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4 Ways to Generate Side Income

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Do you want to earn extra money?

There are several things that motivate a person to seek side income. For example you are worried about the current economic situation and feel your amount of savings needs to be increased. You might also want to settle some debts.

Whatever the reason, the addition of a few hundred dollars a month can have a huge impact on a person's financial status. Being able to generate thousands of dollars a month is even better.

Starting your own business is not easy, and it requires large capital and it comes with high risk. The safer way to earn extra money is doing a side job.

 

1. Freelance 

Freelance work is more or less the same as part-time work. The difference is that you are not tied to working hours. Work according to the flexibility of your own time, as long as the work is done by the set deadline.

There are freelance jobs that require certain skills and there are also those that are routine in nature such as data management and virtual assistants. For those with specific skills such as social media management, writing, design and video making, you can offer these skills.

Ways to Generate Side Income - Great Eastern Takaful

Where to find freelance work?

There are several well-known freelance portals such as Fiverr, Upwork and Freelancer.com. There are also portals that focus on jobs in Malaysia only such as Rtist and The Kedua.

Additionally you can also search on more well-known job portals like LinkedIn, Indeed and Jobstreet. Lastly, you can also just do a freelance job search on Google or social media.

Easy tips to get a freelance job. 

Competition for freelance work is as high as regular employment. Therefore, to increase your chances of getting a freelance job is to prepare a portfolio. A portfolio is a collection of your previous work experience. If you are applying for freelance work as a writer, prepare a portfolio of all the writing you have ever produced.

 

2. Create a Dropship or Affiliate

Start a business without having to keep stock or having capital. Through dropship or affiliate programs, you only need to promote the product by using special links. If a purchase is made using the special link, you will be given a commission.

Dropship or Affiliate - Great Eastern Takaful

There are several platforms that bring together various product brands in one system such as Involve Asia. There are over 100 brands from various categories such as electronic appliances, beauty products, books and financial products under Involve Asia.

Apart from that, e-commerce platforms like Shoppee and Lazada also provide their own affiliate programs. For those who always shop here, you can try to generate income by promoting products that you like.

You can also search or ask directly to the business owner whether they provide any affiliate or dropship programs.

Some affiliate programs also help you with marketing techniques and materials. So posters or ad copies will be provided.

In terms of commission, it depends on the product. Commissions start as low as 2% and can reach up to 30% of the selling price of one product.

 

3. Sell Digital Content

The advantage of selling digital content is that you don’t need capital money to produce it. If you are someone who loves to take pictures or has an interesting collection of pictures, you can try to sell these pictures on photography sites like Shutterstock, 123RF or Alamy.

Digital Content - Great Eastern Takaful

You can also sell specific document templates based on existing knowledge and skills such as home rental agreement templates, effective workout schedules or job resumes.

Among other digital products that are often sold are ebooks and online classes. It only takes knowledge and experience to produce it. For example some people sell chicken farming classes online based on their experience as a chicken farmer.

 

4. Gig Economy 

Gig economics refers to jobs that are not tied to a contract like permanent jobs. The majority of gig jobs are in the form of on-demand jobs.

Among the well-known gig jobs are food delivery services in apps like Grab and Foodpanda, delivery of goods such as GrabExpress and Lalamove as well as e-hailing services.

Gig Economy - Great Eastern Takaful

In addition there are also gig jobs for general work such as cleaning services and house movers. Among the platforms that provide gig jobs like this is GoGet.

You can work part time according to your availability of time. But there are also those who make gig jobs their full-time job.

Where should you start?

Start with the skills and knowledge you already have. If you have sellable skills, you can start by creating a portfolio and then find freelance work. If you have specific knowledge to share, you can start by selling digital content. For dropship or affiliate, start by promoting products that are often used and have a high demand first.

If you have a deep interest in finance, and want to help others with your lively insights, you can consider a career as a takaful consultant with Great Eastern Takaful. You can click here to register.

 

References: 

  • 31 Side Income Ideas You Can Start in Malaysia https://www.hustlr.com/side-income-malaysia/
  • 8 Side Jobs for Malaysian to Earn Extra Money During CMCO https://www.comparehero.my/career/articles/8-side-jobs-for-malaysians-to-earn-extra-money-during-cmco#7_Freelancer
  • 10 Ways For Students To Earn Extra Cash in Malaysia https://www.lokapost.com/earn-extra-cash-malaysia/
  • 7 Ways to Make Extra Income Even with a Full-Time Job https://www.entrepreneur.com/slideshow/299326
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