The Best Ways to Make Money When Working From Home

In 2019, the gig economy in the UK had reached 4.7 million people, more than doubling in size over the course of the previous three years.

Interestingly, some 48% of UK gig economy workers also hold a full-time job, as people look to combat stagnant wage growth and rising inflation by increasing the number of income streams available to them.

The question that remains, of course, is what are the best ways to make money when working from home? Here are some ideas to keep in mind:

#1. Freelancing

We’ll start with freelancing, with the gig economy highlighting the rising demand for freelancers across a broad range of industries and job roles.

There’s no doubt that businesses have looked to create increasingly agile and cost-effective workforces in recent times, in a bid to reduce cumulative wage bills and employ creatives on the basis of each individual project.

To this end, creative job roles are particularly synonymous with freelancing, such as copywriting, graphic design and software development.

Similarly, companies typically hire contractors to work on technical business elements such as SEO, with people working in these job roles able to command upwards of £20 per hour on average.

#2. Trading and Investing

If you’re in the market for a truly passive stream of income, trading derivative assets such as forex represents an excellent starting point.

Fortunately, the rise of online trading platforms has made it easier than ever for part-time and retail traders to access a range of financial markets, while also providing a one-stop-shop for analytical tools, technical indicators and real-time insights.

Of course, derivative assets like forex are both speculative and highly leveraged, meaning that it’s possible to lose considerably more than your initial deposit amount. This level of risk may deter some, who can seek solace in more tangible investment options such as corporeal stocks and fixed-income bonds.

For example, shares such as Tesla and Amazon have continued to appreciate in value over time, making them viable buy-and-hold investments that provide a secure store of wealth for investors.

#3. Sell Items or Consider Dropshipping

A classic way of making money online is to cash in on the ecommerce boom in the UK, by selling unwanted items directly through sites such as Amazon and eBay.

However, it’s now also possible to profit in the ecommerce space through the so-called practice of “dropshipping”, which involves buying in-demand goods from a supplier at wholesale prices before shipping these directly to customers and selling them at a listed retail value.

In this instance, you make an incremental profit per sale on the difference between each price point, while avoiding the need to stockpile or hold stock for an extended period of time.

Both of these options are more than viable in the digital age, depending on the amount of time that you have and your knowledge of ecommerce.

Author: Editorial Team

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