The December holidays are with us, and wouldn’t a little extra cash make the holidays that much more special?
While many of us want to make something extra on the side, we often struggle with knowing how to get started. It, therefore, may come as a surprise to learn that the home you live in may hold the key to unlocking a series of potential revenue streams that can supplement your income.
Depending on how much space you have, the location of your property and the time you can spare, you can make money without having to leave the comfort of your sofa.
1. Spare room rentals
There are many wonderful ways to generate revenue from a spare room these days – rent it out to university students or a young professional who’s just started working. If you have spare rooms because your children are off in boarding school or university, you can opt for a more temporary arrangement with an interesting array of guests from around the world. You can sign up to become a host through organisations like AirBnB or couchsurfing.com and make between Sh1,000 and Sh5,000 a day, depending on your charges.
2. Car-share options
If you only use your car for school runs during the week or for getaways over the weekend, why not rent it out during periods of inactivity? You can register your car with an online taxi service like Uber or Taxify, or offer it to car hire firms. You can make an average of Sh20,000 to Sh35,000 a month this way.
3. Storing up revenue
If you have any spare space that could be used for storage, there’s a good chance you’ll find somebody who’d like to rent it from you. This could be a garage or servant’s quarters that are empty. The space can be rented out for short-term storage.
4. Online marketplaces
There are more opportunities and apps than ever before that can help you make money from pre-loved and now unwanted goods that are filling the house. It’s all about selling your things the modern way. And once you clear the clutter, you can rent out the extra space. Take a look at Facebook pages like Kilimani Mums Marketplace, Nairobi Expats and olx.co.ke for opportunities.
5. Literally grow an income
Instead of using your garden space for decorative purposes only, you can use it to plant vegetables for your household and sell the excess to neighbours and friends. You can save between Sh2,000 and Sh7,000 that you can then use for monthly grocery shopping or saving towards a holiday. [Sarah Ghaffari, tax manager at the Institute of Chartered Accountants in England and Wales (ICAEW)]