Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
If you’re keen on learning how to make £5,000 a month, you’re in the right spot.
We’ve compiled 16 proven methods, complete with real-life success stories, to help you reach this financial milestone.
Earning £5,000 a month net income equates to £90,000 a year (before tax), which is significantly above the UK’s national average wage of £32,000.
To earn this kind of money in the UK there are a number of corporate roles you can consider but in this article, we’re going to be focusing on the entrepreneurial routes you can take.
Key Takeaways:
- Smaller Goals, Big Impact: Choose methods that align with your skills and comfort level.
- Risk Awareness: While the stakes may be lower, due diligence and planning remain vital.
- Income Mix: Combining different income streams can help you reach £5,000 a month more easily.
Table of Contents
Setting Financial Goals
Before you set out to make £5,000 a month, it’s essential to have clear, achievable goals.Â
SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound—are your guiding star.
Financial Planning
- Budgeting: Use apps like Chip or Plum to keep track of your income and outgoings.
- Emergency Fund: Aim to save money for a safety net of at least three months’ living expenses.
- Debt Management: Tackle high-interest debts as they can be a significant hindrance.
How To Make 5k A Month
Making 5k a month is going to be tough. It’s a lot of money so just know it’ll take hard work, dedication and the ability to make savvy decisions.
It’s not going to happen overnight but in this list of 16 different ways to make 5,000 a month, there should be one that tickles your fancy.
One thing I’ll say before we get started is that be prepared to go at least 12 months on these before you start seeing meaningful revenue.
It could happen before if you strike lucky, but earning this kind of money usually takes that long and sometimes a little longer!
Let’s get it!
Sell Digital Products On Social Media
I’ve had enormous success with a new side hustle that I’ve been trying out over the past few weeks.Â
That is selling a digital product in a niche you’re already super passionate about.Â
I’m doing this with under 60 minutes a day and combining it with affiliate marketing for the rest of the day which we’ll discuss in a minute.
In Janaury 2024, I brought in over £3,500 selling digital product via social channels like Instagram and TikTok.Â
There’s a very simple framework that you can now follow and we show you how to go from ‘Couch to 5 Grand’ in under 100 days.
Join over 1,000 others learning how to go from £0-5k with just 60 minutes work a day.
Includes everything you need to create, build and sell profitable digital products in a niche you're already passionate about.
Become a Consultant
Becoming a consultant in the UK is an excellent way to leverage your expertise in a specific field, such as marketing, IT, construction managers or human resources.
But it’s not just about having the knowledge; you’ll also need to build a strong professional network and possibly acquire additional certifications to validate your expertise.
Many professionals have transitioned into consultancy roles, capitalising on their years of experience.
However, consultancy is not just about giving advice; it’s about delivering measurable results, building and maintaining client relationships, and possibly even offering ongoing services.
Actionable Steps:
- Identify your area of expertise and target market.
- Build a portfolio and acquire any necessary certifications.
- Network and use platforms like LinkedIn to acquire clients.
Difficulty Rating: 7/10
Start Affiliate Marketing
Affiliate marketing is a way to earn commissions by promoting other companies’ products. While it sounds straightforward, it requires a well-thought-out strategy.
You’ll need a platform, like a blog or YouTube channel, where you can promote products effectively as an online business.
You’ll also need to understand SEO and digital marketing to drive traffic to your affiliate links. UK-based affiliate marketers have found success in various niches, from tech gadgets to beauty products.
However, it’s essential to note that affiliate marketing is not a ‘get rich quick’ scheme.
Jason Mills who we interviewed on The Money Gains Podcast recently is making 40k a month from affiliate marketing. Watch the podcast just below.
Actionable Steps:
- Choose a niche and research affiliate programs that align with it.
- Build a platform where you can promote affiliate products.
- Learn SEO and digital marketing techniques to drive traffic to your affiliate links.
Difficulty Rating: 6/10
Start Your Own Business
Embarking on a business venture is a thrilling yet daunting experience, offering the promise of financial freedom but also exposing you to a myriad of risks.
The UK business landscape is diverse, with opportunities ranging from tech startups to traditional brick-and-mortar shops. Success in this arena is a complex equation involving market demand, your level of commitment, and sometimes, a bit of luck.
For instance, consider the story of Michelle Mone, who founded the lingerie company Ultimo. She started with a simple idea—to create a more comfortable yet stylish bra.
