When looking for ways to increase your business revenue, you may find your ideas will sometimes cost you more than the financial rewards they deliver. To avoid that scenario here are a few smart ideas to help boost your bottom line on the side:
Start a blog
Starting a blog delivers monetary value in two ways: tangible and intangible. Tangible value includes affiliate links that deliver you new income streams. For example, if you provide a link on your blog to a product from an affiliate, you could earn a commission if one of your readers purchases that product from the link provided on your blog.
Intangible value would be your blog serving as a thought leadership platform that builds brand equity for you and your company.
Teaching or consulting
Sharing your expertise with students and future business owners is an extremely satisfying way to earn extra income. Many places of learning such as high schools, community colleges and universities are always looking for opportunities or temporary teachers to supplement the educational opportunities they offer. Even Mark Zuckerberg (Founder of Facebook) teaches a class at a local Silicon Valley school in his spare time.
Another option well worth considering is teaching or mentoring online via video conferencing and webinars.
There are many ways to add income through the emergence of shared economy businesses. Whether it’s driving for a ridesharing company like Uber or renting out a room in your home through Airbnb, you can earn extra money to cover existing expenses by sharing what you already have with others who are happy to pay.
Providing your opinion
There are many companies that pay for the opinions of consumers on all types of products and services. You can make money by sharing your opinion by joining a focus group, serving as a mystery shopper or filling out a survey.
There are countless opportunities worth checking out. Here are some to get you started: youropinion.com.au; rtr.com.au; valuedopinions.com.au
While it first involves putting your money on the table, social lending is a low-risk way to make money on the interest from providing other small business owners or entrepreneurs with the funds they need to succeed.
The rate of return can offer good passive income. Check out sites such as; ratesetter.com.au
Money just sitting in a bank account earns very little interest, but every little bit helps, so shop around for a better deal. More than ever, banks are competing for what you have and are attempting to attract new customers by increasing interest rates on deposits or providing other financial incentives.
Having business credit cards can provide some beneficial financial returns. The world of credit has become so competitive that credit card companies are offering more reward incentives, including cash back rewards that you can use to help pay off your balance, redeem for gift cards or discounts on travel.
Using the points and money you make from using your credit card purchases only works to your wallet’s advantage if you know how to budget and are disciplined with paying off your balance each month so you don’t give it away to interest payments.
Maybe your free time involves hobbies that help you relax and unwind. These hobbies can actually end up making you additional money if you plan carefully and take advantage of online marketplaces geared toward your product.
From cupcakes to photography to woodworking, many people have made considerable money just by selling what they love to do on sites such as eBay and Gumtree.
Things to remember
While these are just a few great examples of moneymakers, there are some things to keep in mind before jumping in:
- Research and get to know the pros and cons of each type of income stream to make sure that it aligns with your time and current focus, as well as provides the return that is worth your effort.
- Start with just one or two smaller strategies to earn this extra money outside your regular revenue stream to see how the work will impact your financial bottom line, and how these work choices will blend with your primary revenue focus. Taking on too much too soon can result in both efforts suffering.
- Get in the mindset to make money by telling yourself it’s possible to achieve it. The power of positive thinking does work wonders on success — and your wallet.
- Take the time to study the results from your other income efforts to gauge just how much of an impact these tactics have made to your finances. This provides a way to see if you can change your passive income strategy by adding and defining more areas where you can take on additional effort for additional gain.
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