- Working from home brings in extra income but it takes dedication and discipline
- If it is a side-hustle, invest the extra money so that you actually make more from your extra work
- You may need to pay taxes, so track your expenses for deductions
- The business structures and what you will need to get started
- Some ideas for making extra money; child minder, taking surveys, virtual assistant, book keeping, user testing, selling online, or secret shopper
Working from home is an ideal opportunity for people that have some free time on their hands or need to work their own hours. It can provide extra income or even become a full-time position. However, it takes dedication and discipline as it can be easy to say to yourself – I’ll start working on this once I clean the kitchen, or take the dog for a walk, or whatever other reason we find to procrastinate.
Working from home should be treated like any other job, except that you decide what hours to work. Try to pre-determine what hours you will work in the week and then stick to that schedule. If you do get distracted with something then make up the time later on in the day or another day in that week. This is the only way to be consistently productive.
Of course, working from home could be something that you do on the evenings or weekends for some extra income. If you do this, I would recommend that you invest all of the extra income that you earn, in order to get to financial independence even faster. See my blog on stock market investing to see how to get started doing this. The extra hours that you put in will produce even more money than you were initially paid.
Before you start working from home, speak to an accountant or financial advisor to determine if you need to pay taxes. If you do need to pay additional taxes, find out what percentage of your income will need to be set aside to cover those taxes. You don’t want to end up with a large tax bill at the end of the year. I would recommend that you get some accounting software to help you track your expenses and income; Quickbooks is easy to use and not too expensive.
Some of the ideas below may require you to setup a business structure; normally a sole-trader structure is sufficient but again, I would recommend that you get advice on this. You will need the following to run a business:
- Website, you could use WordPress for this, this is something that you can do yourself. Just buy a theme and start writing your web pages.
- Buy a domain name, www.yourcompany.ie or .com
- Hosting for your WordPress site
- Accounting Software; Quickbooks seems to be the goto software for this
- Accounting and possibly legal advice at the beginning
- Some marketing skills; you may need to get out of your comfort zone and start cold calling or knocking on doors.
- Office space – if you need office space, I would recommend that you look into shared spaces
Fiverr is a great place to find people to do some of the above services at a good rate. On Fiverr, you can find freelancers for graphic design, content writing, graphic design, and even logo creation. I would highly recommend getting an account on there to see what is on offer.
Here are the some of the best way to make extra income in Ireland
You can earn up to €15,000 per year tax free for taking care of up to three children in your home. As this is tax-free, it would be equivalent to earning €18,750 in taxed employment. However, be careful if the earnings go over €15,000 in a year then tax is due on the whole amount. Of course, there will be some regulations to abide by for this. Please do your due diligence.
Take Online Surveys
Red C: https://www.redclive.ie
According to their website, you can earn €1 for every 5 minutes of survey time. I have found though that even the surveys that pay out €3 – €4 take no longer than five minutes. They will automatically send you a cheque once your account hits €50.00.
You do need to take the survey quickly once it comes into your email inbox as they have a restriction on how many can take it. If you are slow, it will tell you at the beginning that they already have enough responses.
This won’t be a full-time job but
it can be used as part of a complete
breakfast work from home package.
If you are good at organizing and planning then this is the job for you. You need to be very resourceful or be able to rely on someone who is an expert in providing the assistance that is needed.
A Virtual Assistant can be asked to do a multitude of tasks; they usually have clients such as entrepreneurs or company executives. For example, you could be asked to book transportation for a meeting, handle email inbox, provide editing or proofreading, content research, data entry, or even write out a blog post. There will never be a dull moment. But you should be up-front with the clients on what services you can provide.
This service will require some self-marketing at the beginning until you prove yourself and build your brand.
You will need specific skills for this job. If you don’t already have these skills, start taking a course. Get some experience by offering your services for a small fee to small local businesses. Once you are proficient, you can then start taking on actual clients and charging them the going rate.
I would recommend that you set up a monthly contract with businesses so that you get a guaranteed monthly income and you can then provide a better service and value to them.
This is an interesting one, some people do this for a living; as in, this is their full-time job. However, it will take some time to build up to that level. The Usertesting.com site, for example, will require you to do user testing on a website then you will need to do some other assignments. You should aim to complete these perfectly in order to be noticed by the leads so that they will start sending good assignments to you. Attention to detail and being meticulous also helps.
The pay can be really good for this type of work and of course, you can work from home doing this.
Sell items online
This one will take some technical knowledge to set up an ecommerce site or it can take an expense to get someone to set up your online shop. You can use a site like Shopify.com that will make it easy to get started.
To source the products, you could either purchase them wholesale or if you have a hobby that creates a product then that would be an advantage. Esources is a good starting point for finding wholesalers around the globe.
I would recommend that you stick to a niche product(s) so that it becomes your brand. It will be easier to beat the competition that sells everything. Get to know the product really well and get to know the customer really well. That will help to create advertising and marketing campaigns.
You could sell the product on donedeal or ebay as well but that may be more difficult. However, keep these sites in mind as it may work for you.
I tried this one for a while, it can be fun and you make a little extra income from it. This job requires you to follow a specific set of guidelines precisely. It usually involves buying something and then giving feedback on your experience, the product, and the establishment. You will be reimbursed for the item that you purchased and you are paid for the job. Most of the jobs were for fast food but there were some for retail shops.
You can pick the jobs that you want to do, it usually is not worth doing that ones that are far from you as you will spend too much of time to get there and petrol costs will eat into your profits. If you can do it on a regular basis, it can bring in an extra €200-€300 per month.
Do your own due diligence, get financial advice before investing in anything. I am not a financial adviser nor do I give advice in any fashion. This information is provided based on my own research and experience.