7 Best Side Income Ideas For MBA (2021)
Find out 7 Best Side Income Ideas For MBA’s Below!
Table Of Contents
Lots of people today tend to feel more stressed than in the past, and it’s mostly because of the fast pace we’re living right now. Most workplaces usually place lots of demands on their workers to meet the market’s needs, and feeling tired even when home is a common feeling.
With that in mind, having an additional income stream goes a long way in preventing this problem. That’s our goal today: finding out how you can make some extra money.
Affiliate marketing is a trending business today, and it’s an amazing way to increase your income. It’s a fast-growing sector, estimated to be worth several billion dollars, so it’s a great place to start.
Affiliate marketing is basically promoting products from other people or brands. You can do this via YouTube videos, blogging, forums, etc. You can find products on different platforms with simple searches on Google. Once you get your affiliate link, you just need to direct traffic to it and make a commission on any sale you make with it.
One of the best examples today is Grammarly. Proper grammar is paramount for entrepreneurs and anyone needing to communicate for a living, and Grammarly is the best tool available today to ensure just that.
Grammarly offers 2 different packages depending on your needs. There’s a free package with the core features from the platform, but we’re interested in the paid option. The premium plan offers monthly, quarterly, and annual payments for $29.95, $59.95, and $139.95 respectively.
Working as a Grammarly affiliate can make you about $20 for each premium sale. However, the best performers can earn bonuses in cash, higher payments, and even discounts.
Affiliate marketing doesn’t require lots of money to start, and you’re free to schedule your working time to suit your needs. You don’t need to be a marketing expert, either, and you can find lots of knowledge on the internet. Besides, you don’t need to provide customer aftercare, and once you set up your content, it generates income passively, only requiring new content now and then and updating your older submissions.
It’s not quick; you need patience and time before it becomes a stable income stream. There’s also a lot of competition, and that can be an issue since you only get paid for sales you make. Therefore, you have little guarantees regarding standard incomes, and you don’t control the program.
The best way to start is a blog around a niche that interests people. You can provide tutorials, guides, and reviews for different problems or products. Make sure your content is valuable, and promote your affiliate products within it.
It requires patience as well, so don’t give up if results take a while to come. Remain constant and build your audience to establish yourself. This is the hardest part of affiliate marketing, and you want to learn everything you can.
The best side hustle for teachers: there are countless opportunities for you if you enjoy teaching others. In fact, online tutoring is hundreds of millions of dollars in size, and the demand keeps growing with time.
As for platforms, University Tutor is one of the places you can look for work. You’re in charge of your prices, and you don’t have to pay any fees to the website, so it’s all for you.
Income per hour varies depending on your experience, reputation, and field. You can make anything from $10 per hour all the way to $250 for some subjects. If you sign up with University Tutor, you can tutor even business students.
You can schedule your classes however you want, and it’s rare not to find someone willing to adapt to it since tutors enjoy big demand. You can make great money, and depending on the platform, you might not need any initial investment.
It requires patience since clients won’t come right away. You also need to be disciplined with your own schedule.
Establishing yourself takes time as you build credibility. A good idea is to offer discounts for first lessons or bundling different lessons at a discount. Your first goal is to create a client base.
You also need a good portfolio. Any certificates, titles, diplomas, and even student reviews are something you want to showcase.
Fulfillment by Amazon
Amazon is the biggest platform for shopping, but it’s also an opportunity to make something extra for yourself. We’re talking about Amazon’s FBA, which currently powers several top 10 sellers on the website.
It’s a simple concept: sellers provide only the product, and Amazon takes care of everything related to selling it. It lets you skip packaging and shipping as well as customer aftercare, which they provide 24/7.
Obviously, Amazon charges a fee for the service, but it’s still worth it. You can leverage Amazon’s huge reach and popularity while saving yourself all the hard work.
It saves a lot of time for both the seller (thanks to Amazon’s fulfillment) and the client (thanks to Amazon’s quick deliver). Besides, your clients receive free shipping, which makes your offer more attractive. Amazon handles storage as well as 24/7 support, and it brings Amazon Prime to your buyers.
