Ideas for earning extra income

September 22, 2017
It is important to have a steady income. However, many jobs do not pay as much as you would like. Once you have established yourself at a job and you are earning a regular paycheck, you may be tempted to find a second source of income.
Ideas for earning extra income

Second job or side business?

This additional money could come from a second job, but many people decide to start a side business instead of looking for work in the evenings or on the weekends. What are their reasons for making this choice? Perhaps they want to work on something that they are interested in. That way, they can treat the business like a hobby and get personal enjoyment out of it as well as earning money. Secondly, businesses often have a greater earnings potential. That means that if you are successful, you can earn more money than you could from a part time job, which will always pay the same. On the other hand, if the business is not successful, you will earn less than you would from a part time job. (So, it is certainly a gamble).

How much do you need?

Before you decide to start a business or get a second job, consider how much money you need. If you simply need to cover expenses or perhaps take a vacation, then an online personal loan might be a better option. Unlike starting a business or searching for a second job, these loans are quick and easy. You simply show your paycheck and bank statement to the lender and, if approved, you will have the money deposited in your bank in a few hours (or less). If you only have an occasional extra expense, these loans are the best hassle-free option.

(Note: an online personal loan can be a good option if you need a few hundred dollars to start your side business as well).

Here are some ideas for earning extra income.

  • Freelance. If you have a special skill, you can use freelance sites or approach companies directly to offer your services. Many companies like freelancers because they do not have to provide them with benefits, and they do not have to pay them a salary.
  • Tutor or teach. More and more websites are offering online courses. This could provide another way to leverage your skills. You can create a course for a site like Udemy, or you could offer tutoring to students who are studying to work in your profession.
  • Participate in the “sharing economy.” Companies like Uber, Airbnb and Lyft fall into this category. These businesses are not a good fit for everyone, but they do let you connect to platforms that are already established. This means that you have a higher chance of making some money right away.
  • Work online. You probably will not make a lot of money working online, but you may be able to earn something by completing surveys, writing paid comments or maybe even joining an article writing service. The pay for these kinds of tasks is usually very modest, but these jobs are relatively easy to find. Since there are so many options at your fingertips you should, with a little bit of effort, be able to build up a portfolio of online jobs that could bring a decent side income when they are combined together.