How to Develop a Secondary Income Stream (Even in Uncertain Times)

August, 3 2020

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Thinkflow Team
Written By
Thinkflow Team

With unemployment claims at a record high of 3.3 million, many folks are looking for secondary income streams right now. 

It’s always a good idea to have extra income flowing in. But if you don’t know where to start, there are easy ways to earn additional income. 

Why you need a secondary income stream

Even if you have a steady paycheck, having multiple income streams gives you assurance that you’ll always have a stream of cash in case something happens. With the current pandemic in full effect, now is an excellent time to rely on income from several sources in case your primary job gets reduced or eliminated altogether. 

And even when things are normal, it’s a good idea to put extra cash into savings so you can plan for the unexpected. 

Which secondary income source is right for you? 

Everyone has skills - whether they know it or not. The trick is to find which ones you can turn into extra cash. 

If you’re good with graphics, you could design logos or websites as a freelancer on the side. Or if you like writing, you can edit or develop business content and outreach strategies, including on social media. 

Or if you like sports, you could consider coaching a local team or giving lessons in your community. 

These are all examples. But everyone has interests and skills they can tap and spin into extra income. The key is figuring out how to monetize what you already know. 

See what’s available

Check out Thinkflow for 90+ ideas of ways to earn cash on the side. You can also use the site to explore career opportunities in your area. 

Even better, there are several gigs you can do from home if you’re self-isolating or on lock-down, including: 

Even better, you can start many of these gigs just by setting up a free account, so there’s no upfront cost on your end. 

And if you’re looking for something local, consider that essential businesses are still hiring, like:

Many businesses may be flexible with the number of hours you work. So, whether you need to work full-time or a limited amount each week to make ends meet, you’ll have options either way. 

Keep looking for additional opportunities

Instead of having one income stream, you can make a goal to have several. So, if you find yourself with extra time, see what else you can do to make extra cash. 

Within this category, you can look for things that might take some time to develop, like a blog, portfolio website, guest room rental, or sales that pay a commission. That way, you can make cash fast with a new or current job, add a side hustle, and develop more income down the road. 

Plus, if your side gig requires some of your own money upfront, you’ll have a chance to save a little each time you’re paid until you have enough. This could encompass things like classes to be a realtor or learn a trade, supplies to make crafts to sell, and much more. 

The key is to stay open and be creative. Even in uncertain times, there are always businesses in demand. When things settle down again, you can keep your secondary income to pad your savings account or pay down any debt you accrued during the downturn. 

Bottom line

Think about your skills and hobbies - there might be a way to turn them into extra cash!

Many people have secondary income streams these days, and they’re more popular and useful than ever with the current state of the economy. A secondary income stream could be just the thing you need to make ends meet between paychecks, or to get you back on your feet if your job has been reduced or eliminated. 

Check out the Income Helper for more ideas about how to make money on the side. We do the research for you and provide the most comprehensive list of opportunities all in one place!

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