This is a guest post from Kylie Ofiu, a mother, author, blogger, writer, and public speaker. She has a real passion for finding ways to make and save money, which she shares on her blog. She recently launched Blog To Book to help other bloggers become authors too.
When we think about making more money, most of us think we need to get further education or training in order to get a promotion. Or we think it’s necessary to get more customers to buy our products.
This is not always the case because there are many ways to make more using our current skills or businesses.
Use the following tips depending on your industry and work situation:
If you own a business:
Tip #1: Rent Out Extra Space
If you have extra space at your business location, consider renting it out. Just like a salon rents space to their beauticians, you could lease an area of your office to another business owner.
Tip #2: Find Ways to Cross Promote
This is where you promote another business and they promote you. For instance, a photographer could have flowers in his or her studio from a local florist and the florist could have an image from the photographer in their shop. You recommend each other to interested customers.
Tip #3: Get Online
If you don’t have a web site for your business, you really are behind the eight ball!
If you do have a business site, does it have a blog? A store? A Facebook page? All these things can make you more money and aren’t difficult to set up.
Facebook pages now have a store option, so you can sell there too.
Tip #4: Go Mobile
One hair salon I worked in was near a hospital. We decided to offer an extra service to do haircuts for the hospital’s long-term patients.
This mobile service was unique to us and we gained loyal clients, even when they left the hospital. By thinking a little differently, we cornered a market that proved to be profitable.
If you work for someone else:
Tip #1: Think Laterally
If there are no promotions available for your current job, there may be in other areas of your company. Consider a lateral move that would give you the skills necessary to get a promotion later.
Tip #2: Find Solutions
Look for opportunities to solve problems at work, such as any of the options listed above for a business. I was the one who suggested going mobile to the hospital.
Another example is contributing content to your company’s web site. You could offer to write articles, do social media promotion, or even start a YouTube channel.
If your company doesn’t have a budget for this kind of work, negotiate a percentage raise based on increased sales. For instance, if you can increase the sales or traffic by 10%, you get a 5% raise. Or you get a percentage of increased profits.
Tip #3: Streamline Business
Look for ways to improve procedures that make things run smoother or faster at work.
My brother worked for the Australian Tax Office (ATO) and took it upon himself to make all the tax statistics simple for the average person to understand. He created a PowerPoint presentation, which the ATO ended up putting on their site.
He wasn’t asked to do this–he just did it in his spare time at work between projects. It resulted in having government departments fighting to have him work for them–literally! The head of each department was yelling in his office over why he should work for them–and he wasn’t even a high level employee.
The key to making these things work is not to create extra work for yourself. Instead, negotiate that the company try your ideas for a set period while some of your work load is reduced. If that doesn’t work–but you truly believe in your ideas–negotiate a larger percentage of the profits.
If you are at home:
Tip #1: Provide Daycare
If you have space, consider doing daycare from home. If you have kids, this can be a great way to make money doing what you already do.
Tip #2: Cash In on Your Expertise
Do you have expertise in an industry like hair and beauty, finances, or law? You could do freelance writing or blogging on the side, offer to tutor others, or start an e-zine based on your area of expertise.
Tip #3: Be a Family CEO
Ok, this one is not actually about making money, but if you are at home you can make it your job to find ways to save money, compare your billing providers, switch insurance if it will save you money, do some bulk cooking, and things like that.
Being the Family CEO is just as important as making money, because if the money coming into the home is not handled properly, you will never make enough money to cover expenses and save some.
If you have an online business:
If you’re already blogging or making money online, there are lots of ways you can expand. For example, do freelance writing, public speaking, sell advertising on your site, or create your own products, such as ebooks or other downloadable items.
If you have an established blog or presence on social media, another way to make money from what you already do and know is to write a book. More and more publishers are seeking out bloggers and people who use social media heavily to write a book because their online presence is a great platform for promotion.
I recently went from blogger to author and launched an ebook called Blog To Book, to help others do it. It covers everything you need to know and do, like getting your blog ready, getting a publisher, understanding the contract, and marketing and promoting your book.