This blog takes a look at some great ideas to make a second income. You are here because like many families you want to boost the existing income you have whilst keeping the job you already have.
We’ve looked at a number of factors to find you 5 best options for the perfect second income. We’ve also then listed a large range of other options we think you might be interested too to create the definitive online guide to the perfect second income for YOU.
So before we dig in lets look at the criteria for the perfect second income.
The Perfect Second Income
Flexible: The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full-time job, the last thing you want is being tied down to working a set number of hours each week at a second job.
Scalable: Look for income sources that have at least the possibility of generating substantial amounts of income.
Sustainable: The ideal extra income source will continue to generate cash even when you’re not working at it. The idea is to build something that can eventually function without you.
Enjoyable: Generating additional sources of income is a lot of work, so you might as well enjoy what you’re doing.
Inexpensive: We don’t like income-generating ideas that require a big financial investment.
You’ll have heard about all the ‘Dropshipping on ebay’ stuff, messing around with bikes delivering food and having someone puke in our car while you work for Uber. Instead we’ve found some nice safe cosy stay at home jobs you can do with a laptop and the minimum of fuss without impacting your main job.
Sports bet Arbitrage is NOT gambling. The outcome of the race is irrelevant to the profits you make. Think of it like buying an electrical item on ebay and then selling that item on Amazon for a higher price and you simply get the ebay seller to post the item straight to your Amazon buyer and you keep the profit difference.
Its the same with sports betting arbitrage, you simply ‘buy’ a bet the night before then sell it on the next day a few hours before a race starts for a profit.
With products like Buncejar its easy to make £500 to £1000 per month extra tax free for a few minutes of your time each day. You can even do this using just your mobile phone. You can be making money in your first DAY so its a great start to a second income.
Actual gambling ? sounds crazy ? Actually you would be right MOST of the time. Most gamblers are chumps and lose money…..except…..
We found some very clever guys over at a website called www.bet-intellect.com.
Unlike most gamblers with shady sheepskin jackets working from a smoky pub these guys are degree educated boffins who have somehow got a view of the entire online betting market. Not just the Betfair price feed but a view of all the bets coming in online for ALL bookmakers.
Imagine you asked 5 gamblers to predict a race outcome. Youd get a mess. But now imagine you asked every single gambler in the UK on a race outcome and went with the general concensus ? Youd get it right nearly half the time. Now coin toss odds are actually BETTER than any other tipster out there and with odds of 3 to 1 or even 4 to 1 the profits soon start stacking up.
The system is simple, you get an email each day with a horse or two to bet on, and simply place your bet online on the Betfair Exchange which takes less than a minute. They recommend betting with just £25 at a time and you’ll find the profits soon stack up. Best of all you can see the past performance of all their horses on their website . The system only takes a few minutes each day and best of all you only pay for the tips that win !!!!
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.
As with any other business, building a successful dropshipping business takes significant commitment and a long-term perspective. If you’re hoping for a six-figure income from six weeks of part-time work, you’re going to be sadly disappointed. By approaching your business with realistic expectations about the investment required and your profitability, you’ll be much less likely to get discouraged and quit.
When starting a dropshipping business, you’ll need to invest heavily using one of the following two currencies: time or money.
Bootstrapping and investing sweat equity to build your business is our recommended approach, especially for first-time dropshipping entrepreneurs. We favor this approach over investing a large sum of money for numerous reasons:
- You’ll learn how the business operates inside and out, which will be crucial for managing others as your business grows and scales
- You’ll intimately know your customers and market, allowing you to make better decisions
- You’ll be less likely to spend large sums on vanity projects that aren’t critical to success
- You’ll develop several new skills that will make you a better entrepreneur
Realistically, most people aren’t able to quit their job to spend six months ramping up their new online store. It may be a bit more challenging, but it’s definitely possible to get started with dropshipping even if you’re still working a 9-to-5 position assuming you set appropriate expectations regarding customer service and fulfillment times for your customers. As you start to grow, you can then transition into working full-time on your business as cash flow and profitability allows.
