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5 Intelligent Ways to Make Enough Side Income to Ultimately Quit Your Job

5 Intelligent Ways to Make Enough Side Income to Ultimately Quit Your Job

Are you planning to initiate a side income? Is the plan good enough to quit your full-time, decent-earning job? Yes, the renowned novel idea of making money in your spare time has now become a source of generating mainstream revenue and shall continue to rise. “By 2020, more than 60 million people, will be independent workers—freelancers, contractors, and temporary employees,” according to the Fast company. But that said, a good deal of efforts, skill, and passion are required for earning enough profit to achieve success and pay off your bills.

Whatever you plan to be—an entrepreneur, freelancer, artist, film maker, dealer or home maker—you will have to discover yourself before you wave off your job. In order to have a good start, it is wise to know if you have secured any backups or savings and a decent spending plan, that can let you survive through the transitional period, and also, in case a sudden decline in overall income jeopardizes your plans.

Any potential side business ideas, even after passing the trial and errors session, can carry certain risks; therefore, it depends on how innovative your idea is. Here are some brainy self-employment ideas to give you a head start in case you have an itch to say goodbye to your 9-to-5 job. These ideas are surely going to provide you financial securities and a happier life, but remember, the secret of success hides in the statement: “Make the process your goal and you’ll succeed no matter the ultimate outcome.” —Corbett Barr.

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1. Online Marketing

Internet marketing or digital marketing is an attractive yet easy way to market or sell various products and services merely with the use of digital world assets, entailing social media, search engine marketing, or even online advertisement.

Sign up an account on social media website and start offering your services in a way that attracts major brands, big companies, and known organizations. The more followers you will have, the greater the chance to earn will be. An estimate of about 500 USD to 5,000 USD can be earned per post, depending on the size of your sponsoring brand. See this famous fashion Instagram-er making significant income.

2. Investing in the Market

Investing in the stock market may seem quite simple when it comes to maximizing returns. Investing in bank stocks and the stock exchange is relatively easy and safe for earning a profit, and the price-to-book ratios are normally very low.

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Investment in major banks is safe as well, as these banks are too crucial for the government, so the chances of them failing are extremely low. This means that your investment will likely remain safe. You can expect rising profits and good price-earning ratios. Investing in the stock exchange, though it requires a bit of skill, can very effectively help you gain a profit, if you know to how move your positions.

3. Gig Economy

Gig economy, a promise to empower future and boundless innovations, is increasingly becoming the only income source of many homes. The Internet is one of the blooming economic engines of our time which has fulfilled the ultimate specialized consumer demands in lesser time and with much more efficiency.

Today one can easily afford his living by relying on what once was only a known feature of web developing, photography, or journalism freelancing. Not confined to high computer or English skill, Gig economy has now expanded amazingly in all other sectors of life. Working as a taxi driver for Uber or selling your art online can help anyone earn reliable income.

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4. Franchise and Multi-Level Marketing Opportunities

If you have a bit of capital, investing in the world of franchise companies is a very sound idea. The franchise businesses are all around us, from McDonald’s to 7-Eleven stores. Owning a franchise of any business can be a highly profitable work, especially if you have a passion for the type of franchise you purchase.

Many of the kinks have been sorted out as the brand name has already been established and a consistent customer following can be expected in most of the cases. The parent companies also offer their valued support, including marketing strategies, technical help and sourcing.

On the other hand, MLM or Multi-Level Marketing can prove to be an effective source of income, especially in the times of cut-backs or when launching a new business. However MLM does have its fair share of disadvantages, including neglecting the customers and over-selling the idea.

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5. Online Teaching

Teaching languages and tutoring for major exam studies like SAT,IELTS, ACT or many other college exams remotely or online is a definitely a great way to make a solid side income. There are people who are ready to pay as much as 25–100 USD/hour to tutors for language classes over Skype or through different website platforms. One can easily look out for an online teaching job on websites such as Learn4Good or Indeed. Whenever you think you have reached your set income goal from this side business, you can follow up with it as your main full time job.

Final Thoughts

While there is abundance of ideas, the most important thing is to identify and pick the one that you feel most passionate about. One other thing that you must not forget is the availability of time; for instance if you can only work during the weekends, then probably Gig economy is the best bet for you! Pick the right battle.

