Using the Digital Landscape to Supplement Your Income

2018-11-25T17:53:11+00:00

In the modern world options for making some extra money are many and varied. Once upon a time you might have struggled at car boot sales or offered to do odd jobs around town, but these days the internet has seemingly offered up an endless supply of cash generating options that you can do alongside your normal job. So, let’s take a look at some of the ways you can generate some extra income online.

Marketplace

Going back centuries, if not further, humans have used a marketplace to buy, sell and trade goods so it stands to reason that the internet would offer up options to do this digitally. This seems like the most logical place to start because of the brand recognition of the most used marketplaces as well as it being an option which applies universally to anyone looking to make some cash.

No matter where you are in the world, there are websites that offer you the opportunity to sell products new and used. The most famous of these is quite possibly eBay, the online auction website. Founded in 1995, eBay has gone on to become one of the largest digital marketplaces in the world with over 170 million active users. But, you may wonder how you can make any money in such a competitive market and also what is it that you can sell?

Well, the answer to what you can sell is pretty much anything. So long as you own it, you can sell it. The most profitable items to sell on eBay are currently books, video games, electronic tablets, lego and bicycles. That doesn’t mean you should walk away from selling on eBay if you don’t have any of these to offer but they are a good starting point if you do have them available to you. However, bear in mind that no matter what you are selling, your listings should be as accurate as they can in order to attract customers. As part of your research, you should look for more about the companies that offer listings assistance.

Those items are also the most popular for sale items on Amazon’s marketplace. Famous for offering goods priced lower than on the high street, Amazon has opened up its website to third-party sellers meaning that you can get a slice of the action. But both Amazon and eBay have a lot of users and in order make the most from your time selling on these websites you will need to follow some tried and tested methods rather than just listing a product and hoping for the best.

Tips for selling on Amazon and eBay include understanding your market. Websites like Terapeak give you in depth analysis of what is selling on both sites which should give you an indication of how to list your items. Both marketplaces have their pros and cons if you are looking to make money from selling your goods and you should research which option best suits your needs before getting started.

Alternatives to the two big players in the online shopping world include websites like Etsy and Craigslist. Both offer very different options the other online retailers. The former is ideal for someone who is looking to make and sell their own products while the latter is useful for selling second-hand goods.

Gig Economy

More often than not you will have heard the phrase gig economy in relation to app based companies like Uber or Deliveroo. However, for those of you looking to make some side money but not interested in leaving your home, there are plenty of opportunities. Independent contracts or freelance roles are plentiful online and include a wide range of skills.

Before you start looking for work in the gig economy, the smartest thing you can do is make a list of your skills. Knowing what you can offer will save you a lot of time getting started in this world of freelance work and get you making money quicker. In addition to understanding what you can contribute, make a note of when you can offer it. The point of taking a gig role is that you can fit it into your schedule, so knowing what that is will be vital to your success.

Some examples of gig economy workplaces and what they offer are as follows. Fiverr, an online marketplace for freelance services. If you consider yourself a good writer, an artist or have any number of others skills like the ability to provide professional translations or voiceover work, then Fiverr is a good option for you. It is one of the most popular freelance websites on the market and has been a big influencer in the changing landscape for gig economy work.

Another service offering opportunities to freelance workers is Upwork. Once again a good opportunity for those of you with creative skills, but also if you have a background in developing mobile apps or websites. Remember, there are always people in need of help and if they’re willing to pay for it you should be making yourself available.

Taking advantage of the opportunities available to you is going to come down to you and your motivation. If you are looking to make some extra cash then taking on a few odd jobs during the week which aren’t too time consuming will do that without having a negative impact on your work life balance. But keep in mind, if you’re starting to find the balance difficult to manage then maybe it isn’t for you.

Both the gig economy and the online marketplace have positives and negatives. Working freelance can be a lot more time consuming, however selling products online is not a guaranteed source of income because of your competition. Understanding the negatives as well the positives will make sure any decision you make to improve your bank balance is well thought out and carefully planned.

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