5 Ways to Earn Extra Income in Nairobi
Life is tough, and the rising inflation rates don’t make it any easier. Even with a full-time job, paying the bills, covering debts, and simply making ends meet can be a struggle.
Fortunately, making extra income in Kenya is much easier today than it was 10 years ago, as there are plenty of new opportunities provided by modern technology. That said, here are some side hustles you can take on even with a full-time job:
Start your own business
Everyone has a skill or talent they can monetise — from knitting comfortable clothing to baking delicious goods. If you can write, consider penning short stories or travel guides; and if you have a strong, fun personality, then consider hosting events or creating a YouTube channel. Whatever you choose, it’s important to understand that your very own business could really take off, as Business Alert points out that Nairobi is fertile ground for new business ventures. After all, the capital is the economic, financial, and transport hub of East Africa. So take advantage of any opportunities that may arise.
Join the sharing economy
A popular source of passive income is through renting out spare space or items. Consider listing your spare room on Airbnb for short-term stays or leasing it out for more stable income. If you have items that are expensive and not often used, such as cameras, laptops, or even speaker systems, consider renting them out to neighbours or friends who are throwing a party or hosting events.
Invest your money
There are plenty of ways you can invest your money: the stock market, foreign exchange trading, or even by lending the government money. Learn the market and trade stocks through the Nairobi Securities Exchange, but keep in mind that stock investments are for the long-term. It can take years before significant profits are seen. For short-term and safer options, you can lend the government money through treasury bills, which last anywhere between 91 to 364 days. Both the capital and the interest earned will be given by the maturity date. For those looking for a good middle ground, FXCM suggest forex trading as a viable short and long-term investment option, as long as you study the market. The market is open 24/5 and new and veteran traders can pick up the tricks of the trade relatively quick, as well as work on their own time in a ‘target-rich environment’. Regardless of what investment you decide on, remember that it’s important to have a diverse portfolio to reduce risk, and to conduct significant research before diving in, no matter how confident you are in your skillset.
Try freelance work
If starting your own business is a little too time-consuming, consider doing freelance work from time to time. Using platforms such as Fiverr or Upwork can help you build a solid portfolio you can use to get bigger clients or even to gain a better position at work. Create your profile and outline your current skills, along with past projects and experience to attract clients. The best thing about this is that most clients are also online or international, meaning that this is something you can simply do at home and in your own time.
Sell used items
If you have things at home that you no longer use, such as old appliances, phones, or clothing, consider selling them. Not only does this help you make more space at home, but it also gives you a little extra cash! Have a garage sale or make use of platforms such as Jiji or Pigiame — and make sure to take enticing photos that show off the things you’re selling.
There are so many opportunities available out there to make money — and you don’t have to wait every few weeks to get it. If you’re aiming to bathe in money and flaunt your cash like Lisa Martinez infamously did, take note of these side hustles and work towards a brighter future. Start your business, offer your services, or invest your money. You never know, one day these might become your main hustle.
About the Author
Arthur Mills worked for financial companies before deciding to leave the corporate realm and become a freelancer. He now takes on consultancy projects, as well as writing opportunities that cover economy, business and tech, while doing some serious traveling on the side.