Methods for creating a second stream of income

If you have spare time on your hands, putting it to use by adding a secondary stream of income is a great way to turn a hobby into cold hard cash.

There are all kinds of benefits to setting up a side hustle besides boosting your personal coffers. You might be able to learn a new skill, and you might even be able to turn your secondary income source into a way of life that pays even better than your 9-5.

Tempted to look into the kind of things that could turn your downtime into driving cash? Let’s have a look at a few ideas.

Amazon selling and dropshipping

Although it was already one of the world’s biggest retailers, no business in the world did better out of the pandemic than Amazon.

Revenues and profits soared for the online store as physical shops were forced to close their doors in order to protect the public, while brands and retailers were forced to move operations into the online sphere.

That has also opened up opportunities to start a retail business with far fewer overheads than was previously expected, with dropshipping a huge part of that.

Whereas previously you would have likely invested in a storage facility and physical shop if you had struck upon a retail idea, that is no longer required.

Setting up shop on Amazon takes away the need for bricks and mortar and enlisting the help of third parties for warehousing and fulfilling orders – dropshipping – also takes away a large slice of those overheads.

Trading forex, stocks and shares

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Whether you look to trade foreign currencies, commodities or shares in other companies, getting involved in moving markets can be hugely lucrative if you can spot the right opportunities.

Forex, in particular, has boomed in popularity in recent years, with a slew of social-savvy investors showing off flashy lifestyles that have been afforded to them by executing big-money trades.

There are a number of different approaches to take, with functions such as CFDs and spread betting allowing you to make money from trades without having to fork out for ownership of particular assets.

This can be a tricky world to navigate at first, but with a little practice and the right guidance also has the potential to become a highly profitable career.

Blogging and social media

Instagram, YouTube, TikTok – all of these platforms are full of creative people that have turned their passions or knowledge into full-time careers.

Some may even launch fully blown media careers on the back of vlogging or similar, so if you have a great idea for a new series it can be well worth the time and effort that typically goes into getting something of this nature off the ground.

Making money from platforms like YouTube is not an overnight thing, but with a bit of creativity and hustle, you could be the next small-screen star.