Making Money as a MSE

Huwmungas

Hi,

As you can see I'm relatively new to the blogging aspect of this website, and I do carry some debt, but thankfully it's all due to my very caring OH who doesn't even want to take the money from me, but I insist on paying her back every penny.

I have transformed my life massively in the last 5 years! I had 2 maxed out overdrafts, a £6,000 post graduate loan, laser eye surgery loan (£995 per eye), and I still went out drinking EVERY weekend and I didn't care about any of my debts............ until I met my OH.

Through use of this site, I have gone full circle and have improved on every single outgoing I have. Like many of you, I take real satisfaction, and enjoyment from bargin hunting, making easy money and cutting down outgoings in general.

I am now the 'go to' guy for my friends, family and even the OH for money/spending related issues and even motivation.

My long-winded question is..... is it feasible to make money from offering similar advice from this website to extended friends and family to start with and then make a little business from it?

I was thinking of charging 10-20% of the money I save for the individual on original assessments such as insurances, cashback websites, energy providers, utilities etc. Any money from ebay selling, car booting etc would go 100% to the client. If I were to save £1000, for an individual who has no concept of money saving schemes, I think I could make some good cash, I enjoy doing it, and can save some people some money.

I have a degree in Leadership in Sport, and no financial qualifications, but several years experience of clearing debt, and making small profits.

Has anyone got any experience of doing this so far, as there are some super savy people on this forum?

I am aware that it isnt particularly in the spirit of MSE website, but I have come accross firends and family who aren't motivated to work for it, and are happy to help me out financially, if I help do some of the work and motivate them.

Thanks for reading!

Huw

scottswald

i dont see why not mate, you'll not make a great deal propably but you never know! good luck if you do this!

Caroline73_2

So your business will be about saving people money but you intend to charge them for something that is freely available.

You would need to start by telling that to each potential customer otherwise you wouldn't be saving them money, would you?

I think this maybe something you should do for family and friends because of who they are and what they mean to you. If they choose to reward you in some way then that's great but to charge people for something you know is freely available just seems a bit immoral to me.

Huwmungas

Thanks for your replies!

I will charge them a sum of what I save them. If I only saved them £50, I would charge them £5-£10.

If I save them nothing, there won't be a charge. I'm a a very honest person, and I would make them aware that they can do this for free.
But with that in mind, I could technically do my own kitchen improvements, grow my own food, and fix my car for little to no costs. But as I have no experience/skills in any of these, or if I can't be bothered to find out how, I would in these examples pay for a product or service.

I do appreciate the feedback, I really do.

I'm so keen to set up my own source of income on the side, and I have limited knowledge/skills to offer for money. But, I know my stuff on this, and would love to hear from others to see if they've actually been able to do this themselves or know of someone, so I can get some advice.

mirko

Caroline73 wrote: »

So your business will be about saving people money but you intend to charge them for something that is freely available.

You would need to start by telling that to each potential customer otherwise you wouldn't be saving them money, would you?

I think this maybe something you should do for family and friends because of who they are and what they mean to you. If they choose to reward you in some way then that's great but to charge people for something you know is freely available just seems a bit immoral to me.

A lot of things are freely available. There are plenty of books on plumbing, it doesn't mean we don't employ a plumber to do certain jobs for us.

Yes, all the information is freely available regarding how to cut bills and save money, but it all takes time. If the OP wants to spend that time for a client on saving money then that's fair enough, he gets to keep 10% of the savings, the client gets 90%. They're both winners!

MacsReturns

Sounds a good idea, but I'd suggest you check out the legalities - you may verge into 'financial advice' and you ought to be aware of any activities which may be regulated. Otherwise, good luck with it :beer:

Huwmungas

Thanks for that Macs!

The legality of it was something I would be concerned with, and again, if anyone out there were more in the know about that side of it, please let me know.

I will do look into it though.

I hope you all have a fantasic Xmas and New Year! :beer:

moneypenny2k

mirko wrote: »

A lot of things are freely available. There are plenty of books on plumbing, it doesn't mean we don't employ a plumber to do certain jobs for us.

Yes, all the information is freely available regarding how to cut bills and save money, but it all takes time. If the OP wants to spend that time for a client on saving money then that's fair enough, he gets to keep 10% of the savings, the client gets 90%. They're both winners!

I agree entirely. Thanks to Mirko for saving me the effort of putting the thought into words. :beer:

MacsReturns wrote: »

Sounds a good idea, but I'd suggest you check out the legalities - you may verge into 'financial advice' and you ought to be aware of any activities which may be regulated. Otherwise, good luck with it :beer:

Agree entirely, I'd contact the Business link people for your area, they're well used to helping ultra small start ups. Who knows, this may well be the start of a profitable business

http://www.businesslink.gov.uk/bdotg/action/home

Good luck for 2011

Huwmungas

Thanks for your support Moneypenny! :beer:
I will look at the link provided, and feedback any information I find that others might be able to use.

Merry Christmas!

Jenna_Appleseed

don't start trading as a "money saving expert" or Martin might sue you for nicking his copyright:whistle:

MrsTinks

I believe (and I may be wrong!) that as soon as you charge for your service and class it as financial advice - which you would - then you need to be registered and actually have formal training... this is not only for your protection but your "customers" too... there is a world of difference between listening to the advice of a mate and paying someone to advise you... what if 6 months down the line it turned out you had mis advised them and they came asking you to compensate them?