"In times of recession, apart from cutting on costs, think of new revenue stream". This is a tag line I read somewhere, sometime back. Typically most us are employed and the source of income is the monthly salary. Earlier, a job was considered to be the safest avenue of regular income. But with economy being volatile and job cuts being the routine, the scene has changed dramatically. Hence to take care of such volatility, its always good to have alternate revenue streams. I have bucketed the streams into 4 chunks. These series of posts is dedicated to finding such alternate revenue stream. In this post, we will look upon the 4 avenues and then explore the products, platforms, services in each of these avenues in the subsequent posts. So fasten your belts and get going with the journey.
1. Crowd Sourcing
Crowd sourcing has been making the buzz since quite sometime now. In nutshell, crowd sourcing is all about throwing open certain challenges to public and have a prize associated with it. The challenges could be from organization or from individuals. Wikipedia defines it as “the act of sourcing tasks traditionally performed by specific individuals to a group of people or community (crowd) through an open call”. Crowdsourcing opens new doors to grab the prize money by putting your brains to work. I will talk about a few platforms falling in this segment in the subsequent posts.
2. Grab the Deals
The idea here is to save money by making the most of now i.e. by grabbing the deals from the various daily deal sites. I am sure most of you are already of the hundreds of sites available. I had a written an article reviewing a few of the sites sometime back. The article is here
3. Become Affiliates
Its all about sharing these days, people share status, their photos, bookmarks and blah..blah..blah. How about making some money by sharing? There are many sites online that pay you commission for the sales generated because of you. This is the phenomenon in case if daily deal sites. The sites want you share the deal which you liked or bought to your friends. If they make a purchase on the site, you get some referral bonus. I am composing the list of such sites and will make it available on SidsAvenue in upcoming posts.
4. Support Innovation
People around us are pretty innovative and they have come up with innovative ideas that can be used to make a few bucks during the lazy weekend afternoon. Take surveys, write product reviews, get engaged with brands and hell lot of other things. Support this innovation and you could end up making a few more bucks for yourself.
In the next post, I will talk about one such platform that lets you earn for getting engaged with brands. So keep looking at this space…