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How to make extra money?

Discussion in 'Personal' started by Bonnie23, Sep 8, 2018.

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  1. oldsomeman

    oldsomeman Star commenter

    To true but for 15 years or more I ran a building business alongside teaching, but must admit I would prefer to run the building work insomuch is made a lot more money than teaching. Its life and a wife!lol
     
  2. oldsomeman

    oldsomeman Star commenter

    Like most of the small business people, you do need the 'break' which starts you off into profit.Or find and aspect of the business which will bring in a lot more customers.
     
  3. Mangleworzle

    Mangleworzle Star commenter

    I disagree with this. I started my business as a hobby, then I realised I could make it pay for itself, then I realised I could do better than this. It took me 2 years to make a profit and 4 years before it really took off (defined as exceeding my teacher pay). I then ran it for another 10 years alongside teaching, going p/t after about 3 of those and then leaving teaching.

    It depends on what the business is and how scalable your own input.
     
  4. Duke of York

    Duke of York Star commenter

    I agree it depends on what the business is, but it also depends on how much financial investment was needed to get started and how long you'd be prepared to wait to get a return on your investment.

    It also depends on what your personal liabilities are and how dependent you are on having an income to meet them, and it depends on whether the business venture is one you can run from home, or have to lease premises for it.

    Over the course of my life in business, I encountered hundreds of people who gave up a good job to seek their fortune by going it alone. There were a few who owned land in rural areas, where they were able to run businesses from home, employing staff to do the graft, whilst the business owner concentrated on making the business protitable, but those whose homes were in residential areas were never able to do it in the same way.

    When you employ staff, you've got the issue of where they park their cars and whether neighbours complain about the noise your business makes or with the disruption of their close being blocked by delivery vans.

    It's OK for bean counters and the like to run businesses from their home, where they are the sole employee of the company and need nothing more than a computer, but they're limited to how much they can personally do in a day. Most business models that don't involve having business premises are fraught with problems. As Oldie described on one of these threads, his problem was finding somewhere to park his van in a London street..

    I started my business at home in my garage and it was OK because all I needed to get it going was a lathe, which didn't make too much noise. It was bringing in over twice the income I was getting from the NHS, but you can never sit still, because as the damand for the things I made grew, I found myself in a trap. I could either find a way to meet the increasing demand or lose it all to a competitor and be back where I started.

    So I needed more capacity, premises where nobody would complain about noise or parking and that brought a liability to pay for the lease and a demand to pay business rates, from a council that offerred nothing at all in return. I had to pay extra to have them empty a waste bin.

    So that's what I was attempting to say when I spoke about the critical time between businesses becoming viable and profitable or not. If you have a business making a comfortable profit from home, don't imagine it will last forever unless you expand it.

    The world is watching what you're doing and hoping to see whether they can understand how you're making money and do what you're doing to profit more from your ideas.
     
  5. gorge441

    gorge441 New commenter

    Fix your goal and work hard on it. Once you did this, money will automatically come to you.
     

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