Maybe you have a job, but need to supplement your income. Or maybe you want to trade your full-time job for one that allows freedom and flexibility. You might think your options are few, but the truth is, many people have successfully turned their apartments into a money-making machine. It might not happen overnight, but you can succeed. Here are seven ways to make money from your apartment.
1. Get a Dedicated Workspace
If you want to turn your apartment into a money-making machine, get serious and have a dedicated workspace. Granted, this might be difficult if you have a small apartment. If you can’t setup a spare bedroom as an office, you might be able to dedicate a corner in your bedroom as a workspace, or convert a large closet into a small office. Having a dedicated workspace helps you stay focused and keeps all your business materials in a central place.
2. Read Your Lease Agreement
Before turning your apartment into a money-making machine, it's important to read your lease agreement. Some landlords are very particular about whether a tenant runs a business out of the apartment, or they limit the types of businesses. If you don't read your lease agreement and you start a business that's prohibited, your landlord can legally force you to move the business out of your home.
3. Become a Freelancer
If you have writing skills, graphic design skills, web design skills or any other talent, consider freelancing in your spare time for extra money. I took this approach 10 years ago when I began freelancing. I had a full-time job, but turned our spare bedroom into an office. I wrote for one or two hours a day until I was able to transition out of the workplace.
4. Buy and Sell Online
If you have a computer and Internet, buying and selling online is another way to make money from your apartment. You can sign up as a wholesaler with distributers, list items for sale online and then drop-ship merchandise to customers. You can also visit estate sales, thrift stores and flea markets and resell items you buy.
5. Start a Daycare
If permitted by your landlord, opening a daycare is another way to make money out of your apartment. Depending on where you live, you might be able to charge $100 or $125 a week per child. And depending on the size of your apartment – and regulations in your state regarding childcare – you might be allowed up to five children per adult in your apartment.
6. Pet Sitting
Is your landlord pet-friendly? A pet sitting business is another way to earn cash in your apartment. It’s costly to board pets while away from home on business or vacation. You can, however, offer your services much cheaper and start a profitable business. Just make sure you're an animal lover and you're able to handle the responsibility of caring for multiple pets at the same time.
7. Rent out Your Rooms to Vacationers
Some people love to travel, but they hate paying big bucks for a place to lie their heads at night. If you have a spare bedroom in your apartment – or even a couch – you can place ads and rent the space to vacationers.
Getting creative can help you find ways to make extra money. Whether you're trying to save up and buy a house, pay off debt or supplement your income, there are more than a few ways to generate cash right from your apartment. What are other ways to turn your apartment into a money-making machine?