In this day and age, everyone has a side gig which can prove to be a worthwhile source of income without too much effort put in. While many people decide to hone their skills in creative arts such as social media, Youtube or livestreaming on Twitch, others take more practical routes which can even be miles more profitable. In this piece, we’re gonna take a quick look at three businesses you can begin making more money from.
Gambling
The first option, which is gaining popularity in these recent times, is setting up a betting centre for sports and esports gambling. Betting is growing in popularity, mostly because of the huge winnings people can make over small sums of money or careful bet placement on relatively unknown leagues, making earnings large and frequent. Betting providers are actually at a risk here since a big win by a customer can result in a big loss if not failure of the whole business, meaning your odds need to be enticing enough for people to bet on both sets of teams, as well as good enough to attract the people who love risk the most.
Of course here one needs to make sure people don’t have access to an arbitrage betting calculator to make an easy win. Basically this means that people will make bets with multiple companies on all possible outcomes, when some conditions materialize themselves. These bets will then be sure to end up with a profit because of the nature of these arbitrage bets. Making sure your own odds will never be able to offer such a circumstance is of utmost importance, as having people betting on the losing side with your betting company can be regarded as a win in the end.
Property Rentals
Another such venture, which is criminally underrated is renting property. The capital needed to purchase a piece of land or an apartment is obviously quite large to begin with, but reaping the rewards can provide much more money than first invested, after the period to regain your initial sum back of course. As basic as this sounds, some work needs to be done in order to make sure that the investment will be a success. First of all, be sure that there is actual demand for the property in question, and also demand for the location in which you are willing to invest in. Finding a good combination for both demand for location and for the type of property you can purchase will not be an easy feat, but with patience and a good eye for opportunity, you will realize this is not such an impossible task.
Secondly, you will need to do a bit of research to see what other properties in the area are being rented out for, and whether your offering matches or even tops the competition. Pricing range can make or break your investment, meaning it is sometimes better to under price your offering than going level with the competition; first of all people will obviously prefer a deal, and secondly if your customers are not happy, they will still be aware that they paid less than the other ones.
Property Flipping
Another business which is not very hard to get into but once again yields a great share of profit is refurbishing property and selling. This practice involves locating a piece of property in a bad state or in need of some actual work to be done to make it actually worth purchasing. Refurbishing will no doubt entail quite a sizeable expenditure to get the property up and running again, but keeping in mind the bigger objective is arguably the best thing to do here as once it sells, you will surely make your money back and with some extra on the side.
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It is important to keep in mind how you will not necessarily sell the refurbished property right away as obviously property takes time to sell. Patience is once again key here, since finding buyers will not be as straightforward as one can think, so it is imperative to not give up on selling at the intended price. This intended price of sale is also one thing to keep in mind from even before purchasing your desired target location, so as to minimize fluctuations and keep the same price going until you secure a sale.
What do you do?
Having a small business on the side can be of immeasurable help especially when times are tough such as in the global pandemic we are now facing. The extra money coming in is sure to be a good relief in such trying times, and getting to fantasize how to spend it after the crisis is over will be more than enough to make earning it worth it. Is there something you yourself do on the side to earn a little extra? Something creative? Something dodgy? Why not let us know in the comments below or on social media (unless you really are into something dodgy, then keep that hush).
