No one complains about having a little bit of extra spending money, or a fund from which to cover debts while you continue living as you do. If you aren’t comfortable with high levels of risk, supplementing your current income with a few “side projects” might be a way of having your cake and eating it too.
However, as we all know, there’s no magic way to get your hands on “free money.” All funds gained, even those from “side hustles” require an investment of time and money on your end. The goal is to get your investment and risk down to a minimum while gaining maximum economic value.
Here are several popular ways people have been successful in supplementing their income without ditching their day jobs:
Start an E-Commerce Business
There are several different models of e-commerce around today, from a full-service online store to drop-shipping opportunities through platforms like Shopify or Amazon. Much of the work can be automated, which means that you can be as involved as you would like, though setting everything up can be a labor-intensive process which many find pays off over time. One thing to keep in mind is that many agree that the more time and effort you put into it, the more you get out of it. In addition to dealing with customer relations and marketing, you might also need to set apart time for shipping, communicating with stockists, and more, depending on the products you plan on selling.
Trading is another income supplement idea which initially many are scared to approach. However, if you do it in an informed and calculated manner, you shouldn’t run into any disasters, and rather see some financial benefits which you can use as you need. If you don’t have the time to put into your own research, it could be worth subscribing to periodic investment recommendations and research publications. These will function as a cheat sheet from which you can further research your investment decisions, yet without having to put in that extra time, especially if this is something you are new to. This is a life saver for those would like to be pointed in the right direction.
Create an Event-Based Business
Though you can’t dedicate yourself fully to a new business idea, maybe you have the capacity to get involved in something that happens on a periodic basis or during your off-times. For example, if you are a teacher, maybe running a summer day camp is something that you can balance, or if you work a normal nine to five, a weekend or evening gig could be your way to boost your income. Appeal to your passions like cooking, photography, décor and more, and let them guide you into something you will love doing and can also benefit from financially. You could start a catering business, offer event decoration, get involved in wedding planning, or fulfill yourself in any other event-based business.
Not receiving a regular paycheck can be a scary thing for many people, especially for those who have mortgages to pay, families to support, or simply like financial stability. It is possible, however, to boost this base income with something else that’s low-risk and doesn’t require too much time or financial investment on your end. Many people have found that opening an e-commerce business, trading, or getting involved in event-based businesses gives them the opportunity to keep their “day jobs” while also fulfilling their personal passions and having the satisfaction that you are making extra money with which you can either pay off debts, save for an important event, or even jumpstart your retirement fund. Doesn’t that sound great?