Your Second Income!

[Roxi_B4b3]

I can really recommend this book: The Millionaire Fastlane by MJ DeMarco. It's a brilliant read for anyone wanting to get out of the rat race.

 

[Alton Turner Blackwood]

You love posting blue-sky ideas and best possible income scenarios, and if someone comes along and points out that the concept isn't particularly original and the figures are astronomically optimistic, you tell them they're being non-contributors. Sure, if you can convince 20 million people to buy your R1 app that's in no way at all related to other taxi smartphone apps, you can make R20 million, go for it mate, don't listen to the nay-sayers.

Not to mention the fact that he doesn't appear to know that taxi's use exactly the same route (they get issued a permit for a specific route) so his idea would not work. It won't work at all.

 

[pboy]

my blue ocean strategy: Open up a pre primary school, modulise the concept and franchise it.
my red ocean strategy: Ask every supercar owner I meet how did they do that, and then beg to be part of it. I've got into a surprising amount of engagements this way. Older ones tend to share more easily, but the younger ones: feed their egos and they are happy to share!

 

[themba990]

Nice thread. I like the import and resell suggestion but I don't have money for inventory... I guess I'll have to grow my savings first...

 

[CamiKaze]

Well, I am starting my own dev and hardware business on the side.

Me and bro bro going to dev some websites for small companies just to put them on the map and create an online directory for those websites as well in my area.

One thing that is lacking with people that have the own hardware company (plumbers, builders, electricians, carpenters) is that they have a really crappy admin system. I plan on bridging that gap with a more "specialised" program as most of them are a bit computer illiterate.

On the hardware side of things, I am pretty good with building and fixing computers. I need to advertise this to potential customers.

 

[CamiKaze]

I can really recommend this book: The Millionaire Fastlane by MJ DeMarco. It's a brilliant read for anyone wanting to get out of the rat race.

Is see what you did there, your second income?

 

[DominionZA]

Nice thread. I like the import and resell suggestion but I don't have money for inventory... I guess I'll have to grow my savings first...

Start slow and build.
With the helis I imported 2 and a few spares. Sold them and purchased more - plus another 2 with the profit. Rinse and repeat and it was only 3 months before I was placing R60k orders (this in 2005).

ECigs i went a similar route. Single tray of juices, and a few kits.

Start small. Helps to test the market at not much loss to you if it don't work out. Put ALL profit back into more stock until you have a full stock compliment and a decent product range. Then take only 50% of the profit for yourself and put the other 50 back in.

The bonus is when your orders get bigger, the shipping gets cheaper. Your overall unit cost reduces while maintaining the same retail price. This is when you start to score.

My home theater / game room was built out of pocket money from the side businesses.

 

[Sly21C]

For a second income, I was thinking being an Uber driver on weekends, especially at night? People go out to drink and have a good time while I'm always indoors most of the time. So why not swop sitting on the couch for driving people around? Just thought about it now, haven't considered disadvantages, if any.

For now though I'm a swing trader, trading shares and CFDs on the JSE using a stock broker. I'm slowly becoming good, i.e. only using technical analysis and not my emotions to trade. I made R20k in January, R5k in February, R6k in March, R5k in April but I have lost R16k so far this month (terrible!!!). May has been a bad month for some traders. So obviously in the medium term I'm not considering trading as a side business. Income is not steady. I would love to trade for a living one day though.

 

[crackersa]

Maths tuition company. In the beginning just me... but as it grows I shall employ more. There is a large need for it.

Let's say 10 kids and have group sessions for let's say R90 a learner. Then have grade 10. 11 and 12 for two hour sessions.
So roughly R900 per session. So its R2700 per a tutoring day.

I got a friend that does half day home schooling and charges about 2000 per child. She has 10 kids. Oh and this is all cash payments

 

[bassplayer]

I work ull time and started a small business at home. With little to no effort, I've managed to earn a small but stable business over the last 3 years.

I am now looking at starting a 2nd small business. I will need to import goods from China. Im just not sure where to start. How do the rest of you guys import? Do you use a reputable company like DHL, Use the clients shipping courier or do you ship via a container? Or do you use a shipping agent?

Ive also looked at the sars website in terms of customs duties, but its not very helpul.

 

[Alton Turner Blackwood]

I work ull time and started a small business at home. With little to no effort, I've managed to earn a small but stable business over the last 3 years.

I am now looking at starting a 2nd small business. I will need to import goods from China. Im just not sure where to start. How do the rest of you guys import? Do you use a reputable company like DHL, Use the clients shipping courier or do you ship via a container? Or do you use a shipping agent?

Ive also looked at the sars website in terms of customs duties, but its not very helpul.

I'm interested to know as well.

I used to just import willy nilly, the last time I ordered something was in 2013 . Apparently the process and requirement changed last year and you now need an import permit - can somebody confirm this requirement?

 

[Noseworthy]

I'm interested to know as well.

I used to just import willy nilly, the last time I ordered something was in 2013 . Apparently the process and requirement changed last year and you now need an import permit - can somebody confirm this requirement?

Been looking at alibaba and found some nice things to import. Just don't know what to do next. Bamboo covers for tablets and phones and wood sunglasses

 

[Alton Turner Blackwood]

Well I've got an order on the way already, I'll just plead ignorance when they ask me for my import permit, if it is indeed a requirement.

 

[zululami]

Currently and for the past few months I have been doing English to Zulu translations for a company based in Toronto, which is working with UniZulu on a project. I get paid in American dollars. On a good month, I get about R6400, bad month R5000. It's a lot of words!

Basically I get sent a spread sheet with words and phrases and I do the translation and by the time I am done, the spreadsheet has calculated how much I will be paid for that job. Translations are then sent to a University of Zululand contact who validates everything. There was an advert a while back on Gumtree where they basically wanted native Zulu speakers who scored insanely good marks in Zulu and English in matric! I was in!!!

Having read a few responses here and living in Gauteng where there are not many schools which offer Zulu as a first language, I think there is an opportunity to venture into tutoring in the evenings and during weekends. Make more money! I like this thread!!!

 

[Roxi_B4b3]

Is see what you did there, your second income?

Currently my second income is software development for a previous company after hours. I put in about 8 hours a week for this company, and this earns me almost as much as my day job (that is the beauty of contracting for an international company). I'm sttil trying to figure out my million dollar idea that will generate passive income

 

[JayM]

I started a side business (server hosting) 5 years ago with the intent of eventually quitting my day job. It was extremely capital intensive (over R500K at age 31...ouch) and I regretted it for 4 years but eventually made it work and it's now sustainable. My day job still pays more and is more rewarding and enjoyable so I'm stuck in limbo - potentially grow something big/go broke or just continue to cash in on 2 income streams for as long as possible.

 

[Lukcydog]

McT, ja that is not the route to go for a second income. Yes you can generate income form property and preference shares but you need a lot of shares.

In anycase, this is not the forum for that topic, but good luck.

Yes you do need alot of shares, however OTHER people are working for that additional income. you just need one company (lets use Naspers) to make you incredibly well off. I don't have to work for any dividends I earn, i guess it's all about perspective. I'm riding in the same wagon as McT and so far its paying off...

 

[marco79]

I'm thinking about buying and selling goods online. Maybe a few online auctions. Just need to figure out what product to start off with.

 

[Noseworthy]

I'm thinking about buying and selling goods online. Maybe a few online auctions. Just need to figure out what product to start off with.

Give the people what they want

 

[Thor]

I'll open the same way I did in your "Proof is in the Pudding" thread:

You go first! Where is your idea?

+1 looks like a sniffing for ideas thread