If you’re tired of getting paid the same way every week, now is the time to diversify your income. Whether you want to be an entrepreneur or not, having many money streams is always a good idea.
Perhaps you need more money to pay off your debts. Alternatively, you can decide to save money in order to buy a new home. Whatever your goals are, having extra cash on hand can help you achieve them faster. What’s more, who knows? In the future, your “side hustle” could develop into a full-time job.
Are you ready to earn extra money? Check out these tried-and-true extra-income ideas:
1. Start a blog, for starters.
Despite the fact that I didn’t make any money with Good Financial Cents for the first 18 months, the time I invested was well worth it. While making money through blogging takes time, the benefits can be great if you’re patient and hardworking.
Despite the fact that I have made well over $1 million from blogging over the years, my advise to anyone interested in following in my footsteps has remained the same. If you want to start a blog as a side business, the best thing you can do is get started. Don’t overthink it, and don’t let your anxieties keep you from taking action.
2. Participate in paid surveys.
Various businesses will pay you to sit at your computer and answer survey questions from the convenience of your own home.
It’s simple to sign up, and you may take the surveys at any time of day or night. Look into firms such as:
I’m a survey hound.
Dollars in Your Inbox
It isn’t a large sum of money, but it is something you can do while watching television to supplement your income.
3. Investing for long-term gains.
While I always advocate for long-term investing, some low-risk investments pay out more than you might expect. Lending Club, for example, has aided me in achieving 10 percent or higher returns on multiple occasions. Prosper is another company that allows you to invest in loans and earn a high return over time.
If you’re more interested in real estate, consider using a service like Fundrise to raise funds. With Fundrise, you’re purchasing notes with real estate as the underlying investment. The company achieved average returns of 13% for investors in 2015.
Make sure you know what you’re getting into if you decide to invest as a side hustle. Sure, you could make money, but you could also lose it. Before you invest your hard-earned money, be sure you read the fine print and understand the hazards.
4. Start working as a freelance writer.
If you enjoy writing, it’s not difficult to start freelancing from home on the side. On sites like Contently, Upwork.com, Freelancer.com, and LinkedIn ProFinder, you may create an online profile and bid on new assignments as they become available.
While most writers start at around $50 per piece, if you put in the time and work, you can easily earn more money in the long run. The first step, as with any other business on this list, is simply getting started.
5. Use Fiverr to market your online abilities.
Selling your digital skills on Fiverr is an excellent approach to begin diversifying your income. If you can build websites, write text, create mailers and client products, or perform other web-based activities, it’s simple to set up a Fiverr profile and get started.
While jobs start at $5 (thus the name), you can upsell your customers by doing extra labour or delivering more expensive value-added services. Before starting their own digital business, many people use Fiverr to create their initial client base.
6. Take on the role of a virtual assistant.
Virtual assistants help owners of online businesses with a variety of tasks. Depending on the employment, responsibilities may include responding to emails, managing social media, generating word documents, and answering internet enquiries.
While virtual assistant salaries vary widely, if you find the right clients, you can easily earn $20 per hour or more. Websites such as Freelancer.com and Upwork.com are fantastic places to look for VA jobs in general.
7. Start a business from home.
The type of business you should start will be determined by your passion and existing skill set. If you adore baking, you may start a home-based cake or brownie business, for example. Do you like to sew? Make the ideal crafts in your leisure time and sell them through your own Etsy shop. Do you have a soft spot for dogs? Consider dog-sitting and advertising your services on Rover.com from the comfort of your own home.
Regardless of your skills, there are at least a few home-based business ideas that could work for you.
8. Create a web-based course.
I previously discussed how I developed an online course for financial advisers who wish to expand their business online. This made a lot of sense for me because I’m a financial advisor who also blogs.
You might also try producing a course, depending on your skill set. You can develop an online course on practically any topic and charge as much as you want using a site like Teachable.com.
Do you believe your expertise does not merit its own course? Reconsider your position. Teachable currently has courses on everything from becoming a rockstar to web-based cartooning, digital scrapbooking, painting, and “The Foundations of Card Magic.”
Believe me when I say that if you know how to do something, someone wants to learn how to do it as well.
9. Use eBay to buy and sell.
If you have a flair for locating bargains, you might be able to profit from them. Many people do exactly that, purchasing products at a discount and then reselling them for a large profit.
If you’re interested in antiques, for example, you may look for hidden deals at garage sales and then use your knowledge to make a profit. Perhaps you’re like video games, specialised apparel labels, or something else else. Whatever it is, an eBay store can help you turn your knowledge into income with a little investigation. The best part is that you can sell from the convenience of your own home.