Developing an alternative income source while holding a full-time role

[IAMDASH]

All,

I thought I'd float this on the bigfooty boards to see if I can get any constructive input or feedback.

I am currently employed in a media role where my workplace structure is pretty flexible and if I manage to work efficiently and constructively, I often have a lot of downtime.

Rather than sit and twiddle my thumbs I have been looking at alternative ways to make a buck while remaining in my current role. I have a computer based job and am online all the time so I was thinking along the lines of some sort of online business venture.

I have a vast array of employment experiences having worked in retail, research, healthcare and media and have plenty of skills to call on.

A couple of options I considered thus far include:

-online share trading (although I would need capital and a truckload more knowledge before I took this on).

-importing sporting equipment (specifically golf gear) and selling on ebay.

-developing a website where I can highlight and sell a range of media services.

Anyway that's what I've come up with but I'm interested if anyone out there knows of some good opportunities to supplement a full-time income.

Cheers

 

[Financialpanther]

All,

I thought I'd float this on the bigfooty boards to see if I can get any constructive input or feedback.

I am currently employed in a media role where my workplace structure is pretty flexible and if I manage to work efficiently and constructively, I often have a lot of downtime.

Rather than sit and twiddle my thumbs I have been looking at alternative ways to make a buck while remaining in my current role. I have a computer based job and am online all the time so I was thinking along the lines of some sort of online business venture.

I have a vast array of employment experiences having worked in retail, research, healthcare and media and have plenty of skills to call on.

A couple of options I considered thus far include:

-online share trading (although I would need capital and a truckload more knowledge before I took this on).

-importing sporting equipment (specifically golf gear) and selling on ebay.

-developing a website where I can highlight and sell a range of media services.

Anyway that's what I've come up with but I'm interested if anyone out there knows of some good opportunities to supplement a full-time income.

Cheers

Kudos to your initative sir,

Have you thought of running an online business of building websites for people.

Your golf gear importing will require storage to keep the items whilst they are on sale and if they remain unsold - which may be problematic if you don't have the space or means to do so. Online share trading is basically gambling anyway - but as you have pointed out - will require significant capital to get the ball rolling.

I would suggest that you start a business that requires a minimum of start up capital (such as the online business of selling multimedia or doing others online sites) and that carries little risk to yourself.

Thats my take on it - you will notice that my views are anti-risk and conservative - but that is my job and mindset.

 

[taurus]

Amway



Mentoring service for people interested in careers in media including internet. This idea depends on your personality.

 

[PrideofSA]

Kudos to your initative sir,

Have you thought of running an online business of building websites for people.

Your golf gear importing will require storage to keep the items whilst they are on sale and if they remain unsold - which may be problematic if you don't have the space or means to do so. Online share trading is basically gambling anyway - but as you have pointed out - will require significant capital to get the ball rolling.

I would suggest that you start a business that requires a minimum of start up capital (such as the online business of selling multimedia or doing others online sites) and that carries little risk to yourself.

Thats my take on it - you will notice that my views are anti-risk and conservative - but that is my job and mindset.

haha you are a financial planner aren't you?

 

[Ghostwriter]

Pretty sure you would get sacked, running a business while at work would be frowned upon, if that doesn't bother you why not start a business doing what you are currently doing in your job, if thats possible.

 

[IAMDASH]

Pretty sure you would get sacked, running a business while at work would be frowned upon, if that doesn't bother you why not start a business doing what you are currently doing in your job, if thats possible.

Jozeph,

I see your point but I am delivering a good outcome for my company at present and as long as i am reaching and inproving on my KPI I don't see it being a problem.

Thanks for your input Financialpanther.

Anyone else?

 

[Leper]

Anyone else?

You could look into the golf clubs option if you had time. I knew someone in Thailand who was importing (copied) Calloways for about US$150 a set from China. I don't know what you'd sell them for (maybe A$800-$1,000?), and of course you'd have shipping costs and import duties and so on to think about, but if you can be assed doing the homework, go for it.

 

[Financialpanther]

haha you are a financial planner aren't you?

Quite the opposite my good fellow - i am the one who picks up the pieces from people that ruin their own business affairs or their companys.

 

[Scratcher Gillespie]

He also speaks the truth PrideofSA.

A friend of mine recently borrowed $20,000 on his credit card to start day trading shares. Completely stupid for anyone in their right mind, but had been sold on the idea by a shark selling trading software.

I also had a friends father once say to me that there is no-one better to manage your money than yourself. He ran a smash repairs business. I said, going by that logic, there is no-one better to repair your car than yourself.

The stupidity of the general population who don't take time to educate themselves in investing is currently showing, both in the property market and in the share market. There is simply no regard for risk.

AMDASH, in reply to your question, the first thing to think of is something that you LOVE, and i mean LOVE doing. Start from there, then figure out how to make money from it. Easier said than done I know, but trying to make something out of doing something you hate is a sure-fire way to end up with nothing but a good life lesson.

