How to Increase Your Income Without Quitting Your Day Job

Increase Your Income Without Quitting Your Day Job (Image Source: Shutterstock)

Side Business Ideas

The internet has presented many new ideas on how to make money. There are opportunities out there that will allow you to operate a side business while you continue with your day job. This may build to become your full-time source of income or remain manageable as a part-time gig to bring in a few hundred extra dollars each month.

There Are Opportunities Out There That Will Allow You To Start a Side Business. (Image Source: Shutterstock)
  • Sell refurbished items on eBay.
  • Recycle used smartphones and sell them on Gazelle.
  • Become a part time Uber driver.
  • Manage social media for small businesses.
  • Offer freelance writings services on Upwork or Fivver.
  • Create an online course on Teachable.

Passive Income Streams

It is possible to build a passive income stream online but it won’t happen overnight. It requires a lot of time and patience to build a platform such as a blog, website, or YouTube channel. Your revenue will come from advertising and/or from informational products that you sell from the platform.

9 Passive Income Ideas │ Ali Abdaal

Turn Your Hobby Into Money

There are a whole lot of people around the world who have managed to leverage their hobby — the thing they love to do in their leisure time — into a profitable secondary (or even primary) source of income. If you are an arts and crafts person, you can open your own Etsy store and sell your creations there. Make sure that you price the product to cover not only the production materials, but also your time based on your hourly rate at your main job or the hourly rate of your particular maker industry.

Get A Degree

If you are working in an industry alongside others who have university degrees or diplomas, you might consider going back to school to upskill your qualifications. A person with a bachelor’s degree will make thousands more than his unschooled workmate. Similarly, a worker with a masters degree will earn more than one with a bachelors, and someone with a doctorate will have a higher income still.

A Person With a Bachelor’s Degree Will Makes Thousands More. (Image Source: Shutterstock)

How To Ask for a Raise or Promotion

You may be able to increase your income without putting in any extra work at all. I’m talking about asking for a raise from your employer. Many people are not getting paid what they are worth not because their employer won’t pay them more but because they don’t have the gumption to ask for a raise.

  • Research the standard procedure for income reviews at your place of work. Some employers will only entertain requests at the beginning of the financial year so that they can factor it into their financial planning.Think too about the financial health of the company, and the current market rate for your position.
  • Request a salary review meeting with your boss.
  • Formally write out your pitch and take it in with you to the meeting. On it list your strengths, being as specific as possible. Make note of occasions when you have added tangible value to the company, provided outstanding customer service, or saved money for the business. Point out if there is a shortfall between your income and the industry average. At the end of the document spell out exactly what you are asking for in terms of a pay rise. Email your pitch to your boss ahead of the meeting so that the most awkward part of the process — the dollar amount — is in the open from the start.
  • Avoid the mistake of overstating your case; make a clear, concise and persuasive case and then stop talking. Do not repeat yourself. Listen carefully to what the boss has to say and then be prepared to negotiate.
How To Ask For A Raise, According to a CEO | NowThis | NowThis News

Summary

You don’t have to throw away a good job in order to increase your income. In this article, we explored five realistic ways that you can increase your income without quitting your day job. All of them require research, planning and dedication. So, do your homework and count the cost before you make any move.

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