How to Increase Your Income Without Quitting Your Day Job
With gas at an all time high, food bills going through the roof, and rents getting to the ridiculous level, most of us are struggling to make ends meet. In 2021, many people quit their jobs in search of something better in what has been dubbed, “the great resignation.” That’s a gamble that may or may not pay off. But it’s one you don’t have to take. In this article, we’ll explore 5 ways to increase your income without quitting your day job.
- Side Business Ideas
- Passive Income Streams
- Turn Your Hobby Into Money
- Get A Degree
- How To Ask for a Raise or Promotion
Side Business Ideas
The internet has presented many new ideas on how to make money. There are opportunities out there that will allow you to operate a side business while you continue with your day job. This may build to become your full-time source of income or remain manageable as a part-time gig to bring in a few hundred extra dollars each month.
The most obvious side business would be one that is related to what you do in your main job. Before you go ahead, though, make sure that you won’t be contravening any anti-competitive clauses in your work contract.
If you are a teacher, you might start up a tutoring business where you work with students one-on-one for a few hours each week. Or if you’re a photographer, starting a small wedding photography service can prove very lucrative.
Here are a few more side business ideas:
- Sell refurbished items on eBay.
- Recycle used smartphones and sell them on Gazelle.
- Become a part time Uber driver.
- Manage social media for small businesses.
- Offer freelance writings services on Upwork or Fivver.
- Create an online course on Teachable.
Passive Income Streams
It is possible to build a passive income stream online but it won’t happen overnight. It requires a lot of time and patience to build a platform such as a blog, website, or YouTube channel. Your revenue will come from advertising and/or from informational products that you sell from the platform.
You should identify a niche area that isn’t really being served and that you really have a passion for. Think of innovative and interesting ways to keep your audience engaged and offer lead magnets in order to build up your email list.
Turn Your Hobby Into Money
There are a whole lot of people around the world who have managed to leverage their hobby —the thing they love to do in their leisure time — into a profitable secondary (or even primary) source of income. If you are an arts and crafts person, you can open your own Etsy store and sell your creations there. Make sure that you price the product to cover not only the production materials, but also your time based on your hourly rate at your main job or the hourly rate of your particular maker industry.
You don’t have to physically sell a product to turn your hobby into money. Consider starting a YouTube channel where you provide instruction and guidance on your hobby. You might also start a review site where you provide in-depth reviews of products related to your area of interest.
As with any online business, it will take time to build a following. Once you do, however, you’ll have the basis of a thriving little business.
Get A Degree
If you are working in an industry alongside others who have university degrees or diplomas, you might consider going back to school to upskill your qualifications. A person with a bachelor’s degree will make thousands more than his unschooled workmate. Similarly, a worker with a masters degree will earn more than one with a bachelors, and someone with a doctorate will have a higher income still.
Of course, not every field of occupation lines up with this educational hierarchy but, if yours does, you should seriously consider this route. Oftentimes, employers will even provide a payment to cover tuition fees.
How To Ask for a Raise or Promotion
You may be able to increase your income without putting in any extra work at all. I’m talking about asking for a raise from your employer. Many people are not getting paid what they are worth not because their employer won’t pay them more but because they don’t have the gumption to ask for a raise.
Remember that you won’t get what you don’t ask for. The worst that can happen is that your boss will say no. Here are some tips to improve the likelihood that he’ll say yes:
- Research the standard procedure for income reviews at your place of work. Some employers will only entertain requests at the beginning of the financial year so that they can factor it into their financial planning.Think too about the financial health of the company, and the current market rate for your position.
- Request a salary review meeting with your boss.
- Formally write out your pitch and take it in with you to the meeting. On it list your strengths, being as specific as possible. Make note of occasions when you have added tangible value to the company, provided outstanding customer service, or saved money for the business. Point out if there is a shortfall between your income and the industry average. At the end of the document spell out exactly what you are asking for in terms of a pay rise. Email your pitch to your boss ahead of the meeting so that the most awkward part of the process — the dollar amount — is in the open from the start.
- Avoid the mistake of overstating your case; make a clear, concise and persuasive case and then stop talking. Do not repeat yourself. Listen carefully to what the boss has to say and then be prepared to negotiate.
In addition to our 5 extra income ideas, you should check out the best money saving apps.
You don’t have to throw away a good job in order to increase your income. In this article, we explored five realistic ways that you can increase your income without quitting your day job. All of them require research, planning and dedication. So, do your homework and count the cost before you make any move.
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