- Initiating and Implementing a Plan
- Turning £100 into £1000
- Creating Passive Income Streams
Initiating a Plan
This is the first step to make money from nothing because if you don’t have a plan then you are not going to get very far.
Now you have the resources to make your plan you need to write it down, you should start with the steps of making a very small amount of money, this could be as little as £5 but I suggest it be over £2 as most things are over this!
I will tell you the steps I would take into initiating a plan: first of all, I would need some kind of notebook so I would ask family and friends if they have one I could.
- First £5
- £5 Investment Plan (To earn £20)
- Making my first £100
- £100 Investment Plan
To make my first £5 I would ask someone if there was a way, I could earn this by doing a small job for them, I wouldn’t ask to borrow this as that means you have to pay it back!
Okay so now let’s say I’ve done some washing for someone and made this £5 the next step is investing this to multiply the amount I have and I will have to keep repeating this to make a substantial amount in order to invest in ways that will make me lots of money!
£5 Investment Plan
Now £5 isn’t a lot of money but you may be able to get pack of things for this price, this could be sweets, chocolate, ink refills, there are plenty of options but we need to establish the most profitable!
So, I have looked on the Morrisons website it is £1.99 for 14 Kit Kats, now I don’t just buy these as I probably can get them cheaper meaning I can get more than two, unfortunately I couldn’t find any that were cheaper but make sure to shop around for your product!
Now after buying two packs, I have 28 bars and I am going to sell each one individually now I want people to buy them so I don’t want to sell them for a high price but I want to at least make a good profit so I would sell them at 0.8 each, this means I would have to sell three in order to make a profit!
Okay now we have sold all 28 bars, I would have made £22.40 which is £2.40 more than I wanted to make which is great!
Making my first £100
Now you may think this is a big jump from £20 but you can get a lot from doing this and there is a lot of things you can work around in order to do this!
So, my first steps would be to go into charity shops and look for cheap high-quality clothes, this would include looking to make sure there are no stains, no rips or anything that would but a potential buyer off.
It’s unlikely that you’d be able to get more than two items of clothing unless you go to something like a 20p shop (this is a great idea but only if they have something profitable), so now let’s say I have found two items for £10 which I know will be profitable I would buy them!
There is still £2.40 to my name though so why not go to a 20p shop? You could buy 12 items with this, and if they’re profitable then that would be amazing!
In the 20p shops I have been in I’ve never seen many profitable things in so in theory I would probably only end up buying two items and they would be jeans.
So now I have £2 left and 4 items, now the best way to make money with these is online!
You may be thinking but you need a mobile phone or laptop to do this but as I previously said you can work round some of these things!
So, you could either borrow a device from family or friends, if this isn’t possible then usually libraries allow you to use their computers for free so using this would be extremely useful now and in the near future, but taking images is the problem!
The only thing you could really do is use the cameras from the computers if they have them and if not, you would have to find someone who would happily let you use their camera/mobile for a little bit.
Then I suggest making accounts for Ebay, Shpock, Vinted and Depop, this is just so you have lots of traffic going to your products and if it doesn’t sell on one platform it should sell on another (Just remember to remove it from other platforms when it sells).
I would list the t-shirts at £20-£30 depending on the quality, for this let’s say they are very high quality so I sell the t-shirts at £30 and the jeans at £15 each
Once you have listed them it is just a waiting game, now this could take a while so in the meantime I should repeat step 1 and 2 until at least 2 of my items sell.
Altogether I now have £111.20 and need to invest this into something to make me a lot more money!
Turning £100 into £1000
Turning your £100 into £1000 requires another strategy in order to go through this successfully and come out with the result that you want. My plan for this would be to first work out what way I want to make money, I would either choose Print on Demand or Dropshipping, this is because they are low risk options to begin with and using the right research, I will make money!
Dropshipping is when you sell a product from somewhere else on your own website for a higher price, this is a great way to earn money as you never touch the product and it gets shipped straight to the customer!
Print on Demand is where you create a design and then it gets put on something like a t shirt or a mug and then sell this, you can dropship print on demand products or you can buy in bulk and ship them yourself!
Creating Passive Income Streams
Creating a passive income stream is important because if you want money for not a lot of work this is one of the ways to do it! Creating multiple income streams is more important as if one goes bust then having others to fall back on is more important!
Personally, I am going to go with Print on Demand because I don’t have to spend much money at all even if something goes wrong! Plus, I can dropship the product but this does mean I’m less likely to get people to buy again and again because right now I wouldn’t be able to buy custom packaging.
This in mind I would begin research on products that sell very well, then using printful I would choose a platform to integrate with and then recreate the designs in my own unique way without copying them as this can lead to a lot of issues, once I have created my designs, I would then market them every single day until I started to make money, the best platform to use would be Pinterest as this gets the highest amount of traffic than any other platform.
This is now one of my passive income streams that will continue to make me money! I should then integrate dropshipping into my stores website to start making more money, then I would add a blog page but only write about the niche I am in and add affiliate links to then further your income.
Once you I had done this and made my first £1000, I would then look on Fiverr to see if there are any gigs where people will automate my store for me or I could do it for myself free!
Once you have everything automated including the social media marketing, you can just watch the income keep on coming in.
My advice for dropshipping is to sell a high price product that people need and then you make more money with less customers!
To sum up, you should now understand the importance of planning everything out and how this can give you the best experience of making money from nothing!
You should have read through the plan I made and how I initiated it so you can use this plan or any ideas from it, in your own plan!
You should have learnt how to make the smallest amount of money from nothing to making the largest amount of money!