I love to bring in revenue streams from different sources – I run two businesses after all, but also create income from selling products, writing for magazines, advertising and more. I also love the idea that even without a business you can bring in other revenue streams so today am sharing a few that you could consider.
Participate in online surveys
Companies and brands respect the opinions of people since it allows them to make more informed judgments about their existing and upcoming products and services. They understand this, which is why they are eager to pay you for your opinions by sending you surveys. While participating in paid internet surveys will not make you rich, you will be able to earn some extra spending money to go towards your monthly electricity bill or your daily cup of coffee habit. I tried this for a month to see how much I could earn – I found some better than others (some paid out £1 per survey and some 5p!) and I made £60, without spending too much time on it. I recommend Prolific for better surveys that took more time but paid out better.
Get cashback on your shopping
Nowadays, thanks to the fiercely competitive internet buying environment, you can get cash back on nearly anything you purchase. You should reconsider whether or not you are taking advantage of cash-back offers, or whether or not you believe they are too tiny to deal with. I do this all the time and use Quidco. On average I get between 50p-£2 per purchase – the trick is remembering to use them.
Rent out a room in your house
If you have a spare room in your house that you do not use anymore, it is possible that you are losing out on extra money by not putting it on Airbnb. Residents can earn several thousand pounds simply by renting out their property to tourists. Why not stay with pals for the weekend and divide the rental revenue?
Make an investment in the stock market
It is possible to earn more money by investing your money in the stock market as opposed to simply keeping it in a savings account. Accounts such as employer-sponsored 401(k) plans and brokerage accounts are available for you to use to invest your money.
You should keep in mind that there are no guarantees when it comes to investing in the stock market. This means that if there is a recession or a stock market meltdown, you may experience financial losses. To make the most of your investment, it is a good idea to have paid off your high-interest debt and set up an emergency fund first. When you are ready to make a financial commitment, think about your long-term financial objectives. There are DIY sites you can use or speak to a Financial Advisor (we do the latter).
Make cryptocurrency investments
Cryptocurrencies are not going away anytime soon, and they are here to stay. You can now use bitcoin to pay for food, flights, and online shopping, among other things, but it is not the only form of cryptocurrency these days. Why not look at What is Cardano and ADA token and instead of wasting this new type of currency, why not use it to generate some extra income for yourself? I have to admit I know nothing about this so make sure you do your homework first.
Start a blog
The great thing about blogging as a side hustle is that you can utilise it to pursue nearly any hobby or interest you have – and then develop a blog around that topic. Bloggers that are successful in building an audience will have a plethora of chances to convert their influence into financial gain. But let’s be real – it takes time! But if you build up an audience who love what you do, you can monetise it through affiliate marketing and advertising.
Go freelance to support small businesses
With so many balls in the air during the operating cycle of a business, it is easy for business owners to lose sight of the fact that they should also be on social media platforms. Keeping up with Instagram, Facebook, Pinterest, and other social media sites is a time-consuming task that many business owners would be willing to hire someone else to complete for them instead. I do this for businesses as part of The Indie Practice, but you may have skills that you can hire out such as design, photography, copywriting to name a few. You can sign up using sites like Fiverr to help you connect and bring in revenue streams. Check out my freelance business support here.
Sell unwanted items
Sell all your unwanted clutter on sites like eBay or Facebook Marketplace. I sell a lot this way – from the kids toys to their clothes and even some of my vintage. Last year I made £3000 selling unwanted things and old tech. Just remember if you are selling via eBay that you will have to post so factor in the time spent on it – from sourcing boxes and bubble wrap to driving to the post office!
What revenue streams have you created?