With the recession looming large ahead of all of us and the insecurity of our full time jobs, have you thought of how sweet it will be to be building a nice little side income that can at least take care of your daily expenses. Or how about letting this side income grow into a business that can bring you income without having to show up in the office rain, shine or haze?
Hereâ€™s 5 ways how you can do that. Pick something that catches your fancy and roll your sleeves up and work on it. Who knows, this may be one of your undiscovered passions! Even sweeter when it gives you a second and back up income.
Watching Wall Street traders trading the money markets in movies always sends our adrenalin pumping. Every blink of the screens send the prices up or down a cent and millions of dollars have changed hands just like that. Have you ever thought that you could also trade from the comfort of your home as a retail investor and profit from the global markets too? But one word of caution: ignorance is not bliss and can also be very expensive.
However the good news is that trading skills can be learnt and there are actually patterns in the charts that have been repeating themselves throughout the decades. The reason is simple: human emotions donâ€™t change. According to the candle stick theory of reading charts, all the greed and fear of all the traders participating in the market at any one time is depicted in that one candle stick. Â A good place to start is www.babypips.com. Here forex trading is demystified and you will learn and at the same time enjoy the lessons which are presented in a wacky humourous way. To learn a complete system in trading, this is a good resource
Internet marketing is a big topic and can be broken down in a few genres.
a) Blogging- turning your passion into profits
Are you good at a certain topic: it could be baking, dancing or playing badminton or chess. The internet space is filled with niches and youâ€™ll be surprised to know that in these niches, there are people who are really hungry for knowledge. But if you are writing for everybody, you will end up writing for nobody. For example if you are passionate about meditation, donâ€™t just blog on mediation generally. Instead choose a more specialised topic like Kundalini mediation.
You can check out the level of interest for such a blog by using the keyword planner on Google. A helpful place to start is to go to Amazon.com and zoom into your area of interest. For example, how many books are written on it and what do people say in the reviews? Choose a niche where lots of people are passionate about and you will be able to gauge the level of interest in the reviews. But most importantly the thing to do is to give value and share with your heart. You ultimately want to give your readers something new to takeaway with them after they are finished with your article or blog. So how can you learn to do this? You can take lots of courses here : www.udemy.com
You can to indulge in your passion, share what you know and make money same time. How fulfilling can that be! But how do you make money from that? You can be a reseller (also called an affiliate) of these products on your blog.(See below)
b) Affiliate Marketing
If your niche is yoga for example, you can blog about yoga and also promote products that are relevant and beneficial to your readers. To choose your niche, its best to start with google and see what people are searching for and then give them what they want. It will also be good to be more specific eg yoga for busy executives so that you will know the particular needs and demands and cater for them. In fact there is a formula in looking for the right niche to go into.Â This system is fantastic in showing you what are the most profitable niches now and how to create a website around them: http://foreveraffiliate.com
c) Social Media
Maybe you are good at promoting and can bring in sales leads for businesses. You can help business create their branding in social media: meaning manage the businessâ€™ fan page and post appropriate things to delight their customer. For example if you were to look at Red Bullâ€™s FB page, there is nothing about the drink but all about the extreme sports which their consumers rave about. A good and cheap place you can learn how to be a tip top social media strategist isÂ : www.lynda.com. By the way lynda.com covers a wide spectrum of skills from training to be a professional film-maker to song writing.
Online E-commerce Business
The advent of social media has flattened the playing field and individuals can be a standalone personal brand. Gone are the days where sales of products are monopolised by big brand names with millions to spare for advertising. Â Many one-man businesses grossing over $1m per year are all able to reap the profits of moving products while remaining nimble and free of overheads â€“ all thanks to the internet.