By Miriam Caldwell, About.com Guide
If you want to get out of debt or simply improve your quality of life, you may be looking for ways to increase your income. You may be looking for a way to supplement you income for a short term or for an option that may eventually grow enough to allow you to quit your job and focus solely on a new business or freelancing. As you consider the different options for creating additional income you should consider the amount of time you are willing to commit, the risks you are willing to take and the skills that will allow you to make more money. These ideas may also help you if can’t afford to work outside of the home due to childcare costs.
One option to consider is finding a job that will allow you to telecommute from home. This may be a part-time job that you do in the evenings or a new job that will replace your old one. Additionally telecommuting can save you money, and you may find additional money in your budget by telecommuting two or three days a week at your current job. It can also add more flexibility to your day.
Another option to finding additional income is to work as a freelancer. There are many type of freelance jobs. You can work in graphic design, in video production, as a consultant or as a writer. Look at the skills that you currently have and then consider how you can offer those skills as a service to small businesses or families. Then begin marketing yourself and making contacts. Overtime you may be able to build enough contacts to make this a full time option for you.
You may also consider opening your own business in order to find additional income. If you are looking at this as a part-time venture you will want a business that has a lower initial start up cost. You may start an Etsy store or work as a party consultant. Eventually you may be ready to branch out and start a business full time. It is important to carefully weigh the costs of starting your won business against the profits that you will make. You need to be profitable or it is not worth the work.
Finally you may want to take on a second job for a short-term income solution. This means working long hours, and spending less time relaxing. You will need to inform your employer so that you do not put your first job at risk. You should also look for the job, which will make you the most money for the time that you put in. This means that you will be able to quit your job much sooner.