“How to make £100 a day”
So here it is, I have enjoyed writing it and would like to know how you get on if you decide to commit to it.
It is based on my firm belief that anyone can earn £100 a day (or lots more) with little or no cash, experience or qualifications. Now, there are lots of ‘schemes’ out there which claim to make you rich. This will not make you rich, but it might just get you back to work or give you more control or freedom in your life.
One hundred pounds a day loosely equates to £24k a year, if you do this 5 days a week. As it is your business, you can claim your expenses and it is generally more tax efficient. As you get better and perhaps grow your mini business you could double this with a bit of work. At the time of writing the average salary in the UK is £26,500.
To start with we are exploring how to make £100 a day, I plan to progress on to how to make £200 a day and beyond as we build up the knowledge, this means £48k a year is not so far away!
Let’s take a look at why you are reading this:
- You are curious, financially comfortable and reading this for fun and have no ‘need’ for the money. That’s fine, enjoy!
- You may need to escape from a job you don’t like. Good: you have motivation.
- You may be desperate and really need the money. Nothing to lose, you are ready to go, nothing holding you back, go for it!
Right let’s get down to business. Here is the hard bit. I can’t just show you 3 ways of making £100 because despite wanting the result, you need more than that to take action. Your head needs to be in the right place.
Why? Because like losing weight or getting fit, you need to be motivated and committed to do something and then get off your bum and do it.
The good news is IT IS TOTALLY POSSIBLE. Now I am assuming you want the result here of £100+ a day, and you have not been able to do this on your own so far, so we need to address the number one thing that will unleash your money making power….. MINDSET. Bear with me, this is very important.
There is a huge amount we could go into here, so I am going to give you the basics to help you succeed.
Think and speak positive
It is important you can believe you can achieve what you want. By subtly changing your day to day language, it creates a change in your attitude for the good. Look at these two statements…
‘I need some money, I am thinking of maybe trying the £100 challenge, if I do it I hope it works’
‘I need some money, I am going to get this using the £100 challenge, I will make it work’
Who would you back?
Moaning about the economic climate, the risk of self-employment or ‘the government’ is not going help you. In fact moaning in general is forbidden from this challenge. Having a ‘victim’ complex about the world will only bring bitterness and misery.
Tip – Next time someone whinges about ‘the recession’ ask them to accurately explain a recession in detail and how they think this will impact them personally short term and long term. It tends to prove the point, it’s an excuse not a reason.
You are on a mission to make money, so NOW is the time to DITCH negative and get positive, right THIS MINUTE. It will hold you back on taking action and making dosh.
Speeding up the results….
Think then do
Think then do – when you think of something you need or want to get done, do it! No analysis, pondering or wait and see, just do it right now.
Protecting your money making machine …you.
Distractions – Try avoiding the news and TV for a month. Mainly miserable and consumes your money making time …not helpful.
Healthy minds – ditch caffeine, sugar and nicotine. You need your mind to be focussed and clear of the highs and lows these bring, as well as the cost!
Healthy body – Go to bed early, drink 2 litres of water a day, walk as much as you can.
So when it’s cold and raining, your partner tells you it’s a waste of time and your parents think you are mad… IGNORE IT ALL and go for it.
Ok, phew, if you are still reading then you have what it takes!!!
The 3 business plans are deliberately simple to give you something to get your teeth into and build up your confidence. Once you have the bug you can take this as far as you want to go.
Quick note –
Selling stuff you have owned for years at car boots or eBay is not making money! Yes it returns some quick cash, but this is called liquidating your assets. You generally sell them for a lot less than you paid and the money making potential ends when you run out of stuff to sell. So by all means sell it if you don’t need it but invest the money to make more.
Business Plan 1 – The Car Wash
Provide a home car wash service for £10. This is my favourite.
This works particularly well in affluent areas but will work anywhere. Think about it: its winter, it’s cold and your car is filthy. A presentable smiling person (get polo shirts with your first profits) knocks at the door, they have just cleaned Bob’s car next door and you don’t even have to go anywhere. Perfect.
Now I wouldn’t be a customer for this as I am, let’s say, particular about my cars. However I know a lot of people are quite happy for their car to be washed whilst they make you a cup of tea.
- It takes around 20 minutes to rinse, wash and chamois a car
- 10p of car wash liquid per car
- So you need to wash 11 cars a day to get £100 (gross profit)
- That is just under 4 hours’ work, so 8 hours should return £200 if you are organised.
