Here at TGIOF, we’re huge Dolly Parton fans (that hair! that voice!). But the era of working 9 to 5 is a thing of the past. These days, it’s all about the side hustle.
Passive income – money earned in a way that doesn’t require toomuch effort – is a rapidly growing trend, and one you can capitalise on, too.
Because clocking off doesn’t have to mean your earning power is also done for the day; with some smart side projects, you can boost your monthly income outside working hours, and even while you sleep.
1. Rent out your space
If your kids have flown the nest or you’re lucky enough to have a bit of spare space at home, you could be generating cash from it. Indoors, you can rent out storage space at your home through a website such as Storemates. Outside, an empty driveway could be earning you thousands of pounds annually through a car parking site such as JustPark.
2. Sell, sell, sell
We’ve all got those special, save-for-a-special-occasion items that end up languishing at the back of the wardrobe. However, decluttering experts recommend that if you haven’t worn an item in six months, it’s time to get rid of it. eBay or Depop are great for selling your high street clothing, but if you have a particularly high-end garment, try Vestiaire Collective, which gives sellers the option of including a proof of purchase and authenticity card, and has a handy resale calculator to help you set the right price. Cash for cast-offs? Now that reallysparks joy.
3. Shop – and get paid for it
Mystery shopping companies such as ESA Retailenlist consumers to give insights about everything from customer service to social media. You might be tasked with recording audio in a bank to see how well enquiries are handled or seeing how quickly a firm responds to a Twitter question. A bit like Miss Marple, minus the jaunty hat. And, of course, you’ll be paid for your time, with the amount varying according to the complexity of the task.
4. Become a YouTuber
Furniture upcycling. Cake-baking. Yodelling. Whatever your passion is, you can be sure there’s an audience for it on YouTube. All you need is a camera phone to record and upload your content. Once those views start rolling in, you can join the YouTube partner programme, enable adverts, and rack up money for every 1,000 views of your content. The amount you’ll earn varies, but it could be anything from 5p per 1,000 views, to over a fiver. As for yodelling? This videohas almost 13 million hits. Go figure.
5. Publish an ebook
Got a great book idea, or even a finished manuscript, but nowhere to publish it? Cut out the middleman – and the expense of printing and delivering books – by self-publishing online through a platform such as Amazon, which gives you a cut of the profits, or Blurb, where there are no fees. It worked for multimillionaire author EL James, whose Fifty Shades of Grey started life as saucy fan fiction before being self-published and eventually snapped up by a major publishing house.
You don’t have to go full-on Wolf of Wall Street to invest your cash; with the Moneybox appyou can open an account with as little as £1, choose whether you want to be cautious, balanced or adventurous, and your money will be invested across thousands of global companies via simple tracker funds.
7. Get influencing
Ever clicked the ‘link in bio’ on your favourite Insta blogger’s image and bought the dress/trainers/handbag they’re rocking? We know we have… If you’ve got Instagram followers in the thousands, it’s worth looking into affiliate links, which give you a small share of click-through purchases. Or reach out to your favourite brands to see if you can collaborate on sponsored posts. The UK Bloggers Survey 2019 revealed influencers can earn between £100 to £1000 for an ad, while Kylie Jenner is rumoured to make a whopping 1 million dollars per sponsored post.
Andrea McLean talks to Carrie Green the founder of The Female Association, an award winning entrepreneur