12 creative ways to make money
Whether it’s because you need a few extra dollars to make ends meet, because you’re a stay at home mum wanting to earn some money or because you have lost your job in the economic downturn, there are many things that you can do besides the nine-to-five gig to make some extra money.
Before considering the list below, evaluate your interests, strengths and weaknesses. What can you do, what skills do you have? (For a great webinar on your passion and making money, see Zen Habits).
Think outside the box. There will be lots of things that you are skilled at that you can use to make a few dollars.
There are some people making money in pretty unusual ways, as long as there is a market for what you are selling, then there is money to be made.
Here are a few ideas for making a bit of extra money.
1. Downsize
Downsizing can not only save you money by reducing ongoing expenses, it can bring in some extra cash. For example, sell your new car and replace it with a used car and pocket the difference; move to a smaller house in a cheaper suburb; slow down your internet connection; watch free to air TV.
If need be, downsize your job expectations. If you are unable to find work in your industry of choice, working for less in another industry is better than nothing. I have scrubbed toilets, poured coffee, stacked supermarket shelves at night, none of which have been glamorous but they have put food on the table and paid the bills. Joining a temping agency is another option for keeping the work flowing.
2. Fly Solo
Losing your job may be just the incentive that you need to start your own business. Make the most of your training and professional skills. You may be a plumber, an architect, a graphic designer, a builder, a web developer, an accountant all professions that can become solo service businesses.
As an independent person working from home you will have smaller overheads and can charge more competitive rates than bigger businesses. Target small business that may need your services but can’t afford to pay the bigger guys. Start & Run a Real Home-Based Business
3. Sell some of your stuff
Got stuff cluttering up your house, unused? Now is the time to sell it for extra cash. eBay, garage sales, flea markets, local classifieds, community notice boards, car boot sales are all places that you can sell you unused, unwanted stuff. Many people turn this into a living by buying things cheaply at flea markets or thrift stores and selling it for a profit.
4. Turn a hobby into a profit
If you have a creative hobby, you could make and sell your wares. You could sell at local flea or craft markets, online (like Etsy) or craft fairs. You could also sell wholesale to local small businesses that stock the kind of things that you make.
Ideas include a variety of homemade craft items, art, homemade cards, homemade baking, jams and relishes, clothes, baby clothes, tourist souvenirs, handmade jewellery, homemade furniture, homemade skin care, candles, plants and seedlings, seeds, home grown vegetables and fruit, eggs, animal breeding, cake decorating, flower arranging…the options are endless. There is never an idea that is too outrageous – think stuffed cane toads for your mantle piece.
Think creatively. If you can’t sell what you make, you may be able to sell hobby kits, accessories or teach people your hobby. For example, if you quilt, rather than selling quilts you might sell the kits with patterns and materials to make the quilts.
My father’s hobby was homebrewed beer, and while it is illegal to sell alcohol, he made up the kits of ingredients to make homebrew and sold the kits along with the equipment needed. He also taught people how to make it.
If your hobby is something less tangible such as a passion for local history, or native bush plants then instead of selling things, you could offer a guided walking tour of the local area and share your knowledge and passion, or offer a guided bush walk. If you are a collector turn your collection into a museum. Maybe your hobby is musical. You could try busking or performing at parties.
5. Turn a skill into a profit
You may have a skill that is not necessarily your job, but that people are willing to pay for. Things such as handyman skills, home maintenance, wardrobe design, makeup artist, gardening, interior decorating, colour matching, palm reading, mowing, painting, renovating, fixing cars, or other household items that commonly need repairing, or you may be computer savvy and can fix peoples computing problems. A good place to start is through word of mouth and helping people you know. You could also use your skills as a form of barter rather than for payment.
6. See a need and fill it
The most savvy entrepreneurs are those who see a need and work out ways to fill that need. People have lots of needs that need filling. Some ideas are: a cleaning service, washing or ironing service, cooking service, shopping service, babysitting, typing service (good for college papers) office lunches or morning teas, event planning.
When we first moved interstate and I was unable to find a job, I offered an ironing service, advertised through the local paper. It was a lot of hard work but it brought in a steady weekly income and the people I ironed for were very lovely. They even paid me more than I asked for some weeks!
Another option is to look at services that small business may need but can’t afford to hire a employee for, such as secretarial services.
7. Tutor
There are always people who need a little extra help with learning something. It could be children or adults. Subjects that are in high demand include: maths, English, musical instruments, "foreign" languages, art and drawing and singing to name a few. Or you could teach other skills in line with your professional skills such as home maintenance or bookkeeping.
Look locally to see what other people are offering and charging and advertise through local avenues, like the paper or community noticeboards. You may decide to teach in your house or in the student’s house. Another option is to teach through the local community college / adult education centre.
8. Make money online
There are literally millions of websites out there that will tell you about all the ways that you can make money online. From monetising blogs, to affiliate marketing, to advertising, to selling stuff, there are as many ways to make money online as there are websites telling you how.
Two websites that I particularly like for information on online selling without all the hype are Eric’s Tips and Problogger.
9. Freelance
Hone your writing skills and try your hand at freelancing. There are many writing markets to explore such as magazine and newspaper articles, books, online articles, blog posts, advertising copy, technical writing, travel writing, web copy to name a few. You may have other freelance skills, such as computer programming, web page design, graphic design, desktop publishing. Check out elance.com for other ideas.
10. Sell your space
Do you have a spare room or a granny flat that is not being used? Maybe you could consider taking in a border. What about renting out your garage for storage space or parking? Do you have a house that would be suitable for a bed and breakfast or that could be rented out as a holiday house? Do you live on a farm, and could take on farm stay holiday makers? Do you have a great garden that could be used as a wedding venue or for other celebrations? Maybe you could sell advertising space on your front fence to local businesses.
11. Buy and Sell
This involves buying something at a discount and selling it for a profit. Maybe you know how to spot a bargain, such as vintage clothing, and sell it for a premium. Or maybe you know your cars and can spot a used car that’s going cheap or needs a little work before you can sell for a profit. Furniture that just needs a little TLC to look brand new can be sold to someone who does not have the skills to refurbish it. Even houses that can be purchased at a discount, renovated and sold for a profit.
Do your research, ensure that there is a market for what you are selling, work out the "going price" and buy below that.
12. Invest
This goes against the grain at the moment, but if you love a bargain, now is a good time to look into investing. With cheap shares and real estate at discount prices, entering the market hasn’t been so cheap for ages.
You can either invest for cash flow (for example, rental income) or capital gains. Do your research thoroughly and go over the numbers – don’t invest blindly, a good foundation of financial education is essential before investing. Get advice from experts such as your accountant or a quality financial planner (get references) and beware of "hot tips".
These are just a few ideas of what you could do to make money when you’re not earning a paycheque (or even when you are). There are many more. You are only limited by your imagination, your drive and your work ethic. None of these ideas are exclusive, you could implement more than one idea to increase your earning power.
Note: You may need to check out local government regulations in regards to licensing and insurance. Local government also offer free services for setting up home based businesses, and courses on running a business.
Have you read these posts?
- Creative ways to recycle old sheets
- 24 Creative Ways to Recycle Cardboard Milk Cartons
- how to make saving money as easy as doing nothing
- 10 ways to save money today
- six ways to save money and have beautiful skin
SAVE MONEY AND TIME ON THE GROCERIES
