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:
- 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.
- 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.
- 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.
- Start A Retail Store: If you have money to invest start a retail shop of anything you like, artificial jewellery, handbags, etc.
- Online Selling: You can start online selling products on Amazon, Flipkart etc. You can start from your home with a small investment.
- 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.
