Those who struggle to make ends meet every month may find a big relief if they can increase their income to move away from the point of just breaking even.
A small cushion of extra cash every month can provide peace of mind and a sense of luxury. But how to create this cushion may not always be easy. These folks probably have tweaked their budgets in every creative way already to make things out on their limited incomes. They may be juggling debts, reducing expenses and putting off big purchases to make sure that they stay afloat. So where can they come up with this extra cash?
The answer is in finding a way to increase their income. Pay raises aside since they probably are not under anyone’s control and they do hardly cover the inflation cost, there are other ways that do make money.
Time is money
Your starting point is to think of how much time can you use for your goal of making more money. It doesn’t have to be 20 hours a week; it can be a couple of hours every night and half a weekend day, or whatever works for your schedule and commitments.
Once you come up with a number — say 10 or 15 hours, think if there is any cost involved. For example, do you need childcare to free yourself up? Are you missing out on work? Have to give up a part-time job? If not, then these hours can be turned into your investment in a new money-making project.
What to do?
Projects sound intimidating, time-consuming and costly. Your little project doesn’t have to be this way, however. In fact, it doesn’t even have to be a project (or a business) to start with since you don’t want to invest into licensing just yet.
Instead, think of your skills and what they can be used for. You may have always had a passion for photography and you own a decent camera. How about trying your luck with professional photography even if you just start with complimentary sessions for family and friends? Are you a pro in fixing computers? How about getting online and helping others within your community? Do you paint, bake, tutor?
It really doesn’t matter what you offer as long as it is something that you’re good at and it doesn’t requires extensive licensing and you have the credentials to practice it.
Making money
Getting started with free services can be easy. People are more likely to give you a shot even if you’re not experienced if you’re offering a helping hand for free. Moving to paid services is a completely different story, however. That is why you must prepare from day one. Build your online presence early on and make sure that your happy customers, friends and family members are adding feedback and testimonials regarding your services or products. Build a following online to make sure that your name becomes recognizable in your community.
Finally, when you come to the stage of paid service, start slow and modest. You may be tired of putting your time and efforts for free. But the start isn’t the right time for greed. Think of this as a transitional phase. Offer ridiculously discounted services compared to market prices, and offer introductory packages to get people’s attention. Once you see the response and you begin to attract a higher demand, gradually increase your prices. Still keep the occasional offers, maintain your social networking, and ensure consistent quality.
Time demands
It may be good news if you end up with more demand for your services or products than you could handle, but there is a drawback. If you don’t have the time to handle the extra work, quality may drop or you may compromise your full-time job. In either scenario, the outcome is not good. Unless you’re willing to turn this hobby or additional income opportunity into a full-fledge business, it is important that you learn when and where to draw the line.
Keep this project in its place and don’t let it become a drag on your work-life balance, jeopardizing your main source of income.
By Rania Oteify
Rania Oteify, a former Gulf News Business Features Editor, is a Seattle-based editor.
