Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Ahmed Raza

CEO of Samurais.co

5 Things Our Parents Expect From Us During Old Age 4 Powerful Strategies to Increase Conversions of Your Ecommerce Business 5 Ways Technology Can Help You Balance School and Life 4 Ways Businesses Can Stand out on Pinterest 3 Ways You Can Make Your Dad Feel Special This Christmas

Trending in Career Advice

1 9 Tips for Starting a New Job and Succeeding in Your Career 2 10 Essential Career Change Questions To Ask Yourself This Year 3 10 Job Search Tools Every Jobseekers Need To Know About 4 10 Websites To Learn Something New In 30 Minutes A Day 5 If You Have This Key Behavior, You’ll Be More Successful Than 90% Of People

Read Next

Advertising
Advertising
Advertising

Last Updated on June 18, 2019

5 Types of Leadership Styles (And Which Is Best for You)

5 Types of Leadership Styles (And Which Is Best for You)

It takes great leadership skills to build great teams.

The best leaders have distinctive leadership styles and are not afraid to make the difficult decisions. They course-correct when mistakes happen, manage the egos of team members and set performance standards that are constantly being met and improved upon.

With a population of more than 327 million, there are literally scores of leadership styles in the world today. In this article, I will talk about the most common leadership styles and how you can determine which works best for you.

5 Types of Leadership Styles

I will focus on 5 common styles that I’ve encountered in my career: democratic, autocratic, transformational, transactional and laissez-faire leadership.

The Democratic Style

The democratic style seeks collaboration and consensus. Team members are a part of decision-making processes and communication flows up, down and across the organizational chart.

The democratic style is collaborative. Author and motivational speaker Simon Sinek is an example of a leader who appears to have a democratic leadership style.

    The Autocratic Style

    The autocratic style, on the other hand, centers the preferences, comfort and direction of the organization’s leader. In many instances, the leader makes decisions without soliciting agreement or input from their team.

    Advertising

    The autocratic style is not appropriate in all situations at all times, but it can be especially useful in certain careers, such as military service, and in certain instances, such as times of crisis. Steve Jobs was said to have had an autocratic leadership style.

    While the democratic style seeks consensus, the autocratic style is less interested in consensus and more interested in adherence to orders. The latter advises what needs to be done and expects close adherence to orders.

      The Transformational Style

      Transformational leaders drive change. They are either brought into organizations to turn things around, restore profitability or improve the culture.

      Alternatively, transformational leaders may have a vision for what customers, stakeholders or constituents may need in the future and work to achieve those goals. They are change agents who are focused on the future.

      Examples of transformational leader are Oprah and Robert C. Smith, the billionaire hedge fund manager who has offered to pay off the student loan debt of the entire 2019 graduating class of Morehouse College.

        The Transactional Style

        Transactional leaders further the immediate agenda. They are concerned about accomplishing a task and doing what they’ve said they’d do. They are less interested in changing the status quo and more focused on ensuring that people do the specific task they have been hired to do.

        Advertising

        The transactional leadership style is centered on short-term planning. This style can stifle creativity and keep employees stuck in their present roles.

        The Laissez-Faire Style

        The fifth common leadership style is laissez-faire, where team members are invited to help lead the organization.

        In companies with a laissez-faire leadership style, the management structure tends to be flat, meaning it lacks hierarchy. With laissez-faire leadership, team members might wonder who the final decision maker is or can complain about a lack of leadership, which can translate to lack of direction.

        Which Leadership Style do You Practice?

        You can learn a lot about your leadership style by observing your family of origin and your formative working experiences.

        Whether you realize it, from the time you were born up until the time you went to school, you were receiving information on how to lead yourself and others. From the way your parents and siblings interacted with one another, to unspoken and spoken communication norms, you were a sponge for learning what constitutes leadership.

        The same is true of our formative work experiences. When I started my communications career, I worked for a faith-based organization and then a labor union. The style of communication varied from one organization to the other. The leadership required to be successful in each organization was also miles apart. At Lutheran social services, we used language such as “supporting people in need.” At the labor union, we used language such as “supporting the leadership of workers” as they fought for what they needed.

        Many in the media were more than happy to accept my pitch calls when I worked for the faith-based organization, but the same was not true when I worked for a labor union. The quest for media attention that was fair and balanced became more difficult and my approach and style changed from being light-hearted to being more direct with the labor union.

        I didn’t realize the impact those experiences had on how I thought about my leadership until much later in my career.

        Advertising

        In my early experience, it was not uncommon for team members to have direct, brash and tough conversations with one another as a matter of course. It was the norm, not the exception. I learned to challenge people, boldly state my desires and preferences, and give tough feedback, but I didn’t account for the actions of others fit for me, as a black woman. I didn’t account for gender biases and racial biases.

        What worked well for my white male bosses, did not work well for me as an African American woman. People experienced my directness as being rude and insensitive. While I needed to be more forceful in advancing the organization’s agenda when I worked for labor, that style did not bode well for faith-based social justice organizations who wanted to use the love of Christ to challenge injustice.

        Whereas I received feedback that I needed to develop more gravitas in the workplace when I worked for labor, when I worked for other organizations after the labor union, I was often told to dial it back. This taught me two important lessons about leadership:

        1. Context Matters

        Your leadership style must adjust to each workplace you are employed. The challenges and norms of an organization will shape your leadership style significantly.

        2. Not All Leadership Styles Are Appropriate for the Teams You’re Leading

        When I worked on political campaigns, we worked nonstop. We started at dawn and worked late into the evening. I couldn’t expect that level of round-the-clock work for people at the average nonprofit. Not only couldn’t I expect it, it was actually unhealthy. My habit of consistently waking up at 4 am to work was profoundly unhealthy for me and harmful for the teams I was leading.

        As life coach and spiritual healer Iyanla Vanzant has said,

        “We learn a lot from what is seen, sensed and shared.”

        The message I was sending to my team was ‘I will value you if you work the way that I work, and if you respond to my 4 am, 5 am and 6 am emails.’ I was essentially telling my employees that I expect you to follow my process and practice.

        Advertising

        As I advanced in my career and began managing more people, I questioned everything I thought I knew about leadership. It was tough. What worked for me in one professional setting did not work in other settings. What worked at one phase of my life didn’t necessarily serve me at later stages.

        When I began managing millennials, I learned that while committed to the work, they had active interests and passions outside of the office. They were not willing to abandon their lives and happiness for the work, regardless of how fulfilling it might have been.

        The Way Forward

        To be an effective leader, you must know yourself incredibly well. You must be self-reflective and also receptive to feedback.

        As fellow Lifehack contributor Mike Bundrant wrote in the article 10 Essential Leadership Qualities That Make a Great Leader:

        “Those who lead must understand human nature, and they start by fully understanding themselves…They know their strengths, and are equally aware of their weaknesses and thus understand the need for team work and the sharing of responsibility.”

        The way to determine your leadership style is to get to know yourself and to be mindful of the feedback you receive from others. Think about the leadership lessons that were seen, sensed and shared in your family of origin. Then think about what feels right for you. Where do you gravitate and what do you tend to avoid in the context of leadership styles?

        If you are really stuck, think about using a personality assessment to shed light on your work patterns and preferences.

        Finally, the path for determining your leadership style is to think about not only what you need, or what your company values, but also what your team needs. They will give you cues on what works for them and you need to respond accordingly.

        Leadership requires flexibility and attentiveness. Contrary to unrealistic notions of leadership, being a leader is less about being served and more about being of service.

        More About Leadership

        Featured photo credit: Unsplash via unsplash.com

        Read Next