- Making money Quickly - Surviving - Maintaining Cash Flow
Entrepreneurship is gradually becoming a big deal in the global economic landscape as more and more young people leave traditional employments to set out on their own. The Internet, ecommerce, innovative technologies, and a ready pool of investors is causing the start-up ecosystem to thrive across diverse industries. However, the journey from ideation to building a thriving business is bedevilled with many pitfalls. One of the biggest dangers that young people face on their entrepreneurial journey is the possibility that they will run out of money before their start-up has had a chance to survive.
Let us look at the 5 survival tips:
1. Keep your day job and build your business at night: We understand that you want to be your own boss, build a business, and create innovative products that will save the world; however, you might not be able to save yourself if you can’t put food on the table. Hence, you may want to consider keeping your day job as a guaranteed way to keep some cash flowing while you concentrate on building your business at night and on weekends.
2. Work part-time and cut down living expenses: If your start-up requires huge time commitments, it might not be feasible to juggle a job in the day and the start-up at night. Some start-ups require lots of brainstorming sessions, networking, marketing, writing code, and product development in a race against time to be the first to the market. A part-time job where you clock in a few hours each day or where you show up a couple of days each week could be a lifesaver. However, you will need to prune your personal expenses to the barest minimum because you will only be earning just enough money to get by.
3. Make your money work for you in the financial markets: If you understand how the financial markets work, you can find it much easier to build a start-up without necessarily keeping a day job by trading in the financial markets. Being a day trader does not only require that you take some minutes to set up the trades, create stop/limit loss orders, and check on the market periodically to see how your portfolio is faring. Rogelio McKinney, a trader at Wilkins Finance submits that “traders don’t need to be glued to the front of a computer screen to access Wall Street, nearly all trading platforms now have a mobile app through which you can run the whole gamut of trading activities at your convenience.”
4. Freelance on the side if you have outsourceable skills: If you have digital skills such as programming, SEO, social media management, product testing, or graphics design skills, you can actually raise money to support your lifestyle by freelancing. Freelancing allows you to work on your own terms and at your own pace, because you get to agree on deliverables with your clients. Freelancing also helps you to connect with people who could become beta-testers, customers, or investors in your start-up down the road. However, you will need to be careful not to be carried away by the freelancing lifestyle such that you forget your start-up.
5. Rent out your crib or car: If you have a spare room or a car, you can make some money on the side by renting out the room or your car. AirBnB is a great place to list your spare room, and you can even list your very own room on days that you are buried in work in the garage or out chasing investors in the next city. However, you need to be sure that you are not violating your tenancy agreements by listing the property. You can find a friend who will use your car for Uber runs or you could pick up Uber passengers yourself while running errands with your car.
Now, we come to the second part of the question, which you have asked. Some quick ways to make money with less time commitment are as follows:
1. SELL UNWANTED ITEMS ONLINE FOR EXTRA CASH: An easy way to make easy money without the commitment of a job is by selling gently used items you no longer need or use. Whether it’s clothing, home decor or electronics, a simple search in the app store will make selling your second-hand items easy and convenient. Doing it all right from your mobile device. Simply download an app like Poshmark, Letgo or Offer Up to get started. Upload photos of products to the marketplace with a brief description and asking price and you are ready to start selling. Before choosing which marketplace to utilize, compare selling and shipping fees.
2. SEARCH THE WEB FOR TEMPORARY JOB POSTINGS: A fun way to make money without the commitment of a job while trying to get through college is working festivals and events. Summer is a prime time to find festivals and events in your area to work. Most vendors pay cash at the end of the day and allow you to work whenever you are available. To make extra money, I typically search the gigs section of local Craigslist sites for postings. I also use keywords like “temporary jobs,” “event staff,” and “vendor staff” on Indeed to find similar opportunities. Last summer I quit my day job and started working a food truck. I made my own schedule and loved the freedom of not having to dedicate X number of hours per week to work. Not only was I paid an hourly wage, I also received tips making my average hourly rate $14 per hour. If you are not interested in working in the food service realm of festivals or events, there are several other opportunities for you to choose from. Events like The Colour Run and Colour Vibe 5K often look for local photographers to photograph races. They also seek locals to help with event set-up, registration, and event tear down. These types of events typically pay an hourly rate and write a check at the end of the day. Other events to consider are local street fairs, carnivals, and music festivals. Music festivals are a great way to make extra money and see some of your favourite musicians without having to pay for admission.
3. BECOME A TUTOR: If sleeping in, setting your own work hours and helping people are things that make you happy then consider becoming a tutor. Becoming a tutor is a great way to make easy money without the commitment of a job. You have freedom to set your own hours and rates and get to help others. There are two ways to get started. One way to get started is through the traditional method of word-of-mouth referrals and grassroots advertising. The second way to become a tutor is to market your services online. Submit your resume and cover letter to websites like Tutor.com and TutorVista.com for consideration. You can also post to websites like Craigslist or Thumbtack and respond to inquiries of people seeking similar services.
4. COMPLETE SURVEYS AND STUDIES FOR CASH OR GIFT CARDS: From testing products or services to completing surveys, participating in group research studies or watching videos online, there are a number of ways to make easy money without the commitment of a job.
1. Cash Crate is an online platform that posts work for users from companies that want to have their products or services tested by consumers or want to conduct market research. Users are paid varying amounts for various tasks they complete and can withdraw their earnings after receiving $20 worth of rewards.
2. Swagbucks is another digital platform where users can complete surveys, watch videos and shop online to earn Swagbucks points or SB points that can be redeemed for gift cards to popular retailers such as Amazon, Starbucks, Target and more.
5. BECOME A CAMPUS REP: Students living on campus should consider making extra cash by becoming a campus rep. Campus reps are students hired by brands to carry out marketing tasks on their campus and in front of their peers. Whether it’s a sampling event, a speaking engagement or social media marketing tasks, campus reps are paid to work right where they are: on campus.
Not only does becoming a campus rep give you freedom and flexibility to choose your own schedule and get paid, but it’s also a great way to gain valuable experience by working alongside professionals, learn effective and strategic ways to market products/services and collect market research data. The work you do as a campus rep will give you talking points for interviews after graduation, strong recommendations from professionals and is a great way to meet new people.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath