How to earn a second income
How to earn a second income
August 17, 2015By First For Women
Imagine being able to generate a second income to supplement your salary. It might sound too good to be true but, with a bit of thought and planning, you can work out a way to earn a little something extra on the side. The secret to success lies in hard work, dedication and of course in believing in yourself and your dream. These are the practical steps you have to take now start believing!
Step 1: Get thinking
Your first and perhaps your most challenging step is to work out if you will sell a product or a service and what that will be. Products might include selling clothes or crafts at a local market if you are good with your hands. Services could include housesitting, tutoring students, dog-walking or taking your skills freelance, for example: design, writing or bookkeeping. Think about what you are good at and how you can turn your skills into cash.
Step 2: Get real
Plan to spend some time researching your market. Remember there has to be significant demand for your product or service. Who are your customers and where are they? What do they need and how can you help them? You also need to research your competitors - who they are, what products/services they offer and how you will be able to match or improve on their offering.
Step 3: Get going
Once you know who you are selling to and who your competitors are you need to price your product or service competitively and work out where you will be selling it. If you need to source raw materials for a product, do some research to find out where you can source your supplies at the best possible price. You also need to come up with a clear strategy for how you will market yourself. Do you need a website, for example, or flyers to be handed out at robots?
Work in progress...
Starting a new business, whatever it is, is not easy. You need to hang in there, keep marketing and, of course, keep believing. You also need to listen to your customers and learn from their feedback. Don't be afraid to go back to the drawing board to reevaluate your offering to cater to your customer's needs.
Great resources
Looking for more information? There are a number of great online resources for entrepreneurs in South Africa:
Final word
If your debt has become unmanageable or if you're struggling to make ends' meet then generating a second income might be a viable solution. Or maybe you're looking to save a little bit extra towards home renovations or a dream holiday? Whatever your reason there's nothing stopping you from getting out there and earning the money you need.
