5 WAYS TO SUPPLEMENT YOUR INCOME FROM HOME

Working part time or as a freelancer and looking for additional income streams? Or perhaps you have a full time day job but want to find ways to supplement your income to speed up your savings plan? The beauty of the digital age means that there are now more opportunities available for you to make an extra buck or two from home or via a secure Internet connection.

If you’re stumped for ideas, here are five options to consider.

1. Multi-level Marketing

If you’ve got a good network of friends and family, multi-level marketing may be right up your alley. How does the business model work? Basically you are required to sell goods and services within your network by leveraging your connections through social media, email or via face to face interactions. You then receive a commission for the products you sell. This may seem like a trap or pyramid selling scheme but there are many reputable companies who operate solely through a multi-level marketing business model with incredible success. The hours are flexible and it can all be done at home. Be sure to research the company to make sure you understand all the terms and conditions first.

2. Freelance Copywriting

If you specialise in a particular type of work, have an abundance of expert knowledge in a niche topic, and you are a good writer, consider freelance copywriting opportunities. There are various companies and communications agencies out there who are constantly scouting for copywriters. Look into various firms to find out who their clients are and develop a portfolio of sample articles tailored to the people they work with. Some publishing websites and blogs are also constantly on the hunt for contributors as well. Depending on how much work you need, you can approach multiple agencies/outlets and make a steady income. Work out how long it takes to write your sample pieces to find out how much to charge per hour.

3. Forex Trading

If you’re good with money and like to follow international markets, forex trading is a viable option to consider. Online trading platforms today make forex trading very simple, providing you access to trading tools, analytical resources, education material and even 24-hour support. The markets are open 24 hours a day, 5 days a week – meaning if you have a job during the day, you can trade at home in the evenings. It doesn’t matter if you’ve never traded before either. Forex trading offers versatility and opportunity for everyone. It’s a flexible and convenient way to earn some extra income. It may be wise to start trading with small amounts and to establish realistic strategies and goals.

4. Cooking

If you love to bake or cook, consider selling your goods to local cafes. A lot of cafes are happy with this approach as it allows them to offer something desirable and unique to their customers, with savings on labour and time. For example, you could make banana bread, pickled vegetables, nut milks, fermented vegetables, frittatas etc. If you have a favourite coffee shop, enquire to see if they’re interested and get into the kitchen! Alternatively, spread the word on your social channels and encourage your friends to do so too.

5. Focus Groups

Signing up to focus groups and market research is a fast and easy way to make extra money. Often, companies hire market research companies to call in people to share their thoughts on products or to reveal their purchase behaviour. Sometimes you are asked to test potential products that are yet to hit the market. Often, you can earn around $100 for two hours of your time and opinion. This can be anything from home loan plans to credit cards, alcoholic beverages or even nail polish! Depending on your demographic and the details you provide, you will be selected accordingly. Some take part in your home to get a thorough understanding of your lifestyle but most are located in a couple of convenient locations if you’re willing to travel, and others you can do online. If you need to be at home, only opt in for the online tests and surveys.