Three Finest Methods to Diversify Your Revenue (and Cease Residing Paycheck to Paycheck) Throughout Occasions of Uncertainty

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3 Best Ways to Diversify Your Income (and Stop Living Paycheck to Paycheck) During Times of Uncertainty

Outside employment could take you through these tough economic times.

October
2, 2020

7 min read

The opinions expressed by the entrepreneur's contributors are their own.

Earning money is difficult. There's no denying that it can be difficult to get out of the minimum wage most of us are on, but it's not impossible.

Almost all of us have gotten bogged down in our lives at some point, from paycheck to paycheck, hoping that somehow we can gain enough experience to move from the minimum wage war to a comfortable life. According to PolicyLink, an organization that campaigns for racist and economic justice, over 12 million people in the US live in poverty despite working full-time. Even before the pandemic, 78 percent of all workers were living from paycheck to paycheck, according to CareerBuilder in a 2017 study.

If you are tired of spending your days weighing up whether you can afford to put gas in your car or make your insurance payment, consider starting an online side business. It may seem like online businesses are made for the highly skilled, but we all have skills that are valuable to someone. Don't let yours go to waste when you could use them to boost your bank balance while helping others. Here are three ideas on how you can make extra cash from an online side business.

Related: 11 Best Websites to Find Freelance Jobs and Make Extra Money

1. Freelance

Freelancing is a great way to build your income because it is flexible. As opposed to full-time employment, freelancing means you can choose your hours and clients. This makes it a perfect sideline if you are unable to commit a certain number of hours per week.

As of October 2019, there were 57 million people in the United States alone who freelanced to grow their income and build their business. CNBC reported that freelancers providing skilled services earn an average rate of $ 28 an hour – more per hour than 70% of the total workforce in the economy.

Freelancing isn't just limited to professional skills. In fact, freelancing can be so diverse that it is possible to offer a service for almost anything, provided there is a requirement to do so and you can build a customer base.

According to Preston Lee, founder of Millo, job boards are one of the fastest ways to find new clients. “If you don't have customers, you don't have a business, and if you don't have a business you're just a hobbyist. When you have your first freelance clients, you get the confidence, momentum, and traction that you can count on to succeed faster. "

How do you start freelance work?

  • Find your niche. What skills do you have that other people or companies might need? Are you good at writing content, are you great at graphic design, can you offer administrative skills, or do you have a knack for accounting? Find a skill that you can offer to help solve a problem for your prospect. The more valuable the skill, the more profitable and in demand your freelance work becomes.

  • Market yourself with a website and portfolio. Start a website to exercise your skills. You can design your own or join a platform where freelancers and clients can find each other if you don't have the skills or resources required. Make sure prospects can review your work and decide if they want to hire you. Your portfolio should demonstrate your skills and show clients why they should choose you. If you haven't had customers before, create your own examples to highlight what you can do.

  • Price it out. How much to charge can be a mystery: you don't want to pay too little and end up having to spend a ton of hours on a low return. However, if you overpay you will struggle to find customers willing to pay for your services. Research How Much You Should Charge. Review the services you offer, compare them to competitors and find a price range that suits your skill level.

Related: 4 Tips for Finding Your Profitable Blogging Niche

2. Start a high-end blog

Blogging is flexible and doesn't cost anything to get started. It seems like blogging is reserved for those who have incredible writing skills and a good understanding of marketing. While you will need some writing skills, what you write about is just as important as what you write – the actual content attracts readers. It is also what defines or destroys a blogging site. You might be the most competent writer in the world, but if you don't understand what your readers want, you will never succeed. The key to starting a blog is finding your niche.

How do you make money blogging?

  • Affiliate marketing. Affiliate marketing means that you link to a brand or product in a blog post. Every time one of your readers clicks this link, you can make some cash. Not only can you randomly link to brands and get paid for them, but you can also sign up for an affiliate marketing network.

  • Sponsored content. Once you've built your brand and gained a good number of subscribers and readers, you may even be approached by brands and companies to write about the product they have selected. This is a great way to make money off of your blog.

  • Pitch on publications. If you are very knowledgeable about the niche you have chosen, there is no reason for you to be shy about getting closer to publications and getting your blogging business out on the market. This can lead you to get into paid publications.

Related Topics: How to Create an Online Course for an Engaging Audience

3. Turn your knowledge into an online course

The online course industry is growing steadily as it gives people the ability to develop new learning skills flexibly and in greater demand than traditional classroom learning. We all have skills that other people do not have but want to learn. With a little work, you can create your own online course for extra income every month.

The nice thing about starting your own online course is that you don't have to be a qualified teacher. As long as your course has quality content and provides students with a skill in demand at a reasonable price. However, without a little hard work, there is no win – you have to create the content, which can be time consuming. How to get started:

  • Choose a topic. What can you? Think about what skills or knowledge you can teach other people that are so valuable that they would pay for them.

  • Buy or build. Before you can start taking online courses, you need to decide whether you want to create your own website or use a hosted platform for online courses. Do some research on the cost of both options and weigh the pros and cons before making a decision.

  • Marketing is the key. Good marketing is important if you want to attract potential customers. If you haven't had a business of your own before, it is important to understand the most effective marketing techniques. Do your research to make sure you are up to date and knowledgeable about the latest marketing strategies.

Starting a side business online is not impossible, nor does it mean that you will have to take a huge financial risk by quitting your job. With a little bit of hard work and dedication, you can start generating extra income so that your paycheck-to-paycheck life is a thing of the past.

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