My Lockdown Money Making Challenge! It's Time To Build A Business. Who's with me?

PlantMan

Hi,

So being locked down has resulted in me losing all of my work, because I am a freelance designer working in the travel industry.

It was really tough when all of my clients cancelled the projects I was working on, and lets just say that I was in a pretty dark place a few weeks ago! Due to when I start doing this I wasn't entitled to any government help for small businesses or sole traders, which was another huge blow! I'm sure a lot of you on here can relate.

I decided that rather than feel sorry for myself and watch Netflix, it's a great opportunity to better myself AND make some extra money.

I got inspired to do this when my friend introduced me the Lockdown Livelihood podcast - Two guys who talk about ways to start sustainable online businesses during lockdown, and it got me thinking that maybe I should be doing that, as I have always wanted to start some kind of real online business, but where do I start?

I am not the richest person in the world, I have a small savings though and I am definitely interested in investing that into my own ideas.

Also, being a designer, I can leverage my existing skills set to design products, packaging and websites; as well as sell my services.

Here is how my challenge is going to work -

The adventure begins...

I'm first going to focus on making some QUICK money, while I build up some financial resources to push towards more sustainable long term businesses.

My Quick Money Solutions -

1. Matched Betting - I have started this already, and have made £648 so far using matchedbettingsystem.com (only £17 for life membership)
2. Selling EVERYTHING I Don't Need - I have estimated the value of the stuff I don't use around my house at over £2,000. Being a designer, there's lots of equipment I haven't used in years, as well as Bose headphones, a road bike, tools, design books.
3. Fiverr as a Freelancer - I am going to leverage my existing portfolio and templates to try and get some work through fiverr, which is a contractor platform, ideal for freelancers

My Long Term Business Solutions -

1. Amazon FBA - I didn't know about this business until I listened to Lockdown Livelihood, but they had an indepth segment about how to sell products on Amazon and it seemed like a really good way to sell things online. Amazon is the biggest online retailer and they aren't going anywhere so it seems like a great place to build an online business
2. Personal Brand - I'm going to invest my extra time into pushing my designs on Pinterest and Instagram, as I have always neglected social media. I find it embarrassing posting about my work, but I believe that is an issue I need to overcome
3. Online Store - My last phase will be combining my Amazon skills and my personal brand to launch my own online store, as I have always dreamed of creating my own brand (I have not decided what the products will be yet, I will let my research decide which direction I will go)

What I'm doing now....
I have already started Matched Betting, as well as listing a load of items of eBay, and creating some listings on Fiverr.

The main takeaway from this so far, is that I am finding purpose in a really dark time in my life, and it's giving me the confidence to push myself into starting a business.

Will you join me?
This has been an amazing experience for me, and it has definitely given me purpose in a tough time in my life; so if you have also felt worried about how to make some extra income, or you just feel like a change then please come on this journey with me.

I'd love to hear the experience of others through this journey so post below!

Let's get this challenge going viral, so that everyone who is having a tough time financially right now can get the drive to make a little bit extra, and maybe come out of this thing better than they started (even if it's with more confidence).

Who's With Me?

PlantMan

P.S If anyone has anymore quick money making solutions, or long term business ideas that you think I (or anyone else) could use then please add them to the thread

soolin

Your online business ideas are OK, many of us are already online on various platforms . However, your product is key, the many many online 'get rich selling online' videos and sites are all a it vague about what to sell, some even mention things as far back as 2011 where they made tens of thousands of dollars on something you can't even give away now. 

Amazon FBA is pushed as a way of making real money, on the ebay and others board we have a few business sellers doing very well, but you need a unique line- you can't enter the market and compete on lines already being sold- you must come up with something entirely your own to make money as the costs of FBA are high.

Just one other thing, matched betting can only be discussed on the matched betting site , so please don't add anything to that if you post on this thread again. 

PlantMan

soolin said:

Your online business ideas are OK, many of us are already online on various platforms . However, your product is key, the many many online 'get rich selling online' videos and sites are all a it vague about what to sell, some even mention things as far back as 2011 where they made tens of thousands of dollars on something you can't even give away now. 

Amazon FBA is pushed as a way of making real money, on the ebay and others board we have a few business sellers doing very well, but you need a unique line- you can't enter the market and compete on lines already being sold- you must come up with something entirely your own to make money as the costs of FBA are high.

Just one other thing, matched betting can only be discussed on the matched betting site , so please don't add anything to that if you post on this thread again. 

Ok Thanks Soolin!

I'm quite new here, so thanks for highlighting some key points to me.

Yeah in terms of Amazon FBA, the podcast I listened to - the two guys both have Amazon FBA businesses, and they weren't pushing any get rich quick scheme courses; it was actually just useful advice and I've managed to do some really good product research from what they said.

I won't add anything to matched betting, thanks for clearing that up!

lincroft1710

As there is a lack of money in circulation, which may well continue well after lock down,

Selling EVERYTHING I Don't Need

might be better in

My Mid Term Business Solutions

PlantMan

lincroft1710 said:

As there is a lack of money in circulation, which may well continue well after lock down,

Selling EVERYTHING I Don't Need

might be better in

My Mid Term Business Solutions

I haven't noticed anything dropping in price on eBay yet

lincroft1710

Were you looking at sold prices?

Give it time.

PlantMan

lincroft1710 said:

Were you looking at sold prices?

Give it time.

I'll definitely keep an eye on it. I've checked sold prices for a few of my items over the last few months and no change

PlantMan

Just a little update for everyone who is interested -
I have decided to launch an etsy store, and am using my design skills to integrate into some of my designs.
I'll keep you posted on successes and failures

frugalandsave

check out the thread make £2020 in 2020. Many people post names with which they made some money every month. Might not be £1000s a month, but it gives some good guidelines. I find Appen, Swagbucks & Bank Switiching a nice side hustle. But it does not cover a full salary.

PlantMan

frugalandsave said:

check out the thread make £2020 in 2020. Many people post names with which they made some money every month. Might not be £1000s a month, but it gives some good guidelines. I find Appen, Swagbucks & Bank Switiching a nice side hustle. But it does not cover a full salary.

Yeah I will check out those things.

I've not heard of Appen or Bank Switching, so I will have a good read, thanks