You may constantly be on the lookout for ways to make money alongside your main business, and you will be pleased to know that there are plenty of ways to achieve this if you are in the know. Whether you are hoping to start up another side business for your own personal achievement or simply to make a bit of passive income without too much effort, gaining a little bit of extra income may give you greater financial stability.
If you are unsure as to how to go about securing this extra income, here are 8 fantastic options as to how you can earn more money alongside your main business:
1. Completing surveys online
If you have a bit of free time to spare on the weekends or after work, you could choose to complete paid online surveys. These surveys expect users to share their opinions on products or services as a method of collecting useful feedback. There are also surveys available in which you are asked to try out applications or participate in market research. Although you don’t earn a significant amount of income, it is an easy way of saving a few dollars for a rainy weekend.
2. Opening an Etsy store
If you consider yourself to be an artistic individual, why not open your own Etsy store? Etsy is a platform where users sell the likes of handmade arts, crafts and vintage pieces as a side business, or simply to earn a bit of cash as a creative hobby. What is great about Etsy, is that you have the freedom of pricing items at whatever cost you are satisfied with; therefore, you won’t be cut short if you wish to earn a set income. Providing you have enough time to dedicate to the hobby, it could turn out to be a great side-earner.
3. Earning cashback at the supermarket
With specified cashback websites, you can save money on your shopping by using tracked links from websites. When purchasing certain items that are on offer, you could earn up to 10% cashback which you could put towards your next shop, or simply stash in the bank to add to your savings. As they say – every little helps.
4. Sharing your expertise online
If you believe you can share some knowledge and expertise, you may choose to create online courses for students via a learning platform. Your course doesn’t necessarily have to focus around a dedicated area of study, but you may have the option of sharing your skills in more generalized areas such as writing proposals, public speaking or guides on essay structures. In most cases, you will only earn a percentage of profits once the course is published online, alongside any royalties which are solely dependent the amount of views your content have achieved.
Similarly, if you are fluent in a foreign language, you may wish to work online as a translator or interpreter. You may have the option of working on behalf of an individual, or a large-scale business. According to the Bureau of Labor Statistics, employment for translators and interpreters is expected to soar by 17% by 2026 in the United States alone.
5. Investing in short stocks
If you already have a bit of money saved in the bank but are looking to make the most of your finances, you may have pondered the concept of making an investment. Of course, all investments have the element of risk, but there are different types that are either long-term or short-term, depending on how much of a return you are hoping to gain and the period of time you are prepared to tie up your cash.
You don’t necessarily have to put a great deal of cash upfront either – you could offer an amount as small as five dollars on shorting stocks. In simple terms, the less stocks cost, the more you can buy, which should result in a larger profit. If you want to find out more, this article will give you all the information you need on cheap stocks and how you could benefit financially.
6. Mystery shopping
If you are a fan of retail therapy, mystery shopping would be a fun way of making a bit of extra cash at the weekends. Absolutely anyone can do it with no expertise needed.
Companies will pay you to venture into certain shops and restaurants to rate the level of service. You may also be given an allowance to spend on products, food and beverages to get a feel of the overall experience. Afterward, you will be asked to provide feedback on the likes of cleanliness, service and range of products on offer.
7. Referring a friend to a business
If you are a business owner, you will be aware that referrals are an important aspect when it comes to trading and is very much appreciated by smaller companies who are looking for a larger customer base. If you have recently purchased from a business and are pleased with the service, referring friends can often be an extremely beneficial way of earning a little bit of extra cash.
For example, certain banks pay out lump sums of cash if a referred friend chooses to sign up and create an account with them. Although this wouldn’t be a form of regular income, it is a simple and convenient way of topping up your bank balance.
8. Managing social media
In the technical world we live in today, there are very few businesses that don’t have a presence on social media. If you believe you are a genius in this field, it could be a very effective way of using your expertise to make some regular income alongside your core business.
As a business owner yourself, you will understand the importance of boosting your social media following and posting content that is both interesting and draws attention to the product or service. Nowadays, it is possible to manage other business’ social media accounts externally, which could offer good rates of pay and a steady second income.