Income Generation: 101 Ways to increase your income

After some brief introduction on Creating Income Balance Fund, we are back to the fundamentals again, income generation (or money making lah to be direct).

I guess after you started working, there is surely some long-lost-friend or some merely -acquiantance friends will call you up to ask you out for a cup of coffee. Well, they might be selling you MLM money making solutions, insurance, unit trust... , you name it. Since you have gotten enough of all these, i will not talk about all these here anymore. Let me give you some altenatives.

1. Participate in Surveys
Do you know that by just participating in surveys, you can earn about Rm100-150 per survey ?
These survey are normally held by market research companies for FMCG (fast moving consumer goods) and normally held on weekends. Altenatively, you can google for online participation website to make extra income. One of the website I have encountered is GlobalTest

2. Brokering
There are several types of industries which requires a lot of brokers. Generally, some industries needs licenses for broker while some doesn't. I will list down several which doesn't require any licenses.

a. Cars & Vehicles
Selling cars can be really easy and commisions are good. All you need to do is bring your friend to the car showroom and give him some good and HONEST recommendation about cars. Of course, you might need to have some knowledge on cars. Commision can range from Rm500 - RM3000 per car. If you want to know how to registe as a broker, please email me for details and contacts.

b. High Margin Accessories
Introduce your friend to tint his car for income ranging Rm100-RM500. Alternatively, high margin accessories includes curtain fitting, window tinting(for home furnishing) and a lot other more.

c. Credit Cards
I will talk more about credit card, which is a double edge sword in future. Do you know that you can actually introduce your friends to sign up for credit card and make RM50-RM100? Check out Alliance & CIMB cards for this offer.

d. Other's
You can also constantly look out for opportunities to broker high margin goods to generate more income. Some examples are Premium goods(sourvenirs), service contracts, head hunting(helping people to find jobs), vacations and so on .

3. Online Trading
If you are a reclusive person, don't worry. You can generate income by just sitting at home. You can try to purchase and sell goods in Ebay or Lelong.com . However, you might come accross some questions, such as, "I don't having anything to sell, how ?" . Good point, this is the reason i named the sub -title as online TRADING, not online SELLING. Some tips for you to make yourself a potential online trader.

a. Check out goods offered
Find out goods offered in Ebay.com or Alibaba.com which is new and cheap. Try to call and contact the seller and see whether they are genuine.

b. Ask Around
Survey the item among your friends and see whether they interested. Lately, I managed to import an automatic vacumm robot from US, which only cost USD299 (which is about RM1050). I surveyed around and found out that Malaysia is selling the unit for RM 1900. The best part is, most of my friends who just started their family doesn't mind to pay Rm1500 one-off to get a robotic maid. Well, if you can import 10 units of them, you will pocket
in a nifty profit of about RM3000.

c. Contact seller
Make sure you contact seller and ask for a good price. If you manage to convince him/her to give you exclusive right to sell the item in your country, that's even better! Make sure you have legal document if you plan to be a local authorised distributor.

4. Free Lancing
I mentioned about skills and the importance of mastering some skills. With skills, you can offer all sorts of services to others such as financial consulting, accounting services, web designing, interior designing, revonation contracting, translating, programming, proof-reading and even game-testing(gamers are offered money to test games before the launching). Where to get business ? Elance is just one of the website that you can find out, I am planning to launch one called Workcubes , look out for www.workcubes.com.my or simply press the link.

5. Publishing
Probably, this is one of the best motivation for me to start this blog, besides trying to help youngsters to survive in cities . (hey, i am genuine okie? ) . Many people are constantly looking for contents to entertain themselves. (this is reflected by the declining readership of Reader's Digest and the reason why you keep receiving some lottery-like-lucky-draw brochures from Reader's Digest). More and more people are reading blogs daily and ebooks when they are bored or during travelling in trains or busses to work. Think about one topic you can share the best with your friends. Start a blog ! or write an ebook. You can earn from Adsense and a lot more other source of advertising revenue.

6. Coaching
Many people will think of giving tuition as a source of income. In my personal opinion, giving tuition actually locks up your time and the income generated probably is not worthwhile to some of us. (this is very subjective to different group of people) Here, I am encouraging special interest coaching as a source of good income. Special interest is normally niche and specialise. This is the reason why people are willing to pay more for your time. For a start, you can offer money back gurantee coaching to attract people to sign up with you. You have nothing to lose , right ? Just some time. Besides that , you need to have some knowledge to coach, (you don't expect people pay for nothing right?) . Some ideas for coaching are cooking lessons, baking lessons, tennis lessons, forex trading lessons, DIY lessons, language lessons, dancing lessons and so much more ...

to be continued ........