There is always never enough money to do what you really want to!

According to the Australian Bureau of Statistics, the average weekly ordinary earnings (both private and public sector) is about $1180+. This makes it approximately $60K pre-tax (varies from case to case). After taking into account taxes and levies and etc, most people will only be left with $47K per annum in their pockets. This amount equates to around $900 a week. This measly $900 a week does not go very far especially when median house rental prices in Sydney is around $450 per week! This only really leaves $450 for you each week to pay for transport, eat, pay your bills and live.

Solutions:

Ideally, we would all love for money to just fall from the sky without having to put in any work. Well, that can happen but not overnight. Instead of scrimping and saving and not being able to live the life that you want, why not make use of the weekends or after work hours earning some extra cash? Here are two of my favourite sites that I have used successfully. The best part is that most of the work listed here can be performed from the comfort of your home in your PJs! Check them out.

Elance.com

Elance is a great place for finding work of all types. From web design, writing, telemarketing, data entry to web development. The process works like this:

1. Sign up for a free account as a service provider (The basic membership is free and allows you to bid up to 3 proposals).

2. Update your profile (look at other people’s profile if you are stuck for ideas).

3. Search for jobs or projects that interest you.

4. Bid for the project/s. Depending on the budget set by the employer, some projects require more “connects” (Elance uses this to call their tokens. You will need these tokens when you bid for projects) than others.

Tip: The more projects that you bid for, the higher the chance of actually being awarded at least one. You may decide to start out by offering your services for cheap in order to gain some positive feedback as a service provider. Also, the basic membership only provides 3 free “connects”. This means that you will need to upgrade your membership if you do bid for more than 3 projects.

Tip: When bidding, make sure you take into account the fees associated with Escrow. Elance charges a commission for the use of Escrow.

Guru.com

Guru is similar to Elance where it is a marketplace for employers and freelancers. The only main difference is the membership structure. Guru’s subscription fee varies according to the category that you choose. The Basic Membership is very restricting as compared to Elance’s basic membership. It is often more difficult finding a job to bid for in Guru because most employers will only allow you to bid if you have either the “Guru” or “Guru VENDOR” status. There are also commission fees involved in Guru.com when you have completed the project.

Besides Elance and Guru, it is also worth checking out iFreelance. This is a smaller website but works along the same objectives as Guru and Elance. In general, if you are just starting out, Elance will probably be the best place to start out.

Feel free to add your comments or share your stories on successful bids and proposals with everyone! Good Luck.

Are You Ready to You Quit Your Job?

I am a true believer of being in control of your own destiny and being in business allows me to do that. However, as glamourous, cool and liberating as it sounds, being in business or being self-employed is not for everyone and I am speaking from experience. Do not get me wrong here. Many people are great at business but they are just not prepared enough to face the trials and tribulations that comes with being in business and/or being self-employed. Before you quit your job, here are five things that you should consider.

1. Passion and Drive

Do you have the passion and drive to see you through the darkest and toughest of journeys that are part of being in business? Drive and passion are essential as they will motivate you to push your boundaries further and to achieve your goals. At the start of the business cycle, you will experience plenty of tumultuous times and I can guarantee you that there will be many times when you will want to throw in the towel and wave the flag. These are periods where passion and drive is essential. They keep you focussed and help you maintain your energy levels.

2. Cashflow Plan

Some people call this the money plan and some call it the cashflow plan. I prefer the latter. People get consumed by the amazing idea of being in business. This is FANTASTIC. However, reality is reality and you need to get your finances right before you start a business. Starting a business is not all about the money now. It is about the future flow and also the incoming flow when you are financially strapped. Questions to ask yourself:

- Do you have enough working capital for the next 12 months?

This is essential as you will have to pay for rent and wages and etc. It is also realistic to assume that you will need to give yourself at least 12 months to allow the business to form and take the shape that you would like it to be. This could mean that at times, you will be investing in the future and the yield will only come in the future but money will have to go out now.

- Do you have your personal working capital that can last for 12 months?

How do you plan to repay your mortgage or the rent during the first 12 months. Do you have enough saved up for living expenses? Are you willing to work part-time or on a casual basis to supplement your income in the initial months of the start-up? It is essential to have a backup plan when it comes to making sure that you do not have to undergo too big a lifestyle change.

3. Strong Business Case

Do you have a product or service that people will want to buy? Have you tested this with a focus group; with real people? Do you have a unique selling proposition (USP)? Can you easily explain how your product or service is different from your competitors?

4. A Viable Market

It is always easier selling to a ready market than having to create a market. Do you have a viable market that you can sell to? Are they ready to pay for your products or services?

5. A Sales Plan

Sales is not for everyone but in order to be in business, you need to be able to sell. You need to be able to ask people for money or get them to sign that dotted line! Most people are very uncomfortable with this and they cringe at sales. However, the bottomline is still the bottom line and if you want a viable business, you will need to be able to persuade and sell to strangers.

This particular article outlines some very easy to start businesses. We are talking about businesses that are so easy to start that you can do it tomorrow if you really want to. The only thing that will be holding anyone back is discipline. Let’s face it, if you know that your goal is to M.M.M, then there is more to just selling on eBay. I will not bore you by explaining each business. Instead, I will include three more businesses that I think you can start this weekend!

1. “Your cakes are GREAT!”

Ever heard people compliment your baking skills? Why not start designing your brochure and order form today? Once you are done (which should only really take one day), start handing them out to everyone and anyone who you know and who cares to listen. Let everyone know that you are now selling your famous cupcakes.

2. Love to mow the lawn?

Do you find joy in lawn maintenance? If the answer is yes, you should advertise your service around your local area. Chances are you will come across people who do not share your passion for lawn mowing and are willing to pay you some money to tidy up their backyard.

3. If you like driving around…

Pizza delivery could well be your cup of tea. The remuneration varies from chain to chain. Some pay an hourly rate and per delivery. My partner was a pizza delivery boy for awhile. This was back during the days when we were starting our business and needed to supplement our incomes. It was pretty good when it rains and there were heaps of orders. People were generous enough to tip. The pizza joint was independently owned and they paid pretty good hourly rates and you receive a fee per delivery too.  On a good night with 4 hours work, you can potentially pick up about $100 with a good company. This is enough money for a pair of hot shoes or to pay off that credit card debt or even to save up for that vacation.

Do you moonlight anywhere or have thought of moonlighting or even starting your own business? Post a comment and share it with us. I will be delighted to hear from you.