How to Create a Secondary Revenue Stream from Home
February 23, 2021 (Investorideas.com Newswire) Between September and November last year, the unemployment rate in the UK peaked at a worrying 5.0%. This represented an increase of 0.6% from the previous three months, meaning that 1.72 million were unemployed nationwide.
There's also fears that unemployment could soar further when the furlough scheme eventually ends in the UK, as businesses that have been stricken by Covid-19 may lack the resources to continually remunerate their staff members.
For those who remain in work but have seen your income reduced, now may be the ideal time to create a secondary stream of revenue in the UK. Here are some tips to help you on your way:
While blogging may not be quite as lucrative as it once was (thanks largely to Google's algorithm update policy and the search engine's drive to devalue poor quality links and content), it still offers a viable long-term revenue stream to owners.
Once you've established a popular blog site, for example, you can begin to tap into a host of innovative revenue streams, including sponsorship and ad partnerships and the sale of paid guest posts to contributors.
The key is to establish your blog in a clearly defined niche in which you have expertise, so that you can become an authoritative and informative voice that's widely trusted by readers.
Travel blogs offer a particularly lucrative example, particularly from the perspective of sponsorship revenue and paid advertisements.
2. Financial Market Trading
The financial market also offers a viable revenue stream in the UK, particularly as many of the traditional barriers to entry that once surrounded the marketplace have now been eradicated.
Forex trading offers a particularly viable secondary income stream, as this enables you to trade currency pairs as derivatives and therefore speculate on price movements while profiting even in a depreciating market.
You can also invest in this market with minimal capital holdings, so you don't need huge amounts of cash to begin trading currencies.
Stock market trading also enables you to invest directly in businesses, potentially providing a more secure store of wealth that can be sustained over an extended period of time.
3. Social Media Advertising and Blogging
Social media offers immense money making potential in 2021, despite its freemium business model and inherently global nature.
If you have an intense passion in a particular niche (such as food or travel), for example, you can leverage a social media platform to publish high quality blog content and reviews.
As your social channels gain traction over time, you can also begin to enter into lucrative sponsorship agreements with brands that are affiliated to your niche.
Just remember, it's important to target the most relevant social sites when building your portfolio, including staple channels such as Facebook and Twitter with alternatives such as Instagram, Pinterest and Tumblr.
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