Don’t have enough cash? Want to extend your paycheck to pay your bills? Most people will give you advice on ways to save more money in situations like these, but at bosswoman.in, we truly believe that need to focus more energy on growing your sources of income.
Written by: Suman Shekar Sarangi
In today's post, I’ll talk about how to generate multiple sources of income.
These days, we are seeing more and more people work on a side hustle while working their full-time. Side-hustle in simple words is a job that you can do on top of your full-time job. It is flexible, it generates revenue, and you can work on it from the comfort of your home with flexible hours. If you want to know how to earn more while still doing a full-time job, then this article might help you.
Freelancing is becoming more popular day by day as a great source of earning an income.
A freelancer is a self-employed person, who works for clients and make money on a per-task basis rather than working for an employer on a regular salary. To be a freelancer, you need to have certain skills or learn to develop a few skills of your interest.
Where to learn?
Few popular websites to learn new skills:
Some websites cost you money but are totally worth it. If you want to learn for free, then Youtube is the best option.
First Few Steps:
Once you’ve developed certain skills like digital marketing, designing, writing, photography, web designing, etc; here’s how you can take your first few steps as a freelancer:
Set your goals.
Showcase your work on your website, or blog.
Identify clients who you can work for, write good proposals to them highlighting your strengths, and mention unique reasons to hire you.
Collect testimonials from your clients and showcase them on your profile.
Take up first few gigs for free if you have to just to get testimonials.
The major benefits of freelancing include a huge scope of learning new things and working with multiple clients to earn more money.
Youtube can be used to generate money by creating and uploading videos. Depending upon the number of ads shown on your views per video, you get paid by Youtube. It’s a great source of earning money.
A few ground rules to know before becoming a YouTuber
Make sure you want this passionately
Select an appropriate Niche
You need to have a basic knowledge of video editing
There’s a catch though- initially, you’ve to be patient as you don’t make any money at all from Youtube. But once you reach a certain number of views or subscribers on your channel, you start pretty decent money.
Various Income sources on YouTube
There are many income sources for generating money through Youtube. Some of them are:
Product & Merchandise
If you’re curious to know more about how to become a YouTuber, then check out VloggerPro for more information.
If you’ve got a flair for writing articles and love storytelling, then Blogging might be the best option for you. You can start a blog by creating a website from scratch without having any prior knowledge of web development by using various website design platforms.
Things to know about before starting a blog
Select a niche: This could be the subject you’re passionate about.
Top Blogging Platforms
Ways to make money from Blogging
After writing consistently for a few months and by generating more traffic, you can earn money either by affiliate marketing or advertising using Google AdSense. If you think Bloggers don’t make much money, then look at this chart.
Saving is not enough, you need to invest to generate more money. The common mistake millennials make is they waste a lot of money buying liabilities.
Since you‘re a working individual, it is the best time to create passive income by investing in asset classes that will pay you even if you don’t work for it. Before knowing the different categories of investment, lets first understand why we need to invest.
Compelling Reasons to Invest
To fight Inflation
To Create wealth
To meet life’s financial aspirations
When it comes to investing, choose an asset class that suits your risk appetite and returns temperament. You can even invest in multiple asset classes.
Popular Asset That You Can Invest In-
Fixed Income Instruments like FD, RD, etc.
If you want to know more about these asset classes, click here.
I have a bonus tip for you in case you’re still confused about where to start investing:
You can start investing through Mutual Funds if you are a complete beginner. This way, you will not have to get into the details of studying the markets, but you can still make good returns. There are 2 ways to invest in Mutual Funds - SIP and Lumpsum. It is one of the best ways to invest money for the long term to get a profitable ROI.
For more details on mutual funds, refer to this video.
#4: Affiliate Marketing
Do you want to earn passive income and make money while you sleep? Then affiliate marketing is the way to go for.
It is the process of getting a commission by promoting products of retailers, through an affiliate network, to customers. So once you find a product that you like, you just have to promote it over social media platforms and earn money for each sale you make.
It is a relationship between 3 parties: merchant, affiliate and consumer. To understand the role of these parties, refer to this article.
According to a report conducted by the Internet and Mobile Association of India, 36% of India’s population (45.1 crores) were active Internet users in 2019. As the number of internet users is increasing day by day similarly, e-commerce is increasing and 15% of e-commerce is done through Affiliate marketing.
So, you can see, there is a huge scope of promoting products on various platforms and earn money through Affiliate marketing.
To know how to become an affiliate marketer, click here. Different affiliate networks are shown in this image.
There are many ways to earn money and the ones I’ve discussed here are just the tip of an iceberg. Don’t just take my word, if you look online you’ll find hundreds of success stories for inspiration.
But all you need to start is the will to do. You need a new birth of liberty expressed in a commitment to promote entrepreneurial activity by removing the hindrances that hold you back. When deciding to choose a side hustle, select the one which you feel is important to you and fit into your schedule.
I hope you find this post helpful. Do let me know which option you’re choosing in the comments?