Whether you’re working towards paying back student loans, preparing to put a down payment down on a new house, or simply want to have more spending money, having a second stream of income can be extremely beneficial. However, if you’re currently working full-time, you may have some reservations about how to bring in that second income while keeping your full-time role.
While this can seem like a daunting new endeavor, many people do it. In fact, this article published by CNBC found that 65% of survey participants actually had three streams of income. And this article notes that there are about 44 million American workers working side gigs. If they can do it, so can you. Here’s how you can get started.
1. Become an entrepreneur
If you have a great idea for a product or company, all you need left is the drive. Starting your own business is not easy; however, the rewards can be endless. You get to be your own boss and run things your way. You’ll need to do a lot of preliminary research to understand the market, your competition, and a variety of other moving parts before you can get started, but you’ll be thankful in the end that you did.
When taking the path of an entrepreneur, some people choose to leave their full-time jobs to pursue their companies growth. Take it from our founder, Brandon Mitchell. Others choose to remain in their jobs and grow their business in their free time. There’s also a group of professionals known as serial entrepreneurs that make it their job to build companies from the ground up and sell them after a few strong years of development. Whichever option you choose is up to you, but be ready to put in the time and effort if this is the path you’d like to take.
2. Start investing
Now, we can’t tell you where, when, or how to spend your money, but investing can be a lucrative option if you’re willing and able. Investment can also look like many different things depending on what level you’re at. Here are some of the more popular investing options:
- Real estate
- Mutual funds
- Direct equity
Whatever option you choose, be sure to understand the risks before jumping in headfirst. Investing is a double-edged sword at times. High risk, high reward. Tread this path carefully.
3. Become a freelancer
Freelancing is a great way to make extra money. Whether you’re a talented writer, photographer, video editor, or artist, it doesn’t matter. If you have a skill, market it. Someone out there is bound to need your help and is willing to pay you for it.
One great thing about freelancing is that there are tons of job boards and methods for bringing in leads, which makes it an even easier option to pursue. Another reason freelancing is so popular is because you get paid to complete a task that you already enjoy doing. You even get to pick and choose what projects you want to take on. To learn more about freelancing, check out this article.
4. Start ‘sharing’
We aren’t talking about sharing your food or your life stories, we’re talking about renting out or ‘sharing’ what you already have. If you have old camera equipment lying around from when you wanted to pursue photography, rent it out. Do you have a complete apartment space in your basement that you never use? Rent it out.
All of the above are a part of what is now known as a sharing economy. Sites like Airbnb make it easy to rent out your space and bring in a steady income while Uber offers you the chance to use your car and help others get around. Whatever resources you have, you can share it with others and make an income. Learn more about what the sharing economy is here.
5. Create a one-time product
This phrase is a bit vague and, perhaps, even a bit confusing, but let me explain. There are many professionals out there who create a one-time product that they sell to bring in a passive income. For some, they write ebooks. Others create online courses for participants to pay to take. (By the way, if you’re into the idea of becoming a professional resume writer to bring in a second stream of income, you should check out our course).
When we say a one-time product, we’re referring to a product that you develop completely and in its entirety. But once you’re done, it takes little to no maintenance to keep it going and make a profit. Unlike with entrepreneurship or freelancing, which are often ongoing projects, creating a one-time product can be a great option if you have the time now, but aren’t sure if you’ll have the time to keep it going in the future. Once it’s created, it’s pretty much done.
Hopefully at this point, you can see that there are plenty of options and methods for bringing in a second income. Maybe you’ll even decide later on to start bringing in a third income. The possibilities are there. You just have to reach out and take them. Good luck!