Friday, September 22, 2023

Three ways to make a side income


Photo by Maggie Isley: 

Many people strive for a side income for many reasons. It allows you to increase your savings, and improve your financial security, it gives you more flexibility in life as well as options - whatever your reasons, there are very few negatives to making a side income. But the question is, how do you make a side income? 

Side incomes can be done in many ways and very much depend on the amount of money you have available to invest in your side income. For example, you could create a property website and earn money from people staying in your apartments. You could create your own blog and write about something you are passionate about or you could become a freelancer in the evenings. 

Below we dive into three ways to make a side income. 

Invest in property 

To start with, let's look into a way to make money if you have a lot of money available to invest. Property is a great way to make a side income, with many people owning a few properties as part of their portfolio. By investing in a property you will make an income from the monthly rent your tenants will pay (as long as you have a big enough yield) as well as the money you will make in the long term when you sell the property. 

Start up your own blog 

Blogs are great for making a side income. You can make an income from ad revenue, affiliate links, sponsored posts, sponsored competitions, social media collaborations, and more. Initially, it will take time to make an income as the income is generated by the amount of views you get. This is why it's important you write about a subject that you are interested in - such as a marketing blog, a health blog on living a healthy lifestyle, or a blog on food and drink. If you are unsure of how to make a blog, it’s never been easier. There are many affordable WordPress designers out there who can make you one at an affordable price. If you feel confident enough, there are also drag-and-drop builders that you can use with pre-made templates.  

Freelance in your spare time 

Have you considered freelancing in your evenings after work or on the weekend? Many career skills are transferable and can be done in your spare time to help other businesses. If you enjoy web design, you could create other websites, graphic designers can help with branding, whilst accountants could support payroll or a marketing expert help with paid ads - have a think about your skills and see if there is a market there to help others as a freelancer in the evening. Freelancing can be one of the most profitable ways to make money and help get out of debt (if this is a situation you are in) 

Have you got a side income you would like to share with our readers? Which of the above tips did you find most useful? Let us know in the comment box below.

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