Could Starting Your Own Business Be The Answer To Your Money Problems?

Getting stuck in the drudgery of a 9-5 job that is going nowhere can drive your personal finances into a rut. You spend so much time balancing your income against your outgoings that you don’t have the chance to think outside the box and consider a fresh approach. Take some time out and have a cold, hard look at your financial situation. Are you ever going to save enough for that dream vacation that you promised yourself three years ago? If not, it’s time to make some changes.

Sort out a second income

You don’t have to do anything drastic like quitting your job right away. Instead, explore a second source of income by starting up your own business. Take a note pad and jot down the skills, attributes and experience that you have. Then look at which of these could translate into a service or product that you could sell. Remember a product does not have to be a physical product. You could sell a digital product such as check-lists, recipes or even an eBook.

Setting up a website costs very little. You can buy a domain name for few dollars and build your own site for free. You’ll pick up valuable skills along the way. Invest in a credit card scanner if you are selling locally. Your clients will thank you for it and it will make it easier to clinch that sale.

Sell your spare stuff

It may be time to realize your assets which is business-speak for selling the stuff that you don’t need anymore! Start in the loft or in the basement. You may even find some antiques that will make you a fortune. You can hold your own yard sale or rent a Saturday pitch at a local market. If you want to sell on line, there are plenty of apps and sites like EBay that make selling easy.

If you suspect that some of your possessions, such as jewellery, are valuable it is best not to rely on the honesty of the purchaser. Take them to an expert for a second opinion. The last thing you need is to be swindled out of money that is rightfully yours. 

Rent a room in your home

If your monthly rental bill or your mortgage repayments are eating a very large hole in your pay cheque it may be time to get some help. Renting out a room in your home is a very lucrative way to get some extra cash. Remember that you need to be compatible with your new housemate so choose wisely. Get all the agreements drawn up legally and take some time to choose the right person. Also, check that you are not breaching the terms of your tenancy or mortgage agreement.

If sharing seems like too big a step, you could think about down-sizing by moving to smaller home. Alternatively, you could move to a different neighbourhood where house prices are cheaper.