There’s more ways to making money than just holding down a 9 to 5 job, and with so many part-time business opportunities out there for you to explore, why wait? If you’ve ever wondered how you too can start making more side income, here are some tips to get you started!
1. Don’t Quit Your Day Job, Yet.
Don’t forget that your bills and other financial commitments still need to be paid, so be sure to hold down your full-time job. The goal here is for you to be successful in your career and begin making some well-deserved extra income.
By taking the first step, this already means you’re better than the other 50% who will procrastinate or are too afraid of exploring new opportunities. For now, stay grounded and don’t start planning to retire in the Maldives, just yet.
2. Find Your Niche
If you’re thinking about setting up an online business, you will definitely want to stand out from the crowd, so find a product or service you can offer that best suits your skill and expertise. Are you going to sell gadgets and accessories on Mudah.my? Or will you be baking and selling cakes on Facebook from the comforts of home? You might even want to take up blogging as a side job! The possibilities are endless.
The key here is for you to create a unique product or service and build a reputation for quality and excellence to attract more potential customers and business. And it goes without saying, being passionate about what you’re doing will often prove to be the driving factor to help you achieve success.
3. Commit To A Schedule
The next step on the path to success is to start fully utilising and organising your time. As the saying goes, ‘Time is money’ and you will have to start making yourself accountable for how you spend your time. Spend at least 2-3 hours a day working on your side business and familiarise yourself with key periods throughout the day, such as the time the stock markets close for the day or the cut-off time posting overnight parcels.
For example, if you are selling smartphone accessories online, you will need to allocate a time to track your orders and send out the parcels to your customers. If you offer next-day delivery, arrange with postal services like Skynet and Poslaju for a pick-up service, so that you can send the orders out on time.
Or if you’re selling fresh F&B products, register for services like GoGet where you can arrange for a GoGetter to come to pick up and deliver your products.
4. Diversify Your Side Income
Once you’ve got the ball rolling, think of other ways you can add value or grow your side business. Do you want to add more products or investments? Or are you going to start looking for sponsors and partners? Having more options means more ways for you to make more money!
If you’re a blogger, having Google Adsense on your site is one of the most basic of forms of online advertising. There are also blog advertising networks such as Nuffnang as well that you can consider. Plus, once you’re well established, brands or companies that are relevant to your blog will approach you to post product reviews on your blog and then pay you for it.
5. Invest For Extra Income
Have you ever thought of becoming the next Wolf of Wall Street by learning how to invest in the stock market? Well, there’s more to investing and stock market than the movies, so be sure to do your homework first. If pursued properly, investing in stocks is definitely a well-rewarding way to earn more side income.
Read up on books like “The Intelligent Investor: The Definitive Value on Value Investing” by Benjamin Graham or “Learn to Earn: A Beginner’s Guide to the Basics of Investing and Business” by Peter Lynch. These books will help you get a better insight into the world of stock markets and investments. You can also search for finance or stock investment blogs or videos online as well.
So what do you think of these five simple steps that can help you start earning extra side income? Let us know in the comments!
Article is prepared by Michael from CompareHero.my, where Malaysians can compare financial products for free.