Seven Ways To Get Financially Independent In 2017: Part 2

Welcome to part 2 of the seven part series How to Get financially independent. A series of tactics you can use to get financially independent as soon as possible. Remember it’s not about getting rich, it’s about getting free.

If you haven’t read them already hop over and read the  previous parts first.

Introduction to the series – Here.

Part One: Moving to a new country – Here

 

7 ways to get financially independent part 2

Seven Ways to Get Financially Independent In 2017: Part 2

Financially Independent: Setting up your own business

The internet is fully of people and articles offering to help you set up your own business. There are good reasons for that, firstly it gets page views. For our benefit though having additional cash coming in is a great way to be able to save more towards retirement. There are multiple different types of business you can consider. The first question is “what sort of business is right for you” Do you go with an online business, or a real world business? Do you sell a physical product or offer a service?

Type of business

Here are 11 business models you could use.

  • Ebay Store
  • Website Developer
  • Freelance designer (fiverr)
  • Write eBooks
  • Photography
  • Selling Tshirts via Shopify (free 14 day trial here) or other vendor.
  • Drop Shipping
  • Specialist online retailer
  • Etsy Store
  • Dog sitting/Dog walking
  • House sitting

What do you know?

More often than not it is important that you have a good understanding of the product or service you are wanting to supply. Five years ago I was very into LEGO collecting. I decided to set up on the online LEGO marketplace Bricklink. If you aren’t interested in LEGO its unlikely you will have ever heard of the site. They do however have over half a million members which whilst not a great number in world population standards it’s not to be sniffed at. To this day I still maintain my LEGO store as it provides a slow and steady source of income. The key with this business is understanding the product. Seems like a perfect time for the trailer for the upcoming LEGO batman movie.

How much time do you have?

Some of these businesses will take up a lot of time, the benefit of drop shipping is the limited amount of time and money required. For a period of time I would sell products from Amazon directly on to Ebay. I would place all orders every evening and it would take maybe 30 minutes. Profits did vary on each item but the additional bonus of credit card Airmiles helped. Nowadays anybody can drop ship directly from china through Alibaba or Aliexpress. This does however come with some problems including long shipping time and variability of product quality.

My business partner and I do still buy products from China and sell on Ebay, Facebook and various other sites such as Shpock. We get these delivered to us first so we do have to hold the product. It does mean we offer fast delivery so can charge a little more than the other sellers. Having to constantly pack and take items to the post office can take up time however.

How much can you make?

To be able to give you a real figure I have reviewed my Paypal account, according to the records I have received £1298 .69 so far this year. If i kept that up every year for 10 years and invested it with 5% growth it would be worth almost £20000.  How many years of independence could that pay for?

Pickup more than one side hustle and you could be making thousands of extra pounds per year. Surely that is a no brainer!

If you don’t yet have your own side hustle set up then take some action over the next few days. Let me know in the comments what you are doing to create additional income.

You can find all the other articles in the series below.

Introduction to the series – Here.

Part One: Moving to a new country – Here

Part Three: Alternatives to your car – Here

Part Four: Saving money on food – Here

Part Five: Invest in yourself – Here

 

3 Comments

3 Comments

  1. Miss Mazuma says:

    Great step by step guide! Now, if only I could follow it and stop getting distracted by shiny objects!! 😉 But seriously, I never had a problem finding a side hustle until recent years. Part of it is because I had some many hats on for so long that once I took them all off I didn’t want to add more weight to my head again. I am slowly starting to come around. I have been thinking about starting to make jewelry again. I’m in the slow stages but with winter brewing I know Ill have 5 months to kick back and be creative. Thanks for the guide!! 🙂

    1. Frugalfox says:

      Miss Mazuma, Thanks for the comments. Let me know if you start making jewellery again it would be great to take a look.
      Sometimes I find it hard to keep focused on just one or two side hustles. It’s easy to see opportunities and want to do more.

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