Category: Make Money

Most of us are not aware that we have an opportunity to make money from the home that we live in. There will be some restrictions, especially if we do not own the house and our insurance may restrict us with certain things too. However, there are things that we can do and it is worth thinking about these things to decide whether we might like to try some of them.

Get a Lodger

If you rent a house, then it is unlikely that you will be able to sublet a room in your home, but do check with the landlord if it is something that you are considering. If you have a mortgage then you will need to check with the mortgage company that they will be happy for you to rent a room. You will also have to check with your insurer and you may need to change your insurance policy and perhaps pay a bit more. Having a lodger will bring in a regular income. However, you will have to live with that person and you will have to decide whether that is something you are prepared to do. You may enjoy the company but it depends on your personality and it could be the case that you like living alone or just with people you really know well.

Set up a B&B

If you have a spare room with a bathroom nearby or en-suite then you could set up as a bed and breakfast. This could work better if you live in a place where there is lots to do and see in the area or fairly close by. You will have to be prepared for lots of washing and cleaning, having to get up early to cook breakfast and things like this. You will need to make sure that you charge enough to cover the costs of doing all of these things as well as the costs of advertising and your time. You will also have to check with your landlord, mortgage company and insurer to make sure that they are happy with you doing this.

Rent an Attic or Garage

It can be easier to rent out a room for someone to use as storage. You will again need to check with your landlord, mortgage company and insurer to make sure that they are happy with you doing this. You may need to pay a little more insurance but it should be cheaper and easier than the above two suggestions but you will not get so much income from it. However, it can be a great way to make a bit of money from a space that you are not using and you will be able to just ignore the things that are in there.

Rent a Driveway

If you live near to a town centre or a company without much parking, you could make money by renting out your driveway. You may find that you can make quite a bit each week by allowing someone to park there. There are websites that you can advertise on and so it should be pretty easy to do this. It will mean that you will not be able to use the driveway yourself so you may need to only do this if you do not have a car yourself or have an alternative parking space that you know will always be available. Often, you will just rent it out in working hours and so if you drive to work, then the driveway might be free while you take your car to work each day. However, if you have a day off, you will still need to leave the driveway clear.

There are many people that make money buying and selling things and it can be a fun and easy thing to do. You do not need any training or special skills which means that anyone can do it. There are just a few simple steps and you can get started. Decide what to sell, there are lots of things we could potentially sell but there will be some limiting factors on what you can sell specifically. This is because you will want to know a bit about what you are selling so that you can check out the quality and know what exactly to buy. You will also need to store the items and if they are big you will need a lot more space than if they are small, so think about what you have space for. You will also have to pay for them and if they are too expensive you will not be able to afford them.

Find the Stock

Once you have decided what sort of thing you want to sell, you will need to find a supplier. This will mean finding someone you can buy the items from. You will need to think about profits at this point and make sure that you are not paying more than necessary for an item, but you will also need to make sure that you are buying items that are good value for money. If it is too cheap it might be broken when it reaches you or when it gets to the customer and this will not be ideal. You might be okay with selling cheap things, but consider whether you want a reputation for selling cheap or whether you would rather get a reputation for selling quality items. Also think about what country it comes from and whether you want to buy from there, pay the import duty and postage, and whether you are happy with the environmental cost of buying from a distance away.

Decide on the Price

Pricing can be tricky. You must charge enough to make a profit or else you may as well not bother at all. This means making back what you paid for the item but also covering any other costs such as payment processing fees, website costs, packaging and postage and things like this and leaving some extra to pay yourself. You want to be competitive but you need to make sure that you are not selling items so cheaply that customers assume that they will be poor quality and not buy them. The price you can charge may also be influenced by where you sell the item. It can be wise to look at places that also sell those items or similar ones and see what they charge to think about what you should be charging.

Find Somewhere to Sell it

There are different choices for selling. You could sell online or offline or both. You could sell in a shop you set up (either a physical one or off a website) or in someone else’s. Consider the costs of all of these so that you can decide on what the best option will be for your budget but also consider what will work for your potential customers. You may want to choose a selection of places so that you have more chance of getting customers.

Marketing

It is important not to forget about marketing. People need to know that you are out there and that you are selling things. Think about how you will promote yourself and what you are selling to your potential customers to get lots of sales. Without sales you will not be able to buy more stock and continue the business as you will not be able to cover your costs and you will not be able to pay yourself. So, make sure you work hard at this bit.