Who doesn’t want extra income? Even if you were already satisfied with your current income level, you would still want to make more money for various reasons. Not only does extra income fulfill your personal desires, but it also enables you to operate a business, facilitates investments, and so on.
There are a lot of ways to make extra income. Here are five smart ideas you can implement!
1. Rent Out Your Spare Room
Do you have an unused large space in your office? Or do you have that empty room in your house? You can actually use it as a source of your extra income!
If you have a spare room in your office, consider renting it out as a co-working space or an area for another business. For example, if you own a restaurant or cafe, consider renting out your spare room to a barbershop owner. Apart from allowing you to get extra income from the rental fee, this can also help you gain more customers.
Another example, if you have an empty area in your house, consider renting it out as a meeting room or a lodging room. Advertise your location on popular marketplaces such as Airbnb if you are interested in leasing your spare room as an inn.
2. Utilize Your Resources
Did you know that your expertise, employees and other assets can help you make more money? You can turn your expertise into a paid ebook or a course for those who want to learn your field of expertise.
If you have several employees with great skills, then this can be a new business opportunity for you. You can hire them as consultants or trainers for other businesses. This can also benefit your employees by giving them incentives and enriching their experience which will add value to their portfolios.
3. Gain Extra Income Through a Referral Program
Another bright idea you can try is to take part in a referral program. Unlike being a reseller, being a referee does not require you to directly sell products or services to prospective buyers. Although each referral program might offer different benefits, generally you will get an incentive once you’ve successfully brought in a new customer for a company.
One of the most successful referral programs that you can participate in is the EQUIP Referral Program. This program can be joined by both business owners who serve multiple clients and employees who are interested in earning extra income. By joining this program, you will not only generate incentives, but also expand your business networks, get a certificate, and gain new knowledge about business automation and the IT world.
4. Add More Value to Your Services or Products
Providing products or services with added value is another smart way to gain extra income. This can be implemented by both service and product-selling businesses. For example, some retailers offer free shipping for a minimum order amount. Another example, some hardware providers work closely with software vendors to complement their clients’ needs.
Consider modifying the added value of your products or services based on your customers’ preferences. The more relevant the added value to their interests, the more sales you will make.
5. Host a Recurring Event
Don’t worry about having to spend a lot of money on this idea. You don’t have to invite celebrities, hire event organizers or rent expensive halls. If your business hasn’t gotten enough media exposure or if you don’t have enough followers on social media, consider hosting a recurring small seminar or conference for free.
You can post information about your event on free event promotion platforms such as Eventbrite and MeetUp. After your number of followers has increased and your business has become more known, then you can start hosting a paid regular event which involves popular influencers. This may not be an instant way to earn extra income, but you will get optimal results if you do this consistently.
Regardless of your current job, you can start applying some of these five ideas right now. You can choose whichever method you think best suits your preference. Remember to be determined and patient when trying these ideas. Good luck making your extra income and share your experience through the comment section below!