5 Ways of Earning Money on the Side

5 ways of earning money on the side

Earning money on the side can help you is so many ways. Whether this is to get out of debt, save up for a treat or just to have some extra cash being able to earn on the side is a useful skill to have. This article explores 5 ways in which you can do a bit of a side hustle and earn some extra money on the side.

Sell Stuff on eBay

5 ways of earning money on the side - sell on eBay

A good friend of mine makes his full time income by buying offline and selling online. He works a number game where he knows the eBay marketplace is so big that he can expect to make more than 20% profit on everything he sources through a series of local contacts. He started out by sourcing items from car boot sales and auctions and has slowly built a network of contacts who help him to source his goods.

Whilst my friend sells antique and collectable items, it is also possible to re-sell bargain items you can pick up when on sale. To do this you need to be aware of what things actually should cost to help you determine whether you are picking up a bargain (or not). When you spot a potential deal, make sure to see if items are selling for more through eBay than you are intending to pay. If everything stacks up, then buy a small amount of said item as an experiment (and to save filling your home with unwanted items).

Finally, you can always clear out your own unwanted items. Whilst this cannot generate a steady stream of income, it can provide you with some seed money to invest in product to sell.

Sell at a Farmers Market and Craft Fair

5 ways of earning money on the side - stall

If you are skilled at cookery or crafts then why not make and sell your produce? Before signing up and committing to a stall at the market you should first do you home-work. What is the attendance like, what are the other vendors selling, is my produce a good fit. Whilst it is good to be unique, being too different and ‘out there’ is unlikely to translate into too many sales.

Farmers markets and craft fairs can be a great way to test market conditions before jumping feet first into a full time product producer. By doing these on the side you can find out what shifts and how much it sells for.

When applying for a stall, you may be asked to supply a picture of your setup. This can be pretty tricky if you’ve never done one before. You can however set up in your back garden an example of what your stall will look like (this serves as a great test run for setting up too) so the market / fair managers will have an idea of what you plan to do.

Write a Book

5 ways of earning money on the side - write a book

Writing a book can take time and a love of the subject you plan to explore.  Non-Fiction books tend to have a higher sale price than fiction because of the perceived value of learning something new. If you are thinking about writing a book you should consider following the tried and tested model of creating an outline, writing a first draft, creating a second draft and then sending to an editor. There are some excellent editors out there who can check the grammar and punctuation of your masterpiece. I can put you in touch with an editor I’ve used in the past if you leave a comment below.

Get on Fiverr

5 ways of earning money on the side - Fiverr

Whilst you are unlikely to make big bucks, having a few gigs live on Fiverr can help you bring in some money without having to do masses of work. This works well if you are talented with particular software, can write a lot of words quickly or have acting / voice over talent. Signing up to do work is free and requires you to create a gig which you can deliver on in an agreed amount of time. Quicker responses and higher quality work means you will get good feedback and more custom.

Start a Blog

5 ways of earning money on the side - blog

If you are passionate about a particular topic and feel you can help others with what you know, then writing a blog can be a relatively easy way to earn extra income. Whether you earn through ads, affiliate links or through selling your own products, there are loads of guides online which claim to tell you how to become rich. I’ve found the best way of earning money though is to focus on helping others fix a problem or teach them something new. If your solution involves buying specific parts, then link to these on Amazon and you’ll find little drips of money collect until a minimum amount has been gathered.

Taxes

5 ways of earning money on the side -taxes

Make sure you declare any extra earnings to whichever government you pay your taxes to. Here in the UK this means advising HMRC through a tax self assessment every year. Failure to do so could get you in a lot of trouble and isn’t worth the relatively small amount of tax you will be expected to pay.