Hi Everyone,
Hope every one has had a great start to 2012….
For my wife and I the year has been great allot of the work we have put in 2011 is know starting to pay off.Our Overall cash Flow position is good but it can always improve. With living expenses increasing every year i think its important to look at other ways to make income.
One of my Goals is create another source income so my wife and i dont need to use our own money to cover our two main expenses which are:
1) Home Loan – Current Repayments per Month: $628.00
2) Car Lease (Works Great for Tax Purposes): $228.00 Per Month
Current expenses per month is: $856.00 per monthOur overall expenses are pretty lean but what ways or things can i do to use supplement funds to cover these little bills?
My Back Ground:
Director of a small business – In the process of selling it – Tatts shop creates a wage for my wife but consumes alot of our time.
8 Years sales and marketing experience in the below industries:
– Logistics, Shipping, Importing and exporting, Freight fowarding
– Real estateI was wondering if i should start a marketing / Sales consulting service on a part time basis. I have had a few people ask me to to a few things for them but i didnt have the time before and know rather then making excuses i want to make more income.
What do you guys think???
Cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hey,
Have been thinking the same thing regards to how to improve my cashflow position. Only realistic solution I came up with was to start a business venture (and have commenced persuing it seriously with like-minded aquaintances).
Starting a business will definately bring more income as you will have multiple revenue sources (customers) as opposed to one (employer) if done correctly.
The biggest obstacle was shifting from the concept of starting a business based around us and our skills, and establishing a framework that could be doubled and tripled etc, with ease.
eg. how macdonalds is run by teenagers as opposed to the corner sandwich shop run by an owner/operator (very limited in potential).
or a builder taking on one house at a time, as opposed to one who sources projects and delegates the work to others to undertake.
Is there a way for you to source work and delegate it out (even to people overseas)? Just a thought.
NHG
Jo
Definately, if you can leverage of your skills to produce another income source then go for it.
My brother and I have a software background, in 2004 we started out own software company (outside of our work hours). Mid 2004 we launched our very own internet game, we grew it to $500-$1000 per day revenue, this lasted 3-4 years. All games have a lifecycle, even though the game exists today, it does not make this sort of revenue.
In 2008/09 we developed an online advertising engine, then 18 months later sold it to Clickbooth LLC in the USA for over half a million.
Were always looking for new ideas in the online world. Currently we dont have anything on the go.
So, it can be done.
All the money I made now exists as equity in my PPOR.
Johann
Will post my answer here rather than reply to your email as I am a little flooded with emails at the moment.
I am a great believer in starting a business, developing it and then getting others to run it for you whilst you collect the cash returns.
Once it is clearly profitable package it up or franchise it and roll into another.
Use the funds to pay down debt and increase cash flow further
Worked well for me to date.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Guys,
Great response from all.
Cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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