The Millennials may be the first generation in modern history that lives worse than their parents, financially speaking. Only 60% of them may be considered the middle class and that number is dwindling. There are several reasons for this, but the two most important ones are stagnant wages and rising living expenses. While the median wage has risen just 0.3% per year between 2007 and 2017, the living expenses have outpaced both inflation and median household income. The phenomenon is not exclusive to the United States, it is spread across all the largest economies in the developed world. It is no wonder then that many Millennials are looking for ways to supplement their income by either participating in the gig economy or trying to start their own business on the side. If you also are looking for some extra income, here are some ideas that are both profitable and interesting.
Social Media Consultant
It is often said that the Millennials are digital natives, the first generation that has been born and molded by the Internet. The rest of us simply adopted it. Batman quotes aside, social media is a natural habitat for the Millennials and you might as well take advantage of that. Even today, many companies are unsure what social media can do for them and there are plenty of places that could use a skilled social media manager or a consultant. There are over 3 billion people on social media platforms today and if you can help a company reach at least a fraction of that number, it could very well translate to a massive boost to their sales and a nice paycheck for you.
Affiliate Marketing
Affiliate marketing isn’t a new thing on the Internet, it has been around for more than a decade. However, in the last few years, it has exploded, as more and more companies are realizing what a great business model affiliate marketing is. There are several ways of making money as an affiliate marketer, but the essence is the same. You profit by redirecting your users from your site to your partner’s one. It is usually a sales pages, but, for example, you can become a highly successful casino affiliate by simply pointing them to the subscription page. The first and hardest step is creating content that will attract users and establish a bond with them that will make them trust your recommendations.
Remote Tech Support
While it is true that most tech support jobs have gone overseas, there are plenty of smaller companies that can afford neither in-house tech support nor hiring an international conglomerate to do it for them. There is a space on the market for small tech support companies that cater to other small businesses. Apart from specific knowledge about their product, which can be learned quickly, the job entails what you have been doing for your parents and elderly relatives all your life. Remember the first rule of tech support, try turning it off and on again and you will be just fine.
Dropshipping
Dropshipping is a method of sales that allows you to own a successful e-commerce site without the actual need for massive storage or even handling the product itself. By linking directly with the wholesalers and acting as a middleman, it is possible to carve a nice profit margin for yourself. Dropshipping shines when it deals with niche markets. Your service to your customers can save them a lot of time. Instead of browsing thousands of products spread across several sites, they can see them on your page and order directly. The vendor will ship them to their home address and you will pocket a handsome commission.
Hopefully, some of these suggestions will help you make some extra cash we all so desperately need in these days. We would suggest that, at least for starters, you keep your fledgling business as a side gig, at least until you are sure you can manage without your day job. Being an entrepreneur isn’t easy and not everyone has what it takes to make it, especially faced with the fierce competition you are bound to encounter. Once you have some experience and you can judge for yourself the chances of success, you can dive in and become a full-time business owner.
