source of income

Dec

2020

Home-Based Business Ideas

Reading Time: 5 minutes

People have worked on many home-based business ideas during their isolation. Some have even decided to make it their full-time income source and not go back to their regular jobs. After all, having a home-based business while taking care of the kids does require all your attention.

If you’re thinking what business you can do from home as a sideline, or as a full-time job; here are some ideas you can consider. Keep in mind that you need to embrace going digital to fully enjoy this experience.

1. Freelance Writer

If you have a knack for writing, then you can earn from your skill. As a freelance writer, you should be able to write about any topic and in different formats too. Some research is involved to source your information.

You should be able to write in different POVs (points of view) as well as tone and style. Writing for a fashion magazine will need a different style than writing an article on a business website. You may be tasked to write some technical stuff too. If you love writing challenges like this, then you will enjoy this job. Just remember to avoid procrastination so you don’t miss your deadlines.

There are specialized writing jobs that you can offer if you have more experience in these fields.

Content Writing
Copy Writing
Grant Writing
Researching / Fact Checking
Translation Services

2. Social Media Specialist

Everyone is on social media these days. If you enjoy spending time in those platforms; then this job can be your sideline or full-time hustle. First, you need to be active on these platforms yourself and build an audience of your own. Then you can offer your services to potential clients.

As a social media specialist, your main job is to build your client’s online presence on different social media platforms. You can be provided these materials or create your own. Scheduling what content to publish on which channels is an important part of the job. You will be helping your clients create a strategy for pushing their content to their audience in the different channels to meet their business goals.

You may also be tasked to reply to queries on these channels. Inform yourself thoroughly of your client’s business, offerings and processes in handling their customers’ concerns so you can respond appropriately.

3. Web Designer

Was your previous job designing websites or is that a side hustle of yours? This is one of those home-based business ideas that costs you nothing but will fully satisfy your passion for creating.

First, you need to have your own website. Showcase your portfolio of web design projects so your potential clients can see what you can do. Have a brief description about each project to show what businesses you’ve worked with.

Display your self-designed business card on your website, as well as your other design projects, if you want to offer your clients a design package.

If you wan’t to specialize in a different field of design, then here are some home-based business ideas to consider:

Graphic Design
Digital Prints
Illustration
Theme Designs (e.g., for WordPress and other similar platforms)
T-Shirt Design

4. Video Editor & Music Composer

Are you good at creating videos or making music? Get yourself known by publishing some of your creations and attracting your audience. Create a YouTube or Vimeo account where you can display your projects for potential clients to spot. This is one of those home-based business ideas that you can do at your own pace. If you’re a night owl, then this job is perfect for you.

For video editors, it helps to see what’s viral on YouTube and create your own version. Or you could go as basic as editing a dance or music video of you and your friends having a good time. Or maybe offer to edit a wedding video for one of your colleagues who is getting married.

As a music composer, you can provide music for music or dance videos, as well as ad jingles. You could publish a recording of your gig as a DJ. Or why not publish a whole album of your music creations online? You can offer some of your compositions free for download so your audience gets a taste of your work.

5. Private Tutor / Trainer

One of the ways to gain a greater understanding of your skill or talent is by sharing your knowledge. Or if you’ve always wanted to teach but didn’t end up as a teacher, then tutoring online is your next best option.

As a tutor, you can specialize in one subject. You can teach writing basics, video editing, music composition, playing the guitar, drawing, etc. Tutoring students in academic subjects is also a much-needed service nowadays.

You can also teach adults. Business people may need someone to teach them how to improve their PowerPoint presentations or how to do basic accounting. You can also talk to businesses about how they can make their brand known to more people if you’re a social media specialist.

6. Online Seller

One man’s trash is another man’s treasure. If you’ve got things in your home that you’ve never used but are still in good condition, then why not sell them online. Use your social media channels to start selling.

If you have a jewelry-making hobby, know how to sew clothes, love crocheting, sell them online. Sell your creations and get even more inspired to create more of the things you are passionate about. You can sell your art, photographs and paintings.

Sell to your friends and colleagues and have them pay for shipping costs. You can also sell other people’s stuff for them on a consignment basis. They will send you their stuff, you will display it for your customers, and you pay them only when the item has been sold off.

You can also sell specialty items. If you love specialty items that you know your customers will also love, then find a supplier who sells these items. Buy them in bulk so you get them at a cheaper price and sell them per piece. You can also do drop shipping instead.

7. Gardener

If you have a green thumb, then your plants will bring you extra income. Check out what indoor plants are popular and grow those in your garden. Search for groups that are dedicated to gardening and offer your plants there.

Sell your plants to plantitas and plantitos. Offer tips on how to care for them so you can always keep in touch with your customers. Share videos of you tending to your plants to build your brand even more.

As you’re starting out, don’t forget to show your plants and yourself in the best light. Invest in cute and pretty pots for your plants. Get some pretty accessories such as an elegant looking watering can to add a nice touch to your photos or videos. You can even sell these accessories too.

These are just some of the home-based business ideas that you can try to create extra income. They are all low-cost and can be done online, on your own. All you need is your computer, a good Internet connection, your own workspace, a bit of digital savvy, and the passion to continue learning. Your clients will surely notice you and appreciate your dedication to your new business.

Feature Image: Original Photo by Anthony Shkraba from Pexels.

Sep

2020

Coping with Financial Stress

Reading Time: 3 minutes

Are you overwhelmed with financial worries? Don’t dwell in that negative emotion. Instead, take a deep breath and apply these guidelines on coping with financial stress. When you follow these guidelines, you should feel less stressed and have a better perspective on how to deal with your financial situation.

