February 15, 2016
Freelancing is a great option for people who study, prefer flexible working hours, have a niche skill or live remotely. However, depending on the industry you work in, sometimes freelance work can be inconsistent and unpredictable. To avoid living pay cheque to pay cheque, it’s wise to explore additional income streams and look into other money-making opportunities. The rise of the digital age and sharing economy makes achieving this so much easier than you think.
Here are 5 ways freelancers can supplement their income:
Offer Your Skills
Have a side talent that you’re not maximising? If you have some time to spare every week, why not offer your skills and services to online community marketplaces like Airtasker or Fiverr? Whether you’re a whizz at PhotoShop or a gun at assembling IKEA furniture, there’s someone out there who’s looking to outsource that task and compensate you for it. It’s a great way to maximise any spare time you have to earn some extra money. There are also miscellaneous tasks that you can consider such as helping someone set up a new computer, picking up and delivering items or garden maintenance.
TIP: Pick jobs that are aligned with your skill set to ensure absolute efficiency. It’s not worth accepting a house cleaning job if you haven’t cleaned for a single day in your life. If you do a terrible job, you’ll get a bad review too.
Always loved writing but never had a chance to showcase said talent in your actual job? Freelance copywriting is one of the most popular ways to earn extra income – and you can do it on the go too. All you need is a laptop and a trusty Internet connection. There are many marketing and communications agencies out there looking for freelance writers, in addition to media publishers and blogs who are on the hunt for quality guest writers. If you are an expert on a specific topic or niche industry, and happen to have your way with words, you can definitely leverage this to negotiate a healthy rate.
TIP: Do some free guest posts as examples to showcase your writing. Then utilize your social channels and network to get the word out and start pitching yourself. The goal is to establish a good relationship with a company so that they can add you to their regular roster of freelance writers to reach out to.
Try Forex Trading
If numbers are your strong suit and you follow international markets, put your interests to good use and try forex trading as a way to supplement your income. With different market opening hours around the world, forex trading offers incredible flexibility, allowing you to trade currency 24 hours a day, 5 days a week. Online platforms today are also designed to make trading very simple for the user, often providing access to a variety of trading tools, analytical resources, education and even 24-hour support.
TIP: Sign up to a free demo account first to learn the trading platform in a risk-free environment. Start small and trade in amounts you are comfortable with. You can dial up once you are confident in your trading strategy.
Earn Cash with Your Car
Have a car and looking for something outside the 9 to 5? Consider signing up to be an Uber driver. The upsides to being an Uber driver is you can set your own schedule and choose when and how long to work, offering incredible freedom and flexibility. You can also choose where you go and who to pick up. In addition to supplementing your income, being an Uber driver is a great way to explore the city and meet interesting people along the way too.Just like your day job as a freelancer, you’d still be an independent contractor and your own boss.
TIP:The sign up process looks simple but before you proceed, make sure you do the research and read the fine print. Understand the terms and conditions and ensure you’re comfortable with what you committing to.
Make the Most of Your Hobbies
Do you love making handcrafted items in your spare time? Or perhaps you bake killer sweet treats? You can easily turn your hobby into a money making opportunity. For example, if arts and crafts are your strong suit, set up a virtual shop on Etsy and sell your good online. Similarly, if baking is your ‘thing’, why not offer selling your cakes or pastries to local cafes? You’d be surprised to discover that quite a few places outsource their sweets offering to contractors and third party suppliers.
TIP: Take advantage of social media and create an Instagram and Facebook account to showcase your creations. A friend might share it with a colleague who’s looking for someone to create handmade wedding invitations and bake custom cupcakes for an engagement party. It doesn’t hurt to get the word out and spread it far and wide.
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