Is your wallet feeling a little lighter? Do you need to add to your income? It seems like everything is increasing in price these days except wages, creating an income gap for many households.
While we do not have direct control over the raises we are seeing from our bosses, or the economy for that matter, we do have some control as to how to increase the amount of money we are bringing in. For many people, the answer is adding an extra stream of income. Let’s look at some ideas on how to bring in extra income, where to find these opportunities, and how to figure out what’s best for you!
Check your current income or wages
Before we look at exploring other streams of income, it is important to double-check your current situation. Self-employed? Consider increasing your rates or prices. You want to stay competitive and in line with others, but it is important to be properly compensated for your goods and services.
Ask yourself—Are your rates too low? Have you built up your experience and expertise but kept your rates and prices the same? Do some market research. Be sure to check other similar companies or service providers and compare. You do not want to increase prices without merit. It is also important to know your worth though!
Employed by a company? Do your research, and check if you are being properly compensated for your work. If there is a disparity between your salary, the work you are doing, and what others are getting paid in similar positions, have a thoughtful conversation with your boss or the human resources department.
Bring in examples of the contributions you are making to the company and the impacts you have made (financial or otherwise). Do not expect to get a raise right there on the spot, but there is nothing wrong with having a conversation. You will convey that you are goal-oriented. My favorite question to ask is how to get there. For example, ask the question, “What do I need to do to see a ___ increase within the next _____(6 months, year, 3 years, etc)?”
Ideas to supplement income
Once you have established that your rates, prices, or salary are in line, it may be time to explore ways to add another stream of income. More than ever before, we are seeing people start side businesses. As people see success in these side gigs they often become their full-time business!
Interested in starting your own business, are looking for some additional income, or just want to explore what other options are out there? Let us take a quick look at some ideas on ways to bring in some additional income.
- Find a part-time job. Look at the time you have available and see what type of part-time job might work for you. This could be remote work or in person.
- Freelancing is a great way to use the skills you already have to make a side income. Ideas for freelancing include design, branding, photography, coding/programming, writing, marketing, and accounting.
- Explore social selling opportunities. Also known as, direct sales. While this can be considered a love-it-or-hate-it category, it is a flexible way to bring in additional income. There are a lot of options out there and they are always hiring!
- Find companies that offer home-based work opportunities in flexible time frames or hours if needed. More and more companies are offering work-from-home options.
- Become a virtual assistant! If this sounds like an option you might be interested in, check out our FREE email course that will have your virtual assistant business started in 5 days!
Did this list get your wheels turning?
Where to find opportunities
Now that we have identified some areas of opportunity, the next question that may come to mind is where to find these opportunities. Here are two suggestions to help you get started.
Good old-fashioned networking is always my first recommendation. As someone who has found most of my jobs and career opportunities through people I have known and networked with, I highly recommend reaching out to people. Let your network know what you are looking for, and spread the word!
Check remote job boards, such as Upwork, The Mom Project, and LinkedIn. In most cases, you can filter your search by what you are looking for, helping you to hone in on the right opportunity for you. For an inside look at Upwork, read our Freelance Site: Upwork review.
How to know what is best for you
Once you start out on this path, you might find a lot of options and job posts. A few things you want to consider to help you narrow down your focus are to think about what your passions are and what opportunities will give you the best ROI, or the best compensation for time spent.
In addition to income, you also want to consider other goals in looking for additional work. Do you want to build your resume? Are you trying to explore an industry further to know if you want to make a switch? Is a better work-life balance part of the equation? These should be additional factors in your search.
Are you starting to see all of the opportunities that are out there for you now? My biggest recommendation is to just get started. Start the search, have conversations, and be open to opportunities. You may be surprised at what you find. Action is the best step when you are feeling fear or helplessness, so jump right in and get started!