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Alternative Income ideas to earn money.




             





Alternative Income Ideas to earn money.

Creating an Alternative income source besides a job, should be everyone’s primary focus for financial freedom.  Find below some alternative income sources which you may explore: 

Why we should really think about an alternative income source? Because every additional income added to the wallet carry weight. Moreover, the long-term goal for “second income” is to become big enough so as to cover the total expense requirement of life on its own. However, the second income source needs to in parallel with our daily works, but it's not very easy for everyone to generate a steady stream of alternative income for long time.

Our daily life having two main time segments, one segment is the time utilized for our daily job/work and generate monthly income. Mainly this income comes to us as a monthly paycheque under any employment. The second segment can be used to generate additional income or alternative income.   

This second-time segment, we generally use very casually, seeing TV news, doing. But people who desire to earn money and think for an alternative income they don’t waste time like this, rather use this time more effectively. They use it to build a second source of income. Generally, you can define three types of second income or alternative income :


Use passion to generate Income: This Income as a  ‘side business’ or “ alternative earning source “  having a high future growth prospects. The main criteria here is to do what you love to do as per your personal strength on that particular skill.  You cannot start any part-time business or side business, which you do not have any idea or skill. Identify your inner personal strength which you know very well and love to do that. It can be anything like painting, writing, sports, fitness, dancing, cooking, etc. Try to convert your passion into a side business for alternative earning.

Freelancing to earn money: This is the most popular income source. It doesn’t have much difficulty because, it looks like very closer to regular work, related to your job. People who are in a routine job or work for others can easily adapt to this freelance work. Moreover, the opportunity of work is more in this category, because of the known market or client.  However, it’s a time-consuming activity as a job/work and this can not be converted as a big business in the future.  

Earning through Investment: This is one of the best forms of side income if you have good money backup to invest, but having a big risk to lose money.  Why it's good for side income? Because no extra work is requiring to generate the income. Just pick up a good investments and income securely in that account, it will grow on its own. 

Hope you will agree that depending only on one income source ( like a job) for living is risky?

In this present scenario of COVID-19 pandemic outbreak, do you not feel that there should be some alternative income you should have. Because since this COVID-19 lockdown started, all companies including global companies started reducing their manpower, reducing salary & operational cost, etc. Read, about the crisis after COVID-19 lockdown.

Doing job is not bad, but the recent economic situation, employment is not secure and cannot depend on job or monthly paycheque. We have to come out of this employee mentality and have to think differently if you at all serious about your earning. Only depend upon a job is risky for your financial stability. Alternative income can reduce this risk and give you financial freedom. People generally depend deeply on ‘earned income’ from job, and land up in risky situations after losing that job. Having an extra side income flowing-in can reduce that risk and help to enjoy life.

“ For me, those who are really a concern, they should focus on generating alternative income and if necessary that can be converted as a main income source” Education helps people to be self-sufficient, but not to work for some one’s financial growth with risk.  

When, everyone one works hard to get the increment from the boss and feel happy, but you will be thinking about “how to earn a higher increment yourself. Alternative income sources give you the liberty of more earning and rethink for better earning. Generating higher income will be more in your control. You can live your life as you like,  as if you are your own boss.


Our goal should start generating money through alternative income sources. You should find out, how you can generate such income in parallel with your job or while studying. You should ask yourself the question, what minimum you can do to generate your first income through alternative earning source.

Writing this article to give you some idea of various options which are available to build an alternative income source.

1. Invest in mutual fund or share market: Income must continue to produce on its own, if you have money then you can invest in good mutual fund or share market, you can earn money as per the market position. However, before investing you should study and start investing with your understanding, else it will not be profitable for you and you can face the loss instead of profit.
2.  Training & Coaching: If you have good knowledge on any subject and good to train people you can start training or coaching as an alternative income source. You can plan your schedule as per your availability and start to teach with limited students. You can plan such training on line also to earn money.    
3.   On line Marketing: You can start your alternative income through online marketing or digital marketing. There are multiple options are available where you can generate money through online business using the internet. With very less amount you can start your online business, using Google Business, Face book, Instagram, YouTube to generate client.

Above options will help you to think about an alternative income source to start, with less effort and minimum investment  




Some ideas on alternative income sources, which require very minimum investment and you can start in parallel with your job. Alternative income source you can try as a side business to start with:

  1. Open your YouTube Channel: You can open an account with YouTube and start posting videos on your YouTube channel, in which you feel that people will see those. Select a topic which you like. If you are good at cooking, start with that on YouTube. Similarly, you can post videos on health, finance, politics, etc.
  2. Take Tuitions: If you are good at teaching then select the subject of your choice and start taking online tuitions. You can also offer online courses on Udemy and teach online.
  3. Start A Blog: Start writing a blog on the topic which you like or the business which you can promote through blogging.  Suppose you are good at IT, then start writing on IT. You can publish your experience, ideas, innovative thinking in the blog. However, before starting, learn about blogging which will help you to start your blog. I have seen many people started with blogs and left their job afterwards. You can refer my another article " How to become a blogger.  
  4. Start A Retail Store: If you have money to invest start a  retail shop of anything you like, artificial jewellery, handbags, etc.  
  5. Online Selling: You can start online selling products on Amazon, Flipkart etc.  You can start from your home with a small investment.
  6. Sell e-Books: Try writing an e-book, if you have knowledge and passion to write. Initially pick a topic of your choice, then prepare a first draft based on what you already know on the subject. After that do research on google, read articles online, if possible, read good books on the subject. After gathering knowledge on that subject, write an article as a final draft and publish that as an eBook. You can publish your eBook free with kindle and other online free publishing. 

CONCLUSION: 

You should not bother too much about the level of income while you started with alternative income, even its give low return. You should continue with quality and innovation. The objective is to continue with alternative income which depends on your quality effort and consistency. 
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