For many people, becoming an entrepreneur is one of the best decisions that they’ve taken. However, how do you make extra money as an entrepreneur?
Though it’s sometimes hard to get a new business off the ground, entrepreneurship is both rewarding and fulfilling. However, it could also be one of the most financially draining moves to make if care is not taken.
Becoming an entrepreneur often demands that you give your time, intellectual property, and money in a bid to bring your vision to life. The reality is that there are no guarantees in the business and there may be times when finances begin running low.
For this reason, having another stream of income can be a wise decision to make. If you’re an entrepreneur in need of extra cash, you’re going to find a few ways that you can get it below.
As an entrepreneur, it’s likely that you have a robust amount of knowledge on your niche area or well-rounded knowledge on how to run a business. This is an opportunity to make money through consultancy as there are people that need this expertise and knowledge.
The good thing about becoming a consultant is that you don’t need any extra qualifications. You just need to be able to give advice that works and helps people solve problems.
Additionally, it’s flexible meaning you can consult and run your business simultaneously. As an independent consultant, you could take home up to $400,000 a year, so it’s definitely something worth thinking about.
Aside from consulting during your free time, another way that you can make money is by going down the investment route. People are often afraid of investing because of the risks involved, however, it can be lucrative if you make the right investments.
Before investing, it’s good to get as much knowledge as possible and only invest in things that you understand. You could go through the route of getting a financial advisor or investing on your own.
It’s also advisable that you follow the monthly newsletter Money Map Report by Keith Fitz-Gerald to learn about global trends. If you have heard of the Keith Fitz Gerald scam you should read reviews before going ahead to subscribe, so you’re convinced it’s worthwhile.
#3]. Part-time Work
If you have a few extra hours a week, perhaps think about doing part-time work as a means of getting extra money. This could be something related to your area of expertise or just about anything else that you’re able to do on the side.
One primary example of a part-time job suitable for an entrepreneur is working as a teacher or school administrator. They tend to have flexible hours as well as more time off than other professions do.
In addition to this, perhaps think about becoming a freelance designer if you have skills in that department. Taking night shifts for retail jobs is also a way of making money that can help sustain you.
Are you good at navigating your way online as well as a pro marketer? If so, think about starting an e-commerce site as a way to rake in extra funds.
There are drop shipping options that will deliver the items directly to customers if you aren’t interested in the stress associated with stocking and storing products.
The reality is that people are becoming more inclined to shop online so with the right marketing and products, you could make a reasonable amount of selling new and used items on the internet.
#5]. Freelance Writing
Also, there’s an opportunity to make money through freelancing, especially, for those entrepreneurs who are good at writing. With an increasing number of people looking for valuable information online, those who are able to provide it can make a decent amount in return.
There are a number of sites looking for good quality content and ready to pay for it. Not only can freelance writing earn you extra money, but it’s also a way of building authority online and creating awareness about your products and services.
#6]. Social Media
In 2019, it is estimated that there will be around 2.77 billion social network users. This creates so many prospects for both brands and individuals who want to make money on social media. In short, this can be a golden opportunity for you as an entrepreneur.
Social media could help your branding efforts and connect intimately with your audience. But how do you exactly make money through social media? The best way is to use the social media platform to drive web traffic back to your blog or website.
This traffic can then be monetized through affiliate links as well as paid advertisements. For the most part, a large social media following means you have more ears and eyes that you can promote and sell your products and services to.
#7]. Speaking Engagements
You’re often forced to develop your communication skills when you become an entrepreneur. This is because you have to communicate with a range of different people to pitch ideas, sell your vision, and also manage daily affairs.
For some, entrepreneurship helps them develop their public speaking skills and this is something that can be used to make money.
People everywhere are in dire need of motivation as well as encouragement, and public speaking can help with this. Whether it be giving a speech to college students, delivering a talk to employees at a company or speaking at conferences, they are all ways to make decent money.
#8]. Offer Training
Training is another route to take when trying to make extra money as an entrepreneur. It gives you the opportunity to impart people the knowledge and skills they need to thrive.
You could do online courses or in-person training on relevant topics that people are keen to learn about. There are good online learning platforms out there that you can join to help young entrepreneurs master new skills.
By doing so, you help build your brand and give people invaluable information that could help them get ahead. There is no path that is absolute when it comes to entrepreneurship.
You can only learn from the failures and successes of the people who have gone before you. However, by ensuring you have a financial security blanket, you can at least rest assured knowing you always have something to fall back on.