This extra income ideas section provides additional entrepreneur ideas to empower more and more people worldwide to launch their own small businesses.
The previous small business startup idea article in this series already discussed the benefits of production business.
That article clearly established why this retirement planning guide considers production business as one of the most profitable entrepreneur idea proactive employees can invest their money in.
Click the above link to read that article if you have not already done so.
This particular small business idea article will focus on two additional sources of extra income. And they are:
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The first extra income idea we will explore in this article is service business.
As the name implies, a service business is a business that offer services to customers at a price people in the target market of the business can afford.
Examples of service businesses include:
. . . and a host of other services out there.
The beauty of starting a service business is that it often requires far less capital to start than a typical manufacturing or production business.
How do you start a service business to generate extra income for yourself and your family?
Simply start by . . .
1. Learning a new skill you're passionate about
2. Take a period of internship with a small business (or company) that offer that service in order to gain practical experience
3. Start offering that service to friends and family (even doing some work free) to gain experience, build confidence, and popularise your brand
4. Start marketing your services on Facebook, twitter and other social media platform to gain exposure and acquire new customers
Other extra income ideas include what is popularly called affiliate marketing business and online teaching business.
Let's discuss the affiliate marketing business model.
The affiliate marketing business model (also called affiliate program business) involves partnering with a company that sells a product or service you love (or that you believe you can profit from) and then recommending that product to people you know and people in your circle of influence.
An individual (or company) that promotes another merchant's products (or services) for a share of the revenue is called an affiliate or independent marketing partner.
Benefits of participating in an affiliate program (or an affiliate business opportunity) include:
1. Zero startup capital: You do not need to spend any money to signup for most affiliate programs
2. No requirement to buy and warehouse products: You simply refer potential customers to the merchant selling the product or service and you get paid a percentage of the sale price as commission. And you're paid a commission only when potential customers you refer to the merchant actually buy from the merchant.
3. No Exclusivity Clause: You can participate in several affiliate programs (or represent several merchants) simultaneously. No need to stop promoting a particular program simply because you want to join another.
4. Low Exit Cost: Since affiliates do not hold inventory and do not buy tools or machinery to participate in the business, they can stop promoting any affiliate business opportunity any time they deem fit at no cost to them.
The affiliate program business model provides a simple and straightforward platform for employees to earn extra income without disrupting their day job.
However, you must participate in the best affiliate marketing programs to increase your chances of earning good residual income from the affiliate marketing business model.
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