You need to earn £10k in 3 months as a side gig, how would you do it?
- Thread starter UberTiger
- Start date
Not saying it would be easy. Doesn't need to turn into a massive business, it's just a challenge.
By part time I mean not a 9-5, it may require a large amount of hours and effort, but those hours need to be relatively flexible and revolve roughly around a normal 9-5.
By part time I mean not a 9-5, it may require a large amount of hours and effort, but those hours need to be relatively flexible and revolve roughly around a normal 9-5.
I'm not keen on the idea of gambling, I wish I had pursued crypto years ago when I first heard about it!
I looked into uber a while back, but you need a 4 door car and I drive a coupe, so that ruled that out. Things are too volatile and risky with Uber right now for me to consider investing money in a car just for that.
Okay, so a month after starting this thread I've got an idea for a new business.
I'm not sure if it'll work or scale quickly enough to make what I'm aiming for in 2 months, but I think it's got promise if it's executed well.
It's nothing revolutionary or new, and comes down to buying and reselling products at it's most basic form, but my spin on it hopefully adds value for the people in the niche I'm targeting.
Margins aren't great, so I'll have to see how things go to see if I can get the pricing to work.
I've spent all my free time when not working the last few days getting to grips with and doing research on various ecommerce software and researching suppliers.
Next step is get get a minimal working website up and running and approach some customers to get their feedback and see if I can validate the idea. Finding it a bit tough to balance all my time and move as quickly as I like though. Doing all the research, reading, and learning new software on the side can be draining. The promise of potentially creating something that may work is exciting though.
I looked into uber a while back, but you need a 4 door car and I drive a coupe, so that ruled that out. Things are too volatile and risky with Uber right now for me to consider investing money in a car just for that.
Okay, so a month after starting this thread I've got an idea for a new business.
I'm not sure if it'll work or scale quickly enough to make what I'm aiming for in 2 months, but I think it's got promise if it's executed well.
It's nothing revolutionary or new, and comes down to buying and reselling products at it's most basic form, but my spin on it hopefully adds value for the people in the niche I'm targeting.
Margins aren't great, so I'll have to see how things go to see if I can get the pricing to work.
I've spent all my free time when not working the last few days getting to grips with and doing research on various ecommerce software and researching suppliers.
Next step is get get a minimal working website up and running and approach some customers to get their feedback and see if I can validate the idea. Finding it a bit tough to balance all my time and move as quickly as I like though. Doing all the research, reading, and learning new software on the side can be draining. The promise of potentially creating something that may work is exciting though.
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Yes, that has been a concern of mine, VAT really eats into the margins. However the reason why I think it might work is the ability for this particular idea to scale in terms of the eventual number of products capable of being listed on the site.
It's got a couple of ways of generating revenue. Some with low margins, some with higher margins, so if I can get people on the site for the low margin items, hopefully I can make some money with the higher margin items.
I've got pretty good access to a portion of my target market, so I'm not too concerned about marketing yet. If I can get the prices right and make the website flow as well as I envisage and work well with the value add features I'm thinking, then I'm hoping word will get out.
Most of the products I will not be stocking personally or doing any of the packaging and shipping. It will all be fulfilled professionally elsewhere to begin with, so I just have to work on getting the orders in, placing the orders with suppliers, admin and CS.
Many of the products I don't have to pay for until I order them, as they're being drop shipped, so my money isn't tied up in them. So it costs me nothing to have them 'In Stock', it just costs my time to generate them and administer the shop.
I agree it will be a very tall order to shift enough product to hit my goal in 2 months. Luckily as this shouldn't be too capital intensive I've still got a little cash to play with in case I think of any other ideas or encounter any other opportunities in the mean time.
Time is my main adversary right now seeing as I can only work on this part time and I think it will take me another week or two to get the website to a point where I'm ready to start promoting it.
It's got a couple of ways of generating revenue. Some with low margins, some with higher margins, so if I can get people on the site for the low margin items, hopefully I can make some money with the higher margin items.
I've got pretty good access to a portion of my target market, so I'm not too concerned about marketing yet. If I can get the prices right and make the website flow as well as I envisage and work well with the value add features I'm thinking, then I'm hoping word will get out.
Most of the products I will not be stocking personally or doing any of the packaging and shipping. It will all be fulfilled professionally elsewhere to begin with, so I just have to work on getting the orders in, placing the orders with suppliers, admin and CS.
Many of the products I don't have to pay for until I order them, as they're being drop shipped, so my money isn't tied up in them. So it costs me nothing to have them 'In Stock', it just costs my time to generate them and administer the shop.
I agree it will be a very tall order to shift enough product to hit my goal in 2 months. Luckily as this shouldn't be too capital intensive I've still got a little cash to play with in case I think of any other ideas or encounter any other opportunities in the mean time.
Time is my main adversary right now seeing as I can only work on this part time and I think it will take me another week or two to get the website to a point where I'm ready to start promoting it.
So I pitched my ideas to a few friends and just had lunch with one of them.
He see my vision, we think it might be able to scale quite well to multiple markets and from his perspective the concept may have some additional value that I hadn't realised.
We're going to keep doing research, I'm going to keep building the MVP and we'll potentially get a couple more people on board.
This is all quite exciting. It looks like we might actually be forming a real company and I may be able to hit my 3 month target if the investment pans out and we can get this working
He see my vision, we think it might be able to scale quite well to multiple markets and from his perspective the concept may have some additional value that I hadn't realised.
We're going to keep doing research, I'm going to keep building the MVP and we'll potentially get a couple more people on board.
This is all quite exciting. It looks like we might actually be forming a real company and I may be able to hit my 3 month target if the investment pans out and we can get this working