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6 ways to make extra income with less risk

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With the ever-growing cost of living, making ends meet is becoming increasingly difficult. Extra income is always a welcome addition for many people.

In the United States, more than 50% of households are currently dual income. Along with the continuous development of technology that keeps revolutionizing the way to earn and spend money, the new coronavirus (COVID-19) pandemic has made it necessary for many adults to have gigs while keeping their full-time jobs.

There are a lot of interesting opportunities to make money out there and sometimes, it is hard to know which ones are worth pursuing. If you’re looking for something that has the potential to bring in some extra cash and does not require you to take too much risk, these opportunities are definitely worth checking out:

American dollar bills (©Alexander Mills)
American dollar bills (©Alexander Mills)

1. Invest in a franchise.

Franchises have been growing in popularity in recent years and there are many different options. When you invest in a franchise business, you buy into an established business model. This means less risk is involved than starting your own business from scratch.

Franchising is a great way to start a business because it allows you to be your own boss while supporting an established brand. There are many different types of franchises available so you’ll need to research to find one that best suits your interests and skills. Once you’ve found a franchise you’re interested in, request more information from the franchisor. Don’t hesitate to ask even that question that you think is silly. Make sure all of your basic questions are answered before you pay for or sign anything.

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2. Start a blog.

With the rise of the internet, there are more opportunities than ever to make money from home. One great way to do this is to start a blog. Not only is blogging a great way to earn some extra cash. It’s also a great way to share your passions with the world.

Whether you’re an amateur chef, a fashionista or a tech enthusiast, starting a blog is a great way to connect with like-minded people and build up a following. Once you’ve built up a following, there are many ways to monetize your blog, such as selling advertising space, becoming an affiliate for other businesses or selling products and services directly to your readers. 

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3. Participate in market research studies.

Companies conduct market research studies to gather data about consumer trends and preferences. Participating in these studies can help shape the products and services that will be available in the future.

These studies usually take place online or over the phone and typically don’t take more than an hour to complete. You will likely need to sign up with a market research firm to participate in their studies. Once registered, you’ll be notified about upcoming studies that you may be eligible to participate in.

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4. Be a mystery shopper.

As a mystery shopper, you would be paid to visit stores and evaluate their customer service. It could involve anything from assessing the friendliness of the staff to testing out the store’s returns policy.

Mystery shopping is a great way to earn extra money and can be fun. You just need to be reliable and detail-oriented. You should also be comfortable with providing constructive feedback. This is perfect for those who want to earn some extra cash while helping others. While this is just a gig, you are actually helping a company or an organization improve by contributing information about its strengths and weaknesses.

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5. Rent out extra space in your home.

Many homeowners have extra space in their homes that they are not using. You can rent this unused space to other people looking for storage or office space. You can generate additional income each month by renting out this extra space. What is good about this is that your residence and your business are in the same place, making it easier to manage.

There are a few different ways to go about this but the most important thing is to ensure you are comfortable with the arrangement. You have to decide whether you want to rent a room, an entire apartment or just a portion of your home. You will also need to set ground rules about what guests can and cannot do while staying with you.

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6. Provide tutoring services.

If you are knowledgeable in a particular subject, you could make some extra money by providing tutoring services. You do not have to have a bachelor’s degree to do this. Many students are willing to pay for one-on-one help with their studies, which is often an effective learning method since it allows the student to get personalized attention and feedback.

If you’re interested in providing tutoring services, you can start by advertising your services online or by word-of-mouth. You can also contact local schools and universities to inquire about tutoring opportunities. 

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There are many different ways to make extra money. If you’re looking for a way to generate some additional income, consider one of the options listed above. You can bring in some extra money each month with a little effort and less to no risk. Just be sure to choose an option you’re interested in and that you’re confident you can do.

Categories: BLOGS, LISTS, money matters, tips

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