There are far more ways you can make £1,000 a month than just ten. To be honest, there are probably a million! People often lacking imagination and the courage to act rather than ways to make money. And I am no different! Before becoming a financial independence and money blogger, I would have never dreamed that making extra money could be so simple. Below you can find a list of ten ways you can make £1,000 that help you get started with side hustling.
To ensure Monethalia remains free of charge, this post contains affiliate links.
10 ways you can make £1,000
With blogging, you can easily make £1,000 a month or more. In fact, many bloggers make a full-time income off their blog, often with part-time work input. That being said, blogging is no miraculous get-rich-quick scheme.
When you start blogging, it will take a while until your blog becomes established and you start making money. How fast this goes depends on your time commitment, your niche, your content, your marketing strategy, and other factors. As there is a lot to factor in, individual results are hard to predict but you should start making money after a year the very least. With Monethalia, I was able to make enough money to cover the hosting costs after five months.
As with everything, there is a risk that your blog may fail to take off. However, unlike most businesses, with blogging, there is not actually much you can lose as blogging costs are low. Plus, you can always start over for free if you have already paid for your hosting.
To set-up your own blog, you can follow my step-by-step tutorial that will get your blog ready in less than 15 minutes. To find out how to establish multiple income streams for your blog, read this article.
2. Matched betting
Matched betting is a great way to make money from home and my second favourite side hustle (after blogging). With matched betting, you have the advantage that you can start making money from day one. You do not need to wait for anything to become established and the amount you make is totally under your control. Although in the beginning, I recommend to take it slow, in theory, nothing would stop you to make £1,000 on your first day (assuming you have sufficient bankroll to start with).
I made £245 in my first month of matched betting but I only started with £10 and managed my bets alongside my full-time job. If you are interested in starting matched betting, read my beginner-friendly guide or sign-up to OddsMonkey (review here).
The disadvantage of matched betting is that it is not as secure as other side hustles. You are being dependent on bookmaker offers and losing your accounts would mean losing your income. Therefore, I recommend not becoming too reliant on matched betting and exploring other side hustles as well.
3. Affiliate marketing
Affiliate marketing means you recommend services and products you find useful to other people and receive a commission when they make a purchase. It is easy to combine with blogging as you can place affiliate links onto your blog. You may find my detailed guide on how to get started with affiliate marketing useful.
The income you can earn with affiliate marketing is practically unlimited and is largely passive. However, on the downside, it may take quite a long time until you make your first sale.
Click here to find out how to get started with affiliate marketing.
4. Being a Virtual assistant
A virtual assistant is someone who supports companies, entrepreneurs or brands from a remote location, usually their home (or a sunny beach). This support can involve managing social media accounts, responding to emails, graphic design or following-up with clients.
Being a virtual assistant has several advantages. You can work from home and at your own schedule, making it ideal for stay-at-home mothers or students. On the other hand, it has the disadvantage that it is a slow-starting business and it may take a while until you become established and earn a decent amount.
In the UK, virtual assistants average an hourly wage of £11. This would equate to a monthly salary of £1,815 if you plan on working full time. In the US, the average salary per hour is $16, resulting in a monthly salary of $2,640 if you work full time.
However, there is considerable variation in regards to salaries with some making up to $100 per hour. As with most jobs, your salary depends on your experience and your skills. In the beginning, you can expect to earn less than average and you may have to put in more hours than more experienced virtual assistants.
5. Setting-up a business
Setting-up your own business may seem like a daunting task with huge risks attached to it. But that is not true for all businesses. You can start simple, for example by creating a proofreading business. Here is a good guide to get started that highlights how feasible it is to set up a business.
The advantage of setting-up a business is that you can choose whatever area you like. How about opening a coffee shop? This would be riskier than a simple proofreading business as you would have not negligible initial costs but may well be worth it if you want to be your own boss.
As mentioned above, to set-up a business you need to have savings to cover the initial costs and to keep you going until the profit comes in. You may also need a considerable amount of time to focus on business development. On the bright side, the risks do not come without rewards. If your business takes off, there is practically unlimited earning potential. Or you could sell your business for profit and start another!
6. Creating a product
Creating a product you can sell is a great way to make £1,000 a month or more. These products can include printables such as budget planners or courses. You can even amplify your income by establishing your own affiliate program.
By selling your product, you can generate a passive income that does not require much input from yourself, except for occasional updates. However, there is a substantial upfront effort with the development of the product. For example, if you develop a course, the initial research and setting-up can take a few months during which you will earn nothing. There is also the risk of your product flopping, leaving you at a loss.
Once you have created your product, you still have to promote it. This is where it all comes together as you can host your products on your blog, use an affiliate system to increase sales or hire a virtual assistant to do your promotion.
Offering coaching or consulting services means that you meet your clients via telephone or skype and offer solutions to their problems. This obviously will not work unless you know your field quite well.
However, this does not mean you have to spend years at university to become qualified. If you are already successful at something, chances are you can teach others how you got where you are. For example, if you are an established blogger, you can help others with their blogs.
Coaching/consulting has many similarities with creating your own product. You will need a website to promote your services and undertake promotions to reel people in. However, it differs in the fact that you do not have to invest a huge upfront effort if you are already knowledgeable in the field, but instead, it is a much more active form of income.
Let me be honest, making £1,000 a month from investing money is not easy. You will either need a lot of luck or a sufficient starting amount (£300,000 based on the 4% rule). Relying on luck is generally not a good idea as you are likely to end up broke, so I strongly advise against this.
For most of us, the easiest way to make £1,000 a month from investing money is by saving up £300,000. This may seem like a crazy amount but I am actually on the path to save up more than that within the next ten years. Let me also tell you that I am doing this completely doing this on my own with an ordinary salary. Saving up this amount of money is possible by living below your means and investing in an index tracker.
Reselling is a lucrative and often underestimated way to make a regular income. The core principle is simple: you buy something cheap and sell it for a higher price. This can be applied to a wide range of fields. Some people like to visit car-boot sales and sell their haul on eBay. Other options are reselling domain titles, blogs, houses, books, etc.
Reselling is very beginner friendly in that it does not require any experience and anyone can get started easily by selling unwanted items they already possess. After that, you will need some starting capital to make your initial purchases. Some items will sell better than others but with increasing experience, your profit should also increase.
Popular ways to resell items are via eBay, Facebook marketplace or Amazon. Fulfillment by Amazon (FBA) makes reselling really easy and you can find more information in this post.
10. Teaching English
Teaching English is such a rewarding way to earn £1,000 a month. Knowing English opens up the whole world and you will be the one helping others to get to this stage. The best is that you do not need to go to university or pay for long-winded programs.
You can become an English teacher simply by obtaining a Teaching English as a Foreign Language (TEFL) certificate. The course is very easy to understand and you can usually learn from home. After becoming certified, you can teach English online to foreign students or travel around the world to teach in classrooms.
You can get your TEFL certificate, alongside further information and support, here.
10 WAYS YOU CAN MAKE £1,000 summary
Making an extra £1,000 a month is not as difficult as you may think. The main challenge lies in finding the courage to get started and leaving your comfort zone. There are many ways you can make £1,000 a month but you may want to start by exploring the following:
- Matched betting
- Affiliate marketing
- Being a Virtual assistant
- Setting-up a business
- Creating a product
- Teaching English
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