Should I get a part-time job or start my own business? Dave Fishwick responds
I’m 20 years old, in my second year of college, and I need to earn some extra money to help me with my living expenses.
I’ve looked for jobs and found a few I could do, from bar work, waitressing or kitchen work, to some call center work.
I would need to make sure any work fits in with my studies and is in the evenings after university or on days when I don’t have classes.
This can be quite tricky as places understandably want you to work when they need you and that can mean late hours or times when I need to be able to study.
I read a story about people doing side jobs or starting their own small business part-time instead of getting part-time jobs and thought maybe this would be a good idea.
I’m not sure what I could do though. I thought I’d try to use one of my skills, like private English lessons or cooking and baking (I’m a big amateur cook and have worked in kitchens), or try starting a business buying and selling things. I have A IDEA. about selling interesting and useful kitchen items and appliances.
What do you think? Should I look for a job or a side job, and if I choose the latter, how do I decide what to do?
This Is Money business doctor Dave Fishwick responds: A part-time job is the obvious way to earn some extra money, and in the wake of the pandemic, there seem to be more jobs than there are people to fill them, which should work in your favor.
This might be the best place to start.
You can always think of other ways to make money in your free time while earning a salary.
I think a great way to start is a combination of self-employment and some part-time paid work, so that’s how I started. I have been self-employed for many years and started with three jobs.
Firstly, I worked very early in the morning selling clothing at Smithfield Market in Manchester.
The market opened at 3am for shops, hotels and restaurants to buy all their food products, and I arrived early selling t-shirts, tracksuits and sweatshirts to customers. I was the only one selling clothes in this huge market full of people.
I bought the shares at a local warehouse in Cheetham Hill in Manchester. I was about 18, selling my shares out of a big brown suitcase and walking around the market, talking to as many people as possible.
I would then return to Burnley around 8am in my beat up old Austin Maestro van. I would take the doors off my small rented garage and start fixing up, valuing and selling some old cars from my small car lot.
I did everything from cleaning the bathroom to delivering vehicles in the back of my old truck.
After finishing the day in the garage around 6pm, I would sleep for a few hours and then drive to the local nightclub. I worked there as a DJ until late and it all started again the next morning.
Nowadays, I see many online influencers spraying bottles of expensive champagne into the sea from the side of expensive yachts; It makes no sense to say that you can work one day a week and become an instant millionaire.
In my experience, there is no easy way to be successful. However, I promise you that hard work will allow you to find a little good luck.
Some jobs require you to be there at specific times, such as public-facing businesses like restaurants, bars, and cafes. In other jobs, it is less important when the work is done, as long as it is done.
Bar work is one example where you can work evenings, but many other jobs offer shift work. Initially, I suggest you search all local and regional job ads, job applications, and websites for positions that offer suitable or flexible hours.
You are in a difficult position to start a conventional business and cannot afford to risk much money, if any, by starting a business, which rules out the business model of buying in bulk and selling individually, unless someone you know is. prepared to finance it, perhaps the Bank of Mom and Dad.
Alternatively, send me all your details at Burnley Savings and Loans, and maybe I’ll lend you some start-up money for your small business.
There will always be opportunities to make a profit on individual items.
A few years ago, I noticed that because a particular Swedish chain of home goods stores did not offer online shopping, an individual who must have lived near a store was making money by offering his products on a site. shopping platform website with an additional margin from himself.
However, the company saw the missed opportunity and now offers online shopping.
However, there may still be opportunities to benefit from this type of arbitrage. For example, one large shopping platform offers fast and free delivery with premium membership, while others do not.
I have noticed that some sellers seem to offer products on the platform that do not offer them, at a higher price than the one that does offer them.
This would not require any initial investment other than the listing and premium membership fees. You can wait for the platform to offer free listing days, but you will have to include the cost of the commission that is charged when you sell an item.
But you are in a different position and have plenty of time ahead of you to think about your path to success.
The most important advice I could give you is that whatever you choose to do, don’t let it interfere with your studies too much to the point of affecting your grades.
The cost of going to college and earning a degree today is extremely high.
However, on your days off you could be cooking a big pot of broth and then renting a small food stall at the local market with very low overheads and selling teas, coffees and piping hot bowls of broth and dumplings, that could be the solution. start of your trip.
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