3 Tips to Diversify Your Income

It has become clear to many of us that we may not be able to rely on our job as our only source of income, the recent and ongoing pandemic has shown many of us that a secondary stream of revenue may be required as a bit of a safety net – fortunately there are a growing number of platforms out there to help achieve this goal and more options than ever for getting a little more in.

There are some obvious pitfalls to avoid here too – during the pandemic some services such as online casinos in particular have grown extremely popular despite efforts to reduce participation options through regulation and initiatives such as Gamstop to bans on payment methods, as operators at the best casinos have been able to skirt many of these rules though these sites have become more appealing to many players, and with remote working being a potential new future it’s important to safe guard against these distractions.

  1. Developing your hobby – Through sites such as Etsy, many have been able to develop their hobby or passion into a very lucrative way of diversifying their income. There has been a huge demand increase for homemade or hobbyist goods in recent years and with the price hikes on recent essentials such as masks, these alternatives are much more attractive for many. There are other sites too that allow you to use your passion in much the same way, whether this is more technical, creative, or something musical for example.
  2. Using your profession – With similar sites such as Fiverr also being set up, there are a growing number of possibilities for using your profession out of hours to set your own price and get the ball rolling that way – depending on your level of skill you can set your own price and what you offer, work to your own time frames too for delivering the product but if you’re not looking to go fully freelance, this may serve as a great alternative for using your day to day work to make it stretch a little further.
  1. Freelancing – The other option of course is to set up for yourself as a freelancer – whether this be part time at first before a permanent change or something to fill the time at the weekends, if you’re able to get a customer base this is a great way of earning a little extra. It can be tough at first requiring a lot of extra time to be put in to start growing, but once you do find some growth it can often snowball from there. Similarly to the last point, you can pick and choose when you’d like to work or what projects you work on whilst setting your own price, and whilst to some degree it may seem like working a second job in many regards, you may eventually be able to change to doing so full time and provide your own way out of relying on a former workplace during an event such as what is being experienced.
Categories: Business

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