Self Expression Magazine

5 Creative Ways How to Generate Income for an Online Business

By Lisa @Lisapatb

One of the ways to generate income for an online business is by renting a room to a foreign student. It is well worth considering if you have a spare room in your property. Or maybe you have numerous rooms that you can rent out.

Moving to a new country can be daunting for anyone. It is especially so for those leaving their families for the first time. It can be very rewarding to rent to foreign students. You can help them to settle in while making some extra cash too.

5 Creative Ways How to Generate Income for an Online Business

As you begin starting an online business you will need to find a few ways to generate some other income. This blog post covers a few unique ideas for you.

What to Provide Renting a Room

When you rent a room to a foreign student, there are a number of things you will need to provide them. You will want to ensure the environment is a safe and welcoming one.

This includes a key, so they can come and go as they please, clean towels and bedding, which should be changed and washed regularly by you. Then they are meals - breakfast, lunch, and dinner unless they are eating at university.

You should also make sure that their room is comfortable and clean. It is a good idea to provide a desk and a suitable chair so that they have an area for studying. This is important today with many universities doing remote learning.

They will also need storage for their books and clothes. The room should have ventilation and natural light, just as you would provide for your own family.

Home Rules for Rooms

Just as you are making an effort to ensure your tenant feels comfortable, anyone looking to find room for rent needs to be respectful of your home too.

It is a good idea to explain the house rules regarding the likes of smoking, alcohol consumption, and what time you expect them to be home in the evenings.

Where Can I Advertise My Room for Rent?

Most people, when they have a room to rent out, turn to friends and family members first before considering advertising options. This is a sensible place to start, and it can make it a lot easier when someone you know and love has an acquaintance that could be interested in the room you have available.

However, you also need to look at the flip side, and this is the fact that relationships can turn sour if the tenant does not pay the rent or time or fails to abide by the contract. It isn't always the best idea to turn to friends and family.

Other Options

So, what other options are available when it comes to renting out a room? Well, there are paid adverts, either in newspapers or online. The former is a bit dated nowadays, and to be honest, there is no need to pay for an advert when there are free websites available for you to post your listing on.

Nevertheless, you do need to choose a letting website with care.

Make sure they have a good reputation and a good following. There is no point in advertising on a free website if no one visits it. Plus, make sure your listing is impressive. You can use your smartphone and the Osmo Mobile 4 to take impressive photos and videos for your ad.

Get It in Writing

Renting out a room in your house is a great way to make some extra income. However, it is important to make sure you handle the process correctly so that you are protected. One of the critical steps is ensuring there is a written agreement between you and the lodger. For more information about this, read on.

Having a written agreement between you and the lodger is highly recommended. A lot of people overlook this because it is not necessary and quite frankly they don't want to take the time to put one together. However, by having everything in writing, it can save disagreements later down the line.

5 Creative Ways How to Generate Income for an Online Business

So, what sort of things do you need to include in a written agreement when you rent a room out? You should first deal with the matter of rent - how much it is, how you would like it to be paid when it is due, and how long until it is reviewed.

Other Factors in Renting to Generate Income for an Online Business

Other important factors to include are the notice period, access to keys, and what happens if they are lost. Of course, house rules, for example, rules regarding visitors, pets, and smoking.

Details of what is and is not included when renting out a room are also important. For instance, whether you are going to charge for utilities and, if so, how they are calculated, as well as renters insurance.

Finally, include details of any services you agree to provide and which rooms and facilities the lodger is entitled to use.

Take Surveys to Generate Income for an Online Business

Another creative way to generate income while starting your online business is to take online surveys. One thing I will say about these is that be sure you pick one that you don't have to wait for your money.

5 Creative Ways How to Generate Income for an Online Business

Many of these survey websites have minimums you have to hit first before they will send out a payout. Swagbucks is one of the most popular online surveys today that payout. They do have a $25 minimum for payments which is better than most others. You can also receive gift cards if you prefer from Swagbucks.

Another one I just heard from the Penny Hoarders to give your political opinions to receive Walmart Gift Cards. A lot of people are doing that today for free on social media so I think this is a great one for some to take advantage of!

Declutter Your Home to Generate Income for an Online Business

Not only will you be clearing the way for your online business but you can generate extra income in doing so. Declutter accepts old cell phones, tech, CDs, DVDs, games, and books. So if you have a lot of these items hanging around, sell them!

You may need room for any inventory for your online business. If you don't need inventory you may need room for a home office.

Suspend Your Facebook Account by the end of September to Generate Income

Yes, you read that one right! Facebook is offering money to those who are willing to stop using Facebook and Instagram in the weeks before the November presidential election.

You must suspend your Facebook and Instagram account by the end of September 2020 to receive $120.00. They are doing this select accounts for academic research.

5 Creative Ways How to Generate Income for an Online Business

However, if you need to do Facebook or Instagram ads for your new online business you may want to skip this unique income generator idea.

Generate an Income as an Influencer

Do you have some influence on social media? Have you built up some following on a few social media sites? You could register at Valued Voice to start obtaining bids from companies. For example, they may pay you for a tweet or a blog post.

Another company WebInfluential has a similar type of program for influencers to earn an income. In addition, some of these companies offer referral programs.

So if you refer someone else to them you can also generate an income.

So which of these 5 creative ways would you prefer to generate an extra income today? I'd love to know more in the comments below!

5 Creative Ways How to Generate Income for an Online Business

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