As the cost of living crisis bites, many people are having to make ends meet by finding second jobs, side hustles and are looking for other ways to make money from home.
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Key Points
- Finding ways to make money from home offers the comfort of a familiar environment and eliminates commuting, allowing for better time management and reduced travel costs.
- Virtual assistant roles are increasingly popular due to remote work trends, offering services like calendar management and customer service to a range of clients, from busy professionals to large corporations.
- Handmade crafts offer a route to business for creative individuals, with platforms like Etsy providing a marketplace for unique, high-quality items.
- Online tutoring or course creation is a growing field, offering opportunities for experts in various subjects to teach through live sessions or pre-recorded courses on platforms like Udemy.
- Dropshipping presents a low-investment business model where you act as a middleman, selling products without holding stock, thus capitalising on increased commercial demand without the inventory risk.
Why is it a Good Idea to Make Money From Home?
Making money from home has a certain allure that’s hard to resist for many people, and it’s easy to see why. First off, the comfort of your own home is a sanctuary compared to the hustle and bustle of an office environment.
You get to dodge the dreaded commute, saving both time and money. That extra hour or two can be funnelled into productive work or precious family time. Next, you’re in control; you often set your own hours and choose the projects that resonate with you.
This freedom can lead to a better work-life balance and a sense of empowerment. Plus, let’s not forget about overhead costs. Working from home typically means fewer expenses, as there’s no need for a professional wardrobe or daily lunches out.
All these factors combine to make money from home an attractive option that can offer a more personalised and convenient way to make a living.
But what are the best ways to make money from home? Here are a few ideas that you may want to consider.
Get Paid to Write
As the workplace and various industries continue to transition online, some job roles are benefitting from markedly higher levels of demand.
Take copywriting, for example, which businesses often rely on to differentiate themselves from their competition in an increasingly competitive digital space.
If you’re looking to forge a potential path in this type of job role, you could start by providing paid articles through websites that accept such content.
Sites such as Listverse pay up to $100 per accepted article across an array of topics, for example, while Back2College is an excellent website that’s aimed at older students and will pay more than $55 per published post.
Virtual Assistant Services
The rise of remote work has boosted the need for virtual assistants (VAs) who can handle tasks like email management, calendar scheduling, customer service, and more. This is a fantastic business idea for those who are organised, good at multitasking, and have strong communication skills.
You can offer your services to busy professionals, small business owners, or even large corporations. Specialising in a niche, like social media management or bookkeeping, can give you a competitive edge. There are various online platforms where you can find clients, or you can set up your own website and use social media to attract business.
Handmade Crafts and Artisanal Goods
If you have a knack for crafting or making handmade goods, why not turn your hobby into a business? From custom jewellery to scented candles, there’s a market for unique, high-quality items.
Setting up an online shop on platforms like Etsy can help you reach a global audience. Social media can also be a powerful tool for showcasing your products and connecting with potential customers.
The initial investment depends on your craft, but once you’re up and running, the sky’s the limit. Plus, this type of business lets you flex your creative muscles and make products you’re passionate about.
Online Tutoring or Educational Courses
The demand for online education is soaring, making it a ripe opportunity for those with expertise in a particular subject or skill.
Whether it’s maths, coding, a musical instrument, or even cooking, there are people out there eager to learn. What’s great about this business idea is that you can tailor it to suit your strengths and schedule.
You could offer live one-on-one tutoring sessions, create pre-recorded courses, or even host webinars. Websites like Udemy or Teachable allow you to host your courses, taking a lot of the technical hassle off your plate.
Alternatively, you could use your own platform or social media to attract students. The startup cost is relatively low; all you really need is a computer, a reliable internet connection, and the knowledge to share.
Dropshipping
Dropshipping is a relatively new method of making money from home, with this describing an order fulfillment method that negates the need for businesses or clients to hold stock.
Instead, a retailer simply sells its products and passes the sales order to a third-party supplier, who then ships the order directly to the customer.
This is proving to be a popular and invaluable service in the modern age, and it creates an opportunity for knowledgeable individuals to profit from increased commercial demand.
Just remember that this isn’t a get-rich-quick scheme, and you’ll require understanding and some key strategies if you’re to succeed.
Forex Trading
For those of you with a more significant appetite for risk and desire to generate more money, forex trading may be a viable venture, as long as you manage the associated risks.
This market sees the sale, acquisition and exchange of international currencies, which are traded in pairs and as derivative assets that enable investors to speculate rather than assuming ownership of the underlying financial instrument.
Thanks to the concept of leverage, you can also open and control forex positions that are up to 100x larger than the value of your deposit, creating the potential for increased returns.
What’s more, this practice is now more accessible than ever before, thanks to the emergence of online brokers sites and advanced trading platforms.
This article is for information and educational purposes only and does not form a recommendation to invest or otherwise. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.