Making Extra Funds on the Side Isn’t Hard Anymore

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Making extra funds on the side used to involve long hours and tireless work. As someone who balances business ownership and motherhood, those ventures probably did not seem feasible. Luckily, there are many opportunities to get more money with little effort.

Why Focus on Making Extra Funds?

Making extra funds is about more than having additional disposable income — it represents freedom, stability and empowerment. Catherine Valega — a female entrepreneur and mother of four — held a workshop in July 2023 discussing common financial obstacles women face. The event highlights an important and often overlooked aspect of entrepreneurship. Owning and running a business as a mother pulls you in multiple directions financially. While starting your own is inspirational initially, it can quickly feel overwhelming.

Being a female entrepreneur is already demanding enough when most industries are male-dominated and favor large corporations, so factoring in motherhood can make things challenging. You must consistently balance your personal life with the financial needs of your family and business.

Speaking about your finances is essential because it helps you maintain sustainable growth and feel confident. You can only feel sure of your business’s upward trajectory when you are open about your personal and professional budgets. Also, it lets you be more realistic with your goals since you understand how to align them with your investment opportunities.

How to Make Money on the Side

It is easier than ever to make extra money on the side — what has changed? The digital landscape makes connecting with sponsors and investors much more accessible. You can also reach a larger audience with ease.

1.   Sell Used Items

Selling used items has historically been a reliable approach. With some research, you will surely find something that can make a profit. For example, the latest iPhone models have the highest market price among all mobile devices, making them the best to resell.

Get creative with your resell approach and scout prospects. While something may not sell well on one platform, it could be valuable on another. For instance, buyers on the Facebook marketplace may not want old records, but a vintage audio collector surely will.

If you think you have nothing worth reselling, consider flipping furniture you use infrequently. Even though sanding, repainting and reupholstering may take effort, it is worth it. Browse local forums and websites to see what people buy to understand what you should do.

2.   Become a Brand Ambassador

A brand ambassador is basically a business’s representative — they reflect its values, target audience and purpose. You are an ideal candidate as a hard-working woman juggling family, personal life and work.

Reach out to brands and ask if they would be interested in collaborating with you. Since their consumer perception benefits from supporting you, they may agree. Find companies that align with your goals and business type, as they will be more willing to employ you if you represent them well.

3.   Take up Blogging

Blogging is an excellent approach to making extra funds because you can simultaneously increase your brand awareness. You can write about your life as a mother or a female entrepreneur. If you want to disconnect it from your work, you can discuss your hobbies and take readers on a journey through your growth.

You will mainly make money through advertisement revenue or sponsorships. It may initially pay little, but it grows if you stay dedicated. Since getting started is as easy as posting on social media or creating your own website, it is a very low-risk, high-reward opportunity.

4.   Offer Freelance Services

You have built various skills as an entrepreneur and a mother, making you an incredibly valuable asset in the freelance industry. Most jobs require basic coding or typing skills, so you can easily find work. The great thing about being a contractor is setting your hours and rate.

5.   Start a Podcast

You only need a microphone and silence to record and post a podcast. The second part may be challenging to acquire as a mother, but you are resourceful enough to find a workaround for noisy children. Brands will sponsor you, meaning they will pay you to mention them briefly. You can talk about your life or find a niche — pop culture and true crime are popular.

6.   Work Remote Part Time

Applying for part-time jobs may not seem ideal when you are already an entrepreneur and a mother, but many fantastic remote work options exist. For instance, people who work in data entry only have to fill out spreadsheets. You can dedicate as little time as you want to it.

Consider your strengths and look for work-from-home positions that align with them. For example, you will make a great accountant if you are in charge of your business’s finances. You can apply for jobs nationwide since you do not need to commute for these roles.

7.   Sell Online Courses

As a female entrepreneur, you have a wealth of valuable knowledge. You can create a course teaching specific skills or share your insider knowledge. To make money, you could ask for donations, charge a membership fee or sell each unit for a set price.

8.   Promote Affiliate Links

Have you ever tried making extra money with affiliate links? You can create an account to promote products on websites like Amazon and get a commission whenever someone buys something through your link.

9.   Become a Mystery Shopper

You likely already do most of the grocery shopping for your family, so why not get paid for it? Companies pay mystery shoppers to judge the store’s quality, products and customer service. They may give you specific tasks to do or things to watch out for, but it is a casual job.

You usually only need a high school diploma or an equivalent certificate to start. They typically pay per assignment, so you will have the money in your account almost immediately. While most roles only offer around $50, it adds up if you are consistent.

10.  Stream While You Work

Have you ever wondered how to make $1,000 in a month? Even small streamers bring in that much money from brand deals, donations and subscriptions. Simply stream yourself packaging orders or showing off your product. As a bonus, it increases brand awareness.

Should You Get Smart About Spending?

Making extra funds on the side is only possible when you know how much you should spend. You should implement as many money-saving practices as you can. Here are a few of the best ways to make and save funds:

• Educate yourself: Financial literacy is crucial when juggling personal and professional expenses. Educate yourself on taxes, accounting and saving methods.
• Run a cost analysis: Try to conduct a cost analysis whenever you make a business decision since most things have hidden expenses. For example, finding and training a new hire costs up to nine months’ salary on average. Retaining current employees is more financially responsible even if you have to increase their wages or pay for perks.
• Plan ahead: You should always save some money in case of an emergency to protect your investments and your family. Planning for the unexpected can be your lifeline when you most need it.
• Save where you can: You should always try to save money, whether getting equipment or signing up for a new platform. Negotiate with suppliers or ask vendors for discounts.
• Network: Connecting with experts is an ideal way to grow your business and save money. For instance, you could network with other female entrepreneurs and increase your revenue by 15% within a year if you become a member of The Founding Mom.

Making money on the side may be easy, but maintaining a positive cash flow requires appropriate saving measures. You can secure your financials and be more fiscally responsible if you implement some of these tips.

Try Making Extra Funds

There are endless possibilities to make extra money in the digital age. You only need to download an app on your phone or talk about your work online for a while to land brand deals or get paid from affiliate posts. Balancing entrepreneurship and motherhood can be challenging, but these side hustles only take up as much time as you want them to.

 

Eleanor Hecks is the founder and managing editor of Designerly Magazine. She’s also a web design consultant with a focus on customer experience and user interface. She lives in Philadelphia with her husband and dogs, Bear and Lucy. Connect with her about marketing, design and/or tea on LinkedIn!

The post Making Extra Funds on the Side Isn’t Hard Anymore appeared first on The Founding Moms.