Having a job is nice, however, many people are quickly learning that jobs do not provide the type of security that they really need for themselves and their families. In the blink of an eye, any job can be here today and gone tomorrow. There are times when our jobs don’t pay us enough money, even when we’re working full-time. Having a side hustle is an excellent way to earn additional income. With the way companies are downsizing, it doesn’t hurt to have a second stream of income to fall back on in the event you are affected by a company layoff. Even if you’re on a job where layoffs are not imminent, it is always nice to have some extra money to help pay off debt, your mortgage or a vehicle. An extra income can also help you save for retirement much quicker than you normally would. For the obvious reasons, an alternative income is there as a back-up plan if your company decides they don’t need you anymore.
There are a number of ways to make extra income. Some of them include online work, while others include exchanging time for money. Starting your own side hustle is not as hard as you think. A simple online search can yield several results on how to accomplish exactly that. Regardless of how you go about it, it is important to have a back-up plan for uncertain times.
1. Starting a blog
First of all, what is a blog and secondly and more importantly, how can you make money from it. If you have an interest in working online, blogging is a way to earn additional passive income that can supplement your regular income. A blog is a regularly updated website that is focused on a specific subject matter. Bloggers make money in several different ways, most commonly by placing ads on their sites. When their readers click on the link or purchase items using the link, the blogger makes money. Once you’ve generated a blog site, driving traffic is the key to success. It is also important to keep the web content interesting and engaging – otherwise, you will lose your target audience.
If you happen to be a subject matter expert in any particular field, consulting is an excellent opportunity to get an alternative income. What better way to earn extra money than by talking about the things that you like to do or things that you have extensive knowledge in. Consultants are able to work on their own terms and set their own hours. They’re also able to set their own rate. This makes consulting the ideal side hustle. The flexibility is unmatched by any job and in the event you lose your job, you’re able to increase your consulting engagements to make up for the loss of income.
3. Creating products to sell online
At first, this may seem intimidating, but selling products online is actually the easy part. Creating the product on the other hand can pose a bit of a challenge. There are websites and companies that specialize in helping online sellers find the right product in the right market niche. This helps to maximize profit and increase earnings. Online sites such as eBay and Amazon are good places to sell a product. Companies that assist in finding products in niche markets not only find the product, they also provide statistical analysis to help you determine which product is best for you. These companies provide a comprehensive report on how many times the product has been viewed, how many times the product has been purchased and the average selling price of that particular product. This enables you to remain competitive in your market niche.
4. Writing web content
There are more companies in the marketplace looking for web content than there are writers. This creates a highly unique opportunity for anyone who has excellent writing skills. Companies actually pay you to write content for their website. Often, these companies and their executives are focused on the big picture and running their businesses. Therefore, they don’t have the time to write web content. They don’t specialize in it. This is where you come in. If you have great writing skills, you may have more work than you can handle. Writing web content is something that you can do in your spare time or as a full-time career. Regardless, many companies need web content and they need good writers.
5. Selling ebooks and online courses
Selling ebooks and online courses can also be a way to earn additional passive income. With passive income, you can earn money selling the same product multiple times to multiple consumers.There are a variety of platforms that are used to sell ebooks and online courses. Amazon is huge in this space. Not only are you able to sell ebooks on their marketplace, you’re also able to select their ebooks, rebrand them and sell them as if you are the author. There is a little bit of preparation work that goes into this process. If you’re willing to go through the process of finding the right ebook and the branding process, you can successfully sell ebooks through the Amazon Marketplace. The best part of this platform is that it is established and has the backing of the name of a multi-billion-dollar company for credibility.
