How to make a second income

Need a Second Income?

There are endless way to make a second income if you have the drive and determination to do so. All you need is an idea and the ability to follow through. Some ideas for second incomes require little in the way of resources, while others may depend on you being in possession of certain things already. Luckily, a high number of these secondary earners can be executed with little more than some business savvy, an internet connection and a few extra hours of work.

By nature, second income earning should be on a casual basis and should not interfere with your main job. However, many people who set out to earn a second income from a hobby do end up turning it into their full time job. Here are some ideas to consider if you've been wondering how to make a second income.

Rent a Room

If you have a spare room, garage, or out building that you're not using, you've already got a much sought after commodity. You could take in a lodger like a student, or someone who happens to need a room Monday to Friday. You might choose to let out your spare room to holiday guests for weekends, weeks at a time, or more. The other option is to let out your spare room as a place for someone to work during the day. Writers, craftsmen and desk based workers often look for a space away from their own home where they can work during office hours; this is undoubtedly the best type of renter.

Teach Someone

If you have a special skill, you know a second language, or even if you're a particularly sociable English speaker, you're in a position to teach others what you know. Whether your skill is in a craft like knitting, you have computer skills or you know an obscure type of dance, there will be a market for what you have to offer. Advertise at local community centres, on online listing sites, or in the local newspaper. If the classes are just for fun or as extra tutorial, you do not need to be accredited as a teacher.

Sell Things

Most of us have hoards of items in our home that we do not need anymore. We tell ourselves that the next weekend we have spare, we'll clear out the mess and take it to the charity shop or have a car boot sale. Get on with it now and either list your unwanted items on Ebay or book a spot at that boot sale. A constant second income can be earned through selling by looking out for job lot sales, then selling the items on individually for less than their usual retail price.

Market Research

Almost every company in the UK carries out some type of market research. In most cases, the research is carried out through online surveys for which you'll be paid a small fee. When looking for survey companies to deal with, be sure to check that they pay in cash as many will pay in the form of points which can later be converted to vouchers. Also consider product reviews as a way of earning a second income. Many websites will pay a few pounds for short reviews. If you were to review every new product you use, your second income could mount up quite nicely.

Whatever you choose to do as a way of earning a second income, make sure you have your legal head on. Check what you're allowed to earn and whether you need to inform the tax man of your earnings.

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