In 2017, just 23% of small business owners told Statista that social media was very important in increasing their business revenue. Yet, so many more entrepreneurs could be cashing in by utilizing social media, which is why Facebook has recently unveiled plans to train 1 million U.S business owners in digital skills. If you plan on starting a simple business and happen to have a spare room in your house, you can certainly maximize your social media accounts and start earning even more cash from the comfort of your own home now.
Fill your spare room by releasing equity
The last U.S Census found that there are 33.6 million spare bedrooms in American homes. Therefore, if you’ve got a spare bedroom or could build a new one, you could make $5,000 each year by renting it out to a lodger. Use your social media accounts to ask your friends and followers whether they know of anyone looking to rent a room. In order to create a tranquil space which will enable you to make the most cash, consider releasing some cash from your property. A reverse mortgage will benefit the older generation, while, a more traditional form of equity release, such as cash-out refinancing will provide younger homeowners with instant cash which can be reinvested in the home. This will allow you to build a spacious room and kit it out with high-quality furniture that will tempt lodgers to choose your property over any other option.
Create a room to tutor in
As a small business owner, you’ll have a niche and area that you specialize in and this is how you can up your income. Whether you’re a master at creating nappy cakes, run a successful e-commerce shop or are a technical writer, others will pay you to show them how you make your business empire work. Turn your spare room into an area to teach in and advertise your tutoring services on all available social media platforms. Global Industry Analysts, Inc predicts that by the end of the year the private tutoring market will be worth $102.8 billion, so it’s a side hustle you should definitely consider. Encourage your followers to share your advert by making it visually appealing and by offering a special discount to new clients. It’s also wise to invest time and money in producing short video clips which your skills and explain how you can help others.
Build & rent an office
Transform your spare room into an office, advertise the space on social media and you’ll soon receive a flock of individuals interested in paying to use your office space. According to the New York Times, 43% of American employees frequently work remotely. However, it’s common for home workers to get distracted by the television, their kids and the household chores when working in their own home. Therefore, being able to rent a small office space in the form of your spare room on an ad hoc basis is the perfect solution.
Social media is an important tool in assisting small business owners to make even more cash from home. By releasing equity from your home, you can transform your spare bedroom and use social media to advertise for a lodger, allowing you to net thousands. Alternatively, rent out your spare room as an office to homeworkers who are keen to avoid distraction. Meanwhile, reach out to others by advertising your tutoring services on social media so you can use your existing business skills to boost your income.