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Is your dwindling bank account impacting your health? The American Psychological Association (APA) released a survey showing that money stress impacts Americans' health nationwide. And, as it turns out that it is not just those in lower-income households — the wealthy are also stressed about money.
You can eliminate some of that financial stress by earning additional income, even if you have a full-time job. Steve Chou of MyWifeQuitHerJob famously started two six-figure businesses while continuing to work at his day job.
Related: Ready to Hire? Here are the Best Recruiting Platforms.
Whether you're looking for cash to launch your startup or make new investments with, or dig out from mounting debt, a few hundred to a few thousand dollars a month can change your life. Here are some extra income ideas to get you started:
- Start a service business
- Invest in real estate
- Launch an online resource
- Leverage the power of Amazon
- Join the sharing economy
- Host an event
- Get paid to do what you're already doing
Start a service business
As the digital age soars to new heights, establishing a service business is no longer a dream but a reality that doesn't require an expansive network or substantial overhead costs. The strength of social media and various ecommerce platforms can remarkably broaden your reach, propelling your business's growth.
A great starting point is to make use of your existing network. Spread the word about your service, and rally your contacts to do the same. In our digitally-driven world, referral systems and word-of-mouth marketing are turbocharged through platforms and apps like Facebook, LinkedIn, Etsy and eBay.
Noah Kagan of AppSumo is an excellent example of this concept. He set himself an ambitious target to earn $1,000 in 24 hours from scratch, plunging into the exciting realm of entrepreneurial triumph.
Kagan's journey saw the birth of a prosperous beef jerky subscription business, which he eventually handed over to one of his students to manage. His success story lights the way for aspiring entrepreneurs.
Kagan's blueprint can be adapted to various domains such as dinner catering, freelance writing, graphic design, online marketing and even offering handcrafted goods or vintage items on Etsy or eBay. These avenues promise vast potential for growth and income in the gig economy.
Once you've settled on a service, the key to progress lies in drafting an engaging outreach email. Couple this with a dynamic social media presence, and you're well on your way to running a booming business within days.
By taking advantage of the online platforms and tools available, you can generate a side income that might just revolutionize your financial landscape.
Related: 105 Service Businesses to Start Today
Invest in real estate
Embracing the role of a traditional landlord might not be feasible for everyone, particularly those who are already managing a full-time job and limited funds. However, the real estate landscape has evolved significantly, unveiling fresh pathways for income generation.
Consider investing in a condo or a small property abroad as a vacation retreat. Such properties often come with a more manageable price tag, even when factoring in the cost of employing a local property management group to oversee renters during your absence.
There's an intriguing trend that goes a step beyond conventional real estate investment, and that involves capitalizing on online platforms like Airbnb. By doing so, you can convert an unused room or your entire home into a profitable source of additional income. They facilitate your side venture by connecting you with potential renters from all over the globe.
You can also sell off old furniture or unnecessary items from your property on Facebook Marketplace or Craigslist before renting it out.
When it comes to commercial real estate, it still offers a profitable side hustle, yielding an impressive way to generate passive income, even without a hefty initial investment.
Platforms like Realty Mogul have simplified the entry into this space, enabling you to invest in commercial properties with as little as $5,000. You'll gain access to vetted opportunities and premium listings that might otherwise be out of reach.
In essence, the digital revolution has transformed real estate into an arena of diverse and accessible opportunities for the busy individual, making it an attractive option for earning extra cash on your own schedule.
Read This: The Book on Investing In Real Estate with No (and Low) Money Down by Brandon Turner | Amazon
Launch an online resource
There's a plethora of methods to earn additional income online, especially if you utilize your leisure time and operate from the comfort of your home.
One such method involves sharing your expertise by launching an online course, an ebook or even creating a YouTube channel. These platforms not only empower others with knowledge but also provide you with a stream of passive income.
Take it from my personal experience – my ebook, "100 Days of Growth," ended up generating more income than my full-time job. The initial stage required a substantial investment of time and effort, but once it was operational, maintaining it and keeping up with sales required minimal effort.
If crafting ebooks isn't your cup of tea, there's no need to worry! A multitude of other opportunities await exploration. One such alternative is launching a video course, bootcamp or YouTube channel.
In line with the rising trend of visual learning, I expanded beyond books—I launched a content marketing bootcamp through ContentMarketer.io. This initiative empowers my clients to hone their content-marketing skills in just 10 weeks.
Blogging represents another trending choice in the freelance writing realm. Astute bloggers often monetize their blogs through affiliate marketing, sponsored posts, ad revenue and even YouTube videos embedded into their posts.
By strategically promoting products or services on your blog or YouTube channel, your passion for writing and video creation can transform into a profitable side hustle. Especially as you continue to bring in more subscribers.
Seize these opportunities to generate extra income in your free time as you work from home on your own schedule. The gig economy is ripe for the taking!
Read This: Start Your Own eLearning or Training Business by The Staff at Entrepreneur Media and Ciree Linsenmann | Amazon
Leverage the power of Amazon
Starting your own online store and building a customer base is always an admirable goal, but it also entails wearing many different hats. Among these roles is being a researcher, a marketing guru, a customer service representative and a logistics coordinator.
