Are you saving up for a dream holiday, wedding or even a home? If so, you will need to gather as many funds as you can. However, this may not be possible if your current salary is not sufficient, therefore, you could consider an alternative form of income which will help you grow your savings quickly. This will allow you to reach your goals much quicker without having to cut down on necessary spending.
Here are some business ideas which will offer you inspiration for your second stream of income.
The property sector is one of the most lucrative industries because after all, shelter is a necessity and everybody needs somewhere to live. If you have experience in management or see yourself as a bit of handyman – property management is a good route to take. As a property manager, you would be in charge of maintenance and repairs, as well as tenant requests and complaints. This job can also be performed on a part-time basis, especially due to the introduction of property management apps, AppFolio, which allows you to monitor everything including rent, tenancy agreements, and complaints, which can easily be done from home.
If you find success in property management, you could consider investing which will offer you further returns, especially if you invest in a property in a popular area. RW Invest, for example, have several luxury apartments in Liverpool and Manchester, which offer high rental yields and are in demand with young professionals looking to live in central hotspots. By investing, you can expect to receive regular monthly income as well as capital appreciation, which will offer you the disposable income you need.
Freelancing has become a massive buzzword recently with many millennials switching from their 9 to 5 jobs to start blogging on a freelance basis. If you have a knack for writing you could consider becoming a freelance writer, which spans from blogger to social media content creator, copywriter and more. This can be a lucrative business if you dedicate your time and find your niche. It can also be done on a part-time basis in addition to your job, especially if you are a quick-paced writer creating niche content.
Another form of freelancing is graphic design, which is a bit more technical than writing, so you can really only succeed in this if you have the right skills and experience. However, anyone artistic and tech-savvy could easily pursue freelance design. You can find a wide range of jobs to suit you on websites like Upwork or Freelancer, where employers will list their requirements and you can find the assignment for you. Payment may start off small for these jobs but once you build up your design portfolio, you will start to receive increased offers which can be towards your holiday fund.
If you currently work as a teacher, you could consider tutoring on the side. There are plenty of people who are looking to expand their skills, especially international students who wish to improve their English. This can easily be done via Skype or other video communication platforms, and the usual rate for this is £10 per hour so that you can save up a significant amount.
If your teaching skills are focused on a specific topic you may be able to make more money, especially in a technical subject like Math or Science. You can also decide which age group you would like to teach, as some people will be better suited to young children while others believe their strong suit is with university-age students.