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The Business of Earning More Money

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Budget ConceptWhat are you doing to earn more money?

Some business owners (and regular consumers for that matter) will try and come up with myriad of ways to bring in some extra income, especially in a day and age when media incomes are stagnant for many people.

With that in mind, have you been toying with ideas in 2016 as to how to make your wallet or purse a little fatter in terms of the green stuff?

Be Innovative

So that you can increase your income this year and moving forward, have you thought about some of these ideas?

  • Selling products on the side – From Avon to jewelry and much more, selling a product or products on the side from your full-time job is a good means to earn extra money. In fact, some individuals sell such products as their regular jobs. This allows them in essence to be their own bosses, work from home, set the hours best suited to them and more. If this might sound of interest to you, going online is a good place to start. Doing a Google search of such items will get you going in the right direction. You may also have a friend or friends that sell such items on the side or full-time, so they would be great reference points;
  • Overtime hours – While some companies have strict rules on working overtime, many others will allow employees some overtime opportunities from time to time. Get with your boss to see if you in fact are eligible for some bonus hours at work. This is great because you do not have to (unless you so choose) find a part-time job or two on the side. Working extra hours at your full-time job also allows you to build up more experience in your current position, something which could help you with a possible promotion and raise down the road. One thing to avoid, however, is working too many hours to the point where you essentially suffer burnout at some point;
  • Consulting – It is not uncommon to see older workers turn to consulting, something which can lead to less stress and still provide a decent stream of revenue. This is especially a good option if you have years and/or decades in a chosen field. Go online and do some Google searches for consulting in your field of expertise;
  • Leasing your land – Not everything revolves around your resume when it comes to making some extra money. If you own a sizable amount of land, you could lease it out on occasion for a variety of purposes. Hunting on leased land has become more popular in recent years, especially given the fact that more and more land is being consumed by developers, those same developers that are looking to build office spaces, shopping facilities and more. If you are willing to rent out some of your property for hunting, fishing or other such outdoor activities, be sure to draw up a contract each time, making it clear what the rules and regulations are for anyone spending time on your property. You might also consider renting out space on your property if it is large enough for someone to run a small business from there. With rents oftentimes sky-high in cities and towns, small business owners on a shoestring budget wouldn’t mind saving some money. Having them renting a portion of your property to get or keep their businesses up-and-running until they have more resources to expand one day makes sense. Still another idea is renting out extra parking spaces if you have them on your premises. Neighbors may be willing to pay you on a monthly or yearly basis to use such spots, especially if they are limited where they can currently park and/or have multiple vehicles. While your land is your pride and joy, there could be cash-flow opportunities sitting right under your nose;
  • Helping those in your community – From family and friends to neighbors, there are probably a number of extra income opportunities you have not thought of before. Some of these involve helping those closest to you. From babysitting to working on people’s properties, get creative and see how you can pad your wallet or purse. Sometimes knowing you are helping others, all the while adding a little extra to your income reservoirs, is a great feeling.

No matter what you do full-time for a living, are you interested in earning more money?

If the answer is yes (you might be hard-pressed to find those who would say no), then put your thinking cap on and get to work at it.

Being savvy when it comes to earning more money and just improving your overall life is something you should always be thinking about.

What are you doing in today’s challenging economy (business or personal) to make more money?

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business and marketing topics on the web.

When Is the Right Time to Leave Your Job?

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Life will oftentimes throw curves at you when you least expect them.

As an example, say you are doing a great job at your company position and then you get the call. You know that call, the one where the boss or your immediate manager asks you to come into their office for a ‘chat’ that will just be a minute or two.

In some instances, that ‘chat’ can be a good thing, perhaps a raise. In many other cases, however, that ‘chat’ can mean a pink slip. Chances are most people reading this piece have been down that road at one time or another. As most will tell you, it isn’t a road they want to travel all that often.

While you may get that call to ‘chat’ with your manager or the company owner, there are some cases where you can initiate the discussion, not being put in the situation where the bad news is delivered to you.

As more and more Americans have found out in recent years, a sluggish economy has led to many workers having to undergo that trip to the boss’ office. Oftentimes, the dreaded news they were expecting is in fact delivered.

According to a 2012 report from the U.S. Chamber of Commerce, millions of Americans were taking on the challenge of running their own small companies, via independent contracting or direct selling. A Gallup poll noted that 61 percent of Americans had indicated that they lean towards the preference of being their own bosses. Much of that comes from a decreased lack of job security in many different industries.

 

Know Your Game Plan Before Initiating a Move

So, what if 2013 is the year that you initiate the discussion by leaving your current job and opening your own business? Yes, scary as that may sound, the opportunities could be endless.

Before you go initiate that ‘chat’ with your boss, consider these factors:

* Always have a game plan – You may have wanted to open your own business for a number of years now, but are you financially prepared to? Keep in mind that you will need to not only replace your steady workplace income, but also account for expenses to get your business rolling, including money for advertising and marketing, supplies, potential office space, and maybe even an employee or two. In many cases, it is best financially to start your small business part-time while maintaining your full-time income under someone else. If you have a good health insurance package with someone, also consider how losing that could impact you financially;

* Expect your life to change – In the event you are leaving your full-time job to start your own small business, expect some changes to come your way. While some people think it is nice to get out of the 9 to 5 routine, working for yourself will likely mean more hours and more work. The bottom line is all the decisions that need to be made rest with you, something by itself that can overwhelm some individuals. If you have a family, they will need to adjust also to your new hours. There will be some days where you will think it will never end, that being meeting customer orders, doing your own financial paperwork, promoting your company in a variety of ways. This is another reason why it is sometimes better to start your business on a part-time business so that you can ease into it, not be thrust full throttle into it;

* Plan to succeed, be prepared for failure – Statistics don’t lie; many have come across data showing that more than half of all American small businesses go out of business in the first five years (Small Business Administration). With that being the case, what is your Plan B? While you may not be in love with your current job, and while you may have always wanted to hang an ‘open’ sign out in front of your very own business, you still need enough money coming in to support you and/or a family. Make sure you have a ‘rainy day’ fund set aside so that you can withstand a dry spell or two if your small business hits a rut or does not take off right away. If you don’t, you may end up regretting having left your full-time job in the first place.

Maybe 2013 is the year that you take those dreams of opening up your very own business to fruition.

If it is, make sure you know the game plan before you begin to play.

Photo credit: learndirect.co.uk

About the author: With 23 years of experience as a writer, Dave Thomas covers a wide array of business topics, including business VoIP service.