How to make money in your spare time
In part one of ‘How to make money in your spare time’, anything from sorting your savings account to renting out a room was recommended. Since then we have come across some more interesting ways to fatten your wallet.
Hennie Pretorius researches ways in which you can earn extra cash without taking-up too much of your time. He found that some of these ideas even have the potential to develop into a lucrative full-time business.
1. Start a travel business:
FlightSiteAgent (FSA) is a registered online travel provider, which launched in March 2013. It gives independent agents access to competitive fares to sell to customers under their own brand.
If you are a stay-at-home mom or a pensioner with spare time on your hands this is something you could easily manage. It also has potential to develop into a full-time business for those looking for something more permanent.
It makes use of an online platform, reducing initial start-up costs significantly. FSA provides training and support. There are some bare essentials you will need. These include:
• A suitable space to work from
• An active bank account
• Access to the internet
• Access to a landline
• An active email address
2. Turn hobbies into money:
With the advancement of technology, taking a great photograph has become a lot easier. But what do you do with it once you have realised it has the quality of a professional photograph and the potential to be sold – upload it.
There are a number of online platforms offering to sell your photograph for you. Photo Frog gives you various options including uploading event photography such as a sporting event and letting them handle the admin side of things, giving you more time to take photographs.
3. House sitting:
Having someone you trust to keep an eye on your house allows for piece-of-mind in knowing that if anything unforeseen happens, such as a break-in, someone can deal with it until you return.
Trustworthy house sitters are very sought after, and if you do the job properly you could earn a living from it. Most pet owners I know would rather have a house sitter feeding their pets and giving them individual attention than sending them to a kennel.
Word of mouth is imperative when trying to earn extra cash by house sitting. Start by house-sitting a friend or family member’s home who trusts you. You can then use them as a reference.
Spin off roles from professional house sitting jobs could include babysitting and dog walking, which again could help to boost your income. When it comes to babysitting and dog handling you may want to do some courses to ensure you have the right skills to handle any emergency.
4. Offer extra lessons:
The pressure on learners at school to excel is immense. Often parents are employed full time and are unable to provide the extra attention demanded by their children.
Parents are very protective over their children and won’t allow just anyone to tutor them. You need to be screened first.
Hire Education offers screening as well as training and tutor management. Before you market yourself as a tutor, make sure you have the necessary training and recognised support by those qualified to do so.
5. Sell an eBook:
Your story might not be as popular as Harry Potter or Lord of the Rings, but you can still earn some cash off of it.
There are numerous online eBook publishers but you have to do your research in order to ensure you are getting the best deal possible with the most exposure from whomever you decide to use.
Feiyr.com is just one of the many online publishers. Advice and tips on how to create your eBook is available on their site. They take 20% commission and market your eBook with reputable online eBook portals such as iTunes and Amazon Kindle.
6. Get paid for completing online surveys:
People are willing to pay a lot of money for information.
Answered is an online platform offering R20 for every survey completed. You earn 10 points for every survey and once you have 50 points you can redeem your money.
You don’t have to have the money paid out to you. You can donate it to a charity of your choice or even cash in your points for vouchers or various pamper products.
7. Become a writer for Bubblews:
Most people post statements and copy on various social networks as part of their daily routine. Bubblews is a social network where you will be paid for what you post.
The social platform allows you to post news, opinions, thoughts and experiences you believe to be of interest. There are strict policies you need to adhere to such as posting content only you have created and no obscene or defamatory copy is allowed.
You are paid according to the amount of likes, comments and views. Bubblews uses payment engine Paypal to pay and once you have $50 (R535) in your account you can redeem your earnings. The downside to this is you could wait up to 30 days before receiving your money.
8. Trade in shares:
Investing money, in any shape or form, has risks attached to it. If you have always wanted to trade shares but can’t afford them it’s possible now to buy fractions of shares through new online platform EasyEquities.
They are also running a competition until 22 August, where you can win a weekly cash prize of R5,000. The overall winner of its investment challenge gets R25,000.
But if you don’t win in the competition, you get money for nothing too. The initial entry fee is R250 which is deposited into your EasyEquities account. The R250 will be refunded to you at the end of the challenge. Your EasyEquities account will then be credited with R250, which you can withdraw after 12 months. You can choose to leave the money in your account or reinvest it by buying shares.
Easy payment options for your customers:
In some instances, making money in your spare time will require you to provide a trusted and reliable means for your customer to pay you.
Financial services brand iKokha offers a mobile device suitable for credit and debit card payments.
The iKokha Edge Adaptor transforms a smart phone into a secure mobile payment device. The device costs R989 with a flat rate of 2.75% per transaction.
Tax, legal and other concerns:
Whenever money is involved the tax man is lurking. Managing director of Capstan Financial Services, Nola Rae gives some advice on tax matters when making money in your spare time:
“Any extra cash has to be declared on your annual tax return as it will form part of your total taxable income.
“You can however, reduce this extra tax if there are expenses that you can claim against,” says Rae.
There are also legal implications when trying to earn extra money in addition to full time employment:
“Based on your employment contract you may have to declare this to your current employer,” advises Rae.
Remember too, that there are a lot of scammers out there posing as legitimate financial experts or purporting to offer a ‘safe’ or ‘sure’ way for you to make money on the side.
Many people have been burned, just recently customers that signed into the “Buy a new car for R699” lost money and the inability to meet their car finance premiums when a promotional company linked to Satinsky, the firm offering the deal, stopped paying them for advertising the scheme.
It’s important to do as much research about a money making scheme as possible to ensure that what it offers is right for you. If you are uncertain about a scheme consult your financial advisor or call the Financial Services Board (FSB) on their fraud and ethics hotline: 0800 313 626. To read more about how to avoid becoming a victim of a scam, click here.
• Moneybags in no way endorses any of the above schemes/products that we have suggested. If you want to share any experiences (good or bad) about any of the above companies, send us an email.