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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 November 26, 2020

How Relationships Building Helps Achieve Career Success

How Relationships Building Helps Achieve Career Success

As playwright Wilson Mizner supposedly said all the way back in the 1930s,

“Be kind to everyone on the way up; you will meet the same people on the way down.”

The adage is the perfect prototype for relationship building in 2020, although we may want to expand Mizner’s definition of “kind” to include being helpful, respectful, grateful, and above all, crediting your colleagues along the way.

5 Ways to Switch on Your Relationship Building Magnetism

Relationship building does not come easily to all. Today’s computer culture makes us more insular and less likely to reach out—not to mention our new work-from-home situation in which we are only able to interact virtually. Still, relationship building remains an important part of career engagement and success, and it gets better with practice.

Here are five ways you can strengthen your relationships:

1. Advocate for Other’s Ideas

Take the initiative to speak up in support of other team members’ good ideas. Doing so lets others know that the team’s success takes precedence over your needs for personal success. Get behind any colleague’s innovative approach or clever solution and offer whatever help you can give to see it through. Teammates will value your vote of confidence and your support.

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2. Show Compassion

If you learn that someone whom you work with has encountered difficult times, reach out. If it’s not someone you know well, a hand-written card expressing your sympathy and hopes for better times ahead could be an initial gesture. If it’s someone with whom you interact regularly, the act could involve offering to take on some of the person’s work to provide a needed reprieve or even bringing in a home-cooked dish as a way to offer comfort. The show of compassion will not go unnoticed, and your relationship building will have found a foothold.

3. Communicate Regularly

Make an effort to share any information with team members that will help them do their jobs more effectively. Keeping people in the loop says a lot about your consideration for what others need to deliver their best results.

Try to discover the preferred mode of communication for each team member. Some people are fine relying on emails; others like to have a phone conversation. And once we can finally return to working together in offices, you may determine that face-to-face updates may be most advantageous for some members.

4. Ask for Feedback

Showing your willingness to reach out for advice and guidance will make a positive impression on your boss. When you make it clear that you welcome and can accept pointers, you display candor and trust in what opinions your superior has to offer. Your proclivity towards considering ways of improving your performance and strengthening any working interactions will signal your strong relationship skills.

If you are in a work environment where you are asked to give feedback, be generous and compassionate. That does not mean being wishy-washy. Try always to give the type of feedback that you wouldn’t mind receiving.

5. Give Credit Where It’s Due

Be the worker who remembers to credit staffers with their contributions. It’s a surprisingly rare talent to credit others, but when you do so, they will remember to credit you, and the collective credit your team will accrue will be well worth the effort.

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How Does Relationship Building Build Careers?

Once you have strengthened and deepened your relationships, here are some of the great benefits:

Work Doesn’t Feel So Much Like Work

According to a Gallup poll, when you have a best friend at work, you are more likely to feel engaged with your job. Work is more fun when you have positive, productive relationships with your colleagues. Instead of spending time and energy overcoming difficult personalities, you can spend time enjoying the camaraderie with colleagues as you work congenially on projects together. When your coworkers are your friends, time goes by quickly and challenges don’t weigh as heavily.

You Can Find Good Help

It’s easier to ask for assistance when you have a good working relationship with a colleague. And with office tasks changing at the speed of technology, chances are that you are going to need some help acclimating—especially now that work has gone remote due to the COVID-19 pandemic.

Much of relationship building rests on your genuine expressions of appreciation toward others. Showing gratitude for another’s help or for their willingness to put in the extra effort will let them know you value them.

Mentors Come Out of the Woodwork

Mentors are proven to advance your professional and career development. A mentor can help you navigate how to approach your work and keep you apprised of industry trends. They have a plethora of experience to draw from that can be invaluable when advising you on achieving career success and advancement.

Mentors flock to those who are skilled at relationship building. So, work on your relationships and keep your eyes peeled for a worthy mentor.

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You Pull Together as a Team

Great teamwork starts with having an “abundance mentality” rather than a scarcity mentality. Too often, workers view all projects through a scarcity mentality lens. This leads to office strife as coworkers compete for their piece of the pie. But in an abundance mentality mode, you focus on the strengths that others bring rather than the possibility that they are potential competitors.

Instead, you can commit relationship building efforts to ensure a positive work environment rather than an adversarial one. When you let others know that you intend to support their efforts and contribute to their success, they will respond in kind. Go, team!

Your Network Expands and So Does Your Paycheck

Expand your relationship building scope beyond your coworkers to include customers, suppliers, and other industry stakeholders. Your extra efforts can lead to extra sales, a more rewarding career, and even speedy professional advancement. And don’t overlook the importance of building warm relationships with assistants, receptionists, or even interns.

Take care to build bridges, not just to your boss and your boss’s boss but with those that work under you as well. You may find that someone who you wouldn’t expect will put in a good word for you with your supervisor.

Building and maintaining good working relationships with everyone you come in contact with can pay off in unforeseen ways. You never know when that underling will turn out to be the company’s “golden child.” Six years from now you may be turning to them for a job. If you have built up a good, trusting work relationship with others along your way, you will more likely be considered for positions that any of these people may be looking to fill.

Your Job Won’t Stress You Out

Study shows that some 83 percent of American workers experience work-related stress.[1] Granted, some of that stress is now likely caused by the new pandemic-triggered workplace adjustments, yet bosses and management, in general, are reportedly the predominant source of stress for more than one-third of workers.

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Having meaningful connections among coworkers is the best way to make work less stressful. Whether it is having others whom to commiserate with, bounce ideas off, or bring out your best performance, friendships strengthen the group’s esprit de corps and lower the stress level of your job.

Your Career Shines Bright

Who would you feel better about approaching to provide a recommendation or ask for promotion: a cold, aloof boss with whom you have only an impersonal relationship or one that knows you as a person and with whom you have built a warm, trusting relationship?

Your career advancement will always excel when you have a mutual bond of friendship and appreciation with those who can recommend you. Consider the plug you could receive from a supervisor who knows you as a friend versus one who remains detached and only notices you in terms of your ability to meet deadlines or attain goals.

When people fully know your skills, strengths, personality, and aspirations, you have promoters who will sing your praises with any opportunity for advancement.

Final Thoughts

At the end of the day, it is “who you know” not “what you know.” When you build relationships, you build a pipeline of colleagues, work partners, team members, current bosses, and former bosses who want to help you—who want to see you succeed.

At its core, every business is a people business. Making a point to take the small but meaningful actions that build the foundation of a good relationship can be instrumental in cultivating better relationships at work.

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Featured photo credit: Adam Winger via unsplash.com

Reference

[1] The American Institute of Stress: 42 Worrying Workplace Stress Statistics

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