When looking for ways to increase your business revenue, you may find the ideas will sometimes deliver a greater expense than actual returns. However, not every pathway to extra income has to correlate with decreasing the revenue of your primary business. Here are a few ways to boost your bottom line on the side:
Starting a blog delivers monetary value in two ways: tangible and intangible. Tangible value includes affiliate links that bring 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 a satisfying way to earn more money. Numerous high schools, community colleges and universities are always looking for temporary teachers to supplement the educational opportunities they offer. Even Mark Zuckerberg teaches a class at a local Silicon Valley school in his spare time. If you don’t have time to go into a classroom, you can teach online courses through various universities and industry forums.
There are many ways to add income through the emergence of shared economy businesses. Whether it’s by driving for a ridesharing company or renting out your home on a vacation rental site, you can earn extra money to cover existing expenses by sharing what you have with others.
While it first involves putting your money on the table through sites like Lending Loop, these 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.
While it may seem minimal, you can pad your wallet by doing some research about where to move your money to yield greater interest. More than ever, banks are competing for what you have so some are raising the stakes by increasing their interest rates or providing other financial incentives.
Having business credit cards can provide some beneficial financial returns. While credit cards are typically used to buy more time before paying off purchases, the world of credit has also become so competitive that credit card companies are offering more rewards structures, including cash back rewards that you can use toward your balance or redeem to put in your bank. Other types of reward credit cards also pad your wallet with discounts on travel and points that works like free money to redeem for all types of merchandise. 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 fiscally 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 like Etsy, Amazon and eBay.
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 source 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 difference 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, and where you can realize income from other passive sources.