Pick an area you can quickly move between houses and go for the weekend when people are in. People go out in the mid-morning / afternoon at weekends so run around getting as many bookings for your service before people go out. If you get too many, ask if you can do it during the week. Arrange to collect the money at the end of the day if they are going out. Remember to find out where the hose is.
During the week, hit the office car parks, do deals if everyone has their car washed.
Cleaning the inside of the car means you need electricity and different level of trust, so build up to this. Get some insurance as soon as you can, print off the certificate and laminate it and show it to every customer to build trust.
Top tip – take a notepad and jot down any dents, scratches, worn tyres or wipers before you start. This protects you, but more importantly you can offer to get a quote to sort them. If they agree, pass on the information to tyre and bodywork companies for £2 each, or £5 if it results in a sale. You will need to set this up with the companies, but this is a cheap and very effective marketing campaign for them.
Wash car = £10
1 x Dent lead passed on = £2
1 x Tyre lead passed on = £2
1 x purchased tyre = extra £3
Total = £17
Want to get fancy? With the extra money you can work half the time or employ people to wash cars all day whilst you just take the bookings and manage the referrals.
Referrals are big business. Whilst you are there, why not mention you have partnerships with loft insulation and outdoor painters… just a thought as these guys will pay £10+ per good lead and you are there any way! No selling just helping.
The bucket, sponge and cleaner are all available in Poundland, check it out, you’re going there anyway in the next plan J
Business Plan 2 – Rainy Day
Buy an umbrella from Poundland, sell it for £3
I love this one and it is not even my idea, it was overheard in the queue of Poundland by a woman buying all the umbrellas she could carry. An umbrella is worth a lot less than on a sunny day so you need rain or drizzle to maximise demand. However £3 is still cheap so should always catch attention. Poundland sell a lot of things worth more than £1, take a look, it’s an opportunity J
- You only need £1 to start this rolling
- Ideally start by buying 10 and test some locations to save time
- Maybe try two different products and ‘smell what sells’
Where do I sell them?
- Car boot sale – fits the price point and still appears cheap.
- eBay – this takes about 30 minutes to setup an account from scratch, but can be making you money while you sleep or try another plan at the same time. At the time of writing most umbrellas were over £5 on ebay. You simply list 50 umbrellas in the quantity section and let the orders come in.
- Outside a busy train station when raining. You will need permission, which is quite straight forward (click here for Guildford), remember… no excuses. Apply for permission to sell bottled water at the same time and the dry days are covered too.
I can’t (won’t) be able to sell?
- Don’t panic, I am not suggesting you hassle people, you need a smile and a small sign. Go on, give it a go – you might even enjoy a bit of banter. You need to sell 50, that’s about 1 every 10 minutes.
Business Plan 3 – One person’s tat is another’s gold
Buying and selling.
Think about this. A car boot sale is the absolute reverse of a successful marketing campaign. People go there to browse items they don’t even know would be there. Therefore all the pricing reflects the situation of an abstract or impulse purchase of something the buyer probably doesn’t need.
Now this is an opportunity, big time.
Imagine you can take that item with a target market of a few hundred hagglers who never expected to buy the item (car boot sale) and put it in front of hundreds of thousands who can search specifically for what you have and then pay a price based on the fact they want or need your item (on the internet).
Now this is a bit more sophisticated but you are moving up in the world of making cash.
- Buy something cheap, sell it for more
- You need some cash for this one
- To start I think you need £50 to return £150, therefore £100 margin.
- Use the internet to get access to lots more customers
- You can research pricing before you buy
Now I did this last year, a good example is a pine bathroom mirror cabinet we spotted next to a stall. The buyer wanted £10 and we paid £8 with a small haggle. We knew that ‘shabby chic’ furniture was attracting a high price so we painted it with some leftover ‘chic’ colour paint (£2) which took 20 minutes and put it on eBay. It sold for £45, a margin of £35 including paint costs.
Once you get into this and pick a category of items you know, you will start to gauge pricing well. A cheap smartphone means you can check pricing on eBay before you buy and have simple items for sale before you leave the car park! Try DVD’s and well known items if you are worried, but be bold the odd stuff sells better.
Top tip – look out for heavy metal items, particularly copper items. The scrap price for metal has risen due to Chinese demand and so it may be worth a bit as scrap. Take a magnet, weighing scales and a ‘metal price app’ if you are serious.
So there you have it, you have some mindset tips and three plans to go out and make some cash.
You maybe sitting there thinking.. I could have thought of those, or I don’t think any of those are for me. Well, you are missing the point, this is all about execution (doing something well) not the idea itself, but fear not I plan to write lots more plans to find something for most people.
The interesting bit is what you do next, the power is in your hands.
Go for it.
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