With relentless dedication and savvy marketing, Ultimo became a household name in the UK, eventually expanding internationally. Her journey underscores the potential for turning a simple concept into a lucrative business.
However, it’s crucial to remember that the road to making £5,000 a month is fraught with challenges. Market research, a robust business plan, and financial planning are non-negotiable steps in your business journey.
You’ll also likely wear multiple hats, especially in the early stages, from sales and customer relations to product development.
Read our guide – How To Start A Small Business
Actionable Steps:
- Conduct market research.
- Create a detailed business plan.
- Register your business with companies house.
Difficulty Rating: 9/10
Investing in Small Businesses
Investing in small businesses can be a high-reward yet high-risk venture, particularly in the UK’s dynamic entrepreneurial landscape.Â
This type of investment usually involves either purchasing equity shares or providing loans to the business. It’s not just about having the capital but also about having a discerning eye for untapped potential.
Due diligence is paramount; this involves scrutinising the business’s financials, understanding its market positioning, and assessing the competence of the management team.
For example, angel investors who backed UK-based startups like ASOS and Ocado in their early days have seen substantial returns on their investments. However, it’s crucial to remember that not every investment turns into a success story.
Many startups fail within the first few years, making the risk of losing your investment very real. In fact, according to online magazine Entrepeneur 20% of new businesses fail within their first year.
Given these risks, it’s wise to diversify your investment portfolio. Don’t put all your financial resources into a single venture; instead, spread the risk by investing in multiple businesses across different sectors.
Actionable Steps:
- Identify promising small businesses in need of investment, either through networking or platforms like Seedrs.
- Conduct rigorous due diligence, including financial analysis and market research.
- Negotiate terms and make the investment, but ensure it aligns with your overall investment strategy and risk tolerance.
Difficulty Rating: 8/10
Start a YouTube Channel
Starting a YouTube channel in the UK is more than just turning on a camera; it’s a commitment to consistent content creation in a chosen niche. You’ll need quality content, a posting schedule, and a strategy for audience growth.
Basic video editing skills and equipment are also essential. UK YouTuber KSI began with gaming vlogs and has since gone on to build a multi-million-pound brand in Prime with other YouTuber Jake Paul.
Once you nail how to start a YouTube channel and make money, it can lead to success in so many other areas like products and even TV.
However, it’s worth noting that success on YouTube often requires a long-term commitment and the ability to adapt to changing algorithms and audience preferences.
Actionable Steps:
- Identify your niche and target audience.
- Create and upload quality content consistently.
- Monetise your channel through ads, sponsorships, and merchandise.
Difficulty Rating: 6/10
Starting a Blog
Starting your own blog offers a compelling mix of creative freedom and the potential for financial prosperity. However, it’s far from a ‘write it and they will come’ scenario.
In the crowded digital landscape of the UK and beyond, standing out requires more than just quality writing; it demands a strategic approach.
A successful blog hinges on a well-defined niche that resonates with a specific audience.Â
This focus helps in creating content that not only engages readers but also ranks well in search engines, thanks to a solid understanding of SEO (Search Engine Optimisation).
Take, for example, Kevin Espiritu, who founded Epic Gardening. Starting from his home in California, Kevin focused on providing valuable gardening tips and product reviews.
Through consistent effort, meticulous content planning, and audience engagement, he has grown Epic Gardening into a brand that generates over £15 million a year.Â
His journey exemplifies what’s possible when you combine passion with strategy in running your own blog.
It’s essential to understand that such success doesn’t materialise overnight.
In my experience it takes a year to make £1,000 a month and 2-3 years to make £5,000 a month.
Building a blog into a profitable venture requires ongoing effort, from researching and writing posts to engaging with your audience through comments and social media.
Actionable Steps:
- Choose a niche and set up your own website on a platform like WordPress.
- Create quality, SEO-friendly content.
- Monetise through affiliate marketing, ads, or selling digital products.
Difficulty Rating: 5/10
Join over 1,000 others learning how to go from £0-5k with just 60 minutes work a day.
Includes everything you need to create, build and sell profitable digital products in a niche you're already passionate about.
Starting an Agency
Starting an agency in the UK, whether it’s in marketing, recruitment, or another field, is a venture that requires a deep understanding of the industry and a knack for client acquisition.
You’ll need a portfolio to showcase your expertise and may even need to start as a solopreneur to build credibility. Agencies like Ogilvy and Roast started small but now service international clients, illustrating the growth potential in this space.