All businesses and entrepreneurs are unique, but it’s possible to generate a £1,000 – £2,000 monthly income stream within 12 months working approximately 10 to 15 hours per week building your business.
If you have the option to work on your business full-time, it’s the best choice to improve your profit potential and chance of success. Focusing all your efforts on marketing is especially helpful in the early days when building momentum is crucial. Based on our experience, it will usually take at least 12 months of full-time work with a strong emphasis on marketing for a dropshipping business to replace an average full-time income of £50,000.
It may seem like a lot of effort for a relatively small payoff, but keep these two things in mind:
- Once your dropshipping business is up and running, maintaining it will likely take significantly less time than a 40-hour-per-week job. Much of your investment pays off in terms of the efficiency and scalability offered by the dropshipping model.
- When you build a business, you’re creating more than just an income stream – you’re also building an asset that you can sell in the future. Make sure you consider the equity value you’re accruing as well as the cash flow generated when looking at your true return.
It’s possible to create and grow a dropshipping business by investing a bunch of money, but we advise against it. We’ve tried both approaches to growing a business (bootstrapping it ourselves versus outsourcing the process) and have had the most success when we’ve been in the trenches doing most of the work.
In the early stages, it’s crucial to have someone who is deeply invested in the success of the business building it from the ground up. Without understanding how your business works at every level, you’ll be at the mercy of expensive programmers, developers and marketers who will quickly eat up any profits you’re generating. You don’t need to do absolutely everything yourself, but we strongly recommend being the primary driving force at the outset of your venture.
You will, however, need a small cash cushion in the £1,000 range to get your business launched and operational.
Take a look at guides from companies like shopify or click here to get started.
Get paid to have a break in a hotel or go Travelling
We arent kidding. You can make a profit by going away for the weekend, or even a week. How ?….
Renting out your property on Airbnb can be VERY lucrative. It doesn’t matter where you are in the world.
Would you pay for two hotel rooms in a single night, but use only one? Probably not, but when you go on holiday and continue to pay your rent or mortgage while you’re gone, that’s essentially what happens. Paying for a space you aren’t staying in not only bleeds your travel budget, but leaves a perfectly usable space, well, unused.
Some quick tips for setting up a trustworthy profile:
- Fill it out & be detailed! Hosts are wary of accepting guests who don’t adequately complete their profiles and in turn, guests are skeptical of hosts with barren profiles. AirBNB even gives you prompts on what to include.
- Get verified & include a clear headshot of yourself. Confirming your identity instils much more trust in hosts or guests. Include a clear image of yourself and complete the identity verifications (e.g. a scanned Passport (not made public), connecting your mobile number (not displayed publicly), or linking your Facebook, Google, or LinkedIn account.
Not only can this essential pay for your holidays you may be able to turn a tidy profit if you and your partner live in separate properties. Every time you get a booking you simply share the other place for the night or even move into a cheap hotel for the night and keep the difference!
These first 5 not grab your attention ?! Lets look at some of the other ideas for a second income too .
The BIG LIST of other Second Income Ideas
Give yourself a payrise of 25%
How do you get a payrise of 25% ? I suspect if you simply walk in to your Boss’s office and demand it you might not get the answer you hoped. What we actually mean by a 25% payrise is to look at ALL of your expenditure on household outgoings. Look at every contract you pay monthly on, this would include your internet and phone costs, insurance and life insurance, mortgage rate and credit card APR. If you dedicate one day a year to shopping around online for the best deal on every outgoing you see on your monthly bank statement you will save thousands of pounds a year and boost your income.
Switch Bank Account
Yup . We dont do it as much as we should , but any banks offer up to £150 for switching. I hear people say ‘its hassle’ and moan but the reality is you could earn £150 for your time. If you add in getting a better return on your savings too this soon adds up to more money in your pocket.
Pay off any debts you have with savings
Let that sink in for a second. You may not have any savings ( hence another reason you are here) but if you do and you earn a useless 1% per annum return on your savings you should use your savings to pay off any debts you have where you pay MORE per year in interest than you get on your savings.
