Monday, March 23, 2009

Ways to earn money without spending a penny

It doesn't take money to make money. You just have to be resourceful. It also pays if you develop other skills then offer your services. Here are some ways to make some money without spending anything.
  1. Freelance Writing - if you are good at writing, you can try your hands on this one. You might as well take advantage of your computer and internet connection. You won't get rich off of it, but you will surely earn a few bucks and it's a good chance to improve your writing skills.
  2. Recycling - If you have some junks lying in your backyard or basement, take them out, collect them and bring them to your nearest recycling center. There are so many types of recyclables: used bond paper, old newspapers/magazines, soda cans, plastic bottles and other kinds of scrap plastic, glass bottles and glass cullets and a lot more. You can also get money for recycling your old computers, old printer cartridges, cellphones and other electronic wastes.
  3. Tutoring - Market yourself in different schools in your area. Offer them your services. You just have to decide first what you want to teach.
  4. Computer Services - If you happen to be good at PC troubleshooting, then you can offer your services to a lot of people esp to those who don't have a basic grasp of taking care of their PCs. Help them set up their firewall, anti-virus, anti-spyware etc. Help them install drivers if they happen to buy a printer.
  5. Blogging - If you have writing skills and are willing to put in some effort on how to market your blog, there's a chance you can turn blogging into a part-time job. Open up an account with Blogger or Wordpress, start writing and learn how to monetize it. There are a lot of tutorials online on how you can properly monetize your blog.
  6. Cleaning Service - You can offer to clean other people's homes and small businesses for some extra cash. The work isn't glamorous but it's a great part-time business to be in. If there's a dorm near your place, many students would be willing to pay you to have their room swept, vacuumed, mopped, dusted and organized.
  7. Babysitting - there's always a young couple around that needs time to themselves and would like to unwind, and maybe needing someone to take care of their kids. If you need some extra money, consider starting your own Friday and Saturday night daycare service.
  8. Bookkeeping - If you have knowledge on accounting, offer your bookkeeping services to small business establishments in your area. Most of the time, they have no more time left to do these things. Some of them also doesn't know how to compute their taxes.
  9. Graphics Artist - Offer your services if you have the artistic skills necessary to develop cool graphics/logos. Submit your sample works to businesses. They may be needing logos for their signage, calling cards etc.
  10. Affiliate Marketing - If you are good in promoting products and if you happen to know a lot of people who are fond of purchasing items online, then you might have a chance earning some money in affiliate marketing. There are so many tutorials online on how to do affiliate marketing. You just have to make a thorough research first.

Thursday, March 12, 2009

How to earn your first million

Wondering how to earn your first million? It starts with a good business idea. Unfortunately, some people have a hard time starting a business because they can't think of a good business idea. If you're stumped for business ideas, here's a free business idea that could make somebody rich.

Good business ideas start with identifying a need that isn't currently being addressed in the marketplace.

Coming up with a good business ideas isn't that hard, as we try to show in this example. For this particular business idea, the need in the market goes something like this: For starters, humans need to sleep. When they don't get sleep, it makes them grouchy. So, if they are having trouble sleeping, they are probably willing to pay P1,000 for a device that will help them sleep.

You wouldn't identify this need unless you have been through the experience of having a three-year old walk into your room at 4:00 AM and ask "Is it time to get up yet?" For parents, that is a situation that sucks. You might be able to get the kid back to sleep, but then you can't fall asleep. End result? A grouchy day where you are not effective in your work and other life pursuits. If you can pay P1,000 to fix the problem you will, right? So, the invention that fixes this problem is called a "No Time Clock" - as in "Buy This Clock and You Will Be Sleeping Soundly in No Time." Young kids cannot read a digital clock that says 4:00 AM because they don't know their numbers. So, putting a clock in their room doesn't solve the problem of their waking up way before they should and knocking on your door.

The solution - the No Time Clock - recognizes that young kids do know their colors. Hence, the No Time Clock lets the parents set the child's wake up time just as you would on a normal alarm clock. But the No Time Clock doesn't have numbers - it only has colors. If it's before wake up time, the front of the No Time Clock is red. If it's after wake up time, the front of the No Time Clock is green. A three-year old gets the concept. If my clock is green, it's OK to wake up mommy and daddy. If it is red, I should go back to sleep. Problem solved. If you sell it for P1,000, you can probably make P500 in profit. Sell 2,000 clocks and you've made one million pesos.

See how easy it is to think of a good business idea? Just think of a problem and then think of a clever way to solve that problem. If people are willing to pay for your solution and they will pay more than it costs you to deliver the solution, then you've come up with a good business idea.


