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Building an extra income stream can see your money goals coming to fruition more quickly, but what are your options? Here are some tips on how you can get started.
Stagnating wages, rising cost of living, and the dream of an earlier retirement – these could be some of the factors motivating people to look for additional income streams to supplement their job. Another benefit of having a second job is it’s a great opportunity to pursue an interest or passion.
You have the freedom to set your own hours and choose how much or how little work to take on. It can feel wonderful to generate additional cash to finance a holiday, pay off debt, or achieve financial stability more quickly. Before getting started, take time to consider the possibilities and explore the options.
Focus on interests
From freelance writing to selling clothing, the options for making extra cash seem boundless. However, it’s important to focus on skills and interests. Not only will concentrating on natural inclinations allow you to be competitive and profitable; it supports higher motivation levels when doing extra work on the weekends – even when sleeping in or spending time with friends and family looks tempting.
Start by making a list of skills and interests, and consider whether these have a market. That is, is there demand for the pursuit or hobby? Do some research into pay rates and check whether the average rates would be worth the time and attention.
Viable money-making ideas fall into a few different categories. Online income-generating opportunities are freelance roles that may be completely done online or worked on from home, such as a revenue-producing website. Individuals can also look into offline roles that require experience and/or formal training.
For those with superb communication skills and who are adept at building rapport with others, getting into sales is another way to bring in money on the side. Contractor jobs to consider include blogging and generating funds from advertising and affiliate links. Other ideas are freelance writing, copywriting, editing, and graphic design, and obviously these would suit people with strong writing, editing, or digital design competencies.
For highly organized individuals with strong attention to detail, becoming a virtual assistant (VA) is an excellent way to build sustainable income while working from home. VAs may be tasked with things like checking emails, managing social media, doing research, and producing invoices. SEO media consulting, transcribing, and programming are also in-demand roles with good pay potential. Creating YouTube videos, taking surveys, and reviewing websites and apps are other viable income-producing activities.
When it comes to the offline space, opportunities include becoming a secret shopper, babysitter, pet-sitter, house-sitter, cleaner, or personal assistant. Gardening, cutting lawn, shoveling snow, and home and office maintenance offer other possibilities for making dollars offline. Those with an ability to persuade should explore product demonstrations and direct sales, which involves selling products in person rather than a retail store.
Participating in surveys, panel studies, and focus groups is a way to get paid for giving opinions. Novel ideas to generate more money include using the household cars for advertising space, donating blood plasma, renting out unused rooms or unused cars, car detailing, and carpet cleaning. If you have a special talent such as singing, acting, or fashion sense, options like freelancing as a singer, voice-over actor, stylist, or make-up artist could turn out to be profitable.
Offline opportunities requiring formal skills or training include tutoring in a subject area you’re knowledgeable about, translating and interpreting, becoming a lifeguard, giving music lessons, and doing dress alterations. In addition, other offline specialties with money-making potential working as a DJ, fitness instructor, massage therapist, or hair stylist.
Millions have a side hustle for good reason: whether the purpose of extra cash is for paying off debt or building savings, establishing additional income streams helps boost financial security by diversifying sources of earnings. Beyond the extra-cash benefits is the chance to make use of skills and talents that might otherwise go unused.
Many people find satisfaction and empowerment in spending their downtime on a second gig bringing in funds. Even those with demanding full-time jobs and high earnings can try a side hustle to test the waters before they start their own business. At the end of the day, more funds could make all your goals happen sooner rather than later.