Individuals go into business for themselves to make a greater income than they currently possess, but few enter the realm realizing how much money they’ll need to survive their first years as their own boss. Widely accepted estimates for individuals starting a business claim it can take up to two years before the individuals see their previous job’s salary returned from the business.
That leaves individuals faced with how much money they will need to survive the lean years of their business. Some estimates call for 12-24 months’ worth of the previous salary as a nest egg to survive the first year of a business.
Few individuals achieve this saving expectation prior to launching their first business. Because of that, small business owners in their first few years search for other income streams to help keep themselves and their business afloat. The following list is several opportunities for making a side income to supplement their lost earnings.
Drive For Uber Or Lyft
If you have a vehicle, you have an opportunity to use it making a side income. Both Uber and Lyft are searching for drivers to provide riders a service, and Uber claims drivers can make as much as $19 per hour while providing these services. Individuals serve as independent contractors, setting their own schedule and choosing when – and if – the individuals want to work.
In addition to a decent vehicle, requirements for driving for either company include a clean driving history and background check. Individuals ready to turn their vehicle into a cash car can start by clicking here for Uber and clicking here for Lyft.
Side Income from Vehicle Advertisements
While individuals are driving around their cars for Uber and Lyft to make money, those same individuals – or anyone, for that matter – can add more value to their vehicle by placing advertisements on the automobile. Companies such as My Free Car, Free Care Media and AutoWrapped offer individuals a chance to sign up to have advertising placed on their vehicle in turn for cold, hard cash.
The money individuals can make is considerable, too, as these advertising entrepreneurs can pocket nearly $5,000 a year for a full-body car wrap. Interested individuals can sign up for free at any of the websites listed above.
Purchase Real Estate
This option requires an investment up-front with the potential for significant returns in the end. Purchasing real estate and selling it within a couple of years gives an individual liquid assets that are growing in value until the need to sell them arises.
One such area where property values are rising at a near double-digit rate is Turkey. Property in Turkey is growing at rates as high as 27 percent year-over-year in the densely-populated city of Istanbul. Individuals can find property in Turkey at several real estate web sites, including Spot Blue International Property.
Flipping these properties later on can bring heavy dividends. It might also be a good idea to invest your earnings into buying real estate in eastern European countries that might later be included in the EU. This can significantly improve the property value that you can cash in on when times are right.
Install Phone Apps
Many individuals may be reading this article on a device that can be used to make them money. Mobile devices – especially cell phones – can be a great source of income for individuals looking to make money by using certain apps. While some require purchases to give consumers rebates, other apps are strictly cash-earning opportunities, such as the following mobile device apps:
- Pact: This app is focused on getting individuals healthy while making money. Broken into three different options, Pact helps individuals track their health progress while earning cash for meeting their goals.
- Viggle: This app rewards individuals for watching TV or listening to music, rewarding individuals points for each action. The points can then be redeemed for gift cards at select retailers.
- Field Agent: This app asks individuals to research field marketing in their area. Tasks – paying between $3-12 each – include checking product availability, taking pictures of displays or participating in surveys.
- Shopkick: This app works for individuals who visit brick-and-mortar businesses for their shopping needs. Users of this app receive “kicks” that can be redeemed for gift cards for tasks as simple as walking into a participating store.
Sell Items On eBay
While individuals can sell personal items on eBay, this opportunity is far richer than that. Wholesale companies – like SaleHoo – allow individuals to purchase items at wholesale discounts for resale on online shopping outlets like eBay or Amazon. This is almost a business of its own without the worry of creating the products being sold.
This opportunity allows the individual to purchase an item cheaply from a distributor, then selling the item at a fair retail price for a decent profit. The time required for this opportunity is the time to market the item, making the individual the middle man for the distributor.
Outsource A Skill
Individuals with marketable skills such as graphic arts or writing are in-demand online. Websites such as Freelance.com and Upwork.com (formerly O-Desk) boast of more than one billion dollars being invested by individuals or companies for contracted labor between the two companies. Respected contractors can command a higher amount, allowing individuals to earn a livable income without setting foot out of the house.
Individuals who don’t possess these skills still could have other marketable offerings. Tutors remain in high demand locally and online. Websites such as Tutor.com and Studypool.com are constantly seeking qualified tutors to assist students willing to pay upwards of $20 per hour for sessions.
Share An Opinion
Individuals giving away advice for free are undercharging for their service. Companies – such as Pinecone Research, Viewpoint Forum and Ipsos – are willing to pay individuals to take surveys in exchange for rewards and cash. Surveys usually last between 20-30 minutes, and some companies allow unlimited surveys, putting a greater earning potential within reach.
Individuals who aren’t thrilled with surveys can still share their opinion online as jurors. Websites like eJury.com give lawyers an opportunity to test their case on a mock jury, very similar to a focus group for a product line or service. Individuals review the case being presented and then decide the party’s fate, giving attorneys an opportunity to find a successful argument with a payout to mock jurors ranging between $10-50 per case.
Have More Side Income Ideas?
There are many other things that one can do to earn on the side. We would love to hear some of your tips or closely guarded secrets that can help others; it is time to share them in the comments below. Remember sharing is caring!
Latest posts by Ahmad Raza (see all)
- 5 Steps That Will Improve Workplace Productivity and Efficiency - November 28, 2016
- Does My Credit Score Affect My Ability to Start a Business? - September 25, 2016
- 3 Considerations Before Diving in and Starting Up - September 22, 2016