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Making money is actually much simpler than you think. All you need is just a profitable idea followed by proper execution of your idea. In this beginner’s guide on how to make money fast on the side, I am going to show you how you can find your profitable money-making idea and start earning extra money from it quickly.
First, let me share a very interesting story with you. It completely changed my mindset about how I can make money, and I believe it would do the same for you.
Many years ago, I joined a business course. The trainers had us do a contest to see which group would make the most money by the end of the day.
We were split into teams of 3 people. Each team was given a bag of star-shaped stickers, where each sticker was no bigger than the size of an M&M.
We were told to paste all the stickers on our face, and to sell these stickers to people on the street!
The only rule was – You could price the stickers however you wanted and the team that made the most money would be the winner.
Notice the rule was not to sell as many stickers but was to collect as much money as possible. So you could sell 1 sticker for $500 and you would still win over a team that sold all the stickers but only made $100.
You are probably feeling the same way as I was back then – “How could you possibly make so much money selling stickers in just a few hours?!”
But, I still went ahead and approached random people on the streets to sell the stickers.
What surprised me was that I managed to sell ALL my stickers for $110.
And what shocked me, even more, was that the winning team managed to make more than $2,000 selling the stickers!
It simply blew my mind.
Money is simply an idea.
So, what ideas do you have to get money fast?
First, you need to understand that you don’t need to come up with a NEW idea that nobody has ever thought of before.
If no one is doing it, there is a pretty good chance that it doesn’t make money. If the idea can make money, chances are that there are already people doing it.
Now, you might be wondering if there are already people making money with this idea, is it still possible for me to make money from it too?
If the guys who founded Shake Shack had the same thinking, then they would have killed their idea in their minds and we would never have Shake Shack now.
Competition is not always a bad thing.
When you have competition, it actually proves that it is a profitable idea.
If you work harder or offer a better service, you can actually make more money than your competitors.
So, what are some ideas you can make quick money with?
Before we dive deeper into that, I want you to understand this.
To make money, you need to provide other people with value that is equivalent to (or even greater than) the amount of money that you are charging for.
Simply put, you are exchanging value for money.
For example, if you offer babysitting service to parents, they pay you $50 for two hours. That’s value they think they are getting from you in monetary terms.
So, instead of asking what ideas you can make money with, what you should ask yourself is what value you can provide to other people.
Here are some benefits(i.e. value) most people are willing to pay for:
- Save Time
- Make Money
- Save Money
- Personalized Service
- Remove Pain
- Have Fun
- Become Happier
- Impress Others
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How To Find Your Money-Making Idea
In general, selling services is one of the fastest ways to make money on the side because you are just one paying client away from making money.
When you sell a service, it is all about solving problems and providing value for other people.
Just think back about what services you have paid for in the past.
What are those services?
Why did you pay for them?
Personally, I have paid for many services before.
Each of these services either helps me solve a problem or offers a benefit that I really want.
So, what skills do you have that can be turned into a service that is already in demand?
Now, let’s first help you identify your top 5 skills.
If you are struggling to come up with ideas, it helps to take a look at the following:
- Books you usually read
- Activities you do in your free time
- Websites you frequently visit
- Tools you often use
- Results you’ve gotten for yourself or others
Also, you can ask your friends and family what they think you are good at.
Once you have identified your top 5 skills, I would like you to think about what problems you can help other people solve with each skill.
You see, all the services out there serve ONE purpose – solve problems for people.
When you have a problem with public speaking, you might want to get public speaking coaching to help you improve your public speaking skills.
When you have a relationship problem, you might want to get a relationship therapist to help you.
When you have problems with speaking Spanish fluently, you might want to get Spanish tuition.
And what problems you can help solve also give you clues as to who your ideal clients are.
So, who can you help with your service?
Do you help businesses solve their problems?
Or do you help individuals?
Here are ideas to make money quickly with selling service:
Ideas For Offering Business Services:
- Digital Advertising Service
- Graphic Design Service
- Social Media Marketing Service
- Copywriting Service
- Translation Service
- Website Design Service
- Legal Service
- Accounting Service
- SEO Service
- Project Management Consulting
- PR Service
- Tax Service
- HR/Payroll Service
- Video Editing Service
- Event Planning/Promotion
Ideas For Offering Service To Individuals:
- Career Consulting/Help (Resume editing / Interview Prep / Finding job)
- Give Lessons (Music, Language, Arts, Sports)
- Personal Trainer
- Personal Chef
- Fashion Consulting
- Relationship Consulting
- Wedding Planning
- Interior Design
- Pet Service
- Travel Planning
- Tax & Financial Planning
- Home Maintenance
- SAT Prep
- College Application Review
Generally, it is easier to sell to businesses because they are always looking for help to solve their business problems and they also have the willingness and the ability to pay for solutions.
CASE STUDY: How I Came Up With An Idea to Make Money Quickly
A few years ago, I needed to make money quickly after both my husband and I lost our jobs unexpectedly when the company we worked for suddenly closed down.
While I was searching for ways to make money online, I stumbled on a freelancing platform called Fiverr. There are literally thousands of freelancers selling their services on that platform at much cheaper prices.
That gave me a money-making idea.
I would market their services to local businesses that need it. Once I get a sale, I will hire the freelancer to do the work for me. How I can make money is that I will quote a much higher price to my clients than what my freelancers charge me to pocket the price difference as my profit.
And I call this business ”Service Arbitrage”.
This business model is nothing new.
If you look around, you will see that it is happening everywhere.
Graphic design agencies are simply “re-selling” the skills of their graphic designers’ skills.
SEO agencies hire full-time SEO specialists and then “re-sell” their skills to their clients.
For my service arbitrage business, I am not recruiting full-time employees. I am just working with a group of freelancer who can help me deliver the work for my clients. All I need to do is to find paying clients.
Now, in your mind, you might be wondering why business owners would want to work with me for their projects.
This is because I could help them save money by charging less yet delivering the same results they are looking for, not to mention that I provide better customer service.
In fact, I got my very first paying client for logo design in just three days after I started re-selling services online.
It was a small profit – only $35, but it meant a lot to me because it gave me the confidence to keep working on my business.
Later on, I started to expand my service offering to include graphic design and website design. A lot of my clients continued to buy from me because I made a point to provide them a good client experience every single time.