How I built my second income online and tips to help you generate a second income too!

47 Ways To Generate A Second Income

  • SumoMe

To kick off my journey to earning a second income, I decided the first step would be to brainstorm a number of ideas and then analyze them to determine which ideas struck me as the best fit to supplement my income. Below is a list of the ideas I generated. Over the next month or two I’ll take a look at each of them, write up a brief summary and rate the income source in the following categories:Make extra money

  • Start-up cost: Start-up cost relates to the amount of money required to start generating income with the technique at issue. Some techniques will require little more than a computer with internet access, while others will require advertising and even inventory or specialized equipment. Some people have more money than time and for some the inverse is true. For those will little spare money, high start-up costs can eliminate certain income generating techniques.
  • Internal risk: Internal risk is the risk that a venture will fail due to something that is within the control of the operator. For instance, getting a second job has little internal risk – you are almost guaranteed a profit. Conversely, trying to sell a physical product that requires the acquisition of inventory carries a much higher risk of actually losing money.
  • External risk: External risk is the risk associated with factors beyond your control. For instance, if you rely on Adsense and Google bans your account, you can be out of business instantly. Contrast that to marketing an info-product to a list you own – most of the risk is within your control.
  • Scalability: Some opportunities are limited by the number of hours in your day, others you can expand almost infinitely with little cost. A second job is not scalable at all, while using pay-per-click advertising to generate affiliate sales is massively scalable.
  • Learning curve: Some second income techniques take very little skill not possessed by the average literate adult. On the other hand, some methods of generating an additional income will take hundreds of hours to learn and thousands to master.
  • Profit potential: Some second income sources will never generate much profit, like a garage sale. Others can generate fortunes. Numerous authority blog owners are millionaires.
  • Potential to be location independent: Many people would like to have an income source that allows them to move around and experience different states or countries. Some income sources are better suited to a nomadic lifestyle than others.
  • Extrinsic benefits: Learning to make a second income can have extraneous perks. You may enjoy what you are doing or might be learning a new skill you can apply to your day job. Heck, you may even be able to support yourself with your second income if you have lots of success.

Here are some ideas I will be considering:

  1. Getting a second job
  2. Selling items on eBay
  3. Having a Garage Sale
  4. Pet sitting/walking
  5. House sitting
  6. Building niche websites
  7. Affiliate marketing
  8. Create an authority blog
  9. Sell your services online
  10. Writing articles for content farms
  11. Teaching a class
  12. Lawn care
  13. Childcare
  14. iphone apps
  15. Secret shopper programs
  16. Focus groups
  17. Grant writing
  18. Creating a course
  19. Painting houses
  20. Selling produce from a garden
  21. Handing out fliers
  22. Creating a physical product and selling it
  23. Photography
  24. Selling sperm or eggs
  25. Donating plasma
  26. Selling items on etsy
  27. Making dog treats
  28. Giving tours
  29. Transcribing
  30. Teaching music
  31. Translation
  32. Computer setup and problem-solving
  33. Creating items on Cafepress
  34. Tutoring
  35. Dropshipping
  36. Setting up blogs
  37. Resume writing
  38. Gardening
  39. Write an ebook
  40. Selling CPC advertising
  41. Selling CPM advertising
  42. Creating a private forum/membership site
  43. Selling premium content
  44. Creating a job board
  45. Create a marketplace
  46. Flipping websites
  47. CPA marketing

Hopefully this list gives you some ideas and some inspiration to start earning. Remember, the biggest impediment to earning more is not taking action. It’s better to try and fail than to regret never trying at all.

Next, I’m going to start selecting techniques from the list and address them individually.

 

Photo Credit Images of Money

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