You do need to pay fees, and sales tax are usually a challenge to first-timers. It’s easier to return goods, and that’s just another hurdle for inventory tracking. Finally, Amazon has strict guidelines for their products.
Amazon’s fees for FBA are both for storage and fulfillment. These fees vary depending on your products’ size and how many you need to store on their warehouse as well as order frequency. Take this into account when pricing; luckily, Amazon’s offer a fee calculator.
You’re not really required to meet a certain sales amount, but Amazon will charge you for longer storage periods.
This should be a priority option for people with their MBA credentials as well as their business and financial knowledge. This market is worth over $250 billion right now, so think about it.
You can work online as well, and platforms like Talmix helps professionals connect with countless clients looking for a consultant. Even better, you can find clients for long-term relationships – or you can work per project.
It’s a very flexible job in terms of scheduling, choosing your clients and projects to work, and even how much you want to work. Besides, there’s good money to earn with this path.
Some projects can be very time-consuming. This means you need proper organization and discipline. Some clients might be difficult and dislike paying, so make sure to know them.
You want to focus on a specific area for your business consulting. Don’t try to do everything; instead, focus on what you’re good in, what are your skills, and which niche interests you the most.
You should consider setting up a business website to sell your business consulting personal brand. You can use this website to show testimonials from past clients, build a portfolio, and offer all the information necessary about your service.
Publishing on Kindle
If you’re good at writing and enjoy doing it, then selling eBooks through Amazon Kindle is a great possible income stream. They’ve grown a lot in sales, and it’s becoming one of the primary platform for selling books; there are no signs of this growth stopping anytime soon.
You can create eBooks on any subject you’re knowledgeable about, and if you can make it interesting and valuable for people, it shouldn’t be a hard sale. Consider topics like money management, business formation, or even simpler-yet-intriguing topics like proper success mindset.
You can make money with little to no initial investment, and accessing the marketplace is quite swift. You can also use this as a first exposure to the market thanks to Amazon’s customer care and how easy it is to correct mistakes. Finally, you can take advantage of the shorter formats to provide quality and digestible content.
There’s a lot of competition here. Working with eBooks can also be a bit more difficult because some people simply prefer physical books, and formatting can take a bit to get used to. You also need to build your reputation, and it takes time.
You might want to think about offering a free eBook first to gather customer reviews. This helps you build credibility, and people will feel more inclined towards buying your material if others already enjoyed it.
Use correct keywords to describe your product so that it’s easier to find on Amazon. Don’t cut corners with your description; it’s critical to sell your product.
Finally, the main factors determining Kindle book sales are: titles, covers, descriptions, and reviews. Don’t think you’re finished after the last word in the eBook itself.
If you have a large house or property you want to turn into an investment, you can rent it with Airbnb to one of the millions of users on it. It’s available around 190 countries and 80,000 cities.
It basically connects travelers looking where to stay with people offering accommodation: both expensive and on a budget. You don’t even need to rent the entire property; you can offer just a bedroom as well.
You’re in charge of your business, so it’ll always be your rules. You decide who can stay in your property, and the money is quite good.
Some guests might cause damage to it, and there aren’t guarantees that someone will want your offer. You also need to be strict with maintenance.
While you want to make your offer enticing, don’t misrepresent your space. Be honest about your property, for selling a budget offer as an expensive one can disappoint clients and result in bad reviews.
Airbnb also offers liability insurance, so consider getting it.
Online education is already a multi-billion industry right now. Think of this like writing an education eBook but offering it as a full course. Other than that, it’s mostly the same.
LearnWorlds is a great platform that you can use for creating and selling course content. There are 3 packages: starter, pro trainer, and learner center for $24, $79, and $249 monthly respectively. There’s also a free trial for each.
The income is really good, and you’re the complete owner of your course. Besides, it’s also passive income, so after your course is released, you just need to keep it updated. You can create a brand as well.
Some topics have no demand, and starting out is quite a challenge. You also need to invest initially, and you’re not guaranteed to make money.
Try to create a few modules first and ask for feedback so that you don’t release an entire course that no one likes.
Don’t think your course has to be huge, either. If you share valuable content, people will pay for it even if it’s short.
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