Everybody would like to find a way to make more money, something that they can realistically execute without making an extreme career shift. Entrepreneurs, especially, are always looking for another venture on the side that is worthwhile for them to pursue. Maybe you want to try your hand at another field of business, simply to challenge yourself and broaden your vocational horizons.
Whatever the reason, it’s always a good idea to put your eggs in different baskets because one of those baskets might end up yielding a lot more eggs. The following are a few extracurricular ventures that might be the perfect supplemental revenue-generator that you’re looking for.
1. Rent out your space.
In the same way that land always has intrinsic value, the same can be said of space in a building. If you are fortunate enough to have some unused space in your home, garage, or even your office, then you have an opportunity to make some money off of that space by renting it out.
The space may not quite be ready to be lived in just yet, like an unfinished attic or basement, but it may be worth the investment to turn it into a separate living or working space for which a tenant would be more than happy to pay you monthly rent.
It might also be worth it to give up your garage parking space and park on the street, if it can bring in money as a living space.
2. Teach anything.
No matter what kind of work you have done, or life experience you have, you probably have some knowledge that would be of great value to other people.
There are a variety of ways to get paid for that knowledge, whether it’s consulting for other businesses similar to yours who are just starting out, academic tutoring, or music lessons, to name a few. You can set it up to work around your schedule and start getting paid for imparting what you already know.
3. Drive for Uber or Lyft.
Scores of enterprising people of all ages are signing up as drivers for Uber or Lyft; in fact, many of them drive for both. If you’re a punctual and responsible driver, you can easily pick up fares only when you are available to drive, and stop whenever you need to.
More and more people are beginning to choose one of these services over a traditional cab, which means that there is an ever-growing demand for drivers.
4. Online content publishing.
Content marketing and blogs of all kinds are now fueling nearly any business with a website, by generating traffic to the business through targeted content. Blog writers can’t keep up with the insatiable demand for quality content, and if you have the knack for it, you can jump in and get your piece of the content machine.
5. Become a social media manager.
Most of us today are at least amateurs at one thing—social media. You may not have given it a great deal of thought, but you could quite possibly turn your casual activity on Twitter, Facebook, Instagram, and the like, into a lucrative enterprise.
Some of us have even turned pro without realizing it (I’m looking at you, millennials), which is now a prized commodity of many companies. There is a very real ROI for a well-executed social media campaign, and if you figure out how to manage it, you’ll find yourself in high demand for all kinds of businesses.
Stephanie is the Marketing Director at Talkroute and has been featured in Forbes, Inc, and Entrepreneur as a leading authority on business and telecommunications.
Stephanie is also the chief editor and contributing author for the Talkroute blog helping more than 100k entrepreneurs to start, run, and grow their businesses.