Whether you’re straight out of school or you’ve been working for decades but don’t have much in the way of savings or disposable income, you’re probably interested in knowing how you can make extra money. If you’ve not been on holiday for years or you can’t afford to eat out when you’d like to, then knowing how to make that little bit of extra money on the side can be a vital skill. So, how can you make money from nothing?
Ignore Irrational Criticism and Follow Your Dreams
The first thing you need to realize is that whoever you are and whatever your age, gender or existing knowledge, there will always be people around who are ready to tell you that your ideas and plans to make more money are futile. The trick is to learn to ignore people such as these, and to only listen to clever and constructive feedback. By doing so, you’re ideas will be better constructed and better informed.
Place Your Eggs in Multiple Baskets
When you’re starting from zero, it’s important not to cling onto one business idea or another because if it fails, you’ll have invested everything you have in it. This would make it very challenging to recover from – both in financial and moral terms. Instead, you should create business plans for multiple businesses and moneymaking ideas, and see where your planning takes you. Spreading your business eggs across multiple baskets in this way is much more reliable than planning al of your energy and trust in one project. Additionally, there’s the potential to earn significantly more because you multiply the chance for success the more business ideas you have.
Making Money from the Money You Have
Once your moneymaking ventures are well established and they’re starting to bring in a profit, you should ensure that you’re saving at least half of what you earn after essential outgoings. By doing this, you can then make sure you’re facilitating further investment opportunities. A good way to do this is to apply to an investment management company like Killik & Co, where you will be able to receive advice from professional investment managers who can inform you of how you can start building up your investment portfolio. This could sound like risky business, and although any form of investment is dangerous, sensible risk taking is crucial to the development of any business and for growth.
Ultimately, starting from zero might sound impossible, but by following the advice above, you’ll be able to start making some extra money whatever your circumstances.