15 Ways to Generate Income With Low Investment
Many people wonder how to generate income and think about different alternatives to earn extra income. However they end up making conclusion that doubling the salary is practically impossible.
It is for this reason that, when they look for how to generate income and find an article with such a promising title on the Internet, they simply discard it because many of the articles are misleading and they don’t offer much.
However, despite skepticism, there are some practical actions you can take to substantially increase your sources of income.
In this article we look at how to generate income that require low investment
(1) Identify and maximize your specific skills:
Everyone is gifted with skills. Knowing how to generate income implies that you identify and maximize the skills. This is especially true when this skill is unique to your organization, as it will differentiate you from others and increase your value to your boss or clients.
Find out how much money someone in your profession can be making, and see how much it varies depending on the industry or the city.
If you find another place where they are paying better, consider moving; taking into account the costs of housing, food and other expenses that affect this new level of income, since it doesn’t make sense to go to a city where you will earn more money, but your lifestyle is five times more expensive.
Knowing how to generate income implies taking the initiative:
Go beyond your job description and develop projects that transcend your responsibilities. Make suggestions that will improve the operations of your company and assume new responsibilities, this is something that introverts do very well.
How will this help you with your search for how to generate income? This will show that you have ambition and that you are willing to help your company in any way possible. Rest assured that doing more than is stated will reflect your ambition, initiative and reputation. This will speak very highly of you and leave a very good first impression.
Additionally, taking on new responsibilities involves learning new skills, which can help you get a promotion in your job by earning a much higher salary.
(2) Always get interviewed:
It is good practice to appear for an job interview at least once a year. This will help to sharpen skills to get a job and you will get to know new business opportunities and job offers available at higher income. It also applies to other jobs in your profession, this could lead to a new job with a better salary, or simply as a preparation for the future.
(3) Expand your knowledge:
To know how to increase your income, you must understand that there is always something new to learn in your profession.
Whatever it is: take online courses, research websites related to your job, study a special subject, invest in books for entrepreneurs, and never stop learning something new. The benefits of this are valuable, from expanding the skills to becoming the right person to fill a new position.
Now, make sure your bosses are aware of your courses, diplomas and workshops. Get certified, as this will make you a more valuable asset to the company; or if you have customers, show them your experience through new business.
(4) Double your prices:
One of the keys to knowing how to increase income by owning a business is to substantially increase your prices. While it may sound drastic, you’ll surely see how much money you were leaving on the table for not making this decision.
Promote yourself as an expert in your field, and offer additional services to justify the new prices. If it happens that you lose half of your customers, but you are generating double the income, this could be seen as a positive thing, as you will be earning the same money and doing less work.
You can earn extra money in your spare time, or you can invest it learning new skills or developing strategies to grow your business. People do business in order to make money, simple. Companies exist to make money, to have profitability. So use this objective to “sell” you and offer you as an important asset to help them achieve their goals.
If a company understands your value, you’ll be able to charge higher rates and know how to increase revenue.
(5) Create your own business:
Take one of your hobbies or one of your best skills and learn how to start a profitable business. If you feel that you can fail, or that you are taking a lot of risks, you can start your business while you are still employed. This is possible in the beginning.
When you make the decision to start a business, which can range from creating that physical store you’ve always dreamed of, to starting earning money online, you’re not only doing something you enjoy, but you’re forming to achieve your financial freedom.
The question is to be creative with those resources you already have. For example, if you have a space that you’re not using at home, you can register as an Airbnb host and earn money by posting your spaces.
The same goes for your car, if you really need to generate income, you can drive with Uber in your spare time. Everything is in mind, you must be creative, recursive and take action.
(6) Change jobs:
If opportunities are limited in the position you find yourself in today, you should consider changing jobs. Most of the time, when you change jobs, you tend to get a raise in your pay. So look for a company in which you can grow both financially and professionally.
Remember to consider moving to a new city, if you have a job opportunity where you earn more money and your cost of living is lower. You may also consider the option of part-time job that will help you generate income.
How to generate income with low investment:
Here is a list of ways to generate income that require a low investment, will allow you to create a new source of money. And the best part is that you can do it in your free time, as work from home or as a form of work for weekends.
