In our quest to help you find meaningful ways to create multiple income streams, as always, here is another great advice from Cheryl Hanson-Stimpson, Financial Advisor.
“Over the past weeks we have been encouraging persons to get innovative in looking for ways to become more productive. It makes no sense to merely complain about a shortage of money – you have to focus your efforts on creating solutions to earn more. Fortunately, there are dozens of methods of generating income; it’s wise to choose one that best fits your personality and situation.
In your quest to improve your finances by finding a practical means to earn more money, you may encounter some roadblocks. You may have a job that expressly prevents employees from marketing things at the workplace or having any outside employment. You may find it hard to discover your inner talents to exploit for profit. Maybe you’re hopeless at sales and couldn’t even sell water to a thirsty person.
If you have a challenge identifying a viable product to sell or making use of your talents to serve others, don’t despair. There may be several earning opportunities lying undiscovered right at home. Many people don’t recognise that their residences are ‘lazy’ assets – they have monetary value but never contribute any income into their pockets.
If you’re determined to find an additional earning source, maybe some of these possibilities to earn with your home might appeal to you:
One of the simplest ways to make extra money from your house is to rent out some of your rooms to boarders. If you have a self-contained space with bedroom and bathroom facilities and can provide access to the kitchen, then it should be relatively easy for you to earn. If you live near to a tertiary education institution and would like to take in students, you can register your property with the proper department which can advertise it for you.
Bed & Breakfast
Jamaica is an in-demand tourist location, but most people don’t realise that they can participate in this industry without having a hotel. There are travellers around the world who are looking for bargain rooms or prefer to experience an authentic vacation with real residents. If you have an entertaining personality and adequate room space, this might be a great option. You can market your property on websites that cater to this type of tourist or contact the Ministry of Tourism for more information.
Child Care Facility
If you live in a community with young children whose parents have to go out to work, you could consider using your home as a facility for day-time child care or for after-school accommodation. You would have to take extra precautions to ensure the safety of your environment and that you have properly trained persons to look after the children. Do the necessary checks to determine if your home can be legally used for this purpose.
There is a lot of idle land in this country that could be put to productive use for agriculture or other purposes. If you’re fortunate to have a big backyard, but lack the desire or ability to plant crops on it, how about leasing your land to an enterprising farmer? Depending on the location of your property, it could also be used for light manufacturing or rented for a billboard site. Observe your yard with an analytical eye, and think of entities that may find your property valuable in some way.
Virtual Business Address
Some home-based entrepreneurs would prefer not to use their residences as their business addresses for privacy reasons or because of inadequate mail service. If your home is easily accessible for the delivery of packages, and your address sounds like a professional location, then it’s possible to earn from simply renting out your mailbox as a virtual business address. Check with small business groups to find trustworthy clients.
Real estate professionals say that the key to making profit with your property is all about “location, location, location.” If you’ve created a beautiful garden at home, or have been blessed with eye-catching scenery, you could consider offering your property for use in music videos or specialty photography. If you’re located near to a church or school, hand out flyers advertising your backyard as the perfect setting for group photos and videos.
Another option for making money with your home is to rent out idle rooms to persons who are in desperate need of storage space. You could store furniture for persons who have to downsize their living arrangements but don’t want to get rid of their belongings, or stock imported items for a shop owner. How about also making use of your empty driveway? If you live in high-traffic environs such as New Kingston or Spanish Town, you could easily find customers for rented parking space.
If you plan to use your home to generate income, ensure that you comply with any regulatory guidelines that might govern your activity. Next week we will search for other practical methods of making more money.”
copyright © Cherryl Hanson Simpson.
Cherryl is a financial consultant and coach, and the founder of Financially S.M.A.R.T. Services,Jamaica’s number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Cherryl is currently writing her first book, The 3 Ms of Money. See more of her work at www.financiallysmartadvice.com.