Sunday, March 8, 2009

Starting a Tutoring Business from Home

Tutoring is a low-cost business that works well for stay-at-home moms, home schooling parents, even college students who want to earn income on the side. You can tutor students who need help with their academic work. You can also tutor foreigners in studying English or helping them in their studies, which are hindered by language barriers. The important element of this business is your knowledge of the subject matter. While a college degree or teaching certificate may not be required, you need to have a full grasp of the subject matter especially if you are going to tutor high school or college students.

Decide on your area of expertise – e.g. High school science, or elementary, or college math -- and focus on that (though there are some who tutors elementary to college level clients).
The location where you are going to tutor is of prime importance. If you are a college student whose “home” is the dorm, consider tutoring in a library, study room or even the student’s home.

To market this business, approach schools in your area. You can talk with the principal or the teachers letting them know of your skills and qualifications (bring your flyer or brochure). Request permission if you could promote your business in the school by posting flyers in their bulletin boards or in places where the kids hang out. Or better yet, ask them if they could refer students to you who may need a private tutor. Also talk to school counselors and ask them for referrals. Advertise in school newspapers, yearbooks or other school publications. Think of materials that are being sent to parents and whether you can advertise on them. You can also hand out your flyer to parents picking up their children after school. You can also create a website that will serve as your online brochure. It can also be an efficient way to communicate with clients, where you can post course materials or exercises. You can market your website locally and post it in online directories in your area.

Check the rates of tutors in your area. In some places, tutors can charge as much as P700 or more per hour, while in some places, P300-P400 per hour is the norm. Your rates will also depend whether you do house calls and tutor the client in their homes.

source:; photo from

Thursday, March 5, 2009

The Good and Bad of Having Your own Business

Owning your own business can be one of the most rewarding experiences in your life. Like all good things, there are pros and cons to almost every situation.

For some people, owning and operating their own business is the only way to go. For others, a job works well for them. Each person is different and has different priorities, goals, views, and tastes.

You can have two people who get along very well. One wants to put in his eight hours and go home with nothing else to do no worries and no desire to create, advance, or be in control while the other person dreads the eight-hour work days and wants to run the show, be in control, and have added responsibilities.

Both of these scenarios are legitimate ways of looking at things. You don't want to be in the wrong working environment. If you are, then you'll be unhappy and stressed out. Be sure to choose the right environment for you.

Let's have a look at the pros and cons of owning and operating your own business. These are some of the main points that will help you get a better idea of what's involved.

  • You're in control, directing your business your way
  • You can create your own working environment
  • You're the boss
  • Less stress (that is, once you're set up and in control)
  • You can manage your time better to suit your personal life
  • You have no real limit to how successful you'll be
  • You have no limit on the amount of income you earn
  • You can operate the business the way you want
  • You can hire people to take care of the tasks that are tedious or that need to be done but you don't like doing them
  • It's prestigious to own a successful business
  • You gain business knowledge and experience that you can use for the rest of your life
  • You have more freedom
  • You have the ability to contribute and create
  • Financial gain
  • Flexible hours (in some cases)
  • If there's a problem, it falls in your lap and there's no one to blame but yourself, it's your business and it's you at the controls
  • Start-up phases take time to complete
  • You may not get paid for long and uneven periods of time
  • You may have to put in a lot of extra-long hours
  • There's pressure to perform if you don't, you could be out of business quickly
  • Usually a substantial investment of time and money is required
  • You don't get paid directly for the extra-long hours you put in
  • You must be able to adapt to change quickly
  • At times, there is uncertainty
  • You can't just put in your eight hours and go home if there's a problem or important unfinished business, it's your job to attend to it
  • Increased responsibility
  • There are no guarantees that your business will succeed
  • Increased liabilities
  • You may feel isolated or alone when you're running the business
  • It may be tough to get motivated at times
  • If you set up the business incorrectly, you could end up with a 16-hour-a-day job rather than a business that runs itself.
If the thought of being in control and running your own business really drives you and exhilarates you, and if you have no problem dealing with the cons listed above, then owning your own business may be the right direction for you to take.

If the thought of a lot of responsibility, dealing with problems, working long and hard at times, and not having a steady paycheck gives you a scary feeling in your gut, then running your own business may not be for you, and you might be better off looking into improving your current job situation.

Whether or not owning and operating a business is right for you, it's your decision and you're the only one qualified to make that decision. Take time to research and consider what's best for you.

Remember: you can live your life any way you want, but you can only live it once!

