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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 March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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