecosystem such as Core ML and TF Lite hasn’t optimized yet, where you can tap into and generate passive revenue from Google and Apple’s App Store.
Start Your Tech Blog
Whether you are a beginner to intermediate data scientist (or even a developer), getting a blog to share your knowledge through will kickstart your profession. Blogging as a side hustle has several strengths. But in contrast, it takes the ability to work many hours before seeing results.
Blogging can generate good passive income if you become good enough at it, as well as build a personal brand around you. That won’t happen overnight, sure. It might take a couple of years and a significant perseverance and effort.
” Getting a blog to share your knowledge through will kickstart your profession.”
The good news is you can start off right away! Whether by hosting your own website, using blogging sites like Medium, creating and selling courses or e-books. All these teaching methods can monitize your data science skills and generate a reliable source of income.
Master The Freelancing Platforms
Freelancing is a great opportunity to those who are seeking a viable extra source of income. Instead of managing your own buisness pipeline, you just pay a percentage of your revune to the platform in order to hijack data functions in the open market.
Websites like freelancer.com and Upwork are flooded with opportunities.
These opportunities scale to fit your needs and marketability. Whether it is full-time job or one-time training, you can find what suits you best.
And depending on your effort and perseverance, you can turn your freelance business into much more than a mere side-hustle.
To land a good client who intends to pay well can take a while. That being said, it’s pretty easy to generate revune if you’re diligent and patient enough.
Compete in competitions!
Kaggle! The obvious choice! Kaggle is a fascinating place to boost your skill and explore different types of datasets. Inaddition to earn a massive cash prizes. Kaggle or other compitions chances provide a good learning curve as well as growing your network as a scientist and engineer!
LeetCode is another platform to test your domain expertise in a battle and so elevating your technical aspects in the field.
These competitions are fun! You’ll enjoy these challenging tasks to put your skills to the test and expand your network, whether or not you cash out.
Conclusion ..
To conclude, there are so many more ideas for generating extra revenue while you’re learning and boost your skills. These ideas are aimed to inspire you to start a side hustle as a data scientist. But the possibilities are endless!
If you have any additional side hustle ideas or constructive feedback, please leave them in the comments section below.
Thanks for reading. Wish you best of luck!