 

[- PC -]

AMDASH, in reply to your question, the first thing to think of is something that you LOVE, and i mean LOVE doing. Start from there, then figure out how to make money from it. Easier said than done I know, but trying to make something out of doing something you hate is a sure-fire way to end up with nothing but a good life lesson.

Which is why an online creative writing course is one area I would look at

 

[IAMDASH]

Thanks guys,

Some really positive feedback there.

Cheers

 

[HighRoller]

i am the sort of person who is always looking and trying to make a buck in anything i can really from Ebay ideas to businesses etc

The most successful thus far for me has been online poker-mainly going after the bonuses that each site offers. You dont have to be the best player in the world either just a break even player and you will see profits roll in. I remember initially thinking why am i depositing $50 online for poker what am i thinking etc....but i have worked that now into well over $6,000 over the course of maybe a year and a bit. Its not for everyone but im glad i did it just as a second course of imcome and the best bit was i didnt have to work as a barman anymore i could sit on my arse clicking a mouse while still watching TV etc a couple of hours a night.

 

[Ghostwriter]

i am the sort of person who is always looking and trying to make a buck in anything i can really from Ebay ideas to businesses etc

The most successful thus far for me has been online poker-mainly going after the bonuses that each site offers. You dont have to be the best player in the world either just a break even player and you will see profits roll in. I remember initially thinking why am i depositing $50 online for poker what am i thinking etc....but i have worked that now into well over $6,000 over the course of maybe a year and a bit. Its not for everyone but im glad i did it just as a second course of imcome and the best bit was i didnt have to work as a barman anymore i could sit on my arse clicking a mouse while still watching TV etc a couple of hours a night.

You couldn't be serious?

 

[PrideofSA]

You couldn't be serious?

Thats why your missing out.

You can't be cynical about eveything. TAKE ACTION!

 

[red+black]

Poker and tutoring.

 

[Paul.]

Learn to trade on the Forex, or invest in those that do it successfully.

 

[Axcellence]

All,

I thought I'd float this on the bigfooty boards to see if I can get any constructive input or feedback.

I am currently employed in a media role where my workplace structure is pretty flexible and if I manage to work efficiently and constructively, I often have a lot of downtime.

Rather than sit and twiddle my thumbs I have been looking at alternative ways to make a buck while remaining in my current role. I have a computer based job and am online all the time so I was thinking along the lines of some sort of online business venture.

I have a vast array of employment experiences having worked in retail, research, healthcare and media and have plenty of skills to call on.

A couple of options I considered thus far include:

-online share trading (although I would need capital and a truckload more knowledge before I took this on).

-importing sporting equipment (specifically golf gear) and selling on ebay.

-developing a website where I can highlight and sell a range of media services.

Anyway that's what I've come up with but I'm interested if anyone out there knows of some good opportunities to supplement a full-time income.

Cheers

Let me get this.. you want to make money on the side... (possibly with little effort as you can).

Well, even though your intentions are noble, I think the only thing you can really do online share trading. The only thing is... you can reduce the "capital" requirement by using options and CFDs. Try CMC Markets.

Secondly, can you give me the number of your employer? I want a job where I spend 9-5 twiddling my thumbs (and still remain hired). Chances are, your boss knows your job is thumb twiddling one at times and at the next round of redundancies - guess who will get the axe? (hint: its not your boss).

Plus, if you aren't doing much at your work, its limiting your resume` anyway. I would say try and get a better position because you are definitely smart enough to do more than your current job description. Otherwise look at process improvements to show more. (If you can do all that, than quit and become a consultant.)

My advice to you would be to try and stay on one boat, ie, work hard at your job and get a good independent financial planner , not one of those cronies of the big banks. Get a newspaper and in the finance section, the top 10 managed funds are listed - have a look at them and see if they work as well - question your financial planner if he recommends something else.

Don't stuff around with Poker - its gambling (fact).
Don't stuff around with Forex - its more unpredictable than shares (fact).

 

[red+black]

Don't stuff around with Poker - its gambling (fact).

This debate will go on forever. I guess anything that doesn't have a guaranteed return is gambling then, so poker is no different to share trading. Many poker players have a greater expected return than those who invest in shares. Many who play poker are successful at supplementing their primary source of income.

To imply that no one should invest their time in poker is ridiculous - FACT.

 

[Falchoon]

One certainty with poker is that for every dollar gained there is a dollar lost (+10 per cent).

Though it goes without saying if you want to win, you need to to study and practice, I'm turning over a profit playing low level poker but on an hourly rate I'd be better delivering pizzas.

 

[Axcellence]

I said don't stuff around with it - FACT.

The point is about level of risk.

Poker - super duper high risk.
Forex - super high risk.
Shares - high risk.

Of course, poker will have high return, but do you want that extra risk?

You buy a share, and if you make a bad investment, eg (slightly skewed) buy a Telstra share, at the very worst you lose interest and approx. 20% of your capital (in real terms).

If you lose in poker, you lose capital straight up! Take a pick.