Action Steps to Evaluating the Pros And Cons Of Owning And Operating Your Own Business
  • Consider the pros and cons list indicated above and see which set applies more to your own person. Feel free to add more pros or cons as you see fit.
  • If you do decide to open your own business, take a long and hard look at the Cons and prepare in advance how you should deal with them should they arise while you are setting up your own business.

Important Questions to Evaluating the Pros And Cons Of Owning And Operating Your Own Business

  • Are the pros good enough for me?
  • Are the cons nothing compared to the potential pros or are you not willing to risk it?


Tuesday, March 3, 2009

How to prevent being/retiring poor

  • Start living a simple life. If you can live without a cable TV, do so. If you can eat lunch without softdrinks, do so. Living a simple life means living not in excess. It is still living healthy and living well. Most of the excess things or activities we do are not even healthy to our bodies. So start cutting all those expenses that you can live without until you reduce them significantly. Even the smallest thing like candies can mean a lot when accumulated. Don't worry, even if you cut your expenses, you can still be happy. There are far more things you can do that are less expensive but more meaningful and rewarding.
  • Start living within just 90% of your income monthly then start saving the other 10%. It's better if you can make it 20% or more. But if you have debts to pay, start cutting first all those debts until you eliminate them totally before starting your savings.
  • Start improving and developing new skills. At first, improve all the skills you need to enable you to perform better on your work. If you are good in programming, improve it further, improve your negotiation skills, relationship skills, communication skills etc. Then try to develop other skills not directly related to your job like selling skills, writing skills, presentation skill etc. The more skills you have and the better you perform them, the more valuable you become at your work and society and the more chances you have to find better jobs in case your company does not recognize your value or close down.
Let's stop a bit from here because many are not inclined to do the next steps. It may take a lot of brain power. Do you know that by just following the first 3 simple ways you can already prevent being poor? Let's say, you just began saving at the age of 25 and you earn P15,000 a month in a not-so-big company that only gives you P500 increase each year. Do you know that if you persistently save 10% of your monthly income in time deposit that will earn 5% a year, you can still prevent becoming poor when you get old, even if the value of your money depreciates because of inflation. Now let's continue on the next steps...
  • Start studying all available investment schemes in your area, then start investing your money. Just beware of scams. Always follow this simple rule of investment: "Investigate before you invest."
  • Start finding some other income sources (part-time business not part-time job) and put all the money you earn from there on your savings or investments. Don't be shy selling items. Never be tempted to get involved with any kind of illegal businesses. It may work temporarily but eventually it will fail and will ruin your reputation. When your credibility is ruined, people will no longer trust you and you're done. Don't let this happen to you.
  • Start finding your passion, something that you would really enjoy doing even without pay and willing to sacrifice a lot of time and effort. Then start building a business concept around that passion. It is just a matter of finding and providing the next big idea or serving that old idea in an excellent, high quality and exceptional way that every person or customer would like to have.
  • Start sharing your knowledge and ideas and connect with a lot of people who have the same interests and who can help you to better improve yourself and find better earning opportunities. Connect also with people who are just starting, whom will benefit from your idea. Exchange ideas with them, because when ideas are exchanged, they grow and produce far better ideas until one great concept is produced. It's just a matter of give and take. As what Brian Tracy said, "Nature is Neutral, it gives you back what you give, nothing more, nothing less."
There are just the basics, and now, you have to stop overspending and start saving, stop daydreaming and start writing your goals. Begin to plan your life backwards from age 65 to now. Draw a straight line and write all the possible obstacles that may come your way, and plan for all the possible actions necessary to prepare yourself surpass those obstacles. Let's ACT NOW and Stop procrastinating.

source: Michael Ela - Fujitsu Engineer

Reasons why we are poor

If you are going to list all the old people you know, how many of them are living well, spending their own money? Maybe you can name a few but majority of them are just depending on their small amount of pension or the money that their children will give them. Statistically speaking, more than 90% of Filipinos at age 65 are either broke or already died broke. This is really a shocking reality. Here are the reasons why people are poor:
  1. Poor Saving Habits. If you're in the office, ask the first 3 people you will meet. How much money they were able to save from their last paycheck? Most often than not, you'd hear a lot of complains and they will tell you that their income is not even enough to pay all the bills that needs to be paid. Most of the time, employees had already spent the money they are just about to receive. Even the bonus they are just about to receive 3 months from now is already allocated to pay some bills or to buy some new things instead of planning to save or invest it. I was also guilty of poor saving habits before, until I got frustrated living out of budget from time to time.
  2. Lack of Foresight. When things are good, we always think that it would never end, as if we will always live at the same level at all times.
  3. Lack of concrete goals. Most of us tend to think that we are goal-oriented, but actually we are not. We're merely day dreamers. We always daydream most of the time.
  4. Procrastinations. Here is our favorite - we are really rich with tomorrows, that will never really come. The real best time doing what we have to do is not even today but yesterdays. If there would be a Procrastination Club, millions would be potential candidates, but it won't even have a hundred members because most of them may not even find the time or be gotten around to sign up anyway.
  5. Lack of Knowledge. Here finally is the bottom line. Even if we know that something must be done, we haven't have the faintest idea what that something is, and nobody is going to show you the way. Now you know the reasons why we end up broke. Better read my next post to prevent this from happening to you.
source: Michael C. Ela - Fujitsu Engineer