6. Freelance work
Freelance work can be in any form. Writing content, editing digital photos or doing online tasks for large companies. Regardless of the work, you can make good money as a freelancer. There are online companies that specialize in hiring freelancers to do these specific jobs. With freelance working, you can set your own schedule and work when it’s convenient for you. Some freelance jobs allow you to set your own rate. The flexibility of working from home and setting your schedule is highly appealing to many. This is why they choose to work as a freelancer in their spare time. If your current job decides it’s time for layoffs, having a freelance gig is a wonderful back-up plan. Just because your paycheck stops, it doesn’t mean that your bills stop. Freelance work allows you to maintain an income that can support you and your family. An additional benefit is that you are able to freelance in several different areas.
7. Rental income
If you have an additional home, rental income is a great way to earn additional residual income. Residual income is attractive because you don’t have to do much to earn it. Rental income is also consistent and comes in on the first of every month, so there is really no better way to earn additional income than through rental properties. Other ways to use any additional properties is for an Airbnb setup. The short term rental market is highly lucrative and is sure to return profits that can adequately replace your monthly income. If you don’t have any extra houses around, don’t worry. Short term rentals work beautifully in your own home. If you have a home with extra space or a basement, this is the ideal setup for a short term rental business. This income opportunity may require some upgrades to your home, but it is definitely a side hustle worth looking into.
8. Online tutoring
If you are an expert in a particular subject matter, you may be able to provide tutorial services to individuals looking for help. Tutors make a relatively decent living. There is a benefit to providing educational information about topics you are passionate about. The best part of being a tutor is that you can do it online from the comfort of your own home. With online tutoring, you are able to set your own hours and choose when you want to work. Some tutors make as much as $60 per hour. This hourly rate is sure to provide some stiff competition to many peoples 9-5 jobs. In the event of a company lay off, a job paying $60 per hour will make a great income replacement.
9. Affiliate marketing
The beautiful part of affiliate marketing is that you can make money with or without a website. The key to success in affiliate marketing is choosing a product that is in high demand and attractive to your target market. This is the easiest way to market a product and the best part of this business model is you don’t have to create a product. With affiliate marketing, you have an existing and reputable product, a marketing model, a support system and a payment system in place. With this type of business, you don’t have to reinvent the wheel. It does take time to build a solid clientele though, so it is wise to look into affiliate marketing while you are still working. Remember, the purpose of having an alternative income is to supplement your existing income. What is most important is to be agile enough to immediately replace your income in the event of a company lay off. This ensures a seamless transition from hustle to hustle.
10. Passive income through business partnerships
If you like the idea of running a business but don’t have the time, being a passive partner and earning passive income is an excellent way to supplement your income and ensure you can pay the bills if your company decides to lay you off. You can be a passive business partner in any industry with any type of business. From the restaurant business to the real estate business, if you have a solid sound agreement with your business partner, you can earn income that can help you pay off credit cards, pay off your automobile or help you contribute additional money to your retirement account. The structure of the passive business relationship can be set by you and the business partner. You make the decision if you want to be a completely silent business partner or contribute input on certain occasions. Regardless of the setup, the arrangement is in place to ensure that you receive regular periodic income.
11. Selling a physical product
If you are an expert in a particular field, providing a service or product in that area of expertise is an awesome way to get an alternative income. If you are a good cook, selling your food to individuals who don’t have the time to prepare meals not only helps you earn additional money, you are also providing a viable service to people in need of your help. For individuals who are less than great cooks, there would be a huge appreciation for this service. If you have a nutritious product that you feel would go over well with others, this is a great way to do a market test on your product and earn income at the same time. Receiving valuable input from consumers is a good opportunity to earn money and get paid to do it. People love nutritious products and not only is this a way to provide a great quality product, this is good for you too. Health and wealth is a great income replacement strategy.
In these uncertain times, having a back-up plan is not only desirable, it is almost a requirement. If you are looking for ways to survive beyond your job, it is best to implement a strategy for additional income immediately. There are no guarantees on a job. Companies lay off employees at the drop of a hat. With no recourse, employees are left picking up the pieces of their lives trying to figure out a way to pay their bills and feed their families. An alternative income is a great supplement while you are working and an even greater income replacement strategy when you are not.