The need to earn an extra income has become a necessity. It has increasingly become difficult to manage a good life with a single or limited income. At the same time, the opportunities to earn an extra income have also become abundant. It is also known as side hustle or gig economy among young generation.
There are hundreds of article in internet on different ways to earn extra income. But all are not practical or implementable.
Here is a list of 5 solid ways to earn an extra income over and above whatever you are earning from job or business. These are doable with small investment and can give huge income in the long run. Let us examine each of them one by one.
1. Create course / be a resource person
If you look into yourself you will find your strength in some subject. Academics, hobby, soft skill, sports, kid care, skin cake, cooking etc. are few examples. In today’s world there is demand for everything. Even you will find courses on how to breathe (don’t be surprised, check in youtube). Decide upon your subject of interest. Read few books and meet few expert in that field or watch youtube video. It will help you to improve and update knowledge.
Thereafter write down step by step how you would teach somebody the same skill. Read and re-read the content you have developed. Once finalized, you can convert it into a video. There are many platform to publish video content as a learning course. Udemy, coursera, podia, skillshare, Thinkific, freshlearn, edx, udacity etc. are few examples. Uploads the videos that you have created in these platforms. Since these sites are accessible worldwide you can garner large number of learners. On an average, you can earn extra income upto 25 lakh in 3 to 4 years. There is no upward limit.
Extra tips
– Create content which are authentic and add value to learners
– Regularly update the content.
– Provide extra help for more customer satisfaction.
There are many platforms for experts in academic subject to work as teacher. Byjus, kidoserv, skooli, classplus, WizIq, Tutorme, Buddyschool etc are example of such platforms. Subjects like Physics, chemistry, biology, mathematics, economics, accounts etc. holds high demand. Key here is acceptance by students you as a good teacher or resource person. It can help you earn ₹10,000 to ₹50,000 per month. Established teachers earns in lakhs.
2. Direct selling to earn extra income or as a profession
It is another big opportunity to earn extra income. This is part time not spare time. Thus you have to dedicate a time slot in your daily life for this activity. Understand that direct selling is different from ponzi scheme or pyramid money scheme. Direct selling companies registered with Indian Direct Selling Association are genuine. Take interest in them.
You can not register with a direct selling company directly. You can do it through another person who is already registered with the company known as sponsor. Your status will be new joinee, distributor or independent business owner (IBO). As a distributor or IBO, you can buy the product of the company at discount and resale for retail profit. Further, you will be able to bring in more people as new distributor or IBO.
The company will be sharing a part of the profit based total sale of you along with the new joinee you brought in. You can keep on expanding the buyer base to earn more income. Maintain a personal sale volume of ₹10,000/- and combined with group sale of ₹1 lakh, you can earn around ₹11,000 per month and upward. There is no upper limit. It depends on your effort to create a larger buyer group and larger turnover.
Extra tips
– Increase your personal sale including self-consumption of around ₹10,000 per month
– Bring atleast 2 new people who also maintain the small purchase and resale volume as above.
– Engage your team once in a week for group chat to motivate & inspire them to continue with the opportunity.
– Once in a month recognize the achievers.
3. Sell goods online
You can also sell cake, craft, toy, decorative item, useful tools etc. online to earn extra income. Develop the skill first before you start off. Or you can find someone who is good at any of these skills but don’t have access to market. Decide the product followed by prices, packaging, stock keeping unit. Thereafter, you can promote these products either in instagram or facebook. You can open an online store for free in bikry.com, sellfy.com, shopify.com Or you can tie-up with Amazon or jiomart.
4. Sell book online
Book selling online is another avenue to earn extra income. We all have experiences in life. We all can write in one subject or another. Once we decide and dedicate ourself, it is quite easy to write a book. Do not think of traditional writers, which is different. If you are serious about this idea, here are the tips
– Decide a subject or storyline around which you want to write the book
– Make outline for the book. An introduction, 5 to 10 chapters and a conclusion
– Write header for each chapter.
– Write a page every day for coming 30-40 days chapterwise.
– Don’t edit while writing. Just keep writing. Keep dumping your thoughts.
– Once you have completed writing read and edit sentence correction. You may use Hemingway or grammerly app for editing.
– See that flow of the content is good.
– You can target 175 to 220 pages to star with. Or 100000 words.
– Make a cover using canva app for free.
– Convert your writing into a ebook using apps like calibre, kitaboo etc.
– Create buzz about the book in social media and in your whatapp groups before releasing
– You can keep price in the range of 99/- to 299/-
– Release the book in platform like amazon kindle, notionpress, writat etc.
– You can also go for print on demand arrangement.
Once you get little success and familiar with the process, you can start writing a series of books. Earning could be few thousands of rupees to lakhs of rupees over a year or so.
5. Youtube content for extra income
Youtube is a great way to earn extra income. By now you might have heard of number of youtubers who earn lakhs of rupees monthly. The mantra to succeed in youtube are
– Create content which is of public interest or trending
– Be consistent
– Invite viewers to take action by way of subscription, like, share, learn more, comment etc
– Engage with the viewers.
These are very practical way of earning an extra income. It requires hard work, patients, consistency and above all a strong desire to succeed. Pick one and stick to it, success will be inevitable. Do read our article Kaun benega crorepati to know multiplying your income.
If you like the post do share with others. And if you want further guidance on each one of theses, do let us know, we will hand hold you to success.