Monday, March 2, 2009

Palay Buying Business

UPDATE: I bought this manual from TRC e-library. It provides more information about Rice Prices, Income and Competitiveness. Just download it here.


I've been thinking of a new business and this is the first on my list. I choose to venture on this trade because most of my kakilalas are doing good, and our town is considered as class C, so I might as well take advantage of our being an agricultural-type town.

They say that this is a good trade, though seasonal, specially if you have enough working capital. Some say you can start off with a minimum of P50,000 - P100,000. If ever I venture into this business, maybe I will focus on wet palay, stock up and wait for the price to go up then sell. (Well, I don't know if it's a good strategy).

Are you aware of informal credit financing, also called as kabanan or pasung? This is practiced by some farmers and traders especially in provinces. Farmers do not have access to formal financial institutions (banks) and kabanan plays an important role in the buying of palay. With this, you can lock-in the availability of palay when harvest season come.

Anyway, here are some basic info for palay buying:

  1. Ample working capital for financing to farmers.
  2. Reliable and good quality source of palay from farmers or cooperatives.
  3. Reliable rice miller to sell your palay, and with price support from them in time when prices are going down.
  4. Ample spaced warehouse with solar dryer pavement for starters.
  5. If one has enough capital for initial investment, it is best to invest in grain dryers to have consistent quality palay so you can demand for selling price premium.
  6. Hands-on management of the buy and sell business.
  7. Margin is small so volume is a must.
  8. Knowledge in palay classification is a must.


Sunday, March 1, 2009

How To Put Up A Convenience Store

Convenience stores have become an essential part of our everyday lives.

As the name implies, the aim of this type of store retailing business is to offer convenience to its customers. This aim can be exhibited in a number of ways, the most notable being the accessibility of the store’s location. Convenience stores are usually situated handily close to where the market is. Why then would a customer go to all the trouble of going to the mall or supermarket when there’s a store down the block or around the corner he can run to?

Add to this, unlike the regular shopping venues, most convenience stores operate twenty-four hours a day, seven days a week. Why then would a customer wait for the shopping mall to open in the following morning to get what he or she needs when there’s an open store he can go to right now?

The convenience they get keeps the customers devoted. This is why they keep coming back again and again. This is also the reason the convenience store concept has managed to thrive despite the presence of retail giants all around.

If you are thinking of starting your own convenience store then read on. Below are some pointers that may prove useful to you.

You need to decide whether you prefer to put up your own store from scratch or if you would rather buy an existing franchise. With a franchise, you get to benefit from the franchisee’s trademark and patronage. The franchise package also comes with a ready-made system of management and operation. This system will save you from a lot of headaches. The only setback is franchise fees and royalties are quite steep.

On the other hand, you get to learn more if you if you start your own store from scratch. Most say that the pay-off this is much sweeter because they know they did it on their own. Moreover, starting from scratch is less restrictive. It gives you room to improve upon what is currently being offered to the customers.

A convenience store’s stock is made up of a wide range of goods all of which are everyday necessities for the average Juan, i.e. items like milk, canned goods, noodles, beer, condiments, baby diapers, and so on.

Remember to include products that you anticipate your customers might need at the last minute i.e. ice, beverages, batteries, camera film, snack food etc.

In allocating your inventory display, make sure you show all the goods you carry to the customers. Here’s a tip, place you’re fast moving items towards the back of the store. This way your customers will be made to walk the length of your store space.

Give considerable thought in choosing a location. As explained above, the keyword in choosing an area is convenience. Examine the vicinity closely. Pay particular attention to the foot traffic, competition, accessibility, general appearance, and growth prospect of the area. The ideal store location brings visibility and affordability together. Given the nature of your store, you need to be where the customers are.

When it comes to staffing your business, try not to hire more than what you need. Consider the size of your store. Consider the number of hours your store operates. Try to identify the busiest hours. This is when you need to put in additional manpower. Otherwise, stick to the minimum.


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