(7) Generate income with Airbnb:
Through this platform you will be able to register as a host and publish those properties (house, apartment, rooms, chalet, etc.) that you have available. Once you determine the conditions of your stay, you will be able to publish your offers so that people can stay there and you can generate income with your house, room or apartment.
There are people who earn thousands of dollars each month with Airbnb due to the quality of their property, the demand and the location, which represents a very good extra income stream.
To begin with, all you have to do is register as a host.
(8) Earn money with paid surveys:
Currently you can generate money by sharing your opinion through web platforms. Basically you earn money for expressing your ideas around different important issues for brands. Paid surveys allow you to generate a few additional revenues. Everything will depend on the availability of time and dedication you put in to complete them. The most important thing is that you register, confirm your email and start filling out the first surveys. This way you will have a good opportunity to receive new opportunities.
These websites are not exclusive, meaning that you can subscribe to all and earn more money depending on the amount of surveys you fill. The most important thing is that you subscribe in your country of residence, otherwise the website will not work.
If you live in the United States (you can register in the following sites):
- Pinecone Research (https://www.pineconeresearch.com/)
- Lifepoints (https://www.lifepointspanel.com/)
- Ipsos (https://www.ipsos.com/)
- Surveyeah (https://www.surveyeah.com/)
- Timebucks (https://timebucks.com/): This platform goes beyond surveys. TimeBucks is a rewards site that pays you to watch videos, watch fun slide shows, install applications, follow people on Instagram, among others. You can live anywhere in the world to make money with Timebucks.
(9) Online Writing:
The perfect example of a way to earn money completely free of investment and that does not demand much time. The only thing you need is to know how to handle the field of writing, and be willing to sacrifice extra time to fulfill the tasks. The clients requirements can vary, they can ask you to write about different subjects that have to do with their own websites.
For this, many times you will have to inquire a little beforehand about the subject to be well informed at the time of writing. However, it doesn’t take long, and they tend to pay well.
(10) Create a Youtube Channel
This is today’s new trend, and although it may seem absurd, it can give you interesting long-term income. The only requirement is to be consistent in uploading quality material to gain more followers quickly, but once you manage to find the trick, there are no limits to what you can find.
Youtube video generation is a business that requires effort and dedication, since the platform’s policies have been changing, and monetization is no longer as easy as it used to be.
(11) Self Employed:
A freelance is one who provides services to third party websites, usually in assignments such as editing videos, designing websites, programming services, writer, technical support, voice over, video editor, among other things.
Within the work options that exist, virtual assistance for companies and third parties, is one of the most sought after options, due to the flexibility of time that you have and that you can work for companies anywhere in the world from home.
(12) Create a blog
While this is not one of the ways to make quick money, as it requires work, content generation and so on, it is a very interesting long-term business.
As you find an established audience, your revenue will continue to grow and increase. What’s more, it’s a pretty entertaining dynamic that doesn’t take a lot of time, and that you can enjoy quite a bit while you’re doing it.
It may be a bit of an arduous job, but it is well paid. You’ll need a certificate to prove that you have a certain level of English, and that’s it.
There are many people and companies interested in acquiring this service, because thanks to globalization, these entities need to connect with people around the world.
(14) Selling things online:
Simple instead of discarding those things that no longer serve you or you no longer need, you can sell them over the Internet. Surely you can find someone who wants your stuff almost instantly, and earn money without much effort or time spent.
(15) Create digital communities:
Social networks, beyond connecting, talking and even wasting time, have a great business potential. For example, you can create communities around different topics or interests, and share own content and others, which is of interest to the community.
The more consistent and dedicated you are, the more the audience will start paying attention to you. They will be interested in your content and that’s when a very interesting revenue-generating possibility arises.
From third-party advertising to own products are ways to make money with your community. So you can stop wasting time watching what others publish and start seeing social networks as a business.
Learning how to be a millionaire, doubling your income and knowing how to generate income is a process that doesn’t happen overnight, it takes time.
However, these tips and options you’ve just read will change your mind about your money. And you’ll start making the decisions you need to improve quality of life.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).