Why everyone needs an alternative income, and how to make some extra side income

If the recent Covid-19 pandemic has taught us one thing, that is, everyone in this world needs an alternative source of income. The economy is fragile and unfortunately, disasters are sudden and can strike anytime, which can thus threaten your job. Because of this, everyone in the world needs to have an alternative source of income. After all what’s the harm in some extra money right?

So, we keep hearing the word alternative income everywhere, but what is an alternative income? Alternative income is the extra income you earn apart from your main income source such as your job. Even people running their own business should have an extra source of income. It’s little known but every major businessman has had multiple sources of income in their initial days to support their vision. 

The best alternative income source is the one that allows you to earn extra income but does not require much effort from your end. That’s why investment is considered the best alternative source of income. But not everyone has the capital to invest, and let’s face it to get a decent return, the investment size has to be big -  something which many cannot afford. So, today I want to talk about how you can earn some extra cash which does not put a dent in your pocket.

1. Blogging/Vlogging

The number 1 source of alternate income in my mind is Blogging and Vlogging. They are a really popular way to make money online and are relatively easy to get started. If you have a hobby or an opinion about current trends, you can create a blog/vlog about them. Many people will come online and see your blog. 

A blog/vlog makes money through advertisement and affiliate links. Initially, since you are just starting out you can use Google AdWords, but once you grow big you can try getting advertisement sponsorship (you know “This video is sponsored by….” on YouTube).

2. Referral Marketing

There are many good products and services out there who do not advertise much but rather pay handsomely for a successful customer referred. In fact, there are more than 10,000 people in the world who have become millionaires just by referral marketing.

Referral marketing is very simple. Simply refer a customer to a business and earn a commission. Word of warning though: It’s always advisable to agree upon the commission with the business before referring the customer (it leads to unnecessary disputes in the future saying it from personal experience).

The easiest way to get started through referral marketing right away is by using Zocial Earn which pays you in cash for every successful referral. You can refer your friends to new stores, new restaurants, new lifestyle places, new tutors etc.

3. Teaching

If you have a hobby (such as playing an instrument, cooking, etc) you can use your skills to teach new people. You have no idea how many people want to learn something new and are willing to pay for it. The best way to get started on teaching is by just getting the word out - both offline and online works. Interested people usually reach out to you. You can also try using free classified ads to get the word out regarding your tutorials.

4. Drop-Shipping

This is more or less an advanced form of referral marketing. In drop-shipping, a customer purchases a product from you, and you purchase the same product from a partner e-commerce store at a discounted rate (less than the customer’s purchase price). The order is fulfilled by the e-commerce store and the difference between the user purchase price and the e-commerce purchase price is your profit.

Drop-shipping was really popular until 2017-18 and people made a lot of money. But with the massive boom of e-commerce stores and ongoing price-wars drop-shipping just does not have appeal anymore. The marketing cost is high, margins low. It’s better to stick to referral marketing.

5. Freelance Writing

If you want to make some quick cash without starting a blog you can start freelance writing. Many existing blogs have a need for good content and pay relatively well ($50 - $300 per post) for very well written pieces. 

To find freelance writing gigs, go to any FB group regarding Content writing, and post your services. You will always find people who are interested in your services.  Advice: It’s better to have a few pieces ready to show to a potential client.

6. Sell your Services Online

There are websites like Fiverr which allows you to sell your services online. And it’s really popular. You can sell any kind of digital services such as graphics and design services, digital marketing, writing and translation services, video and animation services, music and audio service, programming and application development, business services, etc.

Fiverr is very simple to use, and you can get started right away. But remember, this method might consume more time than the above-mentioned ways.

7. Organize webinars

Webinars are getting really popular. Individuals and companies alike are paying handsomely for good webinars. Organizing webinars is easy and with tools such as Google Meets and Zoom, anyone can organize a webinar. 

Do remember, to ensure the success of a webinar, please ensure the speaker guest lineup is good.  Learn more from Zocial Earn which helps everyone earn extra income through referring.