In focusing on how to increase your business’ revenue, you may find that your ideas will sometimes deliver greater expenses than actual returns. However, not every pathway to extra income has to correlate with increasing revenue. Instead, consider options that can passively pad the wallet. Here are some income boosters to consider that don’t require boosting revenue.
Starting a blog on your website or on a separate site delivers monetary value in two ways. The first is tangible, which involves affiliate links that bring you new income streams. The second is more intangible but adds to your overall business bottom line by serving as a thought leadership platform that builds brand equity for you and your company.
2. Teaching or Consulting
This is a satisfying way to earn more money while also providing a way to help future business owners or enhance the educational experience of students. Numerous high schools, community colleges and universities are always looking for temporary teaching assistance 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, there are numerous ways to also teach online courses through various universities and industry forums.
3. Sharing Economy
There are many ways to add income through the emergence of sharing economy businesses. Whether it’s getting your car payment covered by working for Uber or Lyft, or providing the funds to pay your mortgage on your home or vacation getaway spot through Airbnb, there are many ways to cover existing expenses through sharing what you have with others.
There are many companies that pay for your opinions on all types of products and services. You can join a focus group, serve as a mystery shopper or fill out a survey for a monetary reward, coupons, discounts or gift cards. Some examples include Inspired Opinions, Harris Poll Online, and SwagBucks.
5. Social Lending
While it first involves putting money on the table through sites like LendingClub, social lending offers 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.
6. Bank Accounts
While it may seem minimal, you can pad that wallet just 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.
7. Smart Credit
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 work 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 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 for products and services that often emerge from hobbies. 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, with many more possibilities out there for passive income, there are some things to remember 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. These pros and cons should also provide returns that are consistent with your efforts. Start with just one or two smaller strategies to see how the work will impact your financial bottom line. Also consider how these work choices will blend with your primary revenue focus. You don’t want to take on too much too soon, because all your results will suffer across the board.
Once you have results, 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.
Finally, get in the mindset to make money by being proactive in your approach to increasing your income. Tell yourself it’s possible to achieve it. The power of positive thinking does work wonders not only for your success, but for your wallet too.