 

[PrideofSA]

I said don't stuff around with it - FACT.

The point is about level of risk.

Poker - super duper high risk.
Forex - super high risk.
Shares - high risk.

Of course, poker will have high return, but do you want that extra risk?

You buy a share, and if you make a bad investment, eg (slightly skewed) buy a Telstra share, at the very worst you lose interest and approx. 20% of your capital (in real terms).

If you lose in poker, you lose capital straight up! Take a pick.

Not if you learn to manage your risk in not only your knowledge but great money mangement.

For instance if someone was to invest in the stock market. They tossed a coin as to what to buy etc etc. On average you would win 50% and lose 50% with the law of averages. Now assume you get out when you hit 100% return on investment and get out when you lose 50% of your investment (per trade) It is fair to say that you would overall win on the market consistently.

So what am I saying? It's all about having a plan before hand and implementing it without any emotion. Have specific automatic profit and loss stops, as well as good money management.

Simple. It's just a matter of following it all without emotion.

 

[Axcellence]

What are you on? Permutations & Combinations don't work like that... lol... jeez...

(let explain this)

Flip 1 = head or tail (50%)
Flip 2 = opposite of above (25%)
Flip 3 = opposite of Flip 2 (12.5%)
Flip 4 = opposite of Flip 3 (6.25%)

that's just one example... you can get all heads or all tails... if you know what I mean. If law of averages worked like what you said, St Kilda, Bulldogs and Sydney would have won heaps more premierships.

I still don't clearly understand what you are saying?? You are talking in stock market terms and trying to equalise poker and share market trading??

I think what you are saying is risk can be managed by using particular easy to follow strategies. I agree with that risk can be managed... but the strategies ain't that easy to implement....

Sadly, if it was as easy as that we would all be millionaires. Example, Forex... Bank of England lost 1 billion pounds trying to protect the pound from devaluation, NAB (lost $360 million and its CEO coz of forex trade bungling), etc. Each year, experts try & predict the direction of the currency and fail - australian dollar was at US$0.45 and everyone predicted more of the same... today its US$0.75 approx.

On the other hand, take the top 25 stock picks selected at the 2005 start by a renowned australian business publication... at the end of the year they reviewed it and came up with 25% return approx.

 

[PrideofSA]

What are you on? Permutations & Combinations don't work like that... lol... jeez...

(let explain this)

Flip 1 = head or tail (50%)
Flip 2 = opposite of above (25%)
Flip 3 = opposite of Flip 2 (12.5%)
Flip 4 = opposite of Flip 3 (6.25%)

that's just one example... you can get all heads or all tails... if you know what I mean. If law of averages worked like what you said, St Kilda, Bulldogs and Sydney would have won heaps more premierships.

I still don't clearly understand what you are saying?? You are talking in stock market terms and trying to equalise poker and share market trading??

I think what you are saying is risk can be managed by using particular easy to follow strategies. I agree with that risk can be managed... but the strategies ain't that easy to implement....

Sadly, if it was as easy as that we would all be millionaires. Example, Forex... Bank of England lost 1 billion pounds trying to protect the pound from devaluation, NAB (lost $360 million and its CEO coz of forex trade bungling), etc. Each year, experts try & predict the direction of the currency and fail - australian dollar was at US$0.45 and everyone predicted more of the same... today its US$0.75 approx.

On the other hand, take the top 25 stock picks selected at the 2005 start by a renowned australian business publication... at the end of the year they reviewed it and came up with 25% return approx.

Ok then you do it your way, I'll stick to mine. I'm doing just fine.

 

[utility]

Poker - super duper high risk.

I disagree. With sound education and disciplined bankroll management it's not a super duper high risk... mind you it's not for everyone, but neither is building web sites.

Tutoring is generally a good way to make a few bucks, especially if you have reasonable qualifications and/or live in a more affluent area (parents can pay for tutors). Quite often you can do this cash in hand.

 

[danielz_23]

I've been seeking something along these lines.

Gambling become a temptation as I figured I was good at analysing and knowing when to avoid and get on... but unsuccessful.

If you had, or were willing to learn, how to develop effective web pages you could create 'fantasy sport' services such as seen in America. This is a massive industry where users develop teams based on baseball, basketball, and football. Its being used as a novelty here with many sports. ('Dream Teams' on Sportal.com.au, and afl.com.au)... but this could really be pushed, you could charge for teams... ie. a league of 10, with an entry fee, and pay out prize money as the incentive (keeping a healthy %)... this would also lead to advertising $$ if you had the traffic... but I've considered it and concluded there may be a lot of technical and legal issues. Opportunity is definately there.

Beyond this - designing a web page that provides a high-demand service, or creating a loyal base of users... would bring in advertising dollars alone... I dont believe you'd even need a significant amount of content. You could divert to all the other webpages on the net... so long as users have a reason to go through your site!

I'm not sure where any other 'low-risk' possibilities exist.

Working full-time makes it hard on the buying and selling front because you'd have to be around to receive deliveries and send them during the day.