Although it’s fair to say that the global economy is starting to pick itself up and the UK’s economy leading the pack in Europe, it’s also true that the majority of hard working people still aren’t feeling the benefit of the extra money in the economy. This has resulted in many people having to find a second income to enable them to survive.
If you’re one such person but you haven’t yet decided on a method of securing the extra cash, don’t worry. We have three possible solutions that might be right for you. So have a look at each of the three and let us know which one you’ll be thinking of doing.
1. Buy to Let
The first of these business ideas is the one that requires the most up front capital and guts: becoming a buy to let landlord. For this, you’ll need to take on a second mortgage for a second home, decorate and furnish it (if the property will be listed as furnished), and then find tenants to live there at an agreed rate. It can seem like a challenging option, but with a specialist buy to let mortgage and the help of a letting agent, you’re bound to receive a steady second income on a monthly basis.
2. Online Web Store
A second idea could be to establish your own online store. If you’re tech savvy enough, this can be a straightforward way to generate a lot of money by selling things that you’re passionate about.
Pick one of your hobbies: jewelry, clothes, music, comics etc., they’re all collectable, and all extremely sellable. Just find the right platform to sell them on (eBay, Etsy, Depop, etc.) and the right social media platforms to promote your products on (Facebook, Twitter, Instagram, etc.) and you can quickly build up a following online through self-promotion and word of mouth alone. You’ll need an efficient delivery service like the one offered by TNT Direct if you ant to keep your customers happy.
3. Community Improvement
Finally, there are a variety of services that you can offer your local community that can help you make a little bit of extra cash when the money’s tight. For example, helping people learn a second language, offering music classes or private tutoring are all great ways to use your own talents to help others around you, and to make money in doing so.
Those are your three business ideas to help you generate a second income. Leave a comment and let us know which one you’ll be taking up.
Takeaway
There are plenty small business ideas you can turn into reality as a nice second income, even replacing your main income. What you’ve got to do is to discover the one you are passionate about and focus your effort on turning ONE idea into a real business. Pursuing too many opportunities won’t get you anywhere.
Good luck in your endeavour!