Revenue growth is a crucial part of all businesses’ operations if they aim to expand and make profits. Similarly, a person who wants to make their life more comfortable needs to look for new opportunities and identify new sources of income.
1. Make Your Hobby a Side Hustle
To get a little extra cash without leaving the job you already have, you may want to pick up a side job. Side jobs allow you to do what you love – be it a hobby, your passion, etc. – and turn it into a profit. If you’ve always wanted to do photography but you know it wouldn’t be suitable as a full-time career, then you could always pick it up in your free time.
This way, you can also boost your income while also doing what you love. You should make sure that your side job is flexible. If you need to dedicate time to your full-time job, then you might face some trouble.
If you don’t have a passion or hobby you want to pursue, there are still many options for side jobs out there. You could go for data entry, project management, writing, and even vocational opportunities.
2. Start a Blog
Blogging is one of the most common options for extra revenue nowadays. Blogging may look easy, but it is an art in itself. Many people try their hand at it, but only a few generate substantial income through the ads and affiliate marketing links running on them.
However, this doesn’t mean only some people can blog. You can learn blogging techniques relatively quickly that will help set your blog apart from most. What you need is a passion for writing.
Starting a blog is relatively straightforward, but having a passion for continuously producing enough compelling content to gain traffic and profit is a tricky thing. Pick a topic you feel very strongly about and start a blog.
Though keeping up with it may be difficult at first, it is a simple way to generate extra income since it doesn’t require more than just a device with an internet connection and your thoughts. By using SEO the proper way and acquiring ad sponsors or affiliates, you can generate revenue through your blog.
3. Create an App and Monetize It
Most users balk at the thought of paying for apps – primarily because many apps are free to download. You might think free apps are not as profitable as paid apps, but there are many ways to monetize them. Sometimes you can make even more money from a free app than a paid app.
There are many ways to make money through apps. Ad revenue is the most common source. Most app developers use the CPM (cost per thousand impressions) model, and although it pays less, it is less intrusive to users, so they are more likely to keep using the app. Since users hate ads, they could also pay to remove them, which becomes an additional source of revenue.
n-app purchases, like the ones in games, also provide revenue. The revenue generated through the app isn’t usually very high, but it is a consistent revenue stream.
You could even combine all of these methods to generate maximum profit from your app. Many apps also sell user data to third parties, but this is a violation of privacy laws and not recommended.
Of course, for this, you’ll need an app that is intriguing and useful enough for people to want to use it, which could be a short-term cost if you are not an app developer yourself. However, in the long-run, it can be an excellent way to make money.
4. Start an E-Commerce Business
It’s the age of the Internet, so online markets are booming with opportunities. E-commerce has the potential for billions of dollars, so it’s no surprise that new businesses keep popping up on the Internet every day.
Some individuals work on running an e-commerce business fulltime while others run it as a side hustle for making extra money. E-commerce has the added benefit of having worldwide reach. Although you need to put in some additional time in researching and setting up your store, it can be extremely profitable in the long-run.
E-stores don’t necessarily even have to provide new products. There are secondhand e-stores where you can sell your old, usable items as you would in a garage sale, and still make some extra money.
Alternatively, if you don’t want to run your e-commerce site, you can always act as a vendor on an established one, where you provide your items for selling, and the website does the rest for you. That way, you can make some more money and not have to put in too much time or effort that you could better dedicate to another task.
When to Leave Your Job
Many people tend to quit when they feel like they are either not getting paid enough or burnt out. The main reason people stay with their jobs is that they have bills to pay.
If you have alternate sources of revenue and know that you can cover your expenses within that revenue comfortably, then you may be at the point where you can leave your job. However, for these alternate revenue sources, you may want to make sure that you have fully established them before you quit your full-time job.
Side jobs may be useful for you in the short term, but they are risker in the long run due to changing market conditions. You may want to make sure you are financially stable and solvent enough to quit and depend entirely on your alternate revenue streams.