If you want to take a shot at investing in the stocks or setting up a website online, remember it might require some initial funding, that you can secure by savings or by taking a loan. If you take a loan, make sure you keep up with payments and make the best out of the money that you have borrowed.

However, make sure you are not digging a hole for yourself borrowing money from banks. According to a research, 70% of people who take out loans end up having more debt in couple of years. To avoid this, you can ask your family members to lend you some interest-free capital to begin with, so that you don’t have to face banks.

Featured photo credit: VirtualWolf via flickr.com

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Ahmed Raza

CEO of Samurais.co

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Last Updated on January 21, 2020

How to Increase Work Productivity: 9 Ground Rules

How to Increase Work Productivity: 9 Ground Rules

We all have those days when completing our assigned tasks seems beyond reach. With the temptation of social media, mobile games, and the internet in general—not to mention the constant bustle of people in the office—it’s easy to fall prey to disruptions and distractions at work.

So, what can we do about it? How to be productive at work?

While we don’t have a foolproof system that can completely eliminate disturbances and diversions, we do have 9 ground rules that can be applied to help give your productivity levels a boost.

Keep reading to find out our tips on work productivity.

What Does It Mean to Be Productive?

How to be productive at work?” is the age-old question plaguing employees and employers alike around the world. Regardless of where you work and what you do, everyone is always looking for new ways to be more efficient and effective.

But what does being productive actually entail?

Completing more tasks on your list or working longer hours doesn’t necessarily mean you’re being more productive. It just means you’re more busy, and productivity shouldn’t be confused with busyness.

Productivity means achieving effective results in as short amount of time as possible, leaving you with more time to enjoy freely.

It involves working smarter, not harder. It means refining processes, speeding up workflows, and reducing the chances of interruptions.

Productivity is best achieved when looking at your current way of working, identifying the bottlenecks, flaws, and hindrances, and then finding ways to improve.

9 Ground Rules on How to Be Productive at Work

1. Avoid Multitasking

Multitasking can give the impression that more tasks can be accomplished as you’re doing multiple things at once. However, the opposite is true.

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Research has shown that attempting to do several things at the same time takes a toll on productivity and that shifting between tasks can cost up to 40 percent of someone’s time.[1] That’s because your focus and concentration is constantly hindered due to having to switch between tasks.

If you have a lot of tasks on your plate, determine your priorities and allocate enough time for each task. That way you can work on what’s urgent first and have enough time to complete the rest of your tasks.

2. Turn off Notifications

According to a Gallup poll, more than 50 percent of US smartphone owners admit to checking their phones a few times an hour.[2]

Switching off your phone—or at least your notifications—during work hours is a good way to prevent you from checking your phone all the time.

The same applies to your computer. If you have the privilege of accessing social media on your work desktop, switch off the notifications on there.

Another good tip is to logout from your social media accounts. Therefore when you feel the urge to check it, you might be swayed because your page isn’t so easily accessible.

3. Manage Interruptions

There are certain disruptions in the office that are unavoidable such as your manager requesting a quick meeting or your colleague asking for assistance. In order to deal with this, your best approach is to know how to handle interruptions like a pro.

Be proactive and inform the people around you of your need to focus. Turn your status on as “busy/unavailable” on your work chat app.

If you’re on a deadline, let your colleagues know that you need to concentrate and would really appreciate not being interrupted for the moment, or even work from home if that’s a feasible option for you.

By anticipating and having a plan in place to manage them, this will minimize your chances of being affected by interruptions.

4. Eat the Frog

Mark Twain once famously said that:

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“if it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.”

What this basically means is that you should get your biggest, most urgent task out of the way first.

We all have that big, important task that we don’t want to do but know we have to do because it holds the biggest consequence if we don’t complete it.

Eat the frog is a productivity technique that encourages you to do your most important, most undesirable task first. Completing this particular task before anything else will give you a huge sense of accomplishment. It will set the ball rolling for the rest of the day and motivate you to eagerly complete your other tasks.

5. Cut Down on Meetings

Meetings can use up a lot of time, which is time that can be used to do something useful.

