8 Alternative Sources Of Income That Can Help You Stress Less
If you are currently in-between jobs, just left your job, or trying to save money to open a startup, you may feel a bit overwhelmed by your current financial situation. Luckily, there are many things you can do right here in the Philippines to bring in some extra money until you can find a job, or open your business’ doors. If you’re feeling stressed, and are a little short on cash, this article is for you. We’re going to uncover eight alternative sources of income you can use to help you feel less stressed when you return to your bed at night.
Become A Freelancer
If you are looking for a low-cost way to make money, with not much of an up-front investment, becoming a freelancer may be the perfect option for you. One of the most attractive aspects of becoming a freelancer is the ability to handle multiple clients and projects at one time. Handling multiple clients at the same time will ensure a steady flow of income, and higher productivity. Thus, it is possible for you to make more money freelancing than you could make at a typical office job. Again, this all depends on the number of clients and projects you choose to take on at once.
As a freelancer, the variety of work you can offer is endless. Some of the more common lines of work include: web development, mobile app development, graphic design, writing, blogging, virtual assistant, customer service, sales and marketing, logo design, photo editing, animation, accounting, bookkeeping, social media marketing, digital marketing, translation, and more. Like we said, the opportunities are truly limitless.
If you decide to become a freelancer, make sure you choose a legitimate site to promote your services. Stay away from promoting your services on sites like Craigslist, due to the increased risk of becoming a victim of a scam. Some highly reputable freelance sites include:
Sell Stuff Online
One of the easiest ways to make some fast money while out of the job force, or while trying to save money to start your own company is selling the stuff you already have that you don’t use. Think about all of the stuff you own that you haven’t used in months, or maybe even years. What are those things worth?
Once you have found some items to sell, create a profile on an online auction site such as Ebay and OLX. You can also list these items on social media sites like Facebook and Instagram to gain some extra exposure within your personal network.
If you don’t have much of your own stuff that you want to sell, consider going to some second-hand stores to get some great deals on fashion items and electronics. It would amaze you on some of the high-end fashion items that people are willing to part with for nothing. Remember the old saying, “One man’s trash is another man’s treasure”? You could hit a big payday on an online auction if you can get your hands on some good finds.
If you’re a techie, repairing electronics such as computers and cell phones could be the right side gig for you. According to research, there were over 29.7 million smartphones in the Philippines in 2016. That number is expected to increase to 33.3 million in 2017, and to 44.4 million by 2021. In addition, there were 44,478,808 total Internet users in the Philippines in 2016. That means that 44 percent of the population in the Philippines connects to the Internet in some way. These stats showcase the huge potential market for cell phone and computer repair services.
Many companies that offer electronic repair do so at quite a steep price. It will take some time on your part to conduct research on what other companies are charging, but doing so will be essential to your success. You will want to price your services a bit below the competition in order to attract customers to you. Start by promoting your services on social media, and expand it from there. You may be surprised by the demand you can generate just by advertising on social media.
Build Smartphone Apps
If you have experience in programming, you can use your skills to create mobile apps. Almost all activity done on smartphones is by the help of apps. Look at your smartphone. How many apps do you have? Just think, you could create useful apps just like your favorite ones on the screen in front of you. Best of all, you could make money for creating them.
To start creating apps, start to brainstorm on what you could create to either make people’s lives easier, or entertain them. Ask yourself what you wish you had to add convenience to your life. Additionally, what app could you create to solve a problem that many people have? Once you have some ideas, it’s time to start creating. When you have completed building your app, you can submit it for download into the online app store. Creating your apps will require hard work, but if you can create one that becomes a sensation, then your efforts could be extremely lucrative.
Rent A Spare Room On Airbnb
If you have a spare room in your home, or if you travel a lot yourself, consider becoming a host on Airbnb. By becoming a host on Airbnb, you are able to rent out your entire home, single or multiple rooms, or even shared rooms. There are currently over 300 properties listed on Airbnb in the Philippines, providing you with a great opportunity to join other local hosts and make money.
Becoming a host on Airbnb is simple. All you have to do is create a listing. If you can set up a social media account, you can set up a listing on Airbnb. Creating a listing is as simple as filling out a description of your rental, uploading photos, and picking a price. You can control your availability calendar, and can take your listing off at any time. Best of all, Airbnb handles the payments, so you don’t have to worry about dealing with money and potentially being scammed. Airbnb could be a great way to make some extra money with little effort on your part, using your current assets. Just don’t forget to have your property as tidy as can be, and have your guest enjoy a pleasant and memorable stay.
Sell Your Skills On Fiverr
Another site you can join to sell your services is Fiverr. With Fiverr you are able to sell your services and make money online. If you have skills in graphic design, digital marketing, writing and translation, video animation, music, art, computer programming, or business, you can become a seller on Fiverr. The only potential drawback of using Fiverr is that you will probably have to promote your services on social media to get a lot of traffic. If you can gain traffic, the money you make from completing simple tasks could add up quickly.
Offer E-Loading Services
A simple and fast way to help you earn and save money is to start your own e-loading business. Essentially all you need to get started in the e-loading industry is a smart phone and a retailer SIM card. You can choose to either get individually issued retail SIM cards from local telecom companies, or invest in an all-in-one SIM card.
You can purchase individual retailer SIM cards from local telecom company wireless centers. Your SIM card comes with an eWallet or eMoney account with a PIN. This is how the retailers will store the credits you will use for reloading prepaid phones. If you are unsure of how to start your e-loading company there are many tips online to help you get started.
Start a Simple Business
After doing all the research and the numbers are pointing to a profitable venture, you have finally quit your job to strike out on your own. Now that everything is set and you’re dead serious on making it work, the next challenge is figuring out how to fund it. If you’re worried to dip into your life savings, then a personal loan could be a great source of initial funding for your startup. If you are unfamiliar with lending, it may seem like an intimidating task. However, choosing the right personal loan can help you open your business’ doors faster so you can improve your finances and start making money again.
Personal loans usually offer much lower interest rates than credit cards, and most banks offer convenient and affordable monthly payments to fit your individual needs. Here are some options to choose from:
- BDO Personal Loan: With BDO you can get a personal loan up to ₱1,000,000, with an interest rate as low as 15.00% per annum. You’ll also need a low minimum salary of just ₱10,000 per month to be eligible. Approval duration for a BDO personal loan is within 1 to 2 working weeks.
EastWest Bank Personal Loan
Low salary requirement of only ₱15,000 a month.Approved loan up to ₱2,000,000
- Citi Personal Loan: With a personal loan from Citi, you can borrow up to ₱2,000,000 without any collateral requirement. Get an interest rate as low as 15.59% per annum, with approval as fast as 24 hours! You also get flexible payment terms from 1 up to 5 years.
Citi Personal Loan
Maximum loan tenure up to 5 years.Get approved in 24 hours!
When applying for personal loans in the Philippines, there are a number of other great options to consider. Make sure to do some research on several companies in order to determine where you can get the best rate and term. Doing proper research could help save you big money.
Do You Still Feel Stressed?
We have provided you with a great list of alternative income sources to help you make money while you are saving for a startup or while you are in-between jobs. You have unique skills, even if you do not have a college degree, so you may as well get paid for them. There are many things you can do to generate income such as becoming a freelancer, selling under-used items online, becoming a host on Airbnb, or building smartphone apps. If you need cash now, applying for a personal loan from a reputable financial institution may be the right option for you. Regardless of the direction you take, you can achieve success. Rest easy at night knowing you have potential and options. It all starts with having a plan.
Rouselle loves the hustle of writing, reading, and creating content. She currently works with different clients on their web content and social media presence.
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