7 quick ways to increase your income

August 11, 2022 3:27 pm

Are you thinking of ways to make more money and want to know how to increase your income? It may seem like a dream for you to pay off your debts faster, save more and invest more. Many people think it’s difficult to accelerate the time it takes for them to accomplish their financial goals, but it doesn’t have to be. You just need to be ready to put in the extra work. Here are some ideas to increase your income quickly.

  1. Turn your hobby into a business

Hobbies can be a great way to earn money on the side. If you have a passion that you already spend some time on, why not make money from it? If you like photography, why not start taking pictures at friends’ events, putting together a small portfolio, and then starting to sell your services? Do you enjoy knitting scarves or crafting beautiful jewelry, organic soaps and candles, or perhaps hand-painted ceramic in your home? Why not show your creations to a local gift shop or use dedicated platforms like Etsy to sell them?

2. Rent out a room

If you have extra space in your house and you live in an area which is attractive for tourists or students, renting out a room can bring that little extra you need. If you manage to do this long term, it can quickly turn in to a reliable source of secondary income.

3. Teach something

If you feel you have a skill that others might be interested in learning about, there are ways to share what you know and get paid for it. You could look at local events, schools or organize an online class where you can share your knowledge.

4. Declutter your home and sell the stuff

Seasonal cleaning and decluttering can be a great way to free up space in your house, while making money at the same time. Gather up any clothes you haven’t worn in a long time, the toys your kids no longer need, and any items collecting dust and then see what prices they fetch! You can take them to local fares or sell them online in places like FB Marketplace or E-bay.

5. Start driving for a private transportation company

If you have a car and some time to spare, try driving for companies like Uber or Lyft. They pay can be higher if you are willing to dedicate your time to this during busy evenings and weekends, when the demand for such services is increased.

6. Share a ride to save fuel costs

If you have a long commute, sharing your ride could help you reduce fuel costs. Try finding a colleague with whom you can share a ride to work with or using carpooling apps for longer destinations.

7. Pallet flipping

Pallet flipping means buying a pallet of unused or returned goods from a liquidator and selling them on for a profit. There are many factors to consider when you are looking for a pallet to purchase. Here are a few things to consider:

  • Try picking a pallet with products that you’re familiar with or which you’ve done a lot of research on. Make sure you’re picking items you know a lot about because those are much easier for you to resell.
  • Understand that some products are seasonal. Consider what seasons people might purchase certain products and prepare for that.
  • Buy products that will sell well in your area. You know your local community best and the products that are successful there. If you plan to resell your items on eBay or another reselling site, then this won’t apply.
  • Look for products that are easy to ship. This will not only save you costs in the initial transportation from the supplier, but if you plan to ship the products you sell online further yourself, then find products that are easy to ship. These are smaller, lighter products, that won’t easily break.
  • Find adequate storage space. Consider you might need to store these products for a while until you find your buyers. If you arrange them properly, it will be easier for you to locate and sell the products quickly. Managing your inventory is critical, as you will be handling many products.
  • Set goals in terms of profit. Pallet flipping is not a passive income, you are actually working. Therefore you need to set goals to be truly successful. One example of goal is to double your money in the first month. The goals will help you not to block your cashflow and accumulate too much stock.
  • Choose your supplier well. Working with the right supplier can mean the difference from success to failure. A trustworthy supplier will provide you with a lot of resources to help you get started.

With proper research, planning, and organization, you can make money pallet flipping. ARLL is here to help you choose the right inventory and navigate your new business, so you can start making profit quickly. To learn more and receive a personalized offer, please contact our sales team.