Something about doing business is that it is very volatile, today you are soaring high and the next day things come tumbling down. Therefore you need to have a backup plan, something else that will help you earn extra income even when your business goes down.
It could be you are a freelance worker and you have 2 main employers who hire your services. How sure are you they will always be there to give you jobs? With the current unstable economy, their businesses could face some difficulties thus drying up your well.
You could also be depending on your home based business, have you ever asked yourself what will happen to your income if things turn south.
Most online marketers will tell you the importance of not depending on one marketing channel. You could be relying so much on SEO only for your site traffic to be affected negatively by the constant search engine algorithm updates.
Just as it is advisable to have an array of internet marketing arsenals for your website, the same should apply when it comes to business, be it online or offline. Having several streams of income ensure that when things go bad on one side, money still keeps coming in from another angle.
In this publication you will learn some great offline and online business ideas that will help you earn extra income thus stay afloat in case of any eventuality. You can also take up any of the businesses below to be your main source of income, but make certain you also choose another 2 or 3 to ensure financial stability.
*Start a small business project: Every big business you see today was once an idea in someone’s mind. Hence, you should never despise small beginnings.
There is an African saying that goes “The mighty Oak tree was once a tiny seed that stuck to its roots”. There are many conventional businesses you can get involved in that will ensure you earn extra income even from the comfort of your home.
Try and look around your community and see what is lacking or what you can improve in terms of service delivery. It is important you pick a business that is not so tasking in that the business can run in your absence.
Any business you think about that can offer residual income is worth venturing into. Therefore, from the small cash you make from your main business, you can channel some of it to launching a small business.
Become a consultant: One of the easiest ways of earning passive and extra income is through offering consultancy services. All of us are good at something that is why you are able to get freelance jobs.
Have you ever thought of offering your expertise to small business entrepreneurs in your area? It could be you are an expert in web designing, why don’t you offer consultancy service to people in your locality.
This can prove to be a very rich source of generating extra income.
Launch a blog: One of the best ways of earning extra revenue is by starting a blog. As for me, this is my main source of income. Where I come from I see many lectures shuttling from one city to another giving lectures but with very little pay.
If only these lecturers could share want they know on a blog they would make more money than they could ever imagine.
There are over 4 billion people who can access the internet world wide; getting just a tiny fraction of these people to visit your blog would make you a millionaire overnight.
All you need to do is share your expertise on a blog by been helpful and solving people’s problems. Then you can add few adverts on your blog where people click and you make easy cash.
Once you blog becomes popular, you can also opt to sell advertising space and you will be surprised how many people and companies will line up to place adverts on your blog.
It does not matter what topic you want to share, believe it or not there is someone out there looking for what you have to offer. Do you want to share on how to use tooth picks or how to use a handkerchief? Someone is browsing the internet for that information as you read this post.
Become an affiliate marketer: Blogging business by itself is a source of multiple streams of income. Above we saw how blogging can help you generate revenue through advertising.
You can also make money blogging through selling affiliate products. This is a business where you earn a commission every time you sell other people’s products.
To be successful as an affiliate marketer you need to have a website or blog and be able to direct lots of traffic to your site.
Some affiliate programs are so good in that you can earn a residual income where you refer people to a service that requires them to pay a monthly subscription. An example of a site that offers residual income includes Revresponse.
The beauty of affiliate marketing is that you don’t have to worry about things like after sales service or overheads.
Network marketing: The internet is filled with network marketing business that can really make you lots of money. But you need to be careful before joining any Multi-Level Marketing (MLM) business because there are many scams out there.
The secret is to read as many reviews and visit online forums where these businesses are discussed to make sure your efforts are rewarded once you get started. In addition, get in touch with other people so as to hear what they have to say about any network marketing program you intend to join.
Some people make the mistake of joining so many network business programs thinking they will make more money. This type of business needs you to be consistent in one program and with time you will make all the money you want.
Examples of MLM businesses include World Ventures, Organo Gold, Amway, Forever Living and the list goes on.
If you have some free time in your hands then you simply have to try your hand in network marketing and make some extra income.
Write your own book: Are you an expert in a certain field? Then why don’t you come up with your own book.
You can also write your life story of how you got to where you are today and for sure there will be people interested to hear what you have to say. You never know, someone may be encouraged and motivated by your book.
Apart from helping you make extra income, writing a book can help build your profile for future projects or for branding purposes.
It is true getting someone to publish your book can be a tall order but if you consider the outcome and how much it can pay then it is worth a shot.
Create an eBook: This is a strategy that can work best if you are a blogger, freelance writer or a teacher. Considering the hassles of publishing a book, you can opt to go digital.
As a blogger, you can edit some of the articles you have written and put them in one e-book and sell for a few dollars. There are people who don’t like navigating through a blog for content and would rather have everything in place.
For you to reach these kinds of people you can create an eBook. While some people choose to sell their eBooks others offer them for free. This is a way of branding yourself and also a tactic of generating traffic to your website or blog.
There are simple ways of marketing your eBook other than placing it on your blog. You can advertise on Google Adwords, Facebook, Chitika among other site selling advertising space.
Be hired as a freelancer: I still don’t see how one can claim they lack employment. Right now there are employers out their looking for someone like you to hire.
Rather than wait for a job that seems to be taking forever, you can visit freelance network sites and look for an online freelance job. Some examples of sites offering freelance jobs include oDesk, Elance, vWorker, Uvocorp and Freelancer.
If you are already a freelancer, it is advisable that you work with more than one employer. This will cushion you in case something goes wrong and one of your employer runs out of business.
The secret is to slowly add to your clients and make sure the jobs are related to what you do. Don’t make the mistake of applying for any job you come across even if you think you can do it.
You need to work with employers that fit your timetable and don’t stress you out. Having multiple employers is good but if some of them prove to be a headache you are better off dropping them and looking for others.
Managing one client is good but if you want to earn extra income you better get more than one employer.
Create your own product: If you are looking to earn residua income for a long time then you have to think of creating your own product.
In most affiliate programs you are paid once and if you want to make more you have to keep on selling. The same applies if you are a freelancer; you offer your services and you are get paid once.
However, if you can create your own product you will continue getting paid many times over. It will make even more sense if what you are selling is a service.
For example, you are an expert in website designing; you can come up with a tutorial that helps people create their own websites with ease.
Check around and you’ll discover that there are people looking for what you have to offer. Seize that opportunity to earn extra cash.
Start a training course: Teaching people what you know is an easy way of generating extra income. For example, you are a successful blogger; you can share your skills and knowledge for a fee.
Training can be in many forms; you can start a school or organize a seminar or webinars where people pay for you to teach them. The beauty of training is that you can do it at home and still be earning extra income.
Conclusion: If you have read this article up to this point you will see why you have no excuse of saying that you are broke. There are numerous ways of earning extra money both online and offline.
If you are employed in a 9am to 5pm job, look at the above money making strategies and choose at least two you can be doing on part-time basis. You will be surprised that in two years time you may be the one offering people employment.
If you know of other streams of income kindly share with us by posting in the comment section provided below.
Click here to subscribe to my RSS feed.
Author: Stephen Kavita
orf@hqbXV' >Subscribe to Work At Home Business blog by Email
|Free Business and Tech Magazines and eBooks|