Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Unsplash With the cost of living rising at an alarming pace, many households may be considering how to make some extra cash.
This doesn’t necessarily mean getting a second job. In fact – so long as you have a broadband connection – there are numerous ways to make money online without leaving the comfort of your home. We’ve rounded up some top examples. 1. Have your say
There are websites that will pay you for your opinion on anything from the latest hit TV show to shampoo or dog food. To get started, sign up to survey sites such as i-Say (previously Ipsos), Swagbucks, YouGov and Opinion Outpost. Once you’re a member, they’ll send you details of surveys you’re eligible for and how much they pay.
Focus groups are more in depth and usually mean attending a session in person. They can pay well though – up to £100 for an hour or two. Takepartinresearch.co.uk or Paidfocusgroups.co.uk are good places to start. 2. Get into dropshipping
Selling items on eBay and Facebook is so last year – now it’s all about dropshipping, which is a ‘fulfilment method’ used by retail businesses. Dropshippers buy goods from a third party and then have these goods shipped directly to customers. Crucially, you don’t need to buy, or physically hold, any stock.
To make money you need to identify a product you think will sell in the UK. Chinese mega-website AliExpress is a good place to look for something suitable.
Next, you need to set up a shop on Shopify or account on eBay and find buyers – perhaps using ads on Facebook or Instagram. You advertise the product at a higher price than you’re buying it for – this mark-up will be your profit.
When someone buys the product, you buy it from your supplier (i.e. AliExpress) and have it shipped directly to the buyer. 3. Pocket some ‘passive income’
Passive income refers to income that doesn’t need a significant commitment of time or money on an ongoing basis.
Investing in the stock market, for example, can generate passive income – but you’ll need a long-term investment strategy to see gains. And, of course, you may get out less than you put in.
There’s a lot of hype around cryptocurrencies such as Bitcoin and Ethereum but you should think twice before jumping onto the crypto bandwagon.
These virtual currencies are notoriously volatile as well as being the subject of various scams – check out Trust No one: The Hunt For The Crypto King on Netflix for a story about how it can all go horribly wrong.
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Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. 4. Become a virtual tutor
This side hustle is best suited to brainy university students happy to tutor schoolchildren approaching the 11-plus, school entrance exams, GCSEs or A-levels.
The pandemic meant that pupils became accustomed to remote learning so there’s no longer an expectation that you will travel to tutor your pupils in person.
The better your GCSE and A-level grades in maths, English and science subjects the better – you can earn up to £20 an hour helping kids to improve their grades.
You can find clients using sites such as Superprof or MyTutor or by word of mouth recommendation. 5. ‘Flip’ domain names
Most domain names sell for a few quid – but there are some which change hands for millions of pounds. Domain flipping is when you buy a domain name as cheaply as possible then sell it for more than you originally paid for it.If you could go back in time, you should have bought the domain name Cars.com – according to GoDaddy, it’s now valued at $872m (£707m). Sex.com is worth about $13m (£10.5m) and shoes.com $9m (£7m).The key to making cash this way is to identify a domain name that might become mega-desirable in the future and buy it while it’s still cheap. 6. Sell your old tech Most of us like to upgrade our smartphones and other devices whenever a shiny new one comes out. This means that, across the UK, there are countless drawers and cupboards containing old smartphones, cameras, and games consoles.According to MPB.com, which specialises in selling photography gear, half of UK adults have six or more devices sitting around. These could be worth an average of £1,332 if traded in.If you’re upgrading […]
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