With a traditional job, you generally have to quit your current role to find something that pays better or is more enjoyable. We are always ready to add a little bit more in our bank accounts. But, that process is always a risk and there is a chance that you would find yourself worse off than you were in the beginning.
Fortunately, there are many legal ways to have a side income or make extra money while working in a full-time job. Some approaches even give you the chance to build a business of your own that could potentially replace your current job at some point.
One of the great things about doing so is that the risk is less. Plus, making some extra money on the site may be critical for meeting your household bills or paying for some unexpected expenses. A lot of these are passive income which means you do not have to spend more than 10 hours per week to keep the money rolling.
#1 Give Out Micro-Loans
Initial Investment: Depends on how much you can give out.
If you have some money in savings, you can make extra money for you by investing with peer-to-peer lending. With services such as Faircent, Funding Circle, Lending Club, you can help individual borrowers by partially funding their personal loans. You can also provide loans personally in offline mode.
Some people need a loan for a dream wedding or to launch a business. You lend them some money and the returns you get on your investment are based on their risk profile and creditworthiness. To diversify your investment, you can give out several small loans rather than big one.
#2 Selling Through Amazon FBA
Initial Investment: INR 50K to INR 1L
Time: 10-20 hrs/week
One of the most lucrative businesses, Amazon FBA (Fulfillment by FBA) model has converted many individuals with no prior experience in business to millionaires all over the world. It is simple and can completely be automated in a matter of few months. While it needs an initial investment of time and money, this could be converted into a money-making machine with the right strategy and dedication. The idea is to sell your products on Amazon but the packaging and shipping will be handled by Amazon at their fulfillment centers. If you are wondering how does that help you because don’t have any products to sell, then here’s the best part.
All you need to do is identify the most appropriate product on Amazon to sell, source it from a manufacturer in China through Alibaba.com and sell it on Amazon.
You will need an initial investment of close to Rs. 50,000-Rs. 1,00,000 to buy the right product from the manufacturer but the returns are quite lucrative. When your products start selling, you will need little to no work on your part other than managing inventory. After all, Amazon is the world’s biggest marketplace.
#3 Direct Marketing
Initial Investment: No investment required.
Time: As per your convenience.
A related method is to get involved with a direct marketing company. By this, I mean companies like Amway, Vante Pearls, RCM, Oriflame, etc. These examples of companies fall into what’s known as an MLM model. Here, you would typically be selling products but you don’t have to worry about actually creating anything. You can work in your spare time, putting in an hour or so per night, then extra on the weekends.
With this approach, you are basically making money in two ways:
The first is by simply selling the products from the company and getting a commission on sales.
The other approach is to make money via recruiting. You have to build a team of people below you by recruiting and getting those people to recruit as well. That collection of people becomes your downline and you make some money monthly from their success.
Lots of job people are into this extra money option.
Initial investment: INR 0
Time: 5-10 hours per week
Education is a profitable sector but the buck doesn’t stop at just earning expensive degrees. People today are enterprising and are always on the lookout to pick up new skills. More and more people are turning to online training portals like Udemy, and Skillshare to receive recorded video training at their convenience. That’s where you come in. Do you have a skill that you can share with others? It could be a programming language you use at work or something as simple as gardening basics. The point is to share the knowledge. Thanks to these training platforms, you can generate a passive income through your recorded pieces of training at almost no cost to you.
Identify the skill set you can train on and then sign up as a tutor on a training site. Based on the guidelines of the company, create your videos at home. Upload them on the site with proper description, keywords, and rate. That’s it. Every time a user signs up for your videos, you earn money.
#5 Rent Out A Room
Category: Real Estate
Mode: Both online and offline.
Initial Investment: INR 20K (if you have room to rent)
Time: 5-10 hrs/week
The idea of converting your spare room to a hotel room might not have struck you ever but the founders of Airbnb and VRBO thought the idea would work. And the idea work did quite massively. Tourists all over the world prefer to rent Airbnb and VRBO rooms to get a local flavor instead of staying at expensive hotels.
If you have a spare bedroom or even just a couch, you can make extra money by renting it out to short-term vacationers. Make the room presentable and comfortable for a night stay (furniture, linens, toiletries, etc.). Register on Airbnb or VRBO. Once approved, put up your listing with your per day rate. If your space is good enough and affordable, you will have renters soon enough.
These 5 ways to make extra money on the side are easy to do and don’t require much of your free time. If you are dedicated enough to spare few hours outside your day job to a pursuit on the side, money will follow you.
Good Luck and let us know if you have more ideas to make extra money.