How To Make Money As A Data Scientist


Data Science is undoubtedly the most in-demand skill of the 21st century. It is for the same reason that Data Scientists make a hefty amount through monetizing their skills. However, since you have searched for ways to make money as a Data Scientist, I am assuming that you want to find a non-traditional way of making money. You already know that you can make money with a data scientist job. So, I won’t be talking about that.

Even if you already have a data science job, you can make some additional money using some cool side-hustles. The idea of creating a side hustle is so fascinating and that is exactly why I have decided to write this post.

In this post, you will discover various ways to make money with your data science skills and action points that will help you to decide the path you want to take. Let’s dive right in.

Become A Data Science Vlogger/YouTuber

Data Science is fairly new and almost every other individual wants to know about a typical day in your life. You can leverage social media platforms such as Instagram, YouTube, etc., to create your vlogging channel.

You can also use the same to create real-time educational videos. Since you are already a Data Science professional in this case, the audience will find it more authentic to listen from you.

Creating An E-Learning Website

Data Science is certainly going to grow. Jobs in the field of data are growing enormously and it is very difficult to find the right skilled professional. You can use your industry experience to create a course. You can create this course as a full-fledged website, launch it on your blog, or conduct one-to-one sessions. In the end, it’s all about monetizing.

If you don’t want to create your own platform, you can leverage the existing platforms in the market. Create an awesome course on data science and sell it n Udemy or some other online course platforms.

Start Consulting

Almost every industry and business niche is looking for a skilled Data Science professional in the present world. You can be a unicorn to them by providing consultancy.

However, you will need to create a portfolio of your work. You can build a couple of interactive dashboards, create automated reports, build models and provide their source code, etc. You need to show how you can solve a certain business problem with your skills.

It is always best to combine options when it comes to creating a side hustle. For example, you can create a website in which you can have a section for your blog, portfolio, course, etc. Just imagine how powerful it will be in terms of the user’s impact and audience reach.

Build A Tool Which Can Be Leveraged By Others

How about creating a tool that solves a business problem end-to-end?

 E.g. – Almost every organization has multiple data sources from which they need to extract data and build actionable intelligence over them. The actionable intelligence can be as simple as automating statistical analysis or updating a pre-designed dashboard. You can create a tool that is connected to almost every other data source available whose primary intent is to fetch data. Once data is collected and stored at a specific location in a collective manner, it then produces the statistical results which are required by the user. It would reduce the man-hour required and you can leverage human intelligence to interpret the results.

Such form of a tool can be leveraged by any industry or organization once they have your source code.

Participating In Hackathons

Data Science is all about practice. It is like another mathematics that needs constant practice. You can participate in various real-time hackathons. Almost every other hackathon which is conducted online or offline provides monetary compensation to the winners.

Here, you are getting an opportunity to learn, apply the knowledge which you have learned and earn from the same. Not to forget, you are getting the tag a hackathon-winner as well which is priceless.

Blogging

You can start your blog on data science. Creating a blog in any professional domain reflects your mastery over the field. It also helps you to create a brand around your name which you can in-turn leverage in your professional life as well.

Data science is huge and it requires constant learning. You will be needing to learn about various concepts in depth in order to produce the concept in the most subtle form possible. Thus, blogging will give you an opportunity to learn, learn and learn. You can sell your e-books, create short Bootcamp sessions focused on a specific tool or skill set, or just earn through affiliate marketing. There are huge options to explore when it comes to blogging.

Also, you can become a freelance writer who writes articles related to data science. Many companies hire freelance writers even for writing content on technical topics like data science. If you have the skills, then you can easily make money with freelance writing and also learn more about data science along the way.

Earn Through Affiliate Marketing

There are various products available when it comes to Data Science. You can become a partner in selling these products and earn as a percentage of same. However, please make sure that you recommend only what you have used. It is fairly easy for the users to make out the difference.

If you are wondering what you can sell, let me give you an example. Consider that you took a data science course last weekend online which you absolutely loved. You wondered that there are many others like you who are searching for a good data science course but are in no luck with the same. You can partner with the producer of the course and start recommending the video course to your friends, followers, colleagues, etc. How great is that – isn’t it?

Become A Freelance Data Scientist

Even data scientists are going the freelance way, and if you go to freelance platforms like Upwork, you can see a lot of opportunities there for data scientists. I’ve already written a detailed article on how to become a freelance data scientist, which you don’t want to miss out on. Click here to check it out.

Conclusion

Data Science is called the sexiest job of the 21st century. There are many jobs available in this industry and the count is still growing. All of this certainly makes it imperative to learn in-demand skills. One should fetch a job or an internship to learn the practical application of the same. Further, you can use any of the above-mentioned points to monetize your knowledge and create a side hustle.

Being an industry person not only gives you authenticity but also helps you to produce the concept in a very simpler and relatable manner. After all, a good Data Scientist is one who can explain a very technical concept to a layman person.

Ashwin Joy

I'm the face behind Pythonista Planet. I learned my first programming language back in 2015. Ever since then, I've been learning programming and immersing myself in technology. On this site, I share everything that I've learned about computer programming.

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