Hit by the economic downturn, want to invest, find extra income, how should I start ? … Where is the source of funds, lump sum, quick approval, legal, apply for a personal loan? Masii has the answer!
Investment techniques to earn extra income
Consider your own interests and abilities.
Whether you are going to start investing in a business or looking for extra income, you should always start by exploring yourself first to see what you like or are good at, which can be further developed into alternatives for doing various businesses, such as:
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- If you love taking care of yourself, love beauty, and always follow the latest trendy cosmetics news, you may try to use this interest to accept pre-orders for cosmetics and open an online store.
- For those who are good at cooking or have knowledge about food and beverages, you can also open a small restaurant or coffee shop.
Exploring yourself to find your aptitudes and interests will give you the motivation to study and invest your energy to the fullest. It will give you the motivation to continue on days when you may encounter obstacles or difficulties. Therefore, we must find ourselves and find out what we really like and want to do.
Explore Capital
Money is a big issue for those who want to start their own business to earn extra income. If you know what kind of shop or business you want to open, you should study the budget you need. Then, see if your personal savings are enough. If not, how much more do you need to save? How should you find the extra money? You also need to have reserve funds of about 1-2 times your investment to use as working capital and for emergencies.
Market and location
It is something that is indispensable because market research will make us know our target customer group better, what they like or need, so that we can create products and services to meet their needs directly. A good location is another factor that will make your shop have customers coming to use the service regularly if we choose to open a business that is suitable for that location, such as:
- Mr. K opened a café near the BTS station. Every day, he sells hundreds of cups because it is a route for students, university students, and working people who want refreshing drinks in the morning, afternoon, and evening.
- Ms. K invested in opening a Japanese-Korean stationery shop near a high school. Every day, many students come to buy because the products are different from other shops in the area.
To earn extra income, how do you invest in your own business?
The first step is the business planning process. For beginners who don’t know how to start planning a business, we recommend that you study SWOT carefully because this is the principle that professional marketers around the world use to plan sustainable business strategies.
- S – Strengths: Your business strengths that give you an advantage over your competitors.
- W – Weaknesses The weaknesses of the business that need to be studied in order to find solutions.
- O – Opportunities Opportunities that allow you to expand your business.
- T – Threats Limitations to doing business that require finding ways to overcome obstacles
Once you have analyzed your SWOT, try using the analyzed information as the basis for your marketing plan, such as:
- Set a target of how many products or services you will sell per day.
- What kind of store promotion methods should be used?
- Is online marketing good?
The most important thing is to keep a record of income and expenses to analyze profits and losses so that we can adjust our strategic plans to be in line with the business finances.
Then take action to earn extra income because the plans you have dreamed of will be meaningless if you do not take action. So when you know your own preferences and needs, are sure that you have enough capital, know your target customer group to sell to, and also have a business location as desired, and have a suitable business plan, the next step is to open a business, whether it is a restaurant, coffee shop, boutique hotel or online sales.
In addition, when starting a business, you must always adapt to prepare for new obstacles or changes in the market and technology so that your business can grow steadily and sustainably.
Thoughts that new business owners need to know
Reserve funds
Reserve funds are very important for starting a business, whether for emergencies or necessary times such as losses or business expansion. If you do not have reserve funds at all, if something happens, you may lose business opportunities. Therefore, do not forget to reserve funds of 1-2 times the investment amount, and set a rule for yourself that you will not use this amount of money unless it is absolutely necessary.
Employees and Human Resource Management
As your business grows, you will need employees to help you with various tasks. When you start working with other people, as a business owner, you will need to learn and study a few things about people management, such as:
- Know how to choose the right people for the job.
- Provide employees with appropriate wages and benefits.
Joint investment with partners
It is considered one of the options for new business owners. Your partner does not have to be a friend or close person, but must be someone who has the same interest in business, can communicate with each other, sees the future, and has goals in doing business together. The drafting of the contract should clearly state the duties and responsibilities of each person, and you should talk to summarize the work every month.
If you find a good partner, it is better than winning the lottery because he or she will be the main source of capital and brains to develop the business to grow together with you.
Additional income model
Working in an office doesn’t mean you can’t create financial security for yourself. The secret to earning extra income without having to quit your regular job is flexibility in your work. Let’s see what are some ways to earn extra income that you can easily start without having to quit your regular job.
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Selling unused items
We all have stuff lying around the house, and this is an opportunity for you to make some extra money! Whether it’s selling it second-hand online or at a flea market.
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Be a freelancer
Thanks to the Internet, it is now easier to earn extra income. You can choose to do something that suits your skills, such as doing graphic design work or other types of design work. Once you feel more familiar with the online market, you can advertise your services by creating a website or posting job openings on websites like fastwork, a popular freelance community.
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Earn extra income in a passive income style.
Whether you invest in the stock market, bonds or index funds, these investments are among the most recommended strategies for building long-term financial security. But before you start investing, do your research and set aside a lump sum for your first investment, which is considered a trial investment. Don’t use all of your savings for something high-risk when you don’t have the expertise.
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Be a tutor
You can easily earn extra money by helping students who are bored or have difficulty understanding their studies in class. By becoming a tutor, you may make them love learning that subject more.
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For rent
If you have a spare room in your house or a condo that you bought but didn’t move in, you can rent out your place to people for extra income. You can study many ways to promote your place, such as through the AirBnb application. In addition, if you have your own car, you can also hire people in the village to drive.
Finally, when you want to earn extra income, the most important key is effective time management. When you find a balance between your full-time job and part-time work, you will have more control over your financial future.
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