Do you ever feel that if you had enough time to put into your side business you could succeed running it full-time but the lack of money and time is holding you back?
Welcome to club! A club that pretty much every business owner has been in at some point.
Life requires money. Even if you don’t have any or much debt you still have bills to pay. Rent, mortgage, food, utilities and such adds up. Your day job takes up the time you wish you could spend on your business but you don’t have enough money in savings to quit. So what can you do?
You have to buckle down and work with what you got and find creative ways to boost income.
Here are 10 ways to make extra money.
1. Barter with people that have skills you don’t have or just find a way to pay them. Instead of spending hours on something that someone else can do in ten minutes spend that time working on things only you can do.
2. Take the time to learn a skill that will save you money long-term. For example, building a basic website is a skill I have acquired. It was painful to learn but now it saves me money by not having to outsource everything. Invest time in skills that in the long run will save you money. Even though I have recently hired someone to help me I don’t have to ask my designer to do everything and since I understand the process it helps me give better directions, which also saves money.
3. Create a product to sell. Dan Miller with 48 Days always says: “If 3 or more people ask the same question I make a product.” He often creates simple products like downloadable PDF’s and audio files that people are more than happy to pay for.
Don’t go all fancy with design. People pay for the convenience of having information compiled for them. This is why ebooks are so popular, especially how-to books. Can people find the information online? Of course, but people are willing to pay $1.99 and up for ebooks containing the information they need. Great way to make extra money.
4. Sell your products online. For a while now friends have suggested I should sell products using my photography. I finally got an Etsy store up and it’s already providing income. And yes, I’m shamelessly going to plug my own Etsy store called PhotosByCamilla. Etsy is a great way to make extra money. What can you sell on Etsy? Or other websites like Amazon, Ebay?
5. Charge for your services. Are you providing a service that you are currently giving away for free? There are people that are willing to pay for that service. If providing that service is something you can do on the side to boost your savings do it. You are already doing it anyway. A great book that teaches you how to do this is Loral Langemeier’s book Put More Cash in Your Pocket: Turn What You Know into Dough.
6. Ask yourself hard questions. Is what you are about to do helping your business or slowing it down? You can’t do everything right now. Be strategic about what you do. Wasting time on something that will not further your business reduces your chance of making money.
7. Stick to your budget. Keep your priorities straight. If leaving your day job to pursue your own business is really what you want then ask yourself if that new car or nice vacation is really necessary.
8. Let your friends and family know what you are trying to do. You’d be amazed at the network that opens up. Most people are a lot more supportive than you give them credit for. Plus you may find clients in that network you had no idea needed what your business has to offer.
9. Keep all your receipts in order. Take advantage of deductions that are allowed. I recommend hiring a CPA to help you.
10. Do you have a website or blog? Adding affiliate marketing to your website is a great way to make some extra income. Just remember – only promote products you use or truly believe in.
And don’t forget to look into crowd-sourcing as an option to get your business of the ground. Check the magazine Entrepreneur’s 10 Top Crowdfunding Websites article for ideas.
3 bonus steps that are crucial to a successful business.
1. Read magazines like Inc, Entrepreneur, Fast Company and other business magazines. Surround yourself with like-minded people and pay attention to what successful business owners are doing. Ask them. Learn from them. Remember, you are the average of the 5 people you spend the most time with.
2. Take a day off. Take breaks. I wrote a piece you can read here on how crucial that is to your health. It’s also crucial to your business. Successful business owners schedule down time.
3. Be patient. Most successful businesses we hear about are “an overnight success 5-10 years in the making.” Ask any successful business owner and they will tell you how many 80 hour work weeks they put in before they could step back a bit. Keep this in mind as you are plugging along. Rome wasn’t built in one day.
Last but not least. Don’t give up. Put a vision board up on the wall. Create some kind of reminder that keeps you going. Bring in as much extra income as you can without taking away too much time from your core business. Boost that savings account.
What can you do this week to add some extra income or add some extra time?