Most entrepreneurs are always on the lookout for ways to make more money. After all, making money is the name of the game in business. However, many business-minded individuals only think about their ventures and forget that there are other things in the world. There are many ways to make money outside of your business. You just need to be creative and resourceful to find them.
Here are a few ideas to get you started.
1. Invest in real estate
This is a common way for business people to make money outside their ventures. By investing in real estate, you can earn a steady income without putting much effort into it. Additionally, real estate is a great way to diversify your portfolio and protect yourself from economic downturns.
There are also a few different ways to invest in real estate. You can buy a property outright, become a landlord, or even invest in a real estate investment trust (REIT). The first option is the most hands-on but requires the most capital. Becoming a landlord is an excellent middle ground, as it gives you some control over the property without needing a significant upfront investment. REITs are the least hands-on option, but they offer the potential for high returns.
But because this is an investment, it still comes with some risk. Before investing in real estate, be sure to do your research and understand the risks involved.
2. Find investment options in your bank
Most banks offer an investment account, whether it’s a savings account, a certificate of deposit (CD), or a money market account (MMA). Each of these account types offers a different interest rate, so comparing rates is important before deciding which one is right for you.
A CD is a low-risk investment that offers a fixed interest rate for a set period. The downside is that you can’t access your money until the CD matures, anywhere from six months to five years.
An MMA is a higher-risk investment that offers a variable interest rate. This means the interest rate can go up or down, depending on the market. The benefit of an MMA is that you can access your money at any time without penalty.
A savings account is the most common type of investment account. It offers a low-interest rate, but there is no risk of losing your money. The downside is that the interest rate is often lower than what you could get with a CD or MMA.
Depending on your bank, you may find medium-risk, medium-return investments that offer higher interest rates than a savings account. These could include options like bonds, mutual funds, or exchange-traded funds (ETFs).
3. Start a side hustle
If you’re looking for a way to make extra money, starting a side hustle is a great option. There are many types of side hustles, so you can choose one that best fits your skills and interests.
One option is to start a blog. This can be about any topic that you’re passionate about. Once you build up a following, you can start monetizing your blog through advertising, affiliate marketing, or selling products and services.
Another option is to start a home-based business. This could be something like starting a daycare, pet sitting or running an errand service. The great thing about a home-based business is that you can start it with little to no startup costs.
You may also want to consider freelancing. This is an excellent option if you have writing, graphic design, or web development skills. Depending on your time away from managing your business, you can take on as much or as little work as you want.
4. Become an influencer
Although it’s not a traditional way to make money, becoming an influencer can be a great way to earn some extra cash. And, it can be a lot of fun. Even while you are running a business, you can start to build your personal brand and become an influencer in your industry.
Start creating content that is shareable and interesting. This could be in the form of blog posts, videos, or even just social media posts. As you gain a following, you can begin to work with brands as an influencer. This could involve anything from promoting a product on your social media channels to writing sponsored blog posts.
Then, you can start charging brands for your services. The amount you can charge will depend on your reach and influence. But, if you have a large following, you can potentially make a lot of money by working with brands as an influencer.
There are many different ways to make money outside of your business. By diversifying your income sources, you can reduce your risk and potentially earn more money. So, consider these options if you’re looking for ways to make some extra cash.