How to Make Extra Income



Generating ideas for both short-term and long-term income streams
 

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When you train yourself to look for opportunities, it is amazing how much income you can make while solving the problems of others. Regardless to whether it’s traditional or online, developing a stable business of any kind takes long-term effort and patience. The Internet is an amazing tool, but your mind and creativity are much more valuable.

Taking the time to educate yourself on how money and businesses really work will save you a lot of initial hassles, and experience in a managable side-business can give you a foundation for future opportunities. Here are a few ideas you might consider:


Instructions

Step 1

Sell online

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Whether it’s eBay, Amazon, Craigslist, or your own site, the ability to have a store that never closes is why this appeals to a lot of people. You can make extra money while you’re physically at work or even asleep. They do take work, but they’re flexible enough to fit into most people’s lifestyles.

Both eBay and Amazon have extensive tutorials on their sites to help you understand their selling process, and they both provide the advantages of an established system with safeguards to protect both sellers and buyers. This does not mean they’re scam-proof, but they’re better than starting out on your own without any back-up.

Craigslist’s function as a free online classified site makes it a good tool for selling products and services on a local level. Just keep in mind general safety precautions such as meeting customers is public locations, etc.

Creating your own site to sell products takes more effort, but you have the potential of keeping a greater percentage of profit. This is going to depend a lot on the products, with niche or specialty items being easier to gain search traffic and customers. As you explore that option, you can learn how to direct your daily workflow by trying an established site first.

Step 2

Share your expertise

If you have a passion and knowledge for a particular topic, you have the potential for other people to seek your advice. How can you turn this into a way of making income?

There is the direct option—one-on-one tutoring or consulting—but you can also partner with paid websites such as Helium or create your own blog to generate revenue from advertising affiliates. This is not on overnight process, but it’s a good side-business to pair with your existing career. Blogger is a user-friendly option for starting your first blog and is free. The advantage of partnering with a larger site is greater website traffic, allowing you to start making some income immediately without having to start your marketing from scratch.

On a much more detailed scale, you could explore creating audio or video instructional products for your particular niche area or skill. Since technology and techniques in a lot of fields change rapidly, there could be a need for up-to-date content for other companies to train their employees or for self-employed business owners to gain education.

Step 3

Turn a mundane service into something extraordinary

With many service-based businesses—everything from babysitting to mowing lawns—there tends to be a lot of competition. Your primary goal should be to provide excellent service, but how else can you distinguish yourself when it come to word-of-mouth marketing? When you’re first starting out, it shouldn’t require spending a lot of money before you even get off the ground. Using your creativity instead is often referred to as " guerrilla marketing."

First of all, you need to get input from your customer base. Talk to your potential customers—asking them what they’ve liked and disliked about service they’ve gotten from other businesses in the past. Is there any way you can make the experience for you and the customer fun rather than treating the service like a dreaded chore?

If you build a business with the intention of attracting more customers than you can handle, it allows you to charge reasonably more for your work—and people are happy to do it because of the higher quality and value you provide. This is a sharp contrast to what many business owners attempt—trying to underbid their competitors in price to the point they can’t turn a profit. Adding value is a much better long-term solution.

Step 4

Do more than one thing

In investing, people talk about diversification being important because it decreases risk. The same concept applies to careers. If your income is dependent on just one source—like a job—it only takes a layoff to financially crash you. Even if you enjoy your main career, having back-up sources of income can still provide you greater stability and peace of mind.

Og Mandino’s University of Success

by: Og Mandino
Release Date: 1983-11-01
Amazon Price: $12.05
Used Price: $0.48


Things Needed
✯ Computer with Internet connection
✯ Checking and/or PayPal account to receive and process payments
✯ Job-specific supplies (will vary by business)


Tips & Warnings
✯ Before you start any serious side-business, it’s important to get in contact with the person who does your taxes and any local authority where you may need permits, licenses, etc. While it may initially seem like a hassle before you’ve made any income, it will save you a lot more work long-term.
✯ Keep yourself in a mode of always learning and read as much as you can about your field and business in general. When you learn from the mistakes and successes of others, it does help you over time.
✯ Even if you have a natural tendency toward business and read as much as you can prior to getting started, you’re going to make some mistakes along the way—most of them not out of recklessness but ignorance. This is a normal part of the process, which is why it’s better to start out on a small scale and then take more calculated risks once you’ve gained experience.
✯ For your first business, choose something you can do that does not require you to go into any debt to begin or maintain it. While paying as you go will initially take a little longer, it will provide you with a better financial foundation and chance of success. If you have a larger future business goal, you can put aside some of your profits from this first business as seed money as opposed to going very deep into debt and increasing your risk.


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