Amazon, the ecommerce giant, simplifies this process with their comprehensive selling and affiliate marketing platform that can aid you in earning passive income. Beyond selling physical products, Amazon's affiliate marketing program is a gold mine often overlooked by aspiring entrepreneurs.
With this program, you can earn a commission for promoting any of the countless products available on the site. It's an excellent way for bloggers, content creators and social media influencers to generate extra cash without handling the product or the customer service.
If you're not up for the challenges of managing an independent ecommerce site, you could sell a product and develop a presence directly on Amazon. It's an ideal workaround that lets you benefit from the site's enormous user base without the need to take on numerous roles.
Some sellers even streamline their operations by having their products shipped directly to Amazon's fulfillment center, freeing them from ever having to handle the product.
In essence, whether it's through selling products or affiliate marketing, Amazon offers a versatile platform for earning extra income with less hassle, providing an effective launchpad for your side gig in the world of ecommerce.
Read This: amazon FBA: Step-By-Step Instruction To Start A Fulfillment By Amazon Business by Robert C. Hawthorn
Join the sharing economy
Exploiting the sharing economy is not merely an opportunity to earn extra money in your spare time; it's a gateway to income stream diversification, converting idle time and underutilized resources into a rewarding side hustle. This burgeoning sector extends beyond listing your spare room or basem*nt on Airbnb, although, as we discussed earlier, that's an excellent first step.
Reflect on your means of transportation – platforms like Turo, DoorDash, Uber and Lyft can morph your idle vehicle into a money-making machine as a delivery driver. You might even consider cycling to work or carpooling, transforming travel time into fruitful hours via ridesharing.
Moreover, if you own specialized equipment like high-quality cameras, websites like Cameralends can help you earn supplemental income. Adventure gear such as snowboards or bikes can be given a new lease of life on Spinlister, while a seldom-used sailboat might prove profitable on Sailo.
Furthermore, think about the services you could offer in your free time. Platforms like TaskRabbit, Rover or Care.com connect skilled individuals with people requiring services, converting your know-how and expertise into a side job.
By leveraging these platforms, you are not only boosting your supplementary income but also maximizing the use of your assets and talents.
Host an event
Hosting events can be a powerful income generator without the need for thousands of sign-ups, vendors and high-profile guest speakers. Start by establishing a free MeetUp group on a topic you're well-versed in, such as growth hacking. You can initially run free events to attract and foster a loyal following.
As your group gains traction, consider escalating to paid events featuring notable guest speakers. Secure a sophisticated conference room at a nearby hotel and set the stage for an exclusive and sought-after event. Attendees would be willing to pay a premium for top-notch content and the opportunity to network.
However, planning and executing a successful event involves juggling multiple tasks and roles. This is where virtual assistant services can play a crucial role. Virtual assistants can handle various tasks, such as managing event registrations, coordinating with the venue and promoting the event online. They could even help manage real-time communication on the day of the event.
By delegating these tasks to a competent virtual assistant, you can focus more on creating fantastic content for your audience and delivering a memorable experience. By doing so, you're not just monetizing your expertise but also building a community that values your knowledge and insights, thereby growing your new MeetUp into a trusted and sought-after brand.
Read This: Start Your Own Event Planning Business by The Staff at Entrepreneur Media and Cheryl Kimball | Amazon
Get paid to do what you’re already doing
Consider how your hobbies and interests might transform into a part-time job and a source of income. For example, if you're an adrenaline enthusiast who loves skydiving (like me!), you could become certified and offer instructional jumps over weekends. This way, you're not only indulging your passion but also developing a great side hustle to supplement your earnings.
If your skills lie in trivia or social interaction, think about getting involved at your local bar's trivia night or even bartending a few nights a week. This offers a chance to earn money while socializing with a variety of people.
For those who are inclined towards quieter pursuits or freelance gigs, platforms such as Upwork, Fiverr and Freelance writing are an excellent bridge between skilled individuals and potential clients. Whether your talents are in proofreading, bookkeeping, graphic design or web development, there's likely a gig suited to your skill set.
Suppose you enjoy shopping, have a knack for childcare or are good at deciphering audio files. In that case, becoming a shopper for services like Instacart, teaching English online, transcribing audio files or even starting a babysitting service could be a rewarding part-time job. Pet lovers can turn to platforms like Rover for pet sitting and dog walking opportunities, providing a fun way to earn extra cash while spending time with animals.
Your online activities can also become a source of income. Companies value user feedback and pay for website testing. Sites like UserTesting pay you to review websites and offer your experience.
Similarly, taking online surveys on survey sites like Swagbucks or Survey Junkie can also contribute to your earnings. Participating in in-person focus groups is another option as businesses always seek consumer insights and are willing to pay for your opinions.
Finally, if you find success in your side hustle, you could consider leveraging credit cards that offer rewards for business expenses to further maximize your income. The key is to discover the perfect balance between what you love to do and what can serve as a profitable side hustle.
Related: 7.1 Steps to Create Multiple Streams of Income
As you can see, there are numerous ways to turn what you're already doing into a lucrative side hustle. Use your creativity and start diversifying your income streams by getting involved with the best side hustles today. Remember, every extra penny counts! So, get out there. Use your imagination to start a flow of extra income today.
