When COVID cases began making the news, the widespread effects were nearly instantaneous. Suddenly, workplaces were being shut down, entire countries were placed on lockdown, and millions of people suddenly found themselves confined to their homes.
With such a major lifestyle change forced upon them, it’s no surprise that the number of people working from home drastically increased. Nowadays, workers are returning to the workplace in droves, but if there’s anything COVID taught us, it’s that you can make money by working from home. In this article, we’ll be going over exactly how to do that!
Time: Your Main Obstacle
Whether you already have a full-time job or simply want to work for yourself, proper time management is key. The amount of time you have available each day will largely determine what opportunities are available to you. Some side gigs from home can be extremely profitable but require a huge time investment.
On the other hand, some money-making methods yield smaller profits but can fit into nearly any schedule. Your primary goal is determining how much time you can reasonably invest every day into your side gigs from home. Once you’ve figured this out, you’ll be able to start considering the available opportunities.
Inefficient Methods
There’s an old saying: “If something sounds too good to be true, it probably is.” Unfortunately, there are many “side gigs” that fall under this category. One such example is survey sites! There are many online websites that offer to compensate you for completing various surveys. Many of these are legitimate websites, but you won’t be making a sustainable income.
Generally, these sites only provide limited surveys that an individual can actually qualify for. Even after the surveys have been completed, individuals usually have to meet a pre-set quota before they can cash out their earnings. If you see an online “opportunity” that seems promising, we recommend doing a lot of research before investing any time in these potential side gigs from home.
Away-from-Home Options
Millions of Americans decide to take a second job, either for additional income or out of necessity. Thanks to the increasing popularity of ride-sharing and delivery services, picking up a second job no longer requires dedicating yourself to a set schedule. Instead, services like DoorDash and Lyft will hire you as an independent contractor! This arrangement allows you to work when you’d like, as much as your schedule—or your patience—will allow.
However, working as an independent contractor for these types of companies does have some downsides. Although the earning potential is high, so are the unseen expenses. You’ll be responsible for the maintenance of your vehicle and fuel costs, both of which heavily cut into your earnings. Ultimately, the viability of these side gigs from home depends on your location and the generosity of your clientele.
At-Home Endeavors
Fortunately, working out of your home offers far more opportunities. For the artistically inclined, selling products using one of the many online marketplaces could be an option. Websites like Freelancer.com allow individuals to sell services to interested customers, via bidding or direct contracts.
Platforms such as Patreon and the infamous OnlyFans enable influencers to capitalize on their content, providing interested parties with exclusive content in exchange for a subscription cost. With all of the opportunities available online, nearly any type of product, service, hobby, or passion can be turned for a profit!
Utilizing Your Additional Income
For many, simply receiving an extra paycheck is the end goal. However, this mindset severely limits the potential of your additional income! If possible, we recommend investing your additional income (rather than spending it right away).
Putting these funds into a savings account might seem like a smart option, but these accounts almost never outperform the general market. This means that your money will actually lose value over time! Investing can easily outperform the market, which is why we recommend this alternative instead.
That said, investing successfully requires knowledge, strategy, and patience. It’s certainly possible to make a large profit in a short time, but this involves dealing primarily with volatile assets that can easily lose all of their value. Investing in low-volatility assets is much safer, but it will take some time before you see substantial profits.
Experienced investors will be able to select the best assets on their own, but newer investors should look at subscription services. These services will tell you exactly what assets to invest in, enabling you to turn your extra income into significant savings. Some services will even invest on your behalf, essentially automating your investing journey.
The Allure of Side Gigs from Home
Ultimately, selecting a side job, starting your own business, or profiting off of a hobby all have one thing in common: they take time and commitment! Your first priority is finding something that you can perform consistently.
Even if the profit margins aren’t much, investing this money will allow you to significantly increase your money’s potential. This income is secondary, so you should treat it as such. With the proper approach, time, and patience, today’s dime can become tomorrow’s dollar!