Earning extra money (additional income source)

Why do we need an extra source of income? In difficult times, we may get retrenched, or we may suddenly hate our jobs one day due to unforseen circumstances. If we do not have an extra source of income to continue to support ourselves and our families, we would be in deep shit.

So... what are some means for getting that additional income source that is so sorely needed? I have a few suggestions. I am personally experimenting with some of them. This list will grow as I discover more ways along the way, so it never hurts to check back here once in a while.

Sell you trash from home at auction sites
Lots of trash in your bedroom and you have no idea where to keep them? Throwing them away seems such a waste too... Why not set them up for a bidding war in one of the many auction sites with have nowadays. Things to watch out for though includes how you are going to deliver the items sold. If the transportation cost exceeds the peanuts you're getting paid for it, then forget it. So obviously you are not going to be able to sell that useless mcdonald toy you have have, unless theres some weirdo out there keeping them.

Start a website/blog with an advertising program
This is already going on in full scale. The idea is to create a website or blog that generate web traffic and put ads on your website where you get paid when people click on the ads or even view your website. Point to note is that, this way takes some time before you actually see any money coming in. And it is not easy to generate traffic at your website.

Give tuition or start coaching classes
Why not cash in on what you know? You can give tuition and teach math, English, Chinese etc. Or if you are good at tennis, you can even give coaching lessons. This is definitely a good source of income and the more specialised you are the more money there is. But of course it requires you to put in a significant amount of your time.

Advertisement on your car
This is something that is not very common at the moment. And this would only apply for people who already owns a car. Running ads on your car is a good way to cover for the instalments of the car if it is still not fully paid. This will also be easy and it's not time consuming. However points to consider are whether there are any social stigma of being seen driving around in a car with ads all over.

Paid to read email
This is something very interesting. The basic point is, you are being paid to read ads sent to you via email. The risk being that there are several scams being ran out there, hence it is necessary to do your own research and find out which ones are the real deals. But make sure they are free to join. Below are some I found to be the real deal and are free to join. I am constantly looking out for others out there and would update here when I find them.
emailcashpro

Part time work
Well, you could take up a part time job in your spare time. Maybe on weekends or in the evening. Some examples are kitchen helper, delivery man, webpage designer, massage therapist, insurance and property agents etc. What's good about a part time job is that not only is it a good source of money, you get to train up an additional skill set as well, which would come in handy when you need to do a mid career switch. Have you at times been wasting 3-4 hours a day playing computer games or watching TV. Imagine converting these time into productive work to earn money.

Internet business as they call it
While I call it the internet MLM. There are many funny internet business schemes out there. I do not intend to go anywhere near it, but I believe this potentially could be a good source of income. I haven’t tried any so I do not want to comment further on it here.

Rent your room
Ever considered renting out your house? You can rent out a spare room or the whole unit. This is easy and not time consuming and the money is generally decent in Singapore. However there are several points that you need to consider. The first would be the convenience and flexibility you possess and whoever is staying with you. If you rent out the whole house, are you able to move back in with your parents or girlfriend’s house? Also you have to consider the condition of your apartment after the lease period, will it still be profitable after the clean up or possible renovation required to get it back to the original condition? And also, you will not be able to know what kind of people will be staying at your place, will they be any bad people, illegal immigrants and would your neighbours be displeased with the arrangement?

Setting up a Blogshop
The next "bubbletea fad". Blogshops are sprouting out all over like never before. Fashionphiles, man-geeks and girl-geeks are all piling up the bandwagon. Its low cost, low manpower requirements and zero rental. Whats a better deal than this? But are you able to make any sales out of this? That's the question. Many are selling clonewear and clonecessories(clothing and accessories that are all the same). How do you differentiate from the others?

Additional Income: The up and rising Blogshops



Whats a blogshop? I define it as a blog that catalogs a range of products on sale. What I observe is that it is a low cost, low manpower system of running a small time business. Hence it is easy to set up. And this thing is on the rise. The things you need for setting one up are as follows. A blog, a supplier and a little bit of time. You can sell things like clothing, accessories, handbags, shoes and tons of other stuff. Some blogshops transact using paypal or credit cards, while some others would meet up the customer and get cash on delivery of the product.

One trend is that it seems like there are alot of blogshops using the same supplier. Hence what you get is every shop seems to be selling the exact same thing, which is not good for business at all. Therefore, it is important to source for some unique product. I doubt there are any suppliers that would only do your business. I would say, this should be the trickiest part of this idea.

The second most difficult part of this business is the marketing. How are you going to tell the whole world that you are selling stuff at some awkward and hard to spell website address? I have a few suggestions:

1. There are apparently a lot of blogshop directories out there, but the problem is that those directories are themselves very low profile and unheard of.

2. Another way would be by word of mouth, but unless you've got awesomely incredible stuff to sell, I doubt this can get you very far.

3. You could also sign up for some wed advertising which would cost you money which you have no idea if you can ever recoup from.

4. And fourth would be to get your website listed in the search engines and rank it up high. But unless you are a pro search engine optimizer, this is going to be a tough journey for you. You could do it yourself, but there is a whole new school of stuff you need to know and learn. Not the type of stuff I can cover here without straying too far from my topic.

In summary, what ever it is, once you have an awesome product to sell, you have won half the battle. The other half would be the marketing.

Cost analysis of this would depends on how you intend to run this. If you can live with meager 1 sale per half a year kind of business, then its basically zero cost. However, if you intend to market the website aggressively with the help of search engine optimizers, the cost can rack up pretty high. And I will try to investigate a little on this cost in the near future. Do check back to see what I have for you.


So basically my stand is its worth a try only if I can get awesome products to sell. If i can't convince myself to buy 50 pieces of whatever it is, then I assume it would fail here.

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