Most stay-at-home mums would like to generate more income, whether you’re trying to get back into the working habit, or just want some extra money coming in. If you’re looking to increase your household income, here are a few ideas that can put your back on the money-making path…
Trade on the financial market
The Daily Mail reported that an increasing number of stay-at-home mums are investing in the financial market. For many, trading on the financial market is like learning to ride a bicycle: you have to start with training wheels until you learn to develop balance. Likewise, you start to read articles and books on investing and practice trading using online platforms.
When investing in the financial market, choose a firm that is authorised by the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS). You will also need to develop a strong knowledge of how the prices of different markets move. For example, rare earth minerals are becoming a hot commodity now, since the deposits are used in making hi-tech electronic products such as hybrid cars, flat-screen television, and microwaves. With demand for rare earth minerals continuing to rise, there is long-term prospects for investing in this market.
The main thing to remember with this option is that it is relatively insecure, despite the potential earnings. Start with a little money and build slowly as you learn, making sure you can afford to lose what you put in.
Set up an online business
You may not think you can earn that much selling second-hand online but individual items can really add up, especially if you have a lot of clutter to shift! Auctioning your unwanted clothes, book and cds online is a good way to secure an extra income each month. If you want to take the idea further, you could set up an online business selling handmade goods such as greetings cards or jewellery.
When deciding what products to sell, consider who are your target customers and how large is that target market. How are you going to attract the customers to your website? If you’re making the items yourself, how can you acquire the materials wholesale, and keep costs down?
Another fantastic way to build up income gradually is to take up the role of a party organiser. You will need to be someone who pays close attention to finer details because everything from planning the theme, food and games to organising the logistics will be your responsibility. After you’ve found your potential clients, discuss the theme and how you can keep the expenses within the client’s budget. One advantage of being a party organiser is that you can run the business from home without renting an office space.
Become a pet sitter
With the surge in number of people travelling overseas for holidays or business, there is demand for the services of pet sitters. If you and your children are animal lovers, you can care for people’s pets while they’re away. As a pet sitter, you have a responsibility to play with the animals, feed them, clean them and administer medications if necessary, so make sure you have the necessary space, equipment and commitment to the job before beginning.
Although you need to put in hours to learn to invest or start a new business, it can be worth it for the rewards: the flexibility, convenience and most importantly, getting to spend more time with your children at home. Consider all the variables, and you could end up having the best of both worlds.
Image by Ed Yourdon, used under Creative Comms license