If 2020 taught us anything (apart from how to work zoom and make sourdough!), it was that no matter how comfortable you are feeling about your finances today, literally, anything can happen tomorrow. With this in mind, people are increasingly looking to set themselves up with alternative sources of income, to boost their take-home and no longer rely on just one source of income.
This is hugely exciting for many, but it can also be a little daunting. With this in mind then, I have put together the top four ways that you can boost your income in 2021 to help you achieve financial security, boost your savings, and work towards your dreams for the future.
1. Become an Affiliate Marketer
First up, and the simplest way you can start making more money today, is affiliate marketing.
If you haven’t heard of affiliate marketing or aren’t sure exactly what is, all it is is a process where a company gives you a percentage of each sale you bring in to them using a unique link that they give you. All you have to do to get started is find a company running an affiliate program, pick what products you want to market for them, and sign up. It really is that simple, and with a global value of over $12 billion, affiliate marketing is big business.
Once you have signed up and got your links though, how do you go about getting people to use them to start making money? Well, there are two main strategies that you can utilize: using your own social media and personal links and starting a blog or vlog.
Using your social media and personal contacts is the quickest way to get results, and all you have to do is post, email, or let people know about this product, tell them why you think it is amazing, and give them the link to buy it if they want. Through this method, you can literally start earning money today, and you may be surprised by how effective it is, as people tend to be far more open to suggestions from those they already know and trust.
The second method takes a bit more time and starting a blog or vlog probably won’t give you any overnight success. Over time though they can be built up to give you a massive boost to your income. Just create reviews and product suggestions that give people value, and you will see your commissions go up and up.
One thing to note though, you should only be an affiliate for products you believe in or trust the value of, as you won’t get many people trusting your suggestions more than once if you lead them to a dud!
2. Enter the World of eCommerce
With over 1.92 billion people now buying things online, it is safe to say that no matter who you are and what you want to sell, there is a market for you somewhere. This is why it is hardly surprising that more and more people are starting to sell online, and it is easier than ever.
For just a few hundred dollars you can now set up a high-quality website through services like Shopify and Wix, or just sell directly somewhere like Amazon, and for a few hundred more you can get enough stock ordered from suppliers such as Alibaba with millions of customizable products available.
Alternatively, if you don’t want to front up the initial cash or have a knack for making things, you can start selling your own products on marketplaces like Etsy. While this may be a bit more time-consuming than shipping products in, if what you make is in high demand it can still be a fantastic earner all while scratching your creative itch!
3. Start Your Own Business
At first glance, this may seem a lot like just selling things online, and there is undoubtedly a lot of overlap between the two. In practice though, selling a few things on Etsy, Amazon, or Shopify is like dipping your toe into the world of entrepreneurship, while starting your own business is diving right in.
While selling things online you may have a product for sale while demand is there, possibly restocking it if you get the numbers, spotting gaps in the market, and filling them. Building a business is something more.
Building in business is catering to a particular type of person, with a specific list of needs, certain jobs, or the same hobbies, and building a business around gaining that person as a loyal customer, and building your brand. This is a lot more work than just selling whatever the next hot craze in an industry is, and so it shouldn’t be attempted unless you are committed to growing your income, but the payoffs can be huge.
4. Take Up Freelancing
Finally, if there is anything, and I mean anything, you are good at that can be sent online, there is probably a freelance market for it somewhere. Where you consider yourself a bit of a wordsmith, coding guru, budding digital artist, or musical maestro, there are thousands of freelance jobs going up every day.
You don’t have to be the best in the world either, as there are normally a whole host of price ranges people are after, and everyone started somewhere. So, if there is anything you do better than most people or are willing to improve until you can, give that thing plus ‘freelancing’ a search and see what comes up. The internet is a big place, and there will almost always be someone who needs your freelance work and is willing to pay. All you have to do is make sure you are who they go for.