If you are a business owner or/entrepreneur, you will likely be aware of how tight money can be when running a business, especially in the startup phases. This is one of the reasons startup/small business owners have to diversify their income in the early stages, whilst still ensuring their business is the priority in terms of time invested and money spent.
Luckily there are now many ways to earn a secondary income on the side, so here are a few of the methods which you may like to consider.
The advent of online trading and the emergence of numerous online brokers has made forex trading an incredibly popular activity the world over. It involves buying and selling currencies online, with the aim of profiting from fluctuating exchange rates.
Whilst it is a very volatile market, there are plenty of free educational materials online which can help you to develop your own trading strategy and potentially start making a profit (although profits are never guaranteed).
Another effective way of earning an income on the side is through selling items on ecommerce sites (like eBay and Amazon). If you run a small business which sells products like clothes (or virtually anything else, for that matter), then selling items on ecommerce sites may well boost overall profits for your business.
To find out how much to sell your items for, it is worth searching various ecommerce sites to see how much similar items are going for, and then pricing yours accordingly. Even selling unwanted items from around your house (rather than business products) can fetch a surprising amount, so ecommerce is an option well worth considering.
If you have a spare room in your house/flat, then renting it out may well bring in a good amount of money on a regular basis. This method is certainly effective, and can provide you with a decent top up for your monthly income.
The rise of short term renting sites like Airbnb has made this option far more accessible (and profitable). It is now possible to advertise your room to a host of potential renters online, and if you manage to find guests for most days of the month, you could well end up making a very tidy profit.
Whilst your business will be your first priority, freelancing is still an effective way to earn a secondary income, not least because you can decide your own hours and how often you work. This allows you a great deal of flexibility, meaning you can continue to focus on your business.
Nowadays there are many skills which you can use to freelance, with some of the most popular freelancing options being writing, web design and graphic design.
There are many more ways to make a secondary income, so it is up to you to decide which may be the most effective and best suited to your schedule. Be sure to do some research beforehand, and plan ahead effectively in order to maximise your chances of finding a decent secondary income.