Many people assume that the best way to make money is to go out and find a job. This is not always the case; there can be good money to be made by working from home. If you are struggling to get a job, looking for some extra income, trying to pay your way through college or simply someone who likes to set your own schedule, being self-employed can be an excellent option.
Work out how much you want to earn. Do you just want to make some extra money, or are you looking for a full-time living? Earning enough to live on from home is not easy, and will require time and hard work. If you are only looking for additional income, then a few hours a week may be enough
Set up an online store. There are different ways of going about this depending on how seriously you want to take it. If you are looking to earn a tidy sum of money, One idea is to contact wholesalers and buy products in bulk. Alternatively, if it’s a part-time venture, selling secondhand items, such as old books and clothes, is suitable.
Become a landlord. If you live in an area where there’s a reasonable demand for rentals, and you have a large enough house, renting out a room is a good option. Make sure your house is as tidy as possible, and carry out any repairs beforehand. This will allow you to charge more.
Start up a bed and breakfast. This requires more time and effort than renting a room, but can be more successful in certain situations. If you live in a popular tourist area where lots of people need short-term accommodations, you can charge a healthy price per night and make a good living from a few rooms.
Trade on the stock market. There are risks attached to this, but if you know what you’re doing then it can be a hugely profitable option. Be sure to read up on finance and markets thoroughly before starting to make investments. Read and watch the likes of Wall Street Journal and Bloomberg, listen to what experts are saying, and then make an informed judgment about appropriate investments.
Work as a freelance writer. A reasonable option is to contribute content to sites such as Demand Studios. You earn a small fee for writing factual, informative online copy on a range of subjects. Alternatively, try to sell articles to national publications. This can be profitable, but often requires that you first build up a portfolio and reputation through unpaid work.
If you are going to run a bed and breakfast, there will be certain health and safety legislation with which you must comply. Check your local laws to ensure everything is above board and legal.
Make sure you fully understand the risks of stock market trading before you get involved. Understanding the markets can considerably lower the risk, but not eliminate it entirely. Consider consulting a financial adviser to help you determine an acceptable level of risk. If you are going to take in lodgers, ensure they are people you feel you can trust. Draw up a contract and tenancy agreement, consider getting character references, run a credit check.