You have to wait for everyone to arrive, then after the pleasantries are out of the way, you can finally get stuck into it. And sometimes, it may take a whole hour to iron out one single issue.

The alternative? Don’t arrange a meeting at all. You’ll be surprised at how many things can be resolved through an email or a quick phone call.

But that doesn’t mean you should eliminate meetings altogether. There are certain circumstances where face-to-face discussions and negotiations are still necessary. Just make sure you weigh up the options prior.

If it’s just information sharing, you’re probably better off sending an email; but if brainstorming or in-depth discussion is required, then an in-person meeting would be best.

6. Utilize Tools

Having the right tools to work with is crucial as you’re only really as good as the resources you have at your disposal. Not only will you be able to complete tasks as efficiently as possible, but they can streamline processes. Said processes are essential to a business as they manage tasks, keep employees connected, and hold important data.

If you’re the manager or business owner, ensure your team has the right tools in place.

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And if you’re an employee and think the tools you currently have to work with aren’t quite up to par, let your manager know. A good team leader understands the significance of having the right tools and how it can impact employee productivity.

Some examples of tools that could be used:

Communication
  • Slack for team chat and collaboration.
  • Samepage for video conference software.
  • Zendesk for customer service engagement.
Task Management
  • Zenkit for task and project collaboration.
  • Wunderlist for listing your to-do’s.
  • Wekan for an open source option.
Database Management
Time Tracking
  • Clockify for a free tracker.
  • TMetric for workspace integrations.
  • TimeCamp for attendance and productivity monitoring.

You can also take a look at these Top 10 Productivity Tools to Help You Achieve 10x More in Less Time.

7. Declutter and Organize

Having a disorganized and cluttered workspace can limit your ability to focus. According to researchers, physical clutter can negatively impact your ability to concentrate and take in information.[3] Which is why keeping your work environment well ordered and clutter-free is important.

Ensure you have your own system of organization so you know what to do when the paperwork starts to pile up.

Being organized will also ensure that you know where to find the appropriate stationery, tools, or documents when you need it. A US study reveals that the average worker can waste up to one week a year looking for misplaced items.[4]

Here’s a useful guide to help you declutter and organize: How to Declutter Your Life and Reduce Stress (The Ultimate Guide)

8. Take Breaks

Taking regular breaks is essential for maintaining productivity at work. Working in front of a computer can lead to a sedentary lifestyle which can place you at a higher risk of heart disease, diabetes, and obesity. Even a 30 second microbreak can increase your productivity levels up to 30 percent.

As well as your physical health, breaks are also crucial for your mental and emotional wellbeing. That’s because your brain is like a muscle, the more it works without a break, the easier it is for it to get worn out.

Ensuring you actually take your breaks can prevent you from suffering from decision fatigue. It can also help boost creativity.

Take a look at this article and learn why you should start scheduling time for breaks: The Importance of Scheduling Downtime

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9. Drink Water

Although we know we should, it’s easy to forget to drink enough water during the working day.

Many of us turn to tea or coffee for the caffeine hit to keep us going. However, like taking breaks, drinking water is essential for maintaining productivity levels at work. It’s simple and effective.

Not drinking enough water can lead to dehydration and also headaches, tiredness, and weight gain.

A good tip to avoid dehydration is to keep a water bottle at your desk as it can serve as a reminder to constantly drink water.

If you find the taste of water a little bland, add some fruit such as cucumber or lemon to give it a better taste.

You can also get more ideas on how to drink more water here: How to Drink More Water (and Why You Should)

The Bottom Line

The preceding 9 ground rules on work productivity aren’t the be-all, end-all. You and the company you work for may have other tips on how productivity is best increased and maintained.

After all, it’s something that can be perceived differently depending on the exact job and work environment.

In saying that, however, the 9 ground rules serve as a good foundation for anyone finding themselves succumbing to disruption and distraction, and are looking for ways to overcome them.

A good tip to keep in mind is that change doesn’t happen overnight. Start small and be consistent. If you slip up, just dust yourself off and try again.

Developing habits happens gradually, so as long as you keep up with it, you’ll soon start to notice the changes you’ve been making and eventually enjoy the fruits of your labor.

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Featured photo credit: Cathryn Lavery via unsplash.com

Reference

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