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Ways to Make Additional Money On the Side and Invest in Yourself
This article covers ways to make additional money on the side while also moving towards possibly becoming your own boss.Investing in yourself or your business involves planning, making financial decisions, and completing a series of activities.
By investing in yourself and by building a side hustle you will be closer to your financial dream goals.
You got this!
Check out our article on the 12 steps to starting your business.
Your future business should be based on your skill sets or hobbies and involve research in the market you are looking to go into.
Here are some ideas where you can start.
In this article, we will discuss ways to make additional money on the side
- 11 ways to make additional money on the side starting while also keeping your job
- Teaching English online from the comfort of your own home.
- Numerous Freelancing jobs are available for you to start now.
- Learn about franchising opportunities and if this is a great option for you.
- Renting out what you already have used online resources.
- Sell products and services based on your skills and hobbies using Shopify.
- Start blogging and make extra cash writing and helping other entrepreneurs.
1. Involving yourself in E-Commerce is a way to make additional money on the side
One of the top ways to make additional money on the side would have to start with this one – E-commerce.
What is E-Commerce?
Great question! E-commerce is any business transaction conducted on the Internet. You reading this article is a form of E-Commerce.
There are so many options when it comes to selling products or services online and becoming your own boss whether that is drop-shipping (selling wholesale products at a markup price), or building your own products from scratch (which would involve more of a startup cost).
Here are some that we are sure you have heard of.
Selling your own products or drop shipping.
Selling ebooks, courses, clothing, and so much more – this option can be overwhelming but this is a platform with so much potential with diligence and research.
2. Franchising opportunities to make additional income or start a new business venture
If you already have money to invest this could be a great option for you especially if you are looking for a business-in-a-box type of business.
This is easier than starting your business from scratch since franchising has an already established system you must follow which eliminates the guesswork and hurdles of starting a new business.
It is always important to note that this route is not for everyone and you would need to gather as much information about the business before signing any contract or paying any fees.
For example, the Chic-Fil-A Franchise fee is $10,000 but to get approved you would have roughly about 0.13% success of getting accepted. Who doesn’t like Chic Fil A? (At the time of this article the franchise fee is currently $10,000 but please refer to their site for any updates and changes).
3. Freelancing is a popular way to make additional income
As a freelancer, you are self-employed and not necessarily committed to an employer long-term.
You have the opportunity to use your skills and become your own boss. You are able to freelance for content writing, bookkeeping, photography, recruitment, web design, software development, and the list goes on and on.
Now, the big question is where do you start? Click here to get started and sign up today!
4. Provide a Service
Do you like making crafts or refurbishing items? Are you skilled in your industry and looking to write content for it?
Whether you have creative design, writing, drawing, or even enjoy dog walking under your belt, you can use any of these skills, hobbies, and more to get you started.
Don’t worry, there are many third-party websites that will help you get started – you just need to start.
You can start thinking about finally utilizing your assets to make some income for yourself rather than for someone else.
No one said it was going to be easy but services are always needed and if you are ready to take that leap of faith then let’s do it!
What are your skills? Whatever it may be I am sure you can make money from it online.
5. Become an Investors
Want to build long-term financial stability? Of course do you! The best thing about this one is that you do not need to be an expert or have tons of cash.
This is where you can learn how to make your money work for you. Disclaimer: at least all investors take some risk.
There are different types of investment opportunities and the goal of the investor is to use capital (a.k.a cash) to make a commitment with the goal of a financial reward. There are many ways you can start investing which I will list some down below.
- Retirement plans
- Real Estate
One of the differences between freelance and begin a contractor is that you will typically work on one project longer with a client and usually with the same business.
You can be contracted as a teacher on platforms such as VIPKids.
Or, you can even own your own travel agency business with the help of becoming an independent contractor with Liberty Travels.
This is the time to use your trade or skills to get started building your own client list to get that revenue stream coming in.
7. Rent What You Already Own
Have you ever stayed at an Airbnb or rented a car using Turo?
Well, my friend, if you have hit all the checkmarks to get you started then go ahead and rent your home or car. What are you waiting for?
If you do not own any of the two or are hesitant about strangers using your things or staying in your home then you can leave this out and work on something you feel comfortable with.
8. Utilize Your Social Media
That’s right! Start using your platform for business purposes v.s scrolling purposes.
Your life sort of depends on it. We live in an era that allows consumers to have more power than ever. More businesses have started to utilize Instagram, TikTok, Facebook, and other mediums to grow their business and you can too.
You can use your social media to grow your audience and tell them about your products or services.
There are people who have started their businesses and careers on Youtube! So get out there and work your magic.
If you are a writer and enjoy telling your stories or better yet helping other people with your writing then blogging is right up your alley. The great thing about starting to blog is that many of the things you write are reusable and you are able to use it over and over.
Before you start a blog figure out if your content is useful and will be helping other people. Once you decided that blogging is right for you then you can start building your website!
10. Designing a product is a way to make additional money on the side
Have you ever thought of designing your own products?
If you have then you know it takes quite a start-up cost so your investment must be well thought out.
Even if you are not ready to take on that big of a commitment then you can consider using a wholesaler, white-label, or drop-shipping and adding your logo on the products.
Figure out what products you would enjoy working with and if the competition is already high.
If not, then you may have found a niche and looked into starting on your brand logo.
11. Secret Shopper
This one is kind of interesting.
Who would not want to do this? You get paid to secret shop at stores right in your area. Some of these gigs can start from about $10 but can go up close to $30 just to drive to a secret shop location.
You will get a small script and need to interact with staff.
If you are very observant and do not mind role-playing then you may want to look into this option. Check here to see what is available in your area.
The best ways to get your side hustle on in 2022! And, you can start on these options today!
Here are the best ways to make additional money on the side:
- Start getting your business online with e-commerce by building your website.
- Look into the franchising option if you have funds to invest in to potentially give you a return on your capital.
- Become an investor with stocks, CDs, NFTs, or other forms of investments.
- Use your skills or hobbies to make a living by using platforms such as Fiverr.
- If you are interested in teaching then check out VIP kids, which allows you to work from home and teach English right in your home.
- Rent what you already own, whether it’s your car on Turo or your home on Airbnb
- Become a secret shopper and make some extra cash with the options above.