How to Supplement Your Work At Home Income
Work at home experts share their ideas for awesome ways to supplement your work at home income!
Even if you have a solid business idea, you might want to consider a side stream of income to carry you through the times or simply to add an extra income stream. Extra money is always great, and sometimes these side gigs can turn into a full time job! We asked the experts how they manage extra streams of income and what they do to keep the money flowing. We know you’ll love some of these tips! Don’t forget to share your own ideas
One of the best ways to supplement your income is to combine products and services. If your business income is mostly from offering services, consider a product that you could create to supplement the income that you get from clients. For example, if you’re a financial advisor you could write an eBook about financial planning or investing. You could sell the eBook on Amazon or at your own website. If your business income is mostly from selling products, you could think about ways to offer a service to supplement your income. For example, if you have a home-based business and you’re making money by selling a video course on how to lose weight, you could also offer consulting or coaching services as a way to make additional money.
1) Coaching – Coach others with the knowledge you’ve built. I have my degree in Kinesiology and was pursuing a career in health care and have lost over 75 lbs. My business is in Real Estate Investing but I Coach health care professionals on how to incorporate physical fitness and nutrition into their busy stressful lives so that they may continue to provide quality care to others.
2) Know Your Worth- Coaching or any other “side hustle requires you to give your time. I only take on a handful of clients, but I know the value I provide and the high success rate of working with me because I am so involved in their transformation. Therefore I must charge more in order for my time given to be sustainable.
3) Passive income stream – Investing in rental properties in the Midwest or other cities where rent can immediately cash flow on a mortgage. If you have $100,000 you can put a down payment on 4 rental properties and allow the cash-flow to pay off themselves.
NOTE FROM LESLIE
In my early days of working from home, I came across a book called How to Make a Living Without a Job by Barbara Winter. In it she talks about creating multiple profit centers. I’ve always loved this idea, and have pretty much built my income around it for over 20 years because it helps stave off the loss of any one income, and can become a major profit stream on its own.
However, managing several sources of income can be a challenge. I liken it to plate spinning. So my tips for making extra income around your main hustle is to choose ones that fit into your existing life and business. Here’s how:
- Get paid or save on the the things you already do. I can’t tell you how much I’ve made and/or saved simply by signing up for Ebates and Swagbucks and having their savings applets on my browser and phone. Whenever I hit a website that offers rebates or savings, they automatically popup to let me know. I’ve been on sites where I’m earning from both of them. Also…both have referral programs. Ebates often pays $25 per referral. So it has two ways to earn simply by shopping as you normally shop, and telling others how you’re saving so much and getting money back.
- Do simple things in your spare time to make money. There are many ways to take a few minutes of your time to make extra money on the side including surveys, microtasking, and more.
- Offer something related to your hustle that can help you market it. If you’re a coach, sell a mini how-to-course that lets people get help from you for less money, learn that you’re knowledgeable, and that will lead them to want to hire you. While you can offer a service to go along with your side-hustle, I’m a big fan of picking passive income options which might take a little time initially to setup, but involve less time in the long run so you have more time for your main hustle. That includes things like books, courses, affiliate marketing, videos, etc.
- Indulge another interest. My main hustle is around helping people work from home, and to that end I have WAHS, I’m the home business expert at DotDash’s The Balance Small Business (formally About.com), and I sell courses and books. But I also love to write fiction, and to indulge that interest I’m a traditionally and self-published author under a pen name, and I ghost write fiction. I love being paid to do two things I really enjoy. The downside is that it can be a challenge to manage to unrelated income streams.
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I really like the idea of sharing views from work from home experts. This should really help the readers get a new outlook to earn money and manage work. And the idea that @Marc has shared about writing and selling books of the genre in which one is already working should make things easy. Great tip.
I agree that seeing the real life experiences of successful home worker is a great way to help others who want to work at home, which is why I offer it!! Thanks for stopping by WAHS!!