How to generate the second source of Income without quiting job

With the situation like COVID-19 thousands of corporate professionals, engineers, and multiple other stream workers have either lost their jobs or have there salary halved. In 21 century, having a second source of income has become a necessity and no longer a choice. The goal could be to achieve Finacial Freedom or Income Stability.

The Internet is such an amazing thing where anyone can dwell, learn, and start earning money. A 6-year-old kid makes around $11 million/year by reviewing toys.

So the question is when such a young kid can make so much money why can’t we give it a hit and see what is waiting for us on the other side! Maybe you could just completely replace your 9–5 job and reach financial freedom, thousands of people have reached it! You are not the only beginner!

So why should you be thinking of starting an online business as a second source of Income?

The primary and most important thing for any business is the customer base, which means how many customers can I reach too with my new business idea. Here is a quick fact.

By 2021, there will be over 600 million internet users in India alone and 4.6 billion across the globe.

Here are the Top 5 ways to generate the second source of Income, but before you skim through the ways to achieve it, have a proper business plan. And here is a 5 min read of which describes how to write a business plan.

You saw it right! You can now sell your code online. There are thousands of startup companies and freelancers who are eagerly looking to codes that can solve their product problems. If you a software engineer then you can write an application in whichever field your expertise lies in and sell it online.

You can sell it following domains:

Freelancing doesn’t mean committing to months-long projects that would consume all your free time. You have a choice to easily pick up bite-sized tasks that fit your schedule.

Fiverr is a little different from a traditional task or job hosting site. As the name goes, all the posted jobs start with a cost of $5. If you want to upscale your earnings, the key on Fiverr is carefully setting up your offers so you can easily upsell the client for more money.

For example, you could offer a client to write 200 words for a blog post as your initial $5 service. As an upscale, you could in addition charge $10 more for every 200 words. You can tweak your services until you’ve found a combo that makes it worth your while.

Apart from proving information, blogging has become a primary tool to monetize to most online entrepreneurs. You could make money from publishing sponsored posts, hosting google AD or third-party ads, or selling your e-books, products, etc a blog is a great online business idea.

There are hell lot of blogs out there, but the key is that you want to post original content that is useful to your target audience and to post on a regular basis and build a loyal customer base.

E-learning is the most trending profession today. Teaching online courses is a low-investment business idea for generating passive income. All you need to do is a good camera, a microphone and you can put together a video explaining a subject you’re familiar with and then host it on your youtube channel or host your own personal website.

Definitely, it requires efforts and lots of trial and error methods to make the first few videos. if you can manage to design video on a popular topic, high-value video tutorial series, you would make money as people enroll in your course.

In order to get started with your first online course, brainstorm a topic that you know well enough to teach someone how to do from scratch. This can be literally anything — coding, music, social media marketing, web development, etc

Affiliate marketing is when you help product or service creator to sell by recommending a product or service by sharing it on a blog or social media, to your email list, on your website, or on other channels. When your audience clicks on the link and buys it, in turn, you will earn a commission.

There are thousands of affiliate programs out there, but find the ones that suit your interests, personal brand, and target audience.

An easy way to find affiliate programs is to visit an affiliate marketplace or platform. Browse your niche to find top-performing affiliate platforms. Here are some of the most popular:

Once you’ve signed up with those programs, start sharing. Create social media posts, blog articles, emails, and other content about how great the product or service you’re promoting is.

If you’ve been thinking all these days about ways to start an online business, it’s time to get out there and create an online money-making business in your spare time. You don’t have to go all-in at once and the most important thing you need to remember is it takes time to get your first success in online business. Patience is the key.

If you have any questions or need support technically to get started Lattech is always there for your aid. We will be your technology and marketing team and help you grow your business. Contact Us if you have any questions or a project to discuss.

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