For many of us, despite keeping a check on finances, the expenses exceed our income more often than not.
Working nine to six may give us a steady cash flow, but it is sometimes not enough to pay the rising bills. Hence, to cope with the situation, some people look for a passive income source to help fulfil their aspirations without hesitation.
The pandemic has made us realise the potential of the digital space and how online tools can be effectively used to perform a range of tasks and activities.
To generate additional income, one must learn to side hustle, which can be done in various ways. So, below are the five ways you can generate extra income without leaving your home.
Do you wish to own a business but don’t have a space or enough funds to invest in it? Then, dropshipping can serve the purpose.
It is an e-commerce retail model where you can sell products to customers without maintaining any inventory.
So you are just shipping the orders to the customers by sourcing them directly from the manufacturer and earning the profit margin.
2) Sell Your Skill:
If you are good at making animations, PowerPoint presentations or designing posters, teach it to others and earn through it. There are several learning applications where you can register and share your skill for a fee.
3) Affiliate Marketing:
Affiliate marketing is another way to get additional income without investing much. Here you sign up to become an affiliate of a company and help sell its products online. You must promote the product through social media or your web page by including a link.
Then you earn a commission when people use that link to buy the product.
Giving tuition may sound like an old-school idea, but it still pays better than most other businesses.
Once done with your main job for the day, you can spend the time giving tuition to children in your neighbourhood or even give online classes to school or college students.
This can serve as a source for your passive income.
5) Data Entry:
Data entry is one of the easiest jobs you can opt for. It doesn’t require any skills and is relatively easier than other jobs. Several websites pay you for data entry per word, which can prove quite lucrative.