With rising rent, food, and cost of living expenses, the idea of a second income is no longer as alien as it once was. Millions now take up a second income as a way to face daily financial challenges. Making matters a little easier – well, as easy as a second job can be anyway – it’s now possible to take a second job working from home.
Looking at the current marketplace, there are numerous ways to boost your bank balance without ever needing to step foot outside your front door. Here’s a look at five ways you can easily boost your income from the comfort of your sofa.
Drop Shipping
Drop shipping is a commonly discussed form of second income, but seemingly very few people understand what it is. While a lot of retailers keep stock and inventory close by via warehouses, others don’t. Dropshipping eliminates the step of keeping inventory, instead enabling the seller to purchase wholesale products individually and then sell these for a profit online.
When you become a drop shipper, you become the middle party that ships the product. How it works is that a retailer links up with a dropship supplier that manufactures or warehouses products, packages the products, and ships them directly to the retailer’s customer, on the behalf of the retailer. It’s a competitive marketplace, but there is certainly money to be made when it comes to dropshipping.
Peer to Peer Lending
Peer to peer lending – also known as crowd-lending – is a somewhat controversial road to head down should you be looking for a second income. This is because the promised returns don’t quite match up to what’s promised. Ratesetter, Funding Circle, Zopa, and various other companies promise returns as high as 10%. When you engage in peer to peer lending you’re basically engaging in financial matchmaking.
The company you choose to lend through will match you up with borrowers, cutting out the middle-man and letting you lend directly to that person. The borrower receives a lesser interest rate, while you receive improved headline rates, with the hosting site earning a small fee. It’s a simple enough process, because if you have the cash to spare then it could earn you a decent return.
Place Matched Bets
You don’t need to look far to find sport betting success stories. People around the world have been finding fast cash through sports betting for generations. Making this even easier, sports betting websites have exploded in popularity, with the increased competition between brands resulting in some amazing deals for punters. These days, if matched betting is what takes your interest, you can register for a bookie and grab a sweet bonus – some of which don’t even require a deposit. If you are on the hunt for a leading bookmaker, sites like Playright.co.uk recommend the best online betting sites, which you could use for matched betting.
Lead Generation Marketing
If you fancy yourself as a bit of marketing guru, but don’t enjoy the whole corporate structure that usually comes with it, lead generation marketing might be a viable second income option. The idea is that through your own means you can attract people (or leads) to a certain company, brand, project, or product. There are certain similarities between lead generation marketing and affiliate marketing, as examples of lead generators include applications, blog posts, coupons, live events, and online content. While it’s certainly a time-consuming way to generate a second income, the rewards can be notable if you’re able to find success.
Rent Your Car
This particular option is perfect for anyone that currently has a car sitting on their driveway or gathering dust in a garage. Car rentals through traditional means are being replaced by new services that allow car rentals directly and without the need of third-parties. If you take the time to browse through either the iOS or Android app store, you’ll discover several apps that let you rent your car with ease. Usually insurance and other costs are included in the rental charge, so you can loan your car with total piece of mind. If you have four wheels handy and need some extra cash, then don’t fear renting your car.
Rent Your Backyard
You can rent your backyard for events such as weddings and parties and generate some income. However, the less-known option is the installation of a cell tower on your property. If a wireless carrier approaches you, it can offer you a contract for a cell tower lease. By having a cell tower installed on your property, you will be able to receive a regular passive income each month. In that case, you should speak with cell tower lease consultants who will represent you and negotiate the best terms on your behalf.
Making More Money!
In days gone by, if you wanted to earn an extra income you would have to moonlight as a taxi driver – those days are now long gone. As you can see from the options above, if you have a computer or smartphone you can easily to start to generate some extra cash.