Small enterprise is good; it can enable people to earn a living. For many this means making ‘pin money’ whilst for others there is the opportunity to earn a substantial income.
Firstly, beware, any income must be declared for taxation purposes to avoid falling foul of HMRC.
However, ways in which entrepreneurial folks can earn extra money include the ever popular car-boot sale. Although they are Seasonal in some places but some do carry on for most of the year. Avid gardeners may raise plants from seed and sell the surplus including vegetables and produce made from the produce such as jam, pastries and smoothies for example.
Car-boot sales are not just about selling off items that are no longer of use, there can be buying opportunities too. Picking up a bargain that can be refurbished by someone in the know who can then re-sell for a profit is cool. In the same vein, buying ‘old’ things that can be sold on to antique dealers is acceptable business practice.
E Bay is another selling platform that works for a lot of people. Buyers purchasing products that they understand or are familiar with such as sporting equipment and electronics may then sell them on at an elevated price, providing there is a market for them. Finding a niche market is wise, this then requires some marketing effort to make your customers aware of what you are offering. One may have to invest a few pounds in stock but money can be made. Beware of dodgy deals though, buy wisely, a few at a time until sure that your source is sound before investing a lot of money.
There are a number of marketing platforms available for such things as health products and candles, whilst pyramid selling is illegal, multi-level marketing is not, some people do make a lot of money in this way, some do not. Some of the largest companies in the World have developed by party plan methods, Tupper Ware for one. Asking for good advice before spending any money makes good sense.
Any budding business person who has a great idea needs do some market-research first, talk to your target audience/customer base and ask penetrating questions; ‘If I offered to sell you a ‘gizmo’ how would you respond?’, you will soon see if the plan and the product is of value.
There is an ever growing number of people operating in this way, this implies that it is a valid opportunity, the opportunity cost is what you lose by not trying. The key thing to remember is that people buy from people, whatever you are selling you need to build up contacts and a customer base that you trust. Finding a ‘unique selling point’ (USP) is also vital, anyone can sell baked beans but if my baked beans are superior to yours I will sell more of them.
Working from home is an excellent way of making a business, as with all businesses it takes planning, knowledge, guts and determination but that is a reason to do it, not back away.
Enjoy and be successful.
The Best of Leicester, supporting the local business community.