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June 21, 2018 by Greg Underwood

5 Ways to Make Money from Your Spare Room

Whether the kids have flown the nest, haven’t been born yet or you don’t plan on having any; chances are you have a spare room in your home. For many, when this room is not in use you may feel that it’s a little bit of a waste and that there is a great big dollar potential hiding within its depths. And if you are willing to invest a little time (and potentially money) into this space then you would be absolutely right, it has plenty of potential to make you money in the long term.

So, what are some easy ways to start making money from your spare room – no matter its size, previous use or whatever other excuses you might be using to hold yourself back from making the plunge.

1 – Home Office

Do you feel like you could make a success of your very own home business? If so, it makes complete sense to make your spare room a home office in which to base all of your business activities. Stick a desk, chair and some sort of computer device in there and you should immediately have the perfect setup for your very own little business. The same goes for a crafts table, easel, or whatever else your business may need other than a computer.

Not everyone is able or willing to set up a home business, but for those who are it can be the perfect way to ensure complete flexibility of work and your spare room could be a great source of money for you as a result.

2 – Rent it Out

Rental space, no matter the size, has some serious earning potential depending on your attitude towards it. In fact, websites such as Airbnb work on the principle that their users are property owners who wish to rent out their spaces on a casual basis. Such an arrangement isn’t a big commitment, you can take down your listing whenever you feel like not seeing someone in your spare room for a while (or that you have made enough money from it for now).

This also works for both a permanent housemate and an occasional traveller, depending on your needs or preference.

3 – A Child’s Room

A spare room for a child or even a simple playroom could actually potentially earn you a lot of money. You could offer your services to family and friends, as childcare at a much-reduced rate to other providers in the area. Or you could choose to offer your services in the fostering Manchester area – at £495 per child every month (with a slightly reduced rate for every child after), your fostering allowance would be more than enough to make the endeavour worth it.

And if you don’t want to look after children on a permanent basis? Then you could offer yourself up as a relief or emergency foster carer, meaning you would only have to welcome a child into your home on a case by case basis and not for extended periods of time.

4 – Store Stuff

And no, not just your stuff. Unless you want to really go the extra mile and try to make your spare room a contender for a hoarder programme. Even if you only charge a smaller than average market fee for the use of your space, over time this could easily mount up. And, more importantly, you would not have to do anything more than simply allowing that stuff to sit there in your spare room. A simple, but effective, way to make money!

There are plenty of websites where you can meet people needing additional storage space in your area.

5 – Exchange Students

Students from other countries are a great way to either make a little extra money or find some extra help around your house for a very reasonable sum. Lots of companies that arrange these exchanges pay the host family, especially as you will be providing lodging, food and even entertainment for this student.

If you would prefer an older student – who would need less supervision and entertainment – then you could also rent out the room to a foreign exchange student in a university programme. Older, more responsible and guaranteed to want to go home for the holidays each term to give you a regular reprieve.

Overall, your spare room could be hiding a wealth of money-making opportunities depending on what your interests are. From passive income to more hands-on methods, it all depends on how much time and even money you want to invest in the process. For those with a vision for their spare room, it could be a great money-making venture to start today!

March 16, 2018 by Greg Underwood

4 Key Steps to Building Business Ideas

Being an entrepreneur is a desired occupation for many individuals these days. When you’re your own boss, you get to do as you like; pick the hours you like to work, and the work load you want to take on.  Not only do you get to oversee everything about your career, but the revenue that you can bring in through owning your business is something that is also very appealing. Your bank account could be brimming if you take on some tips for starting a small business,  and follow some these 4 steps for finding business ideas

Invent through interaction

Every social event you attend, whatever work you do, you should make it an aim to interact with the people around you. Find some people that think differently to you. Investigate what peoples like and desires are so that you can come up with a business idea that meets those needs.

You want to create something that is successful, and that people will be eager to invest in. If you aim to solve the problems people have, by bringing them an affordable solution, they’ll be happy to buy into it, because it not only benefits you, but them as well. Whatever you can do to cater to those you’ve interacted with will ultimately leave them grateful for it in the end.

One of the main things that every business needs is a target audience, so if you start off trying to find out what your business idea is by interacting with the people that would be interested in it, then it will make your pursuits prosperous.

Don’t Rush

One of the issues that can come with business making is haste. Rushing into it before carefully considering everything about the business could be detrimental, and your dreams could end up being a great failure. Weigh up the pros and cons. Will your idea be a success? Is the market already booming with what you want to provide, and will it be too much of a struggle for it to make it to the top, or is it something that has the potential to be an instant success.

Purse Your Passion

You don’t want to take on an idea that you have no interest in. If you develop something that you are passionate about and eager to get others in on, then you’ll be able to pitch perfectly and win people over to your idea.

Being passionate about what you pursue will also push you to put your all into it and make it a success. If you are lack-lustre about something that you take on then there’ll definitely be a temptation to give in. If you are passionate about your product, then you can appeal to the emotions of your audience, you can win them with your words.

Choose the Best

If you come up with a selection of different business ideas, then weigh up everything from all of them and decide on the one that will be most triumphant.

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A Million Lives

Travelling in all its glory is fun and exhilarating but sometimes you might want to find some information on where to go, what to see and how to go about it from someone other than the go-to websites, especially when it comes to travel hacking and the coolest, most useful ways to get the most out of your next adventure.

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