1. Talk Things Through

Talk to the family about your financial worries. This is an opportunity to air out all your worries and brainstorm solutions. If you live alone, talk to a friend to get some advise or at least to receive emotional support.

Putting your worries out in the open can help you ease the mental and emotional burden. The emotional support you get from your family members and friends can also help you gain more confidence in facing your circumstances and changing it. More importantly, you gain a different perspective about the situation which will help you gain more clarity in coping with your financial stress.

2. Track Your Finances

Now that you have gained some different perspectives from other people regarding your financial worries, the next step is to crunch some numbers. Take pen and paper and take inventory of your finances.

Keep track of all your spending. Write down your basic expenses and identify what expenses you can eliminate. Try to track your daily spending as well so you can better identify your spending patterns and triggers. This way, you are more aware of how to avoid your temptations so you eliminate impulse spending.

List all your debts. From the biggest to the smallest, try to identify everyone that owe money to and how much. This should strengthen your motivation to keep your spending to the basic minimum as you are coping with financial stress.

Identify your sources of income. Now that you have a clearer perspective of your spending habits and what you truly need to spend on, it’s time to count what money you will actually have. List your sources of income and how much you earn from each. If some do not have a fixed amount, then write down your minimum expected amount. Finally, add up everything and compare your total income with your total basic expenses.

3. Plan Your Budget

Whether your income is bigger than your spending total or the other way around, setting financial goals is important. You need to make a plan for where your money will go so you can start changing your situation.

Make a budget based on your basic living expenses. Use the money jar budget system as a guide but customize the names and amounts according to your requirements. Food in your budget is one of the easiest item to lessen spending on. Make sure you stick to your budget so you can get closer to your goal of being in a better place financially.

Increase your income. Your next plan is to identify opportunities on how you can raise your income. Maybe you can increase your earnings from a current source of income or maybe you have another skill or talent from which you can earn additional income.

Keep monitoring your finances. Don’t let your planning go to waste by forgetting it some days. Be consistent in tracking your spending and making sure that you stay within budget. At the same time, work hard to increase your income and keep adjusting your budget as your income increases. Don’t increase your spending and prioritize savings and paying off debts first.

4. Stay Positive

Finally, keep a positive attitude as you make small progress daily. As long as you are consistent in making small changes, you will definitely achieve your long-term goal of getting to a place where you are financially comfortable.

To help you cope with your finances better, try to improve your financial literacy. Understanding how money works in business will also help you tweak your own personal financial strategies and goals. Read books that inspire you to take care of your finances better and to keep working on your dreams.

In the meantime, don’t beat yourself up if you make mistakes. Just do the right thing the next day. Try to do fun things that don’t cost much or cost none at all so you can keep up the positive vibes.

Feature Image: Original Photo by Pixabay from Pexels.

Mar

2020

How To Improve your Finances During a Crisis

Reading Time: 2 minutes

The current crisis has not only negatively affected the people’s health and wellbeing, it has also affected the world economy. Many industries are now falling. Companies, factories and stores are closing. People are losing their job. Unless this crisis will end soon, many people might find themselves with money worries in the near future. Although income might stop coming, household expenses will not. Debt and mortgages are piling up. Thus, it is important for everyone to how how to improve your finances especially during a crisis.

Here are some things that you can do right now on how to improve your finances during a crisis:

1.Review your budget

Take a good look at your monthly budget. If you don’t have any budgeting plan, now is the perfect time to start having one. The money jar budgeting system is a good way to start creating your survival budget in this tough time. If you are already having a rough time, then you need a budget more than ever. A budget will help you track down where your money is going. It will also help you plan on your future spending.

2.Cut Expenses Immediately

Take advantage of the times. Refrain from going out unless necessary. Focus on the basics. Nutrition and health should be the main concern of everyone. Do not buy non-essential items. Stop eating out. Your main goal right now is to cut down on expenses. You don’t know how long this crisis will last so it is important to have as much emergency money as possible.

3.Talk to Creditors

It is almost impossible to keep up with bills if you are being quarantined especially if you have no savings. The best approach is to talk to your creditors and explain your situation. Ask about your options. The good news is that since you are not alone in this crisis, many governments already issued indefinite moratorium for those affected. Banks and insurance companies have started implementing assistance programs. Utility companies are following suit by waiving fees and postponing disconnections.

4.Look for Other Sources of Income

If your income has already been affected, now is the time to look for other sources of income to boost your cash flows. There are many ways to earn even from the comfort of your home. Search online. Look for something that you are good at.You can be someone’s virtual assistant. You can do online tutoring.You can start creating your own blog or vlog. You can create webinars. The possibilities are endless.

5.Improve your Financial IQ

If you are worried about your finances during this pandemic, that is an indicator that there is a need for you to improve your financial IQ. To be financially literate means having the ability to manage personal finance matters. That includes having an emergency survival fund in times of crisis.
It is not yet too late to start now. Take advantage of your time at home. Read about personal finance on books, magazine and the internet. Listen to podcast. Study the lives of millionaires and other highly successful people. Educate yourself and apply it in your life. Start by setting financial goals.

6.Don’t Panic

If you are already an investor; Warren Buffet, the most successful investor in the world, advised investors not to panic. It is best to stay invested and look at the long-term outlook of the stock market. Although it is only natural for investors to be fearful, it is never a good idea to buy stocks based on headlines.

Be fearful when others are greedy. Be greedy when others are fearful. – Warren Buffet

Feature Image by Posted by A.L. Jonas in Financial, 0 comments