There’s no doubt that the coronavirus has changed the way in which businesses and their employees operate in 2023, with remote and agile hybrid working models becoming increasingly popular.
In fact, a growing number of firms are committing to hybrid working models in the wake of Covid-19, while an estimated three-out-of-five employees (61.5%) would prefer this way of working going forward.
But why is working from home a good option, and how can you evolve this mindset to generate further income streams from your own home?
Why is Working From Home Such a Viable Option?
There are multiple benefits of working from home (on either a part or full-time basis), both from the perspective of employers and employees themselves.
From the perspective of employees, remote and hybrid working allows for a superior work-life balance, while it minimises your daily and weekly commute times and subsequent expenses.
It also makes it easier and more affordable to raise children at home, creating far greater flexibility and enabling you to make the most of your time.
From the perspective of employers, a reduction in commuting times may also translate into improved productivity levels, which can make businesses more profitable over time.
How Can You Successfully Make Money From Home?
Of course, remote or hybrid working may also open up opportunities to generate a secondary income stream from home. This will depend on the nature of your main job role and precise circumstances, of course, but here are some options that you may want to consider:
- #1. Become a Freelance: The recent growth of the gig economy has been fuelled by a rise in the number of full-time workers seeking a secondary income, with this demographic now accounting for 48% of the digital economy. This creates an opportunity to sell marketable skills as a freelancer and take on additional remote jobs, without necessarily impacting on your primary stream of income.
- #2. Trade the Financial Markets: When working from home, you can create your own office and desk configuration and begin to explore more passive methods of earning money. For example, you could begin to explore the financial markets through a desktop trading platform, before building a diversified portfolio that includes currencies, stocks and bonds over time. You can also tailor your trades to suit your risk appetite and profit expectations, while using so-called “demo accounts” to hone your skills in a simulated marketplace.
- #3. Sell Products and Engage in Dropshipping: While selling either second-hand or bespoke items through ecommerce marketplace like Amazon and eBay is tried-and-tested, dropshipping may offer access to superior profits over time. This leverages the same marketplaces to buy in-demand items at wholesale prices, before selling these on at their retail value to customers. You’ll then realise the difference between these two prices as your profit, scaling this incrementally in line with demand.