Category Archives: Making Money

Oct 25 0 comments
Making Money, Money and Relationships

Volunteer

I’ve always admired people who volunteered their time to charities, causes, community events, etc.  I’ve always thought these people were so very generous and selfless to spend their precious time this way and they are.  But recently I realized that there can be other benefits to volunteering.  Two of my friends have gotten their dream jobs because they either volunteered for the organization they wanted to work for first or met someone from the company through volunteer work.  Another friend, a freelancer got many of her contracts from contact made via her volunteer work at the city’s Aquarium.

I’m not saying that your career will flourish because you decide to volunteer and I am not suggesting people volunteer because they expect to get a job offer from it.  I think one should volunteer for a cause one believes in.  But still, if you expose your talents to the world, someone will notice and at the very least, you’ll get sincere thanks and warm appreciation for your time.

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Oct 08 0 comments
Making Money, Money Stories

Worst Job Ever

I don’t know about you but I think most people have had to take a job they totally hated to make ends meet.  I certainly did and had not one, but a few in my career.  The jobs I hated included retail, sales, reception, inside sales and office clerk for a financial institution.  (Hmmm, I now remember the Discovery Channel’s show called “Dirty Jobs” and I realize that I was still very lucky with my worst jobs ever, but anyway…)

As I was thinking about writing this post, I realized that it wasn’t the jobs in themselves that were horrible but the environment that my superiors, co-workers or clients made. For example, the job at the financial institution had decent pay, was close to home and low-stress for me but one day my creepy boss showed me naked pictures of Asian women and asked me which one he should take out on a date that night; I gave my two weeks notice that afternoon.

I never stayed at a job I absolutely abhorred for very long.  I think the longest was 8 months.  I hate job hunting but I never had a strong enough stomach to tolerate poopie work environments  (Given that statistically most heart attacks in North America occur at 9 a.m. Monday morning, this might be a good thing!).

So, how bad of a job are you willing to take for money?  How long are you willing to keep this job?  If you hate your current job, what are your reasons for staying?  What makes your job so horrible?  Please let me know so that I never take that job ever!

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Oct 06 0 comments
Making Money

Do What You Love And The Money Will Come?

Do What You Love And The Money Will Come - I’ve heard many people say this.  There’s even a self-help book titled ‘Do What You Love And The Money Will Follow’. I’ve always wondered if this is true especially now when I am in a bit of a crossroads in my career. I have so many questions…

1. If one follows one’s heart, will the money really come?  Is it really feasible to follow one’s heart in this way?

2. When will the money start coming?  Coz let’s face it, there are bills to be paid each month and they need to be paid on time.  I wonder if this money that’s supposed to come will come on time and if it will come regularly each month (just like our bills).

3. How much money will come, exactly?  Or do I need to take some part-time job until my dream work earns me enough to sustain me?

4. OK, OK, many people do have their dream jobs and have even gotten rich dong what they love, but are they the exception rather than the rule?  Is this possible for me?  Are my education and background enough?  Am I good-looking, charming and memorable enough?  Do I have the talent and persistence to make this work?  Is the timing right?

Maybe I should read the book first and see what it says…

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Sep 24 0 comments
Making Money, Organize

Pricing My Handmade Products For Sale

I mentioned before that I have started selling my handmade beads and jewelry made from polymer clay (see: Make Money From A Hobby).  A few people mentioned my prices were way too low and so I read a few articles on how to price your handmade items and revisited my pricing strategy.  And based on what I read, I was undercutting myself by a lot!

From all the reading I did, I found that there are many ways to price your items but my partner and I found a way specifically for my creations (if you make polymer clay beads and jewelry, or if you have a similar craft, this could work for you):

1. I time myself when I make a piece and add my hourly rate (this doesn’t include experimentation or designing the piece).  If you haven’t decided what your hourly rate is yet, it might be a good idea to do this now.  Determine it by how much experience you have doing this work and how much you want.

2. I make my beads and jewelry from polymer clay which I know costs me roughly $4 per 56 g, so after the piece is done, I weigh the piece and as long as I have not used a lot of findings on it (which is usually the case), I assume that the weight of the piece is equivalent to the amount of clay I used.

3. Then I calculate how much I spent on all the findings in the piece.  That includes elastic cords, crimps, etc.  It is made easy because I keep all my different findings in separate containers and the containers are marked with how much I bought the findings (that can be a great organizing tip for you jewelry and craft makers out there).  ;-)  If I had to travel far or out of my way to get the materials, or if I had them shipped over, I factor in the transit, gas or shipping fees in the prices.

4. Then I factor in a flat rate amount for:

a. time it took to buy the materials (clay and findings) - either a trip to the craft/art store or the time it took me to find the materials online.

b. the time it takes me to take photos or design promotional materials to sell the piece (that includes website updates, business cards, posters, writing copy/descriptions)

c. cost of promo materials (paper/cardboard for cards, printing costs, display boxes, packaging, etc.)

5. I then factor in Sales Fees - the amount of money it takes to post on Etsy/Ebay, PayPal fees, or craft fair fees, etc.  This is very hard to do per piece since craft fair fees are different depending on where you apply, I find, so I just add another small flat rate per piece depending on price up to this point.

