The No. 1 rule of personal finance is to spend less than you earn. So if you want to get ahead financially, it’s important to save money where you can.
But if you really want to improve your finances, there’s the flip side of that equation to consider as well – making more money. With a side hustle or money-making hobby, you can give yourself a raise whether your employer wants to or not.
Here’s the truth no one wants to talk about: Learning how to make money can improve your finances in ways that saving money simply cannot. There are only so many ways to save, but there are an unlimited number of ways to earn extra money you can use to pay down debt, save for the future, or actually have some fun.
If you’re eager to boost your earnings but don’t know where to start, this list should provide you with a few ideas that could work.
Provide exceptional value to your clients during coaching sessions. Establish a supportive and empowering environment, actively listen to their needs, ask powerful questions, and provide guidance and accountability. Tailor your coaching approach to each client's goals and preferences.
Request testimonials from satisfied clients to showcase your coaching results and build social proof. Encourage clients to share their positive experiences and refer others to your coaching services. Word-of-mouth referrals can be a powerful source of new clients.
Stay updated with the latest coaching methodologies, tools, and trends. Attend coaching conferences, enroll in relevant training programs, or join coaching communities to enhance your skills and expand your knowledge. Continuous learning allows you to offer the best coaching experience to your clients.
As your coaching business grows, consider scaling your services. This can include hiring and training associate coaches, creating passive income streams such as online courses or digital products, or offering group coaching programs to serve more clients simultaneously.
Select a specific niche or product category to focus on. Research market demand, competition, and profitability within your chosen niche. Consider factors such as product popularity, target audience, and potential profit margins.
Dropshipping is a business model that allows you to sell products online without having to handle inventory or manage order fulfillment.
Identify reputable suppliers or wholesalers who offer dropshipping services. Look for suppliers with a wide range of products, reliable shipping methods, competitive prices, and good customer reviews. Popular platforms like AliExpress, Oberlo, or SaleHoo can connect you with suppliers.
Browse your chosen supplier's catalog and select the products you want to sell. Import product details, including images and descriptions, into your online store. Consider factors such as product quality, shipping times, and supplier reputation when choosing products.