Do you remember the show, MacGyver? In this show, MacGyver, a secret agent, had an uncanny ability to get out of sticky situations with just a few nick-knacks that he had left over in his pocket. With some gum, a paperclip, and a rubber-band, he could seemingly make anything – even an explosive! If he was trapped somewhere and had a few parcels of trash in his pocket, he could find a way to get out. The show was not always that realistic, but MacGyver could always keep you interested and wondering what he was going to be up against next.
Lucky for us, we don’t have people locking us in dungeons or trying to blow us up, but MacGyver can be a great show to model after when it comes to your finances. Life inevitably throws you curveballs, and unless you can figure out ways to get out of your negative situation, you might just end up sinking with the ship. But, if you are crafty and have a few tools up your sleeve, then you will not only survive, but you will probably thrive like you never thought possible as you rise up from your most recent challenge.
In order to shield yourself from the bad guys (whether it be a down economy, an unexpected bill, or a broken-down car), take note of these 10 ways to earn more money on the side.
How to Earn More Money on the Side
There are quite a few people that are talking about the doom and gloom of the economy, but quite honestly there has never been a better time to start your own business. With the internet, with all of the free services available to you, and with the countless possible businesses you could start, why not get started right now! There is a ton of money out there and it is ripe for the taking. Go out there and get it!
In order to turn this amazing economic time into a profitable experience for you
#1. Learn to communicate
No matter how great your idea or product might be, if you cannot relay the effectiveness of what you’re selling, then you won’t be in business very long. To get better at this, practice speaking to yourself in the mirror or download a simple recorder program on your laptop and watch a taped video of yourself. Over time, with practice, you will get better and with the excitement of your product, you are sure to earn more money on the side.
#2. Get the credentials
With all of the scamming businesses out there, people are starting to get smarter about their purchases. Before they buy from you, they now want some kind of assurance that you will deliver what you claim. Many times, a simple affiliation with the local chamber of commerce or a certificate that you received by taking a local class will suffice. It isn’t that difficult to get, but it can really pay dividends for those customers that want to see proof of your authenticity.
#3. Learn your skills
If you are interested in starting your own business, you must first check your skill-set. After all, the software engineering industry might be hot right now, but if you don’t know how to write code or speak to software issues, then this line of work probably isn’t for you! Instead of looking for the next hot market, start by thinking of the skills that you already possess and write them down on a piece of paper.
#4. Find a need
Once you figure out your list of skills, start exploring if there is actually a need for them. Let’s say that your skills are playing the piano, fixing washing machines, and building houses. If the housing market is booming, then by all means, use those carpentry skills! If there is a huge void for piano players in your local area, then start advertising your services! If you want to earn more money on the side, then you need to test the water and find the need in your area.
#5. Begin small and test the market
Often times, business owners assume that there is a need (or their friends told them there was a need), but when they open up their doors and start the actual business, they find out that the need just isn’t what they thought it would be. For this reason, begin with a small operation. If you find that the response to your business idea is overwhelmingly positive, then you can expand your business further.
#6. Live cheaply and put cash into your business
Almost every business that has to close up shop had a problem with cash flow. Sure, they could sell products, but they just couldn’t get the money fast enough to use it on the next product. In order to make your side business successful, you really need to live cheaply at home and use your discretionary income to keep the business afloat. So, learn to live inexpensively and be prepared to watch your business grow slowly.
#7. Keep an emergency fund, just like for your home
You know how you keep an emergency fund for your family and your home? You should be doing the same thing for your side business. There will inevitably be some rocky times in the business when you’ll need a wad of cash to make things right again. Keep an emergency fund and you will be able to continue earning more money on the side.
#8. Use the profits to reinvest, gain efficiency and grow
When your side business starts to grow and pick up steam, don’t go out and buy a new boat with your new-found profits. This a sure-fire way to kill your side business within the next couple of years. Instead, learn to put a large portion of your business profits back into the company to improve efficiency and sales.
#9. Systematize your business
If you make it to this step, then you’re probably getting pretty used to working 80 hours each week (or more). This is when you should be systematizing your business. Instead of being the answer guy, create a system and document it so that your business can run without you. Heck, it might even run more smoothly when you reduce your hours. After systematizing your business fully, you should be able to reduce your hours down to 60, then 40, then 20, and then all the way down to 4 hours per week or less.
#10. Repeat steps 1-9 with another idea
By systematizing your first business, you now have the time (and the money) to start another. Go through these steps again and fill another need with a second business. If this works out and can be systematized, then do it a third time, and a fourth, etc. etc.
This is how the wealthy get rich in the first place, and it’s how they continue to stay rich without breaking a sweat. Follow these steps of earning more money on the side, and you might just find yourself more wealthy than you had every dreamed!
Are you looking to earn more money on the side? What is your idea for your side business?