The Great Recession has had a big effect on many people.
Job losses, investment losses, and housing losses (through foreclosures), have forced many folks to look for as many ways to save money as possible.
It’s also forced them to look for ways to make extra money too!
Although times are tough, this also has become one of the greatest opportunities to make extra money through a side job or business.
The Internet has made home commerce a completely viable option for many folks looking to make extra money. So, while you might be job hunting, consider other ways you can make a little extra cash.
The necessity to make extra money by creating multiple streams of income in today’s tough economic climate has become even more of a reality.
Extra money can come in many different forms, (i.e. a blog, freelancing, selling on eBay or turning a hobby into a business) but it’s important to ask yourself a few questions before you jump into the deep end of the pool by trying anything to make extra money.
Generating extra cash flow each month can be simple, but not easy. You must be careful to avoid any get-rich-quick schemes!
So, here are a few tips to get you started on making extra money.
1. Assess Your Situation
Take a look at where you are in life. Are you a mid-career changer, or are you a young student looking to make extra money?
Do you have adequate time to spend on creating a side income?
Perhaps you are married, and your spouse will be able to pick up some of the slack in order to help you take a full run at a side hustle.
Do you plan to eventually work your side business full time? Do you have adequate emergency funds to help weather any storms?
These things will impact the route you want to take to make extra money, whether through a home-based business, a side job, or blogging.
2. Assess Yourself
What do you like to do? What are you passionate about? What skills do you have?
Turn what you already have – a skill, hobby, passion or even a life experience — into a product or service that makes extra money!
Perhaps you’re great at writing. Starting a blog is a natural thing to do, and best of all, you can make money at blogging!
Do you have a love for photography? Take a leap and start a home-based photo business, which is what my wife did!
She absolutely loves it, and it doesn’t feel like work, because she’s passionate about it.
3. Assess Your Market
I’ll never forget what my marketing professor continually pounded into our heads during class.
He always said:
Find out what your customer wants and figure out how to give it to them!
Who are you marketing to? And, what exactly are you offering them?
You need to understand your market before you jump into a side business to try to make extra money.
Also, after you develop an idea for a home-based business product or service, it’s important to set a price that customers are willing to pay.
A Few Questions to Consider When Trying to Make Extra Money
Here are some questions you can ask yourself to find side business ideas:
- What do you like to do in your spare time?
- What are your job responsibilities at your present job (past jobs)?
- What are some problems that others ask you to help them with?
- What are some things that you’re very good at, but perhaps take for granted?
- What do you wish you could spend more time doing?
- Who are some others that have been successful that you can ask for advice?
Other Resources to Help Make Extra Money
- 52 Ways to Make Extra Money
- How to Make Extra Money Online
- Channel Your Inner Nerd to Make Extra Money
- 3 Crazy Ways to Make Extra Money
- Guide to Diversifying Your Sources of Income
You don’t need to wait until everything is perfect to start your side business. Remember, do what you love, have fun and see what happens! I bet you’ll be able to make extra money at something you really enjoy doing!
This was an original post I did for ChristianPF. Check it out here.