Get paid to declutter the house
Ebay is the way here. We all have piles of junk we don’t need, from the exercise bike we use to dry our clothes on to the set of drums we were ABSOLUTELY going to learn how to play. Get it all listed on Ebay. You will be amazed what people buy as long as you are honest in your description. This declutters your house AND puts some easy money in your pocket within a week. Their new phone app makes listing a doddle as well !
Monetise your blog
Huh ? I know most people don’t have a blog or website, but if you do ( and there are hundreds of thousands of UK bloggers) you could get paid for doing what you already do. You can use google ads to easily have adverts put on your blog and earn money when people click on them, or if you review things on your blog you can set up special links on your site called affiliate links so you get paid when people come from your blog to an online store to buy. You can start making money TODAY on your blog with companies like www.avantlink.com
Get Cash Quick for Old Phones , CDs and Games
We all have a drawer at home full of old mobile phones. There are loads of websites that allow you to quickly scan the barcode or model number and get paid for all your old CDs games and phones. They even send you a paid envelope you just drop in the post . Instant payment into your paypal account or similar.
take a look at https://www.musicmagpie.co.uk/sell-mobile-phones/ as a good example.
You can even sell old LEGO by the kilo to this site !
Sell your old controllers, chargers instructions and even phone boxes !
With the pace technology moves at these days, most of us have old boxes, cables, remote controls and so on stuffed in drawers or packed away in lofts, despite it being unlikely they’ll ever be of use again. Yet you can earn money as well as declutter your home by selling these ‘tech leftovers’ online, via sites such as eBay, Facebook or Gumtree.
Who’d want them? Well, some buy replacement accessories for older gadgets, some buy boxes and manuals for devices they want to sell so they can raise the asking price and some buy cables and remotes for electronics they bought second-hand.
Bear in mind that what you can earn for these kind of items will depend on their condition, demand, how common or scarce they are, the fees on the sites where you sell them and if there’s any sort of bidding war over your item.
Sell Old Books Youve read and dont want anymore
Listing books one-by-one on eBay* may get the most cash, but it’ll take some time. One of the best options for selling old books is Amazon Marketplace*, as you need only search for the book and write a short description. Your listing stays up till it sells.
Amazon provides full reviews of most from its database – if you’re listing a few in one go, this saves time. Check your sale price covers postage if it’s a heavy book you’re listing.
You can list up to 35 books a month for free, but Amazon will charge 75p per book plus 15% of the total price paid (including postage). Alternatively, to list more than 35 books a month, you pay a flat subscription of £25/mth and then 50p per book plus 15% of the total price paid.
Sell your old Wedding Dress
If you’ve an old bridal gown boxed up in the loft, dig it out and turn it into cash. You could get £500+ for a sought-after dress by a well-known designer.
A host of wedding dress selling sites promise help. Here, you upload a description and some photos. The buyer usually comes round in person to try it on.
As you set the price, first find your frock’s true worth. Check eBay to see how much similar dresses have sold for – search for dresses like yours, then tick ‘completed listings’ under ‘Show only’ in the grey bar on the left.
Don’t just post items to strangers though – it’s far better to get paid cash in hand. Even if you accept a cheque, it can take a week for it to clear. The exception’s eBay, which tends to have better protection.
Become a Car Boot Sale Savvy
There’s a quick way to glean a product’s market value on eBay*. Once you’ve searched for a particular product, tick ‘completed listings’ under ‘Show only’ in the grey bar on the left. It’ll come up with a list of prices similar auctions have already fetched. Then sort by “Price: lowest first”.
How much? The earning potential increases with your knowledge of rare items and collectable brands, and a little luck doesn’t go amiss either. If you’re in the right place at the right time, this could net you £100s extra a year.
Find out more: For more hints, ask on the eBay, Auctions, Car Boot & Jumble Sales forum board.
Sell your old Jewelry or Gold for cash
“Sell unwanted gold for CASH!” TV, mags and billboard ads pulse with promises, yet rarely seem to live up to them.
