5 Ways To Make Additional Streams Of Income

Additional Streams Of IncomeExcept for those who are independently wealthy, virtually everyone wants to know how to make a little extra money. This is especially true these days, as inflation and economic conditions impact almost everyone’s bank account and budget. Investing in stocks and shares is a go-to move for many, but the return on investment can take a while and is always a gamble. If you’re looking for ways to make additional streams of income, check out some of these safer bets.

1. Utilize Your Home

One of the easiest and most popular ways to generate extra money is renting out your home. Whether you’re leaving for a week on vacation or just going to be gone for the weekend, chances are there’s someone that would love to stay there while you’re away.

However, just as you would with a renter if you were a landlord, you should run a tenant background check. By vetting the people who will be staying in your home—whether it’s a long- or short-term arrangement—you can protect yourself and your property.

2. Put Your Car to Work

You’ve probably used their services or at least heard about them at the very least, but another easy way to make extra money is to work for one of the various delivery apps. DoorDash, Grubhub, Favor, and others are available in a lot of areas now, and not only do you get a base salary plus tips, but most of them also let you set your own availability and hours.

Of course, it’s best to do this with a reliable car that has full insurance coverage. Keep in mind, too, that using your car for work can potentially impact your insurance rate.

3. Freelance

Another great way to make additional income during your downtime is to find work as a freelancer. There’s a really good chance that you have a skill or talent that can be utilized to make money on the side, and, while it may take a little searching, it can be well worth it.

Companies are always looking for ethical hackers to test their security but you can also find freelance work as a proofreader, tutor, virtual assistant, translator, voice-over actor, and much more. Create a portfolio and resume and check out sites like Upwork, Fiverr, and even Craigslist to find some great opportunities.

4. Start a Side Business

side business

While as a freelancer you’re considered a “business owner,” there’s little that compares to having your own small company. If you enjoy cleaning and making things all spick-and-span, a small investment in supplies and business cards can translate into a lucrative endeavor by cleaning homes and offices. You can also contact real estate companies and offer your services in order to clean vacant homes and prepare them for showings.

Think of a cute name for a mobile dog grooming service or a weekend babysitter. Whatever you choose may require a bit of startup cash, but as you can see, it doesn’t have to be a lot in order to get something simple started. Moreover, if you plan to focus on building a full-time business, the potential for growth and revenue is even greater. Afterward, you can use JD Edwards EnterpriseOne ERP system to streamline your operations and manage your finances more effectively, allowing you to focus on expanding and improving your business.

5. Crank Up That Computer

If you have a decent desktop computer, it has the potential to make you money even while you’re not using it. Though it’s an even bigger “maybe” than stocks and shares, learning how to use your office setup for blockchain mining can generate money with just the cost of electricity as your investment.

Wrapping Up

Whether you work part-time as a delivery driver or you start up a freelance service or other business, there are several ways to make additional streams of income. Think about your talents, what you like to do, and how much time you have available to invest, then work on a plan to get started.

About the author

Hassan Abbas

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