Photo by Garrhet Sampson on Unsplash
If there’s one thing that the pandemic has proven, it’s that there’s no job security. Tons of people were let go during the lockdown, forcing many to burn through their savings just to stay afloat and be alive. Also, one thing that became glaringly clear is that savings are no longer enough.
This is because even when you’ve saved a lot of money, your savings may not be enough to tide you over the next big crisis. Which then begs the question: what can you do to supplement your current income, so that you can get to a place of financial independence real quick?
Most experts would recommend that you start a business. But, running a full-time business alongside your 9-5 is impractical. However, there’s a sweet spot in the middle where you can still start a business without giving up your 9-5.
Affiliate Marketing
Affiliate marketing is simply being a middle-man –or woman in your case– who connects potential buyers to the right sources for a commission. As simple as this sounds, the reality is you can make a killing off of this business model if you do it correctly.
The best thing about it is that you can do it after hours. So, instead of going to hang out at the bar with colleagues for a couple of hours, you can simply invest that time into building your new income stream. There are a ton of affiliate programs out there that you can be a part of and can pay you anything 5 percent to 100 percent commissions.
In fact, if you do it right, you can actually get into the holy grail of affiliate marketing which is residual affiliate programs. These are potentially able to earn you commissions for life. This is by the far, the easiest side business that you can start.
Retail Arbitrage
This is another incredibly easy business model that you can do at a leisurely pace. The only challenge is that it requires considerable capital upfront. But if you do it right, you can easily earn decent money from it.
This involves going to major retail outlets and comparing the prices between items they carry and other e-commerce retailers. If you already do bargain hunting, you already know the basics.
Once you find a high-demand product with a significant price difference, you’ll purchase them in bulk, re-list them on other retail sites for a decent price, sell and enjoy the profits from the price difference.
The only downside to this gig is that it requires a bit of hustle. Apart from that, it’s quite lucrative.
E-commerce
This involves building out your own e-commerce store, populating it with products you’ve sourced, promoting the store, and selling the product. This is a lot more involved than the first two in the sense that there are many requirements.
For instance, depending on where you live, you might need an e-commerce license to start a business. Then, you’ll need to source for products, buy a ton of inventory, take and fulfill orders, package the products, ship or deliver to customers, and much more.
This, by far, has the potential to make you very rich –from zero to 8-figures within a couple of years– but it’s fraught with considerable risks.
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