Wealth & Finances

5 Easy Ways to Make A Side Income

By July 20, 2016 August 26th, 2017 No Comments

If you read yesterday’s post than you know that this week we will be focusing on the topic of income and that in my post yesterday I speak on the initial way to get started with making money and that is with you. It all starts with your mindset and what you choose to do.

Today I want pitch a few thoughts around what you could do after you get your mind set and ready to make money. Nothing extraordinary, but just a few pointers to get you thinking and your mind cranking regarding the opportunities you have. I know, I have gone and still go through the same thing as you – we all dream of quitting our day jobs and the reason I still haven’t is because to me its all about experience and I don’t believe I’m done learning just yet. And when it comes to quitting your job and pursuing your passions there is always one key thing that keeps anyone from actually doing it and that almost always (I would say in 98% of all cases) down to finances. That is the magical word and why to me it seems like there is always a deep chasm between “dreams” and “execution” that a majority of you will never cross.

In the end it’s quite logical, no? If you want to quit working for someone else you need to find another way to make enough income to pay your bills, put money aside for the future and to enjoy life. Those are the three key areas as to why we need money, right? Well with this post I want you to begin thinking of way you could be earning a side income.

Let’s face it. For the time being you need your 9-5 and that is okay. It may not be fulfilling or the job of your dreams, but my encouragement to you is do your job well. Invest the time and effort you believe need to be invested, however always keep in mind your working for someone else and that time you put in wont necessarily build your future down the road unless you plan to move up the chain. Now the question comes down to what is the best way to earn a “side income” so you can quit your job in the near future and make your side business your full time business?

The list here is in no particular order. These are the five things that come to my mind that just about anyone can do right here and right now, that includes you even if you might not see it the same way. Believe me, one of these things on this list will allow you to begin earning a side income and it’s a matter of how much effort you are willing to put into that to make your future happen. And I share these with you because I too do the same.

1. Monetize your skills

This is an absolute no-brainer. All of us have unique skills, something that each of us are good at. You may be good with excel or accounting? Perhaps your good in drawing, writing or video production? Whatever you are good at, chances are that there are people willing to pay you for your skills and a specific service and in today’s always-on economy with easy access to millions around the globe and numerous platforms that allow you to sell those skills, earning a side income has never been easier. Business owners know they can’t do everything. They know what they can do and how to eventually outsource the rest. If someone opens up a small restaurant and they cook damn well that they should be carrying a Michelin star, doesn’t necessarily mean they know how to design their interior, how to create a flashy and welcoming webpage, how to market their business and food to potential new customers, or where to get their logo and what not. That is where you come into the game and being earning side money and a good reputation.

And remember its not only the tangible skills that pour out, it could also mean knowledge and as we know “knowledge is power” (but has no monetary value if not utilized). I consult many SMB’s on a regular basis in regards to topics that owners have no idea about, such as strategy and online marketing. I have a friend who has turned his side income into a full fledged business because he had the know-how on how to execute certain software programs online to the benefit of businesses and he does not use those programs on behalf of the businesses he works with, rather he consults them utilizing his knowledge on how those business can use them. That is where he steps in a gets paid to do so. You can do the same!

Take a couple minutes and write down, on a sheet of paper (I don’t want you doing this mentally), write it down and see it visually – what are the things you are knowledge in? What are the things you are good at? And what do you think people are willing to pay you for from that list?

2. Sell your product on online – (Amazon, eBay and co)

I love the ease of use of Amazon. I know the company in and of itself may have issues and there are things I do not agree with, but that is not the focus of this post. You have several options for you to sell online and that includes on Amazon. First you could start selling your own products online. Your own webshop or a premade eCommerce site like etsy or wallapop. You could setup shop on Amazon as well. The options are limitless if you have a product, and that is true for both tangible real world items or digital products. Another way is to create a business around dropshipping. You could buy goods online and you no longer need a warehouse, any inventory or employees. Just buy wholesale and sell them at retail. Players like eBay and Amazon have leveled the playing field and it’s only up to you and your work ethic on how you want to utilize that.

3. Write a book

Many people dream of writing a book, however many never do so because of the fear of failure.

“What if my book is not liked?”

“It takes to much time to write what I want to write on.”

“I’m not a good writer anyways.”

Honestly, it’s not that hard, and trust me whatever you want to write about whether fiction or non-fiction you already may know enough to pump out some words. And if time is what is constraining you than your just not ready to invest in yourself. Whatever excuse you may have, drop them. You CAN write a book and that book may help you make an additional monthly income. It may not be enough to pay the bills on a month by month basis, but hey those additional few hundred euros don’t hurt, no?

Here a few thoughts on how you could lay out your path to writing a book.

  • Self publish your own book, whether in paperback or eBook and sell through your own website to customers
  • Write a series of shorter topic-specific books and publish them on Kindle
  • Partner with a larger platform and sell to their audience
  • Perhaps your so good that you actually should send your manuscript to a majoy publishing company

You just need to get creative. A very good friend of mine recently self published his own book in paper-back form and is putting in the time and effort to sell them. Holding book gatherings, going to book stores and meetups. Its great to see how much passion he has and the additional time investment he makes. And yes in a short period he has sold several hundred copies.

Writing a book is not as tough as it used to be and there are so many ways you can publish it. It’s not like it was 20 years ago where major publishing companies held the power and keys in their hands. The keys are actually right now with you in your hands. You just need to do it.

4. Start a blog

A blog can be a great way to earn side income. However contrary to what you may know or have read, it takes a lot of time and a lot of effort to make any noteworthy side income as it takes time to build a following. However once you have put that effort in and invested your passion into creating your blog and site there are numerous ways you can begin monetizing. This is valid for any industry, niche or genre. Once you establish yourself and become an “authority” on a specific topic or you have a following because people are interested in what you have to share than you can turn that into additional income through;

  • Affiliate marketing
  • Online products
  • Consulting
  • Advertisements

There are multiple ways to make an additional income online however note that it’s not just about getting your blog setup and then you get to sit back and relax. Quite the contrary you need to put in the work, focus on quality content, work on getting that content out and market it to people.

It’s not that “I sit at home in underwear and make easy money” method. It take diligence, time and quality to do so. And aside from that it can be very rewarding when you reflect on things. If sharing online is something you want to do or you feel compelled to start a blog perhaps on a specific topic or area of interest for others to learn, gain advice from and so forth – let me know and Id be glad to help you get setup.

5. Real estate

This may not be an easy one, but doable for a majority of people. It is an active process with lots behind it and its not a simple purchase, lay back and make money thing. However in the end it can be highly profitable. You need to own assets that produce income. That is something I took away when I read Robert Kiyosaki “Rich Dad Poor Dad” and that is key to your financial success. And aside from simply buying something there are hundreds of ways you can actually earn an additional income with real estate, just be creative. You dont need half a million dollars up front. Here a few ideas:

  • Vacation rentals (AirBnB style)
  • Rental houses/apartments
  • Flip houses (buy cheap, refurnish and sell)
  • Be a “house hacker” (home improvements)
  • Rent out space in your home
  • Invest in complexes like apartments

Once you get going in real estate it can generate a significant amount of side income and often passively. It may take time to build out this method but when it gets going it goes a long way.

In conclusion

These are just a few of the things you could be doing to start earning a side income while working a full time job. Its all up to you. Just remember the common theme of all these always will boil down to your work ethic. If you want a specific kind of lifestyle or to be your own boss, unless you win the lottery you won’t ever get there unless you work for it. Start hustling and grind your way to success, each day. One small step at a time so that you can quit working for someone else faster than you may think.

Thoughts?

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