5 Alternative Income Generators you can venture into with less risks!

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Being a creative can be as taxing as it is exhilarating. There are too many roadblocks and challenges along the way, and one of the biggest is the struggle to “blow.”

Sometimes it feels like you are never going to reach that sweet spot where your business pays for your expenses, or when you begin to earn enough to have the lifestyle you desire.

While you are willing to suffer for your business, you don’t have to burn out trying to make ends meet. There are a number of ways you can actually supplement your income and generate more than you imagine possible per time, at least until you blow.

Rent out unused space in your home or office
Do you have an extra room or space that you rarely use? People are always looking to stay in places a lot less expensive than traditional hotels. Also, a number of small business are looking for affordable office spaces. If you have an extra room in your apartment, you can register with Airbnb or start your own service and use your residence to accommodate guests. You can also rent out a room in your office to another business. Of course, how much you make depends on the size and condition of your home and your office location. If your home is located in a high cost area or close to a popular attraction, chances are you get more money.

Start a small business on the side and have someone else run it
The fact that you think you do not have a lot of time on your hands to push your art and maintain a side gig does not mean you cannot achieve it if you tried. You can outsource! Start a business and hire someone to manage it for you. You pay them, supervise when you can, and make all the profit while you also keep up with your art. You could open a clothing store, a beauty studio, a hair salon, a grocery store/kiosk, a restaurant and much more. The key is in having the right people running the business for you.

Sell an e-book or online course
While you are not yet making as much as you can with your art, there are a number of people looking to start up in that area. They are looking for details, guides or quick courses that can equip them with the knowledge they need. Create a value-packed online course that helps solve a problem and sell. The course can include videos, e-books, and emails with pertinent information. It is actually easier than it sounds. Customers sign up to buy the course, and your system automatically emails them everything they need to access the materials. Think about it, writing a 60-80 page e-book which you sell for, say, ₦1000, can earn you a large whack of the pie at the end of each month.

Engage in affiliate marketing
Chances are you already have an active website, but if you don’t it is super easy and cheap to start one. You can start one for less than $3/month with Bluehost. Here is how affiliate marketing works: you post an affiliate link on your site and when people click on the affiliate links on your site, you receive a commission at no additional cost to them. All they have to do is buy a product or service without any extra cajoling from you. If you want to go a step further, you can sign up to promote certain products or services on your site, for which you will be paid either a flat fee or a percentage of the amount of the sale completed. There are thousands of companies looking for opportunities to sell their products in as many places as they can.

Buy and rent out expensive equipment or items


There are certain types of equipment that people prefer to rent than to buy because they are expensive. It could be an equipment they would not need to use more than once. There is a wide range of equipment and items, from a smoke machine to photobooths for parties, cameras, wedding gowns, wigs and more. It helps to study the trends in your location and go for an item you know would be in high demand. Doing this will give you the ability to reap in rentals week after week. You can market it through local free online directories, social media or word of mouth. No matter the equipment or item you decide on, you can first start with one, and when you see its traction, you can buy a second one and expand from there. This is great as well because it will not take much of your time .

Photo CreditFotos.com.ng

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