6. About overhead.  I do not add overhead right now since we determined I basically have almost none.  I work at home on our dining room table, all the electricity I use would’ve been used anyway by me or my family if I didn’t use it for my beads and jewelry.

That’s it.  Since doing this, my prices have gone up but at least I know I am not losing money each time I sell a piece.  I know a lot of handmade sellers base their prices on how much others sell their items just to be competitive, but I think a lot of people out there are selling their stuff for way too low and personally, I don’t want to do that.  I make beautiful creations, and although I love doing this stuff and will continue to do so even if I didn’t get paid, it is hard work.  So, I guess we’ll see how it goes and see if people think my stuff is worth the amount on their price tags!  ;-)  (See my creations at http://www.GoodGirlBeadGirl.etsy.com)

To be continued…

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Sep 13 0 comments
Making Money, Money and Relationships, Saving Tips

Finding A Mentor

Ever since I became an adult, I’ve always wanted a mentor.

There are mentorship programs available out there.  In Vancouver, the Women’s Enterprise Centre and the Minerva Foundation matches women starting businesses with women who have years of experience in similar fields.  I think these organizations provide a great service - someone to tell you what to expect in your new business, teach you better systems and techniques and help you avoid the pitfalls, etc.  I am sure there are similar programs for men and that any big city would have some available as well.

But although I would welcome and appreciate a mentor to help me with my career (I have applied and am waiting for a match), ideally, the kind of mentor I am looking for, is not just for business.  I am looking for an older sister/aunt figure, someone I can look up to and possibly emulate in life.  If I were 8 years old, I’d go to Big Sisters Foundation, but I am well over that age.

But why?  Growing up as the eldest child in my family, I felt I did not get enough guidance while growing up.  I had no big sister or positive older role model that I could look up to and go to for advice if I needed it.  And boy, did I need it!  Especially during my dark years as a teen.  Now that I an adult (and more level-headed) I realize I still need this guidance and am hoping to find someone with a lot of life experience I can talk to and trust with anything.

Just like business, life gives you many challenges at any age.  And just like a business might hire a consultant for help with more efficient ways to run the business, alternative income streams, better methods of making revenue, why not do the same for your personal life?  Your mentor could save you some time, maybe some money and possible heartache by listening to his/her life experiences.

And just another point, North American culture does not value older people, older women especially.  We might all do better if we took the time to learn what they can offer and then innovate and adjust to suit our current lifestyles.

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Sep 10 0 comments
Making Money, Saving Tips

Focus On What You’re Good At

A lot of us love to read about big movie stars having personal chefs, maids, gardeners, personal assistants, etc. and we think, “Wow, they live the good life!”  And they do.  But are they really being so extravagant or is there another reason for hiring all these employees?

Movie stars are good at acting, or if not good at acting, good at selling movie tickets.  But many of them are not good at cooking, cleaning, gardening, or organizing their lives.  And even if they were good at the aforementioned things, their time is spent more profitably doing what they are good at, no?

I’ve decided that if possible, I will focus on what I am good at and try and not do any of the stuff I am terrible at.  I am bad at accounting, but I need this done for my business and at this point in time, cannot hire a bookkeepper.  So, I have traded services with a friend.  She’ll do my yearly bookkeeping, and I will design her husband’s promotional materials.  Not only will this save me the hassle of doing something I absolutely abhor and take forever to do but it will also allow me to spend that time doing something I enjoy instead.

This doesn’t only apply to work and business.  I dislike doing yard work as it takes me forever to do.  So, I spoke to my neighbour’s son and he said he’d do my gardening if I walk his mom’s dog.  I like dogs and so I said yes (besides, it’ll get me some exercise).

What are you good at?  Can you do more of what you are good at and make more of a profit?  Can you hire someone to take over duties you dislike doing yourself?  Can you trade chores with someone?  It might just be worth your time and money.

Want to make more money?  Some more ideas can be found in the Making Money section of this site.  Looking for more tips to save some cash?  Then be sure to visit the Saving Tips section of this website.

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Sep 08 0 comments
Making Money

Make Money from a Hobby

In another post, titled Mother’s Day Gift Suggestions (One with an Ulterior Investment Motive), I mentioned I had recently found out that I love making beaded jewelry.  After creating a few pieces, I started giving some out to friends and family and got many compliments on my designs.  Eventually, some of them suggested they would buy a few pieces from me to give as gifts to their friends and families.  After some time, a few people from out of town wanted to buy some as well and so I started taking pictures of my work and posting them online for easy viewing and then sending their orders out to them.  So my hobby had started making me some extra money!

Do you have a hobby?  Are you good at it?  Do your friends compliment you on your skills?  It might be that you could start making some cash!  Ask your friends if they would pay for your product or service.  Post a survey on Survey Monkey to see what people are interested in, read a few books on small business and marketing, do some number crunching if you need to buy extra materials to make this work.  If it pans out, you’ll be doing pretty much the same thing but making money at the same time.  And who knows, it might just become a lucrative business for you someday.

Want to make more money?  Some more ideas can be found in the Making Money section of this site.

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