Following on from financial decision #5, this is exploring another way that I tried to make a side hustle income. I am exploring side hustles to give me more stability, whilst I navigate what I want to do with my career. Also, it would help having more control on my time on this earth.
For a good year or 2, I tried taking part in surveys and market research for various companies, in exchange for cash or points. Below I describe what I did and how it progressed, and also provide the ones that really worked for me, that I enjoyed. There are so many providers out there, and you can try them, to find ones that work for you. You don’t have to do this if you don’t want to. Side hustles are completely optional.
Surveys and market research
This is you selling your time to companies for their benefit, and for the “greater good of the population”. Corporations from government to private companies, take your information in exchange for some money. This data will normally be seen in their stats.
I started these in 2020, when I had so much time. The annoying thing is with surveys they say it takes 20 mins to do the survey. 40 mins later you are still doing the survey. There are screening questions that they don’t account for in the time. And at the end you’re not even guaranteed payment. Also, they tend to give you pennies, for payment, so way less than minimum wage. Some don’t offer you money, but they do a point system, and you have to earn a minimum number of points to convert it into the cash. There are some places that let you see the cash as the value, and withdraw as you wish, but it’s a lot of effort for a few pennies.
Market research seems to take less of your time, but they also tend to ask to meet you online or in person, to chat. They do tend to pay more, so it’s more worthwhile of your time, but it’s really competitive. They can pay you directly into your account within 2 weeks or with a really online gift card. But this is only dependant on them calling you back to say they want you to take part in the research, after you complete the screening questions. You might sign up to 10-20 researches, to eventually get accepted for 1-2 groups.
How did I do surveys and market research?
I used various platforms to find surveys and market research. With surveys you have to sit down and do them right there and then. With market research you can join a mailing list and sign up to the ones that suit you.
You can easily find these platforms online, but make sure the website is trustworthy. If you click on a link and google says “hey, this doesn’t seem trustworthy” – don’t ignore it. The surveys do take some personal details, and obviously to pay you they will have your bank details. Also, some of them had apps, so you didn’t have to be on browser all the time.
My favourite survey sites were: (No sponsors just my experience)
- Qmee – Can see cash value per survey, and withdraw anytime without a minimum balance.
- Prolific – Can see the cash value per survey, and they tend to pay more for your time. (Withdraw after achieving minimum £5)
My favourite market research sites were: (No sponsors just my experience)
None of these stands out as the best. They all pay very well, and had variety in types of studies, duration and rewards. I have chosen them because I have done at least 2 market research interviews and gotten paid.
Where am I now with surveys and market research?
For my final year of university I would do about £10 – £20 per month. I continued doing some more during the first year of my grad scheme, and did some that earned me £60 – £100. And the occasional £50 gift card that I could split between various companies. It was amazing and helped me through those two years. Now a days not so much. I really do value my time a lot more than sitting doing those screening questions for the surveys. For market research, the screening questions take minutes, and all I do is wait for them to contact me. I have noticed they have started to become more picky about who they choose, as the ideal clients should never have done market research before. I think my name has come up on their database too much, so they haven’t accepted me on many.
I’m not too upset, as it does mean I have more free time. But the extra cash wouldn’t hurt if I saw it coming. For now, I am focussing on gaining some extra income by other means.
Verdict
I recommend giving surveys and market research a try. Even for a short while. Maybe the market research more if you have less time available for surveys. You can get involved in some really cool research programmes, for example I provided insight on a new software, and a few months later it was advertised publicly. It was really cool. One thing to note, is that when you do market research, one of the main disclaimers is that you can’t discuss about what you talked about. This is why I have kept it reasonably vague. But if you can keep a secret and want to earn some money chatting to some people on zoom, then go for it.
Some helpful tips:
- The surveys do monitor how long it takes you per question, so they can choose to not reward you if you spend too long or little on a screen.
- You can’t normally predict what the survey is looking for, so I recommend doing the topics you can answer honestly to.
- They don’t want to know that you have done surveys or market research before – so don’t tell them.
- If you do market research and they say they will do it as a video call, they will want to see your face.
- For market research they also tend to record the calls when you’re doing it.
I would like to add a small note. I knew all of this information for free from taking part in these things. I somehow got swindled into paying someone £35 for a 45-minute presentation, where all they did was repeat all of this stuff about market research. I was fuming. I can happily watch someone convince me they aren’t a pyramid scheme, but telling me how to find surveys and market research for £35? That’s insane, one of the few regrets I have in life.
Moral of my story:
- They are enjoyable most times – when the surveys get long it sucks, but overall, you’re earning cash so it’s a positive
- Don’t tell them you have done a survey or market research before – I don’t know why, but they only want the inexperienced
- Do your research – As mentioned in all my previous posts, if it seems too good to be true, it probably is.
- Value your time – Time on earth is short, spending it doing surveys for 56p is just not it for me, so this might be more short term than long term.
- If they do market research and earn “so much money” from doing a diary – DON’T PAY FOR ANY TIPS! I have just given it to you for free.
