How Can I develop the second source of Income?

Dealing with a salary cut off or losing a job or Living a good lifestyle are some common reasons for developing the second source of Income. These incomes are usually known as Passive Income also. While the earning from your job or self business is known as active Income.

How will the second source of Income help you?

  • Helps you to increase your savings.
  • Losing a job or pay cutoff situations can be managed easily.
  • No need to worry, you can earn it even after retirement.

Let’s move further where many of us think that we have to bind for another part-time job to earn as a second source, but it’s not that much true. You can devote time as per your convenience, daily or weekly and still make a handsome income.

Now in the era of the Internet, it is simple to generate a second source of Income, you need a Laptop or Mobile phone and a Good Internet connection.

So, here I’m sharing with you the best sources, which I’m also using to develop another source of income besides my active income.

  1. Freelancing: Freelancing is the most recommendable stream for the second source of Income. It merely means devoting your few hours in a day to earn by using your skills, hobbies. Here, you need to complete short term projects, and once you complete it, you will get paid. Many websites are there like Fiverr, which allow you to connect with people who will hire you for work and pay.

You can take freelancing writing work, software development, website designing, App development, SEO services, etc.

  1. Online Tutoring: The education sector is a broader sector where you can teach someone at home, can associate with some institutes to teach or even the most suitable which parents prefer is to teach online. Online teaching demand is not limited to foreign country’s students but highly increasing in India as well. You can devote 3-4 hours daily or weekly and earn on per hour basis.

Apart from this, you can also create an online course or content which can be sold through the online platforms Udemy.com, Lynda.com or skillshare.com. You can make an insane amount of money by selling courses.

  1. Blogging: You must have heard about Blogging, if not. Then let me tell you in simple language blogging mean writing about something. It could be anything like health, lifestyle, food and many more. However, one should have good writing skills and patience to earn a good income through blogging. Many people also opt for it as their full-time career and now earning lakhs of rupees in a month.

Not sure, how to start? Contact bloggers or content development companies, they hire you for work from home-based even and pay a good amount of money for your quality articles.

Moreover, those who are thinking to start it from your website, here’s the idea, if you can consistently create a lot of value for people with your blogs, and you can generate an unbelievable amount of passive income. Continuous posting of blogs will start bringing in traffic whether you devote any additional time or not.

  1. Affiliate Marketing: This is an excellent way to earn passive income who has a website or blogs. Through an affiliate program, you can promote amazon, eBay, Clickbank products wherein case of every sale through your site; you will earn a fixed amount of commission.

It’s always best to sale those products you are either very interested in or one which is highly relevant to your website. This will genuinely help to build trust in the product.

  1. Online Business: There is no doubt the tradition of buying and selling things on a store has been gone, and E-commerce has taken its place. Now, with the help of various E-commerce platforms like Shopify, eBay, Amazon, Flipkart, you can quickly start your business with little investment and earn a handsome side income along with your active income.
  2. Write an E-Book: Higher efforts in your free time will result from you with higher income. Once you have written an excellent trendy e-book, you can publish and sell it on your website or at Amazon, kindly (highly recommendable platforms) and earn a recurring income for many years.

You can choose any of the alternatives depending upon your skills to generate a second source of Income. Opportunities are everywhere; you need to grab it before your competitor. Proper planning and experience of different types of passive income streams will never let you down at the time of recession.