Whether you’ve taken a pay cut due to recent global events like millions around the globe, or you simply have a specific financial goal to strive towards, earning some extra income each month is an important objective for many individuals.
If that additional stream of income comes with low efforts and high rewards that allow you to continue pursuing your full-time career as well, that truly seems like a dream. Fortunately, making extra money is easier than you might think, as long as you consider some of these brilliant ideas:
Sharing your wisdom online
If you are an expert in your field, consider sharing your wisdom online with those who are eager to learn. For instance, you can write an ebook or launch a video course to generate passive income while you focus on your job. This might take a lot of time, preparation, and work at first. But once the course or book is done, the effort needed for maintaining it and keeping up with sales will truly be minimal. Not only will this provide an additional, steady stream of income, but it can also offer a better work-life balance than many other careers.
Starting a service business
You can start a service business without an online presence, a large network, or a big investment. You can simply inform everyone in the existing network of your new business and ask them to spread the word. That can be enough to get the business going, along with some smart social media and email marketing campaigns. In terms of service business ideas, consider the skills that are in high demand in your area or even online. Digital marketing, freelance writing, and dinner catering tend to be good options in general.
Joining the sharing economy
The sharing economy is continuously on the rise. It represents a great way to earn a few hundred or even a thousand dollars on the side each month. At the moment, renting out a spare room or apartment through AirBnb and driving for Uber seems to be the most popular options. However, you can also go beyond these ambitious websites and find a more unique solution with less competition. For example, you can rent out any camera equipment you have on Cameralends, your car, and other vehicles using Turo. You can even rent your sailboat through Sailo.
Becoming a death doula
Most of us have heard about doulas. They help mothers through birth, but these professionals can also provide help with the opposite – death. Performing a supportive, non-medical role, a death doula helps those nearing the end of their lives to die peacefully. They could perform important tasks like organizing wills and finding suitable burial options as well. Death doulas provide assistance, care, and empathy, particularly for those with no friends or family members, making it a great career choice for anyone who truly wishes to help others.
Becoming an influencer
Influencer marketing is another sector that continues to grow and can be a wonderful way of earning some extra income if used correctly. Consider the fields you might be experienced or interested in, and attempt to find a unique niche within that industry that offers plenty of potential. Then, choose a social media website according to the main activity of your target audience. This can mean sharing your professional knowledge on YouTube, starting a lifestyle account on Instagram, or even showcasing your dancing skills on TikTok. The marketing potential is truly high on all popular social media platforms.
Dabbling in investments
It’s a well-known fact that established investors make millions, if not billions in the stock market. If you learn how to invest wisely, you might be able to make a sizable extra income as well. At the moment, high-quality dividend stocks seem to be a great way of earning some extra cash. On the other hand, real estate can turn out to be quite a lucrative investment as well, especially in today’s increasingly competitive market. While this option does come with a high initial price tag, real estate can be an efficient way to increase your return on investment quickly, whether you decide to buy an apartment with the intention of renting it out or purchase a house to flip and resell at a higher price.
With the endless opportunities provided by the internet, the number of potential income streams is incredibly high. As long as you leverage your skills and use your imagination, you can start a flow of additional income today.