However, amid the scrap are shining examples – meaning £14 per 9ct stud earrings and £55 per 18ct gold ring is possible. Full tips on avoiding rip-offs and maximising your earnings in Sell Gold for Max Cash.
Turn Empty Printer Cartridges into CASH
Printer cartridges are expensive, sometimes even more costly than the printers themselves. So, next time one runs out, offset the cost of a new one by recycling the empty one for cash. If you work in a big office they may throw out a lot of these too !
There are lots of recycling sites out there, so do a bit of research to find out which are the best payers for your cartridges – some cartridges earn 50p, though it’s usually much less. Try Cash For Cartridges, Recycle Ink Cartridges and Infotone.
Though some recycling sites will take your empty cartridges, they may only pay for certain ones, so check feedback and compare prices.
Lost Luggage Pot Luck
When airlines are unable to reunite lost bags with their rightful owners, they often sell them off via specialist auction houses, usually costing £10-£75. For a full guide, including which auction houses do this, see Lost Luggage Auctions.
It’s also worth checking out Police Auctions, where forces across the UK sell lost property or goods seized from criminals when they can’t find the rightful owner. It’s cracking for bicycles, among other things.
Get Cash for Space
If you’ve unused space in a loft, garage or spare room, Storemates puts you in touch with folk who need space. It’s free to register and list, but it charges 17% of the monthly rent if you find a match.
How much can you get? Storemates recommends charging 50% of commercial price. It automatically suggests a price, but you can charge what you like. For example, a 20 sq ft loft space in south London could net £600/year.
Turn Tarmac into Gold
Is your driveway paved with gold? If you live near a city centre, airport, train station or footie ground, it might be. You can earn cold hard cash each month by renting out your drive. Read the Rent Your Parking Space guide for more.
Your Opinions Matter
You can make regular cash by signing up to do online surveys. You can get paid a few pounds to up to £20 a time.
take a look at www.swagbucks.com to find out more.
Get PAID to go Shopping !
High-street retailers are desperate to check their in-store customer service is up to scratch, and contract mystery shopping agencies to do so.
They employ you to visit a specific shop or pub, to rate service quality or the quality of their goods. If you fancy a bit of ‘cloak and dagger’ identity, this can be great fun too.
Be your own Merchandising Brand !
US-based website Teespring lets you design T-shirts, socks, mugs, iPhone cases and more for people to buy online. It’s open to designers all over the world and only takes a cut when your designs sell.
How does it work? You submit designs for items, but Teespring does all the legwork – eg, sourcing blank mugs, printing designs, processing payments and dispatching items to buyers.
You set the price (in dollars initially, but you can change the currency), though there’s a standard base price for every item to ensure Teespring covers costs and makes a profit. You can increase your cut of the sale by raising prices, though be aware setting them too high could put off buyers.
How much can I make? Using Teespring’s recommended prices, you can make about £6-£9 for selling a T-shirt, £8-£18 for a zip-up hoodie, £3-£5 for a tote bag and £2.50-£5 for a mug.
How do I do it? You’ll need to create your design outside of Teespring (eg, in Paint, Photoshop, Adobe InDesign), then select the product you’d like to sell and upload your design. See Teespring’s design tips and best practices for more help and info.
Go Freelance !
If you’ve skills in a specific area, you may be able to do a little freelancing on the side.
International project recruitment site PeoplePerHour allows companies to list projects they want completed. Freelancers ‘bid’ on projects, saying why they’ll be the most suitable candidate and entering their price for the work. The site’s free to join and bid on work, but a fee is taken out of your pay for each job.
How much? It depends on the job, the duration and skills involved, and how many freelancers are competing for it. The only drawback is you might find yourself competing against workers from countries with a much lower cost of living, who can undercut you.
Summary and VERDICT
So there are 5 easy ways to have a second income and lots of ‘Wildcard’ ones to choose from. Personally we are always going to love the Buncejar option first as it puts money in your hands on day one, but a combination of some or all of these is certainly going to make a massive impact on your overall income without affecting your day job.