Given this and the perennially low base interest rate in the UK (which has been capped at 0.10% since the beginning of the coronavirus pandemic), there’s obvious merit to working from home to create an additional income stream.
This can certainly boost financial and economic security, while helping to accumulate wealth over time. But what are the best and most effective ways of earning money from home?
#1. Freelancing
Incredibly, there are now more than 4.7 million workers active in the so-called “gig economy”, with the number having roughly doubled since 2016.
This highlights the enduring appeal and accessibility of the market, which continues to evolve and employers strive to create more agile workforces that are staffed according to the demands of each individual project.
Some job roles and skills benefit from particularly high levels of demand in the gig economy, including copywriting, SEO management and web design, and a raft of others associated with digital content and projects.
#2. Trading
While freelancing is an excellent way of leveraging existing skills to boost your earnings, what happens if you’re looking for a passive income stream?
In this instance, financial market or forex trading may be your best option, as this enables you to speculate on international currencies as derivatives and profit from even negative price shifts.
Forex trading can also be largely automated over time, making it an increasingly passive income stream once you’ve built your knowledge and honed workable investment strategies.
Remember, the forex market is also a highly leveraged space, in which you can open and control disproportionately large positions with a relatively small deposit. Just keep in mind that forex trading also carries risk so you need to be educated and cautious when investing.
#3. Dropshipping
If you are active online and regularly buy or sell products through ecommerce channels, you can look to leverage dropshipping as a convenient income stream.
Dropshipping requires you to buy target and in-demand products from suppliers at wholesale prices, before shipping these directly to customers, banking the retail price and profiting from the margin.
This is easier than ever in the digital age, where it’s easy to connect with customers through ecommerce stores such as Amazon.
#4. Start A Small Business
We close with what’s arguably the hardest money making endeavour, and one that requires a great deal of intuition, market research and time-intensive labour.
If you do decide to follow this path, we’d recommend launching an online business, which will typically boast lower overheads and reduced operational costs.
You should also be sure to leverage a particular skill or passion, so long as this can fulfil a viable gap or need in the marketplace. If you can solve a consumer problem or provide a helpful innovation, your small business will be big time successful.
Welcome To Working From Home
You don't need to go back to the office or your work site any longer when you WFH. Keep these ideas and tips in mind to ensure success working from home!
