A lot of people want to make extra money. Whether it’s from investing in the stock market, picking up a side hustle, or even starting your own business. The truth is, there are pitfalls everywhere. You could easily fall into one if you make the wrong decision at any given stage. Each person has a different attitude to money, and a different approach to making it. It’s why taking advice online can be brilliant, but also dangerous. What works for one might not work for someone else. You have to apply advice in a bespoke way before you actually go about it. Each person is unique with different amounts of time available for making money, as well as different amounts of cash available to put towards their pursuit. These are some of the top decisions you’ll have to make as well as some insightful pointers around each choice. Good luck!
Decide whether you’re in good enough health
It sounds strange, but you need to focus on that before you really start thinking about making extra money, otherwise you might make the wrong decisions and end up losing cash. Don’t jump into making these decisions if you’re experiencing pain and suffering or have a health issue that you need to spend some time working on. Health always comes first. It might not be your own health, but the health of a partner or child. Once you’ve gotten your health to a place where you can be happy, then you can start thinking about other elements of your life like money and finance. If you don’t, you might get halfway through your plan before the bad health catches up with you meaning all your hard work is for nothing. The definition of good health differs from one to the next, but just be honest with yourself and you’ll know.
Can you start your own business?
You can go all out and start your own business pretty easily in this day and age. All you really need is a website, but deciding what to do with this website and working out how you can make money is a big decision. Essentially, you’re deciding whether you want to trade as a business, or just make smaller chunks of cash as a side hustle. Many people create their own brands or offer services online. It’s a great way to make extra cash. Maybe you’re looking at setting up a Shopify dropshipping business through your own website, or you’re offering a service such as translation or consultation. You can do all of this through a business. The key and the main issue is in getting your business noticed online. No matter what you do, pulling customers in can be hard. Deciding to start your own business is a big decision, but one that can pay large dividends.
Have you got a fund to begin with
You need money to make money. The get money quick schemes are usually scams. You need to invest money into the area in a thoughtful and methodical way. Whether you’re investing in stocks or starting your own business. However much you need depends on what you’re moving into and where you want to make your money. It might be enough to get yourself set up online, or enough to ensure that you can do some advertising for your new product. Maybe you need money to invest in a new stock, or you just might need a little bit of money to bulk buy an item to resell. Do your calculations and make sure they’re right before jumping in. There’s nothing worse than starting and making good headway before you realise you don’t have the money to see things through properly, potentially wasting what you’ve already spent. Create a budget, be as accurate as you can and always have an emergency fund for the issues you don’t expect.
Take time choosing a side hustle
Usually, deciding on which side hustle to start is pretty easy because you’ll be led by the skills and knowhow you already have. For example, if you’re proficient in French, you could tutor students or people who just want to learn once a week for a bit of extra money. If you feel that you don’t have a current proficiency, then you can learn one. People do all sorts of things to make that little bit of extra money, whether you’re doing it online or locally. If you like fitness, consider fitness coaching, play music? Can you help there? You can even go down to bare bones basics and answer a few surveys online. In reality, it’s the choosing of the side hustle that’s the hardest part because if you make a mistake and pick the wrong one you’re starting again at square one. If your side hustle is local, make sure you do extra research as the market you’re looking at might be a little saturated. Once you’ve built something up then you’ll likely find referrals are a large part of forward work.
Whether to piggyback off an established third party
Deciding whether to utilise an established third party in the making of money is a pretty huge decision. The plus is that you can utilise a website that’s got millions of users daily. The negative is probably that you’ll end up paying fees. It might be that you’re looking to manage a fulfilment by amazon (FBA) side income, or perhaps you’re simply looking to sell your small arts and craft creations on a site like etsy. It might even be as simple as buying from Alieexpress or Alibaba and selling on Ebay. Usually, the trick is in building a top seller rating so that people trust you. They’ll have the backing of the third party itself, which will go some way in lending confidence to the buyer. However, you will also need to comply with various rules given by the third party to sellers on the platform, falling foul of these will result in you being kicked off, so try to read up and know your stuff before starting out.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)