7 Tips to Boost Your Income

5. Look for business opportunities to fund

Say you don’t have additional marketable skills, or you do but don’t have the time to take up something else. A good idea would be to fund somebody else’s business! Say somebody you know wants to start a small venture selling kids’ toys or wants to start a web based service but is short of funds. You can put in your money and enter into a partnership. In this way you don’t have to worry about the operational aspects of the business and can enjoy returns from the business. Of course, you will have to do the initial thinking on the viability of the business and the abilities of the person taking it up. But once you are sure that its a reasonable risk you can take, then its a good idea to go for it. If you can’t fund the entire venture, put in a part of it, you may get lesser returns but your risk will be reduced as well.

6. Use your existing assets to the maximum

Say you are lucky enough to own a house in a city crammed with people looking for an affordable place to stay. It would be a waste of a great opportunity if you did not capitalize on it. Throw out your inhibitions a little and take in one or two boarders if you can spare the space. The extra money will really help and who knows you may like the company as well! You can also give out your car for hire on weekends and put to use an idling asset and earn yourself some much needed dough!

7. Miscellaneous ways to earn money

There are a number of other ways to earn some money on the side. You can become a mystery shopper for instance, where you get paid to audit various shops and restaurants. The tricks is to be on the lookout for such opportunities and make use of them when you see something!