There are many ways to increase the amount of money you have coming into your household, such as doing overtime at work if it is available or getting a small part-time job like delivering leaflets. However, by far the most profitable is to do what so many others have done and actually start your own online business in your spare time.
After a while, you may find that you enjoy your part-time business more than your salaried job and that the profits made from your online business could potentially outweigh any money you had previously coming in. This is a very nice situation to be in and could mean that it is possible for you to swap your salaried job for your more enjoyable and more profitable online business and become your own boss full time.
First things first
Obviously, if you do this, you will still need to think about things such as life insurance to protect yourself and your loved ones. If you are looking into this, it may be wise to choose the best no exam policy available to you. Life insurance is very beneficial, and by having a no exam policy, you can apply online without the inconvenience of having to have someone in your home or workplace asking personal questions or having a stranger physically examine you.
You will also have to look into becoming self-employed for tax reasons and take out some kind of business insurance even if you are working by yourself from home. There may be more legal requirements you need to look into as these differ from state to state in the USA as well as all over the world.
That being said, there are plenty of upsides to starting your own online business, whether it is to keep it small and part-time or whether you wish to grow it large and give up your day job to work solely for yourself.
What type of business?
There is a lot of fun in starting your own business, and there are many choices to be made due to there being such a wide choice of online businesses which can be run from home and in someone’s spare time. For example, you have the classic ‘keep everything online’ businesses like affiliate marketing or creating a free content website, or you have the more physical online businesses such as selling physical items on eBay, Shopify, or Amazon, to name but a few websites of this ilk.
Deciding what kind of online business you wish to run can depend on a few different factors. These being how much time you actually have in your spare time, how much knowledge you have of the internet, how much time you want to invest into learning, and how much space you have within your household for stock holding.
If you find that you have little room for stock holding but a good knowledge of the internet, you will probably settle very quickly into either affiliate marketing or creating a free content website.
Affiliate marketing is quite an easy place to start. You will need to decide which products or businesses you wish to be an affiliate for. Once you have signed up for being an affiliate, you then create blogs or articles to point readers who are interested in that particular product via a link that you have been given. Blogs and articles can be put on websites (especially your own if you have one) though you do not have to have your own website to do this or on social media platforms. Try not to make these blogs or articles salesy though they will need to be related to your affiliate’s product. You will be paid per should there be a sale at the end of it. However, you do need to remember that if your reader does not use your link to access the desired website, you will not be paid.
Creating a free content website
This is a very similar concept to the one above. You will have to have your own website and drive your own traffic to it via social media platforms and SEO. There will need to be articles and blogs on your website. These can either be written by you, or you can outsource this part of your business if you wish to.
The way in which you make money from having a free content website is through advertising. These adverts can either be put around the edge of your blog or articles or spaced throughout the text paragraphs. Some companies will pay you just to show these adverts, others may require click-through, or there may need to be a purchase happen for you to get paid.
When using either of these types of business models, you will need to check that the pieces written are connected in some way to the adverts or products you wish your readers to click to. Another thing to remember is that the amount of money you get paid can depend heavily on what type of product or service or advert it is that you are showing. For example, insurance and utility companies will pay more per click-through than a company selling stationery.
Either way, all you will need to run these different types of online businesses is a computer or laptop, though they could potentially be run just from a cellphone and some free time. If you do not feel like writing lots of articles or posts, you can outsource this part of the business to others but check the work they have submitted to you.
If you feel that you have a lot of free time on one day a week, you may find investing in some software such as Hootsuite is beneficial to you as you can write all your blogs in one go and then set schedules to what day and time you want them to go live. By being organized with your online content publication will keep your business ticking over even when you are not working on it.