With the cost of living rising, it’s no secret that many in the UK are struggling to make ends meet. Energy price rises, hikes in food costs and higher interest rates have created an economic situation that could result in inflation reaching 10% by the end of the year.
Unprecedented oil demand from Asia and the Russia Ukraine conflict are two of the major factors that have led to the energy price hike. And with food shortages predicted, this could see even further increases added to household bills.
With little in the way of reprieve, you might be wondering how to create a bit of extra cash to ensure the cost of living crisis doesn’t take a massive toll on your finances. We’ll explore some of the options available if you’re wanting to start a small business on the side.
Create a blog or podcast
If you have an interest or particular knowledge in a subject, this is a great way to make a bit of extra cash doing what you love. You can make money through selling your products, through advertising or sponsorship. Once you build up your profile, you could even write guest posts or feature on other podcasts, increasing your revenue and reputation.
It’s fairly easy to begin a blog or podcast with many online platforms available, often without the need to pay a fee.
Research and invest in CFDs
CFD trading allows investors to trade without owning an asset, through the difference between the entry and exit price. Traders place bets on whether an asset will increase or decrease in price. This can be a good way to make extra cash on the side, providing you do the research and assess the risks involved.
Tutoring
If you have a skill or specialist knowledge, online tutoring on evenings or weekends can be a lucrative side business. If you can speak another language, for example, this can be a great way to earn some money, offering private or group lessons via an online platform.
Alternatively, offer in-person tutoring in your local area, advertising your services in local publications and on social media.
Start a Youtube channel
Perhaps you have a particular interest, hobby or skill that could be utilised as part of a video series on a YouTube channel? It’s becoming easier than ever to create quality videos and setting up a channel is pretty simple. Advertise via your social media and word of mouth and make money doing what you love!
Freelance work
Maybe you’re a skilled writer, graphic designer or photographer. Why not put these skills to good use and set up a freelance profile? Advertise your services online and get paid per job or order, fitting the work in around your schedule.