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Guide: 5 New & Unusual Ways to Earn Extra Money
Most people would like to make some extra money. As it stands now, a whopping 63% of Americans don’t have enough savings to pay for a $ 500 emergency without resorting to conscious cost-cutting measures or borrowing money – from friends and family if they are lucky, from credit cards or flash loans if they aren’t.
To be fair, there are tons of articles, books, and other resources that can help you make extra money. Many personal finance experts propose methods such as freelance writing (or design, coding and other digital offerings), Uber-ing, Air-BnB-ing, and selling food, clothing, arts, and crafts.
This is all great advice, but would you like to hear about some lesser known money making opportunities?back to menu ↑
1. Turn around
In essence, flipping is the art of buy low, add value and sell highUsually used as a real estate term (eg, “I flipped that cheap fixer-upper on 10th St for double the price!”), Flipping can be applied to literally any item that has some market demand.
The great thing about flipping is that you can easily integrate your passion into the processIf you love cars and have a talent for it identification of spare parts, you can search and sell them online. If you like clothes, some people will kill selling pieces bought at thrift storesYou can turn many things around, even websites!
You can list your items on Amazon Ebay Craigslist, or even create your own e-commerce site. To become a successful seller, you need to take the time to make sure your website includes these 10 essentials.back to menu ↑
Tips You need:
Choose a niche. Actively research specific demands in the niche you can fill. Make sure to spend a few weeks on it monitor usual price range and competitors.Thereafter, find suppliers and do one cost analysisIf you can sell your items for a profit after deducting costs (packaging, listing, and shipping are three major costs when turning around), you have a potential winner!
An easy way to start flipping is to just look around your house for things you no longer need that can be sold. You can also start frequent garage salesTo get you started, here are some items that tend to turn around well.back to menu ↑
2. Design and sale designs
How would you like to create a design once and sell it hundreds or thousands of times? Repeatedly selling your design is an excellent passive income generation strategy – digitally saved designs don’t cost anything to store and replicate (here are a few places you can sell your work online).
Yes, it sounds great. There is one caveat, however: you have to be able to create designs that the public cannot get online for freeIf you’ve spent any time online, you know this is more difficult than it sounds.
This means that in order to make enough profit to generate income from it, you are limited to extremely small nichesSome examples are:
PixieFaire – create and sell doll outfit patterns.
Tiny House Designs – You can find and buy small house design plans and floor plans.
MOCPlans – find, buy and sell instructions for custom LEGO builds.
This monetization idea works best for people who have extremely niche hobbies in the first place. The law of supply and demand predicts a greater likelihood that your designs will be sold if there are not many competitors.back to menu ↑
Tips You need
To travel this route, you may use your product marketing High findability of your products is a must, as is listing and marketing on as many popular platforms as possible do not neglect customer service and community involvementThe easier people can find your designs and the better you can provide the experience, the more designs and patterns you can sell.back to menu ↑
Be a local Guide
If you enjoy showing off the local sights, you may want to consider becoming a local guideThe trick to become great guides is on sell experiences, not itinerariesThe potential is huge, regardless of location. For example, you may have heard of hiking and biking tours organized in many cities around the world.
These bring tourists to interesting locations and landmarks, complete with a explanation or a background storyThere are also more niche tours that can be organized independently such as food tours, temple tours, wine tours, graffiti / street art tours, supernatural tours, and even yoga tours.back to menu ↑
Tips You need
You can start almost immediately by telling your network about your services. For the best results, create packages for locals and tourists alike – ask your friends and browse travel forums to find out what people are looking for in your city. (Friends and family will have out-of-state guests at some point, and if you are known to enjoy giving people a good time, they can drop your name as a recommendation.) what you have to offer. Let yourself be judged on TripAdvisor and YelpAlternatively, here are some websites you can use to sign up (and be reviewed).back to menu ↑
Host meals for sharing meals
This would be the dream side income for you inspiring hosts out there! Yes, you can use your home-cooked meals and your charming companionship to locals and tourists through meal sharing websites. Your guests will request and pay for a seat at your dining table, and you can make meals as elaborate or as simple as you like.
Some notable websites include:
You can also do this without websites and just post it on your social mediaback to menu ↑
Tips You need
Design a meal plan, cook it and take nice pictures of itThe more your food looks appealing to your target audience, the faster you can fill up your table Too many requests? To reserve and collect payments in advanceThe great thing about sharing meals is that you essentially start working homeHere is an account of her experience.back to menu ↑
5. Rent something out to colleagues
The peer-to-peer rental industry is relatively small, but has a lot of potential. Not everyone can afford to buy everything, but sometimes they really need that item for specific reasons or just for a short time. Hey, you don’t create the demand, the market does.
I can’t deny renting out your own equipment and gear is risky business – there is always a chance not to get it back, or received in bad conditionHowever, you can reduce that risk somewhat by going through startupsHere are a few examples:
Kit split – a peer-to-peer rental for camera equipment
Getting around – if you want to rent out your car. An alternative is Turo.
Curtsy – let you rent out your dresses
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How to Get started
The rental company has a high start-up costs, but if you just want to dip your toes in the sharing economy with the least risk, it’s best to use one of the above startups.back to menu ↑
Yes, there are plenty of new and unusual ways to make extra money, and chances are they will become less uncommon and more common soon. There are no excuses for an able-bodied person with internet access not to generate side income. I hate to be cliche, but the sky really is the limit when it comes to maximizing potential earnings.back to menu ↑
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