Spending less and saving more has now become a necessity for most, but cutting back has its limits. The bank bailouts and sliding house prices have made the pursuit of a second source of income an alternative for some. Our spare time is precious and being a wage slave is no one’s ideal, but making money on the side needn’t involve speculating on the stock exchange with complex financial models or investing in a string of properties.
For beginners there are car-boot sales, but if the 5am Sunday morning starts don’t appeal to you then you might prefer the glow of your home computer screen: online trading can be a profit maker and even a full time occupation. ‘One man’s junk is another man’s treasure’, a saying that is nowhere more true than on eBay, the global auctioning site that sells everything from broken dishwashers to cars and property. eBay is a great way to introduce yourself to the trading world and get a taste of what makes good marketing. Money can be made from buying poorly marketed items and selling them at a profit by uploading clearer photos, inspiring description with perfect spelling and grammar and with an auction end time at a peak period of the day. eBay items are sometimes advertised as faulty, if you have a mind for mechanics then buying, fixing and selling an item could create a profit.
Looking outside of the Internet, we all have hidden talents that can be capitalised: do you play an instrument, consider yourself good with young people, able to make complex concepts feel simple, are you green fingered with an eye for what a beautiful garden should look like? Then offer your services locally as a private teacher or gardener. Start by charging less than others to build experience and to get initial customers. With many sources of free online advertising, your overheads need only be your travel costs and time.
If you don’t want to go it alone, then pool your resources and aim for a family business. In any family there is a broad range of skills that can be drawn upon and you will know each other’s strengths and weaknesses. An inspirational example is my friend’s family business, Deluxe Materials, a small company with a big name in glue for the modelling enthusiast industry. Founded in 1973, the year of the three-day working week, the business has grown to become the UK’s leaders in specialist glue for model aeroplanes and doll’s houses, run entirely in spare time. Alex Bristow, son of the company’s founders, has fitted in University and a hectic teaching career whilst contributing to the manufacture and promotion of his parent’s glue products.
Whatever your thoughts may be, research your business venture thoroughly and take advice from experts rather than well-wishers. Remember that investing in your spare time can help you discover your inner entrepreneur.