Running an agency isn’t just about expertise in your field; it’s also about managing a team, handling client relationships, and maintaining cash flow.
However, if you get it right you can make way more money than 5k a month!
Actionable Steps:
- Identify your niche and service offerings.
- Build a portfolio through freelance work or case studies.
- Reach out to potential clients through networking and cold outreach.
Difficulty Rating: 7/10
Start an Etsy Store
Starting an Etsy store can be a rewarding venture for those who create handmade goods, vintage items, or craft supplies.Â
However, it’s not just about making products and listing them online. You’ll need to consider the cost of materials, production time, and shipping logistics.
Christina Umerez started making slogan t-shirts and is now earning over 10k a month. She connected her printers to the Etsy store so a lot of the process is automated.
Listen to her Smart Passive Income podcast episode with Pat Flynn.
Depending on how you look at it this is an example of passive income.
Success stories like this demonstrate the platform’s potential but also underscore the need for quality products, excellent customer service, and effective marketing.
Actionable Steps:
- Decide on the products you’ll sell and calculate costs.
- Set up your Etsy store and list your products.
- Promote your store through social media and Etsy ads.
Difficulty Rating: 4/10
Buy and Flip Websites
Buying and flipping websites is a unique venture that involves identifying underperforming websites, improving them, and then selling them for a profit.
You’ll need a diverse skill set, including SEO, content creation, and basic web development.
Several entrepreneurs such as Mushfiq Sarker have made a lucrative income from flipping websites, demonstrating the potential for high ROI.
However, this venture is not without its risks. Due diligence is crucial to assess a website’s potential for improvement, and even then, there’s no guarantee of success.
Actionable Steps:
- Identify potential websites for sale through platforms like Flippa.
- Conduct due diligence to assess the website’s potential for improvement.
- Improve the website’s performance and then sell it for a profit.
Difficulty Rating: 6/10
Dropshipping
Dropshipping is an e-commerce model that allows you to sell products directly from suppliers to consumers without holding inventory.
While this eliminates the need for storage, it presents its own set of challenges, including finding reliable suppliers and focusing on customer acquisition.
Many UK entrepreneurs have built six-figure dropshipping businesses, but success often requires a well-designed online store, effective marketing, and excellent customer service.
Actionable Steps:
- Identify a niche and find reliable suppliers.
- Set up an online store using platforms like Shopify.
- Focus on customer acquisition through ads and SEO.
Difficulty Rating: 8/10
Become an Influencer
Becoming an influencer in the UK is not just about posting photos or videos on social media; it’s about building a brand.
You’ll need a strong personal brand, a niche, and a dedicated following on one or more social media platforms.
Making money on platforms like Instagram is more than possible – you can earn from sponsorships, coaching programs, courses and even selling your own products once you grow big enough.
UK influencers like Joe Wicks and Jorgie Porter have turned their online presence into multi-faceted careers, showing the potential for significant earnings.
However, building a following takes time, effort, and a consistent posting schedule.
Actionable Steps:
- Choose a niche and build your personal brand.
- Grow your following through consistent, high-quality content.
- Monetise through sponsorships, affiliate marketing, and collaborations.
Difficulty Rating: 7/10
Join over 1,000 others learning how to go from £0-5k with just 60 minutes work a day.
Includes everything you need to create, build and sell profitable digital products in a niche you're already passionate about.
Selling Online Courses
Creating and selling online courses is an increasingly popular way to make money, especially if you have expertise in a particular field.
However, it’s not as simple as recording a few videos and putting them on a website.
You’ll need to conduct market research to identify demand, create high-quality content, and then market your online course effectively.
Successful course creators like the Mikkelsen Twins, made over £1million in 2023 selling online courses.
That being said, to make 5k per month you’ll need to get good at marketing, branding and networking to create a stream of potential buyers.
Actionable Steps:
- Conduct market research to identify demand for your course topic.
- Develop a comprehensive curriculum and create high-quality content.
- Market your course through various channels, including social media and email marketing.
Difficulty Rating: 7/10
Freelance Writing
Freelance writing offers a flexible and potentially lucrative way to capitalise on your writing skills. However, it’s not as straightforward as churning out articles and waiting for the paychecks to roll in.
In the UK, the freelance writing landscape is competitive but ripe with opportunities across various niches, from tech and finance to lifestyle and travel.
