According to McKinsey & Company, over 50% of small-to-medium-sized businesses have had to lay off workers during the COVID-19 pandemic.
Whether you’re someone who has been impacted by this or not, earning extra income while much of the country is still shut down is appealing.
Sometimes, though, it seems like everyone is doing the same thing. Five people you know are selling essential oils. Another handful are blogging.
You want to try something different. Today, we’ll show you eight alternative income sources that might not be on your radar.
Ready to earn extra money?
Some of the following work-from-home options are more passive than others. So, what are the pros and cons of passive income vs. a side hustle?
Passive income is that which does not require much, if any, of your time—once you’ve put in either time or money in the beginning. After that, though, the income sources should be relatively self-sufficient. Since we have a finite amount of time, it’s easy to see why passive alternative income sources are so popular.
That’s not to say that you should give up on starting a side hustle. If you’re passionate about your work and love what you do, trading some of your time for it will feel rewarding. In this instance, a side gig has the benefit of bringing in extra income, while also becoming a source of fulfillment.
1. Become a virtual assistant
Are you organized? Do you love to coordinate multiple schedules? You might be a great virtual assistant (VA). With more people starting side hustles, they need someone to take care of scheduling and admin duties for them so they can focus on their product or service. As a VA, you can take care of the following:
Some (or all) marketing creation and management
Take care of travel arrangements
Research marketing leads
2. Try Instagram-sponsored posts
Turn your love of Instagram scrolling and content creation into a social selling side gig.
You can create a fan page for anything you love, from fashion and beauty to home décor and pet care. Start posting consistently so you can build an audience. Add your email address to your IG bio. When your follower count starts to grow, people/businesses will start sending you sponsored post requests. The more engagement those posts get, the more money you make.
3. Make and sell videos
Another fun alternative income source is video.
According to the latest Wyzowl video marketing survey, 89% of people want to see more video content from companies. Videos help them understand products and services while allowing them to get to know the brand’s personality.
You can create just about any type of video, from recording the drama and excitement happening around you and selling the video to a news site to creating marketing videos for a brand you love and getting paid for your services.
Some of the videos you upload to popular websites can help bring in passive revenue now and later in the form of royalties.
4. Teach what you know
Combine your skills and talents with your unique personality and teaching style and you can end up with a lucrative alternative income source.
You can create a course with individual video modules and source materials to sell on your own website or a platform like Teachable or Udemy.
Another option is to create regular educational content on YouTube. As opposed to selling a single course, you earn money on YouTube through sponsors and ads.
5. Embrace affiliate commissions
Do you ever find yourself falling in love with a product or service and telling everyone you know about it? You can make money from doing that. Some companies—and even solopreneurs—offer affiliate commission opportunities. You mention their product/service on your website, in your blog, in your marketing emails, etc., and what you love about it. Then, if someone clicks on the link you provide and makes a purchase, you get a commission.
6. Sell stock photos
You can make money from photographs in two ways: taking them and selling them.
Sell your images to stock photo sites or magazines. You can even sell on your own website or use a social media platform like Instagram to garner some attention.
The great thing is that you don’t need expensive equipment. If you have a fairly modern phone (you don’t need the latest, most expensive phone on the market) and a good editing app, you can create stunning, sellable photos.
7. License your music
Is music your passion? You can make your creations work for you.
Create songs that people can purchase and either enjoy or put to use (background music for video, website music, podcast intros, etc.).