Got An Expensive Car In Mind? Top Tips For Making Extra Income From Home

home business articleI am admittedly no expert in home based business, however I have made a habit recently of filling up my Saturdays with servicing cars for mates and people that they refer onto me and it is actually proving to be a nice little side-earner. My goal is to buy a BMW 3 Series sedan  by the end of 2014 and I am in saving mode big-time at the moment.

Fair to say, it will be a fair upgrade, so I have a bit of ground to make up financially if I am going to get there.

So although I like my Saturdays off, I also have my eye on the prize and don’t mind spending a few hours on a Saturday servicing my mates cars and earning some extra income.

For my labour time, I am taking 60% to put it away in savings account (for the car and tax), reinvest 10% back into the business and taking the remaining 30% as a bit of “me money” – basically just wasting it, which I justify by knowing that I sacrificed some of my weekend free time and the other 60% is going towards my ultimate car (or tax on the income I make). Seems like a reasonable plan to me.

So anyway, it brings me to the point of this article, which is…

Damian’s Top Tips For Earning Extra Income From Home

  1. Stick within an area of expertise. I can make extra income easily and from something I am already very passionate about so any extra “work” that I am doing doesn’t really feel like work. If you are stuck for home business ideas, I suggest looking to current areas of interest or expertise. I know what I am doing when it comes to cars which means it is an effective way to earn money and I haven’t had to spend time learning about anything new. Therefore, I can make maximal part time income from my mini home business.
  2. Don’t go spending before you are making. From my perspective, the whole you’ve got to spend money to make money doesn’t sit well. The whole point of business is to make money and home based business isn’t any different as far as I can see. So when I started out servicing cars, I did it using tools that I already had. I did the best I could with what I had and then as money came in I gradually added extra bits and pieces that I knew I would be able to make money from down the track.
  3. Learn. I have spent heaps of time on internet forums and surfing websites about running a business from home. Two websites that I came across did a pretty good job of outlining the different home businesses available and the article align really well with my theory of keeping expenses down as low as possible are www.HomeBusinessHub.com.au and www.HomeBusinessHub.net.au.

By all means, there is nothing wrong with doing a bit of part-time work as opposed to starting a business. I quite often sneak an extra shift in for some extra cash, but to me, it just makes sense to find something that you really enjoy doing and then turn it into a nice little side business project.

Doing so gives you some extra flexibility in the budget and allows you to make some financial decisions that are otherwise not available to you.

I hope this article has been helpful and motivating.