There is no denying that we live in a time of economic uncertainty. While economic indicators are trending positively, many people – especially those in the middle class – continue to find themselves struggling to make ends meet.
Whereas a college degree used to be an almost guaranteed ticket into the middle class, now many people who spend the time and money to obtain their degrees now find themselves struggling with debt and an unstable job market. This instability makes buyers cautious; and it makes companies weary of hiring.
In such times, some people look to take their financial future in their own hands. Put differently, many people find themselves looking for ways to generate additional income (if they’re lucky enough to have a job to begin with).
While there are many different paths to generating additional income, many people ignore the tools that they have at their immediate disposal. In fact, your cell phone may be the tool that helps you connect with income generating opportunities.
Here are a few of the options that may be available to you:
1. Device or Household Repair Services
In order to succeed in this endeavor, you will need to make contacts with the local repair shops in your local community. You can either attempt to operate as a referral service (in exchange for a referral fee), or you can offer to provide your services to existing repair shops who may wish to hire you as a contractor. The key is to find out the kind of repair work that the shop specializes in – and then tailor your pitch accordingly.
2. Personal Shopping
The field of personal shopping has exploded over the past year. As people find it harder and harder to find the time to shop, many executive-level workers, turn to others for help. That is where you come in.
This might include everything from buying gifts for family to buying groceries and clothing. With a no-frills website or via job-posting forums like Craigslist, you can offer this service to those willing to pay for it.
In order to be successful, however, you will need to devote time to the project. Start by locating some of the well-known stores in your locality. Pay close attention to any retailers that provide delivery services as well. Prepare a list of items available. Then, when a customer calls you to do the purchasing, you will have a wealth of knowledge to help guide them.
In order to overcome the stress that results from this process, you should try to plan ahead and save as much as possible. Don’t lose sight of your own needs as you focus on what your business needs. If you don’t expect to make a profit for months or even years, you need to plan ahead so that you have enough money to live. Just as insufficient funding can hinder a new business, insufficient personal resources can do the same.
3. Sell Item by Phone
Many manufacturers find it hard to carry a full sales force on their payroll. As such, they often turn to telemarketers to help them sell their goods and services. This can be a very profitable business as many firms pay on per sale basis while others pay average commissions. Keep contact with local firms or stores that may be keen on using your services.
4. Debt Collection Agency
If you have the stomach for it, the debt collections business can be extremely profitable. As long as you stay up-to-date with any and all local, state and federal regulations, you can earn commissions if you’re able to induce debtors to pay their bills. Almost any company will be interested in paying you a commission, and get some payment from the debtors rather than getting nothing. In fact, some debt collection companies are willing to pay you as much as 40 percent commissions.
5. Lead Generation
Many entrepreneurs believe that they can manage all of the operations of the start-up by themselves. Frequently, this decision to shoulder the burden alone will hurt the new business. Don’t let pride get in the way.
Though you may not need to hire a full-time workforce, you should look for ways to delegate work where possible. This is especially important when it comes to legal and financial matters. With reliable assistance and experience, legal and financial professions can help you to avoid some common business mistakes; and shoulder some of the workload.
