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Great Second Income Ideas: Make A Profit In Your Spare Time
What do you have planned for your spare time? How about doing a gig after your full time job? Instead of griping that you’re low on cash, you should use your spare time and make extra money.
- How To Make Money In Stocks
- How To Make Money Through Rentals
- How To Make Money Through Referrals
- How To Make Money Through E-Commerce
- How To Make Money As A Cleaner/ Organizer
Making money with a great second income idea can be a great help to you. It’s a great stepping stone to launch your goal of financial freedom.
How To Make Money In Stocks
There are different ways or instruments to make money as a financial investor. Here, we will talk about making money through stocks as another one of our second income ideas.
When you buy stocks, you are buying shares or ownership in a company. The stock prices will fluctuate throughout the day. The trading hours when you can buy or sell are Monday-Friday from 9:30a.m -4:00p.m. There are many companies that are listed on major exchanges like the New York Stock Exchange and Nasdaq.
When you’re a beginner, determining which stock to buy can haunt you. So, what stock should you buy? There are hundreds of companies out there! If you’re a beginner, look into companies that you use daily. It could be the manufacturer of your cell phone or cell phone service provider. You can buy shares of stocks of your favorite fast food company or even the company that manufactured your favorite car.
Before you actually buy stocks in the companies you’ve chosen, do some research. You will want to make sure that the company is financially sound. Be aware of what’s going on in their corporate world. Look for signs that are both positive or negative.
A company’s press release can give you quick feedback on what’s going on within the company. Look for news about good or bad quarterly reports, any signs of financial problems or mergers and acquisitions.
Buying stocks at a lower price and selling it when prices reach a predetermined selling price. Buy stocks at low price and sell high. Does that sound simple enough?
Keep doing your research and find those stocks with potential to make you a second income.
How To Make Money Through Rentals
You can get income by renting out a house or a room. Depending how big the house or room is, you’ll be able to make a few hundred dollars per month through your rental. You can live in a section of your house and rent out the other. You can even consider using your house as a vacation rental. You can hire a property manager to take care of all the details for you.
Rent your car. With the cost of car rentals going up, consider renting out your extra car. There are companies like Turo that can help you venture into car rentals. Check it out.
Rentals for parties, weddings or conventions. Most common party rental items are tables and chairs. You can rent air inflatable jumping castles and water slides for children’s parties. Other ideas for party rentals are ice coolers, cotton candy machines, hot dog machines and food warmers.
For weddings, you can rent out backdrops for the head table and various other decorations. Decorations for the wedding aisle, the ballroom and table decorations.
Rental ideas for conventions can be portable stages, lighting systems, sound/PA systems, televisions or projectors. These are ideas you can take or there are more that you can come up with.
Rent out tools or specialize equipment. If you live in the country or a farm, you may own special tools and equipment that you can rent out. Special equipment like tractors, wood chippers, ATV’s can get you extra cash every week. Tools like saws, hammer drills, laser levels, tiling tools are specialized tools that are expensive. An individual may only need the tools for a day or two. They don’t want to spend hundreds or thousands for these tools. So if you’re looking into second income ideas, look into rentals.
How To Make Money Through Referrals
You can make money by referring business. Suppose, you’re a freelancer who builds smaller websites. You have a client that wants a larger 50 page website and that is way over your scope of work. What can you do to help this client out?
Before you can start making money with referrals, you need to establish a network. Your network consists of individuals, agencies or contractors to refer business too. Create an agreement to the type of referral work and share of pay for the referral work.
You know an agency in your network charges $3,500 to build that 50 page website. You refer this client to the agency and collect your referral pay. Say you both agreed to a referral payout between 10% – 15%. Your referral cut would be $350 – $525.
As you see, referrals can be a simple money maker. If you can get several referrals per week, you can get a decent income without too much work.
You can use this same referral concept with any type of business. Whether you’re a freelancer, caterer or air conditioning contractor, whatever you do, look into making money with referrals.
How To Make Money Through E-Commerce
Have you thought of having a website to sell something online? Do you have a line of products that you want to sell online? It could be a product that you make or cookies from your family’s secret recipe. When you have an exclusive product not found in any store, the sky’s the limit for your income potential. You’ll want to create a marketing plan for your online store and follow it.
Other than selling your own product, consider looking at drop shipping. You’ll have an online store like we’ve mentioned above. The great thing about dropshipping is you don’t have to have a bunch of inventory to ship out.
You create a business relationship with a dropshipping company. This company stocks the products that you are selling on your website. When a customer places an order on your website, you pay your drop shipper for your cost of the product. The difference between your customer’s price and your cost is your profit.
How To Make Money As A Cleaner/ Organizer
Get paid to organize someone’s messy house or business establishment. There are people who don’t like to clean and their place is in shambles. A business can be lacking in productivity because the place is just a mess.
If you’re a neat freak and you’ve got the organizational skills, why not get paid well for helping someone? Clean their place, organize and arrange their place so that doing tasks will become more efficient. Helping their business establishment to be more organized and efficient means more money for the business owner.
When the owner knows exactly where things are, it will streamline their business. Tasks will be completed efficiently. More goods and services will also be sold.
At the same time, create a plan of action for your client to maintain the organization of their place.
In conclusion, having a second income can become a stage to help you gain your financial freedom. By thoughtful planning and executing your plan, you can look forward to a successful future.