Here at Mummies Club we are always being asked to write a blog suggesting ways mums can make money around their family. It’s a constant struggle finding something that “fits”. With this in mind we’ve pulled together 5 ideas and looked at the pros and cons of each.
#1 Selling Through Local Markets, Auction Sites & Social Media
This is an easy way to make extra money when you have the time!
Pros: A great way to sell used and nearly new items or homemade crafts. Easy to set up. Cons: This does take quite a lot of time and you really need to work out if it’s worth the hourly rate. Markets are a great way to sell as you’ll only been “working” for a few hours. Join the MC newsletter for details of upcoming markets HERE. you will also need to consider whether you are earning enough to be liable for income tax, this is particularly relevant if you are buying items to sell on.
# 2 MLM Opportunities
MLM or multi level marketing companies are everywhere. They work by recruiting sales people who are compensated for sales they generate AND for the sales of other salespeople that they recruit.
Pros: There is a massive choice here and as long as you are relatively social you can do well. Another huge advantage is receiving the products you sell yourself at cost. Cons: The work can be hard and as above can generate a relatively low hourly rate. There is no doubt you’ll need to put in a lot of work to achieve good results. Also some companies do not limit the number of people they recruit in one area so you may find you suddenly get a load of competition on your door step.
#3 Find a Part Time Job
Ok so this isn’t rocket science but it can be a great way to boost your income. Perfect if you’ve been a SAHM while your kids were young or if you already have a job but would like to boost the pay packet a little every month.
Pros: Part Time hours can reduce the amount of time you spend away from your family. You can also pick up seasonal jobs (think summer or sales season). Cons: It can be harder to find a family friendly part time job thats flexible enough. Look at places like Ten2Two who specialise in finding flexible jobs in your local area.
#4 Start Your Own Business
The ultimate flexible working choice, or is it?
Pros: Complete flexibility with your time. Doing something you are passionate about. Cons: It is very difficult to start out on your own and can be a very costly experience. Most new businesses will not make any profit in their first few years of trading and you can feel very alone. The Gov.uk website has some advice HERE
#5 Buy a Franchise
Offering far more flexibility than a traditional job and more security than running a business alone, a franchise means you run a business but without the risk of being a start-up.
Pros: If you find the right fit, you buy the rights to run a proven business model and get all the support and training you need to succeed along the way. The business is owned by you, so you can resell it if your situation changes and selling a franchise business is much easier than one you’ve created yourself. You are likely to earn a significant amount which can be used as a top up or an alternative for a current job. Cons: There is an initial investment and ongoing fees so this option is definitely only suited to people who want to commit. Find out more about Franchises on websites like Mum and Working HERE