When one wants to make extra money whether it be to help fund the next vacation
, do some home renovations or even because times are tough, quite often the answer to be able to do this is within your grasp. It's a matter of becoming a creative thinker about what skills you have.
For example, perhaps you are a crafty person and don't think others may want your work. You could go around to various markets and sell your craft items there. Then again you might want to consider setting up your own little online store.
Setting up an online website is really not expensive and can be a very simplified way of being able to bring in that extra income without having to spend a lot of money.
You might want to consider having your own craft show at home where once a month you could put on a display. Start off by inviting your neighbors and before you know it word of mouth will spread and you will probably get to the point where you're selling too much.
The key is to really do some research to see what items you feel people in your area are going to want the most. The next thing is to bargain shop for your craft supplies. One thing that you want to be certain of is to make sure that you keep good records.
You want to make sure that it's not costing you more to make these items than what you're selling them for. So you really need to do some cost factoring and then determine how much it costs to make an item and then mark it up to what you feel will be affordable for the specific item you are making.
Never sacrifice price for quality. You will be better off with a product that is seen as quality than a product that is perceived as cheap and nasty. However you may have to sacrifice some money at the beginning in order to get it off the ground. Never compete on price long term. It not only is bad for your business but it also conditions the customer into thinking less is better.
Watch your pricing here. You are basically getting paid for something that you love to do and perhaps not the true value of the craft item. In this type of business you never really make much for your time. To price your items you may want to use a simple formula.