Finding clients is often the first hurdle, requiring a blend of networking, cold pitching, and leveraging online platforms like Upwork or Freelancer.
Once you’ve secured clients, the next challenges are negotiating rates that reflect your skills and expertise, and consistently meeting deadlines to build long-term relationships.
Carol Tice, started as a freelance writer and later founded the ‘Freelance Writers Den,’ an online community that offers training and resources for writers. Her journey illustrates the potential for scaling your freelance writing into a broader business model.
Actionable Steps:
- Build a portfolio showcasing your writing skills and expertise.
- Network and use platforms like LinkedIn and freelance job boards to find clients.
- Set your rates and create a workflow for managing assignments and deadlines.
Difficulty Rating: 5/10
Investing
Investing is a long-term game, and making £5,000 as a monthly income by investing won’t happen overnight. To generate that amount with a 6% annual return, you’d need a portfolio of approximately £1 million.
In the UK, there are several investment avenues to consider:
- Stocks: Individual stocks offer potentially high returns but come with higher risk. They’re suitable for those who have the time and expertise to research companies.
- Index Funds: These funds track a specific market index like the FTSE 100. They’re generally less risky than individual stocks and are a favourite for passive investors.
- ETFs (Exchange-Traded Funds): Similar to index funds but traded like individual stocks, ETFs offer diversification and are generally cost-effective.
Three key factors to consider are:
- Risk Tolerance: Know how much risk you can handle emotionally and financially. This will guide your investment choices.
- Investment Goals: Are you investing for long-term growth, retirement, or immediate income? Your goals will dictate your investment strategy.
- Compound Interest: The power of compounding can significantly boost your returns over time, but it requires patience and disciplined investing.
Actionable Steps:
- Assess your risk tolerance and set clear investment goals.
- Choose investment types that align with your risk and goals.
- Consistently invest to take advantage of compound interest.
Difficulty Rating: 6/10
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Virtual Assistant
Becoming a virtual assistant can be an excellent way for individuals to offer administrative services to businesses from a remote location. Tasks can range from managing emails and scheduling to more complex activities like bookkeeping. The UK has a growing demand for virtual assistants, especially among small businesses and entrepreneurs.
Actionable Steps:
- Identify the services you can offer and set your rates.
- Create an online presence to attract potential clients.
- Use networking and freelance platforms to find initial clients.
Difficulty Rating: 4/10
Amazon FBA
Amazon FBA (Fulfilment by Amazon) allows you to leverage Amazon’s powerful distribution network to sell your products.Â
You send your products to Amazon’s fulfilment centres, and they handle storage, packing, and shipping.Â
However, success in this field requires a deep understanding of product sourcing, listing optimisation, and customer service.
Actionable Steps:
- Research products that have high demand and low competition.
- Source or create the products and send them to Amazon’s fulfillment centres.
- Optimize your product listings and manage customer reviews.
Difficulty Rating: 7/10
FAQs
How to Make 5k Fast?
Making £5,000 fast is possible through high-risk, high-reward ventures like day trading, cryptocurrency trading, or flipping high-value items.
However, it’s crucial to understand that the potential for quick gains also comes with significant risks, including the loss of your initial investment.
How To Make 5k Online?
You can make £5,000 online by leveraging multiple income streams such as affiliate marketing, selling digital products, or offering freelance services.
Diversifying your online income methods can provide stability and increase your earning potential, but it requires a strategic approach and consistent effort.
How much do I need to make a day to make 5000 a month?
To make £5,000 a month, you would need to earn approximately £166.67 per day, assuming a 30-day month.
This daily target can be met through a combination of active and passive income streams, such as freelance work, investments, and online ventures, but it requires careful planning and execution.
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Conclusion
Achieving a monthly income of £5,000 is not just a dream but a realistic goal that you can work towards.Â
Whether you’re interested in making money online through starting your own blog or YouTube channel, or you’re more inclined towards investing in stocks or small businesses, there are numerous paths to reach this financial milestone.
The key to success lies in diversifying your approach. By creating multiple income streams, you not only increase your earning potential but also mitigate risks.
For instance, while active income methods like freelance writing or running your own business require your direct involvement, passive income streams like investing can grow your wealth without constant oversight.
Remember, the journey to making £5,000 a month is a marathon, not a sprint. It requires strategic planning, consistent effort, and the willingness to adapt and learn. So why wait? Take the first step today, and you could be well on your way to achieving your financial goals.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
