If it is not possible for you to increase your salary, what are your other options to earn more for debt payments?
You can always start a side business!
Of course, that is easier said than done. But if your back is against the wall and all your debts are draining your financial resources, you know that you need to step up your game. You have to start working harder in order to beat debt and keep it from ruining your life any further.
According to CNBC.com, some people have admitted that they will sell their organ if they can – just so they can have the money to pay off their debts. This was based on the survey done by My Bank Tracker. This is illegal, of course, but the 30% of the respondents are willing to go through this. The same survey revealed that 43% of the respondents are willing to sell up to half of their possessions and 38% will agree to participate in a health study even if it is quite questionable.
All of these will show you how desperate some people can be when it comes to getting rid of their credit obligations.
But you need to know that it does not have to be this way. You can earn more for debt payments without having to sell your organs. You just have to find the best side gig that can give you the finances to meet your credit obligations.
10 business ideas that can help increase your income to pay debt
The truth is, there are a lot of people holding multiple jobs now. In the website of the Bureau of Labor Statistics, BLS.gov, it is revealed that almost 7.3 million workers have multiple jobs. It is also revealed that more women tend to hold two or more jobs – with 3.7 million women as against 3.5 million men. More than half of these multiple job holders have one full-time and part-time job.
Obviously, a lot of workers feel like their full-time job cannot sustain their financial needs. If you find yourself in the same predicament wherein you need to earn more for debt payments, you have to think carefully about your options. There are many business ideas that you can opt for as a side gig. These will help you earn extra so you can meet your credit payments.
Here are 10 business ideas that you can consider.
Creating an online store is something that you can use to earn from. You do not have to own the products. You just have to set up the website, find a manufacturer and a shipper. You also have to make sure that your site is safe for the financial transactions that will take place. All you need to work on is promoting and coordinating the orders that will pour in from your site. This will help you earn money without having to build a brick and mortar store. Of course, there are other forms of reselling online but this is one of the easiest that you can get into.
Another thing that you can do, if it is part of your field, is to be a freelance accountant. There are a lot of fellow freelancers, small businesses and other online businesses that are looking for accounting services. There are those who do not like to get an accounting firm because freelance accountants usually offer lower rates. Like the first one, you can simply build up a simple website that will help advertise your skill.
Writers are always in demand. You do not have to be a writer by profession. You simply have to be passionate about writing to be able to enter this field. You can display your skill through a blog site by writing there. You can even use the blog to earn a bit of income through affiliate marketing.
This option to earn more for debt payments does not really involve an online connection. But it does involve a vehicle. You can sign up your car for hire during your free time. You can deliver packages in areas near you. This is something that can actually help you save money on your car loan – if you are still paying it off.
Hairdresser / Makeup Artist
This is a great side business for women. If you already know how to fix your hair or your face, then you can probably use that talent to earn more for debt payments. Not only that, you can even go online and do tutorials. That is a great way to showcase your talent and possibly get new clients.
A transcriptionist is someone who translates an audio material into text. In the medical industry, this involves the taped reports of doctors and other health professionals. You have to listen to them and turn them into written records. Of course, you have to be a licensed transcriptionist to do this and you have to be familiar with the terms in the medical industry. Add to that the right equipment and you should be ready to start this side business to earn more for debt payments.
If you are knowledgeable about a skill or academic field and you are licensed to teach, this is something that you can pursue. Be a private tutor during your free time. You can visit students in their home or you can ask them to go to yours so you can teach them in areas that need improvement in school. This can also be done online – if you have the right tools.
This is when you convert records into organized written files. There are many forms of this business. Some businesses will send you scanned copies of business cards and you need to organize them in a spreadsheet file. Or you can hold actual records and encode them into digital files. As long as you have a desktop or laptop, this is a business that you can pursue on the side.
Yet another business that can help you earn more for debt payments is doing research on the Internet. This is a career that is applicable across a lot of fields. You can assist people in the academic field, or even those wishing to put up a special website. All you need is a stable Internet connection, some patience and free time.
Finally, the last business that you can pursue to help you with your debt payments is to accept translation services. If you are proficient in another language, this is a side gig that you can use to support your finances.
Tips to get you started on a side business to help with debt
Of course, you will have a lot of questions about work from home jobs. There are a lot of things that you need to find out. Make sure you pursue them so you can really use these side gigs for your own financial benefit.
To help you, here are a couple of steps that will help you start your side business to help you earn more for debt payments.
- Know your schedule. Remember that you will be juggling two jobs at the same time – one of them is probably a full-time job. You need to exert some serious time management skills. Both of these jobs, regardless if the other is only part-time, will require varying demands on both your time and effort. Organization is the key.
- Find out about side business policies in your day job. Some employers are open to the idea of their employees having side gigs. Some, are not as lenient. Make sure you find out any do’s and dont’s before you take the next step.
- Finalize what you want to do. It is best that you choose what you want to do and what you are passionate about. This is something that will eat up your free time. Doing what you love will make it less of a burden. Of course, it should still be something that you can sell. Otherwise, you might just waste your time.
- Get your papers in order. Once you know the business that you will use to earn more for debt payments, you need to take care of the legalities in your business. Get licenses, registrations, and even insurances – anything that is appropriate for the business that you have chosen.
- Determine your boundaries. Once these are set in motion, you need to start putting boundaries. This will be very demanding so you need to make sure that everything is in its right place. Like we mentioned, being organized is important. Your finances should be in order and you need to know where you will use the income that will be earned from each job that you will do.
- Prepare your budget and resources. The next step is to prepare your finances and the tools that you will use to start and keep your business going. Most of the samples that we discussed in this article do not really need a capital, but there are tools that you still need to prepare.
- Be ready for the setbacks and sacrifices. Finally, you have to be ready for the possible setbacks and sacrifices that you have to make. Kimberly Palmer, the author of “The Economy of You” was interviewed and the published article on Forbes.com contained some of her thoughts about side businesses. When asked about the key essentials to succeed in a side-gig, she mentioned that one of them is resilience. Expect that there will be setbacks. You need to be ready, accepting and strong enough to overcome these.
These tips should help you set up the business that will allow you to earn more for debt payments. Getting out of debt is not the easiest thing to do. But if you have a plan in mind, you can go through the process one step at a time. Here is a video with 5 simple and clear steps that will help you pay off your debts.