6 Ways to Generate a Side Income Alongside Your Business
Posted April 12th. 2019
If you have recently set up a business and given up your job in order to manage your new start-up, you may find that you're struggling to stay afloat financially without the steady income. Being an entrepreneur does come with financial instability at times; especially when your company is in the growing stage, but this doesn't mean you can't earn an extra side income to ensure you have enough cash to invest in the business and cover personal expenses. If you're interested in how you can generate a side income alongside your business, here are some ideas you should consider:
If you have a talent for public speaking or teaching a specific skill, then there's no reason why you shouldn't turn this skill into a source of extra income. For example, if you have an interest in psychology, you could become a life coach. You can teach just about anything, providing you have enough knowledge of the subject, including knitting, wedding planning or even tax advice.
If you have given up your teaching career to concentrate on your new business, then why not give tutoring a shot? Tutoring is a hugely rewarding job as well as earning a bit of money on the side during after-school hours. Depending on where your strengths lie, you could teach English, maths, science or any other subjects that you have previously studied. In order to get started as a tutor, hand out posters and flyers to schools or create a website and social media pages as a way of marketing your service online.
If you simply haven't got the time to carry out any other job roles, then one of the easiest ways to make money on the side would be to make an investment. Investments come with different risk factors, meaning knowing the safest place to store your money is never guaranteed. However, an ETF could be the answer for individuals looking to lower their risks when it comes to their choice of investment.
An ETF is a basket of assets including stocks, bonds, gold and silver, currency and oil features, which is perfect for investors if they're looking to diversify holdings without purchasing each individual asset. The profits are generated by the performance of the overall fund, rather than the individual shares. Therefore, the risk factor is significantly lower than if you were to make a single investment with your entire pool of cash. If you want to find out more, you can read What Is an ETF? A Beginner's Guide to Exchange-Traded Fund (ETFs).
Sell your creativity
If you have a knack for creativity, then there's no reason why you shouldn't use it to your advantage and create unique pieces that others would love to purchase. If you haven't got the time or space to create gifts from raw materials, you could create drawings to be used as a motif on the likes of t-shirts, mugs, keyrings, hoodies, and stationery.
Many students turn to freelance writing as a way of earning income on the side while at university. However, it is a really great way of making some cash while your new business is growing. You can earn a decent income working as a freelance writer; typically, in the commercial copywriting sector. Blogging is also a highly sought after role, particularly when it comes to companies and industries. Blogs are written to inform website visitors of certain topics, as well as boosting their ranking on search engines with a technique known as SEO.
Keep in mind that the freelance writing industry is extremely competitive and in order to impress clients, you're going to need some form of prior experience as well as a background in writing. If you're persistent and can prove your skillset, it won't be hard to find a job in a short period of time. If you are passionate about specific topics, you could even start your very own blog and aim to build up a following which will eventually generate income.
Rent out a room in your home
Do you have an extra room in your home? Why not advertise it for rental? If you live in a popular tourist destination or nearby to a university where students are looking for accommodation, you won't have much trouble finding tenants who are willing to pay your set fee. You could also sign up to services such as hosting exchange students or hospital patients who may need a long-term residence as part of their treatment process.