Need Extra Cash? Learn How to Make Money on the Side

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by John Stone |

If you need extra money for, let’s say a new car or a holiday trip, cutting your living costs only offers  a partial solution. You will save up some money, but you will be restricting yourself from enjoying life as well. The only right way is to start making money on the side. Rather than taking a part-time job and working in shifts, these tips can offer advice on how to make your own small side business a success, and where you get to make the rules.

Rent your place

This is a good way to start, if you have extra rooms, and if you don’t mind having people crash at your house. Today’s leading rental and lodging finder website, Airbnb (air bag and breakfast), was started by two roommates who couldn’t afford the rent for their San Francisco loft. They transformed their living room into a bed and breakfast, where they accommodated three guests on air mattresses and provided homemade breakfast.

Tutor

Tutoring is another option for making extra cash; with a bonus being that you never have to leave your home. Use your knowledge and skills to teach less experienced people, or help out students (and their parents) with their grades. You can set up an account at one of online tutoring resources website, or make yourself known in your local community. If the business steadily increases, you can even create your own website.

Freelance

Becoming a freelancer is the  best way to make more money alongside your full-time job. You can use your professional connections to let people know that you are available for freelance projects. Professional social media like LinkedIn will give you access to people, jobs, and news that will keep you updated on trends in your field of work. Alternatively, you can use area-specific freelance marketplaces like Mediabistro or 99Designs.com. Massive online markets like Elance or Fiverr offer countless opportunities, but they are also notorious for creating “race to the lowest fees” environment.

Write eBooks

If you are an expert in a subject you are interested in, there is not a single reason why you should write an eBook. The best way to start is to think of a general topic, and divide it into sections that will become chapters. In this way, you have a construction that helps you organize your thoughts and ideas. An average eBook counts about 20,000 words, but you can do well with even less. For eBooks priced between $2.99 and $9.99, Amazon pays writers 70% royalties.

Start a blog

An alternative to writing your eBooks is to create a blog where you can host ads and affiliate links. But most importantly, if you want to earn, you need to publish content that is worth visiting. The next thing, you need to convince visitors that you are real.  You want to show that you are friendly, generous and always ready to provide free advice. Basically you need to create a micro-community on your website. Still, this is not a quick way of making money.

Buy penny stocks

Much was said (and written) about these inexpensive securities. They are extremely volatile, which means that their share price can increase tenfold in a matter of weeks. However their volatility cuts both ways – an apparently promising stock may suddenly plummet to virtually pennies. As this infographic explains, the stock volatility, combined with right strategy and additional risk, may yield a substantial profit.

Rent-a-chicken

No matter how crazy it sounds, there is actual income that can be made by renting chickens. If they are legal to grow where you live, you can offer them to rent to beginner farmers, families with young children, schools and daycares, and most importantly, to people who want to try raising chicken themselves. For about $400, you can get a monthly rent of two egg-laying hens, a coop, and 100 lbs. of chicken feed.

These side-moneymaking hints can get you some extra cash on weekends, or even become your full time job in the near future.

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