How You Can Use Your Spare Time to Make Your Fortune : Tyler G. Hicks

by Tyler G. Hicks, from his book Smart Money Shortcuts to Becoming Rich

My favorite way to get rich fast, which may or may not be your favorite way, is to work in my spare time. For instance, I’m writing this while in a jet some thirty thousand feet above the Atlantic, headed for England. “Why,” you ask, “don’t you watch the in-flight movie? Or sleep? Or talk? Or drink? Or eat? After al, you’re going to Europe. Live it up!”

Certainly, I’ll do all those things, after I’ve written part, or all, of this. “But,” you say, “won’t that spoil your trip?”

No. Writing this chapter while I’m on this business trip will make the entire journey more enjoyable. I enjoy writing; I want to make you enormously wealthy as soon as I can; my own spare-time activities are making me rich. So I write from true, proven experience. Because I know what I did — and what I am doing — I’m anxious to see you do as well or better. You’re as smart — or smarter! — than I am. There’s no reason why you can’t earn big money in your spare time while holding your regular job.

Five Advantages of Spare-Time Wealth

There are many advantages to seeking wealth in your spare time. Here are five of the most important.

1. Continue your regular income while you earn extra income. Why give up a reliable income to try a risky new source of income? Start your new venture in your spare time while you continue your regular income.
2. Have a source of capital from your regular job. The Income you earn on your present job can help you finance your spare-time business.
3. Build your idea sources. With two activities to stimulate you, ideas will come faster and be more lucrative. With only one activity you’re more likely to go stale.
4. Vary your tempo. Your daily job may be the very busy type. If so, you’ll probably pick a quiet no-rush spare-time activity. The difference between the two will give your life more variety.
5. Learn while you earn. Picking a different activity for our spare-time work helps you learn more. This increases your capabilities, making you better able to hit the big money.

Thousands of successful people started their lucrative activities in their basement, den, kitchen, or a run-down rented building. From such a humble start they expanded to a large and prosperous business which is rapidly making them wealthy. You can do the same if you apply the hints and procedures in this article.

By working in your spare time you can start your business whenever you want. You can start this very moment, if you wish. One of the features of a spare-time business, which is very important to all of us, is the way it teaches us the importance and value of a few minutes of time. Once you start your spare-time business you’ll work at it every moment you can. And you’ll earn money from these spare moments of work.

To start your spare-time business, take the following four steps. They will put you on the road to a fortune sooner than you think. These four steps work! They’ve worked for many others — and they’ll work for you.

Four Steps to Spare-Time Wealth

1. Pick a place to work. You need a place of your own, away from family noise and other interruptions. Your working space needn’t be large: a corner of the basement, garage, attic, or a room will do. The main idea is to have a place where you can work in your spare time.
2. Get the equipment you need. In almost every business you’ll need a desk, paper and pencils/pens, a computer, and the general office supplies every office requires. You’ll find you have almost all these items now. If you don’t, wait before you go out to buy anything. Try to make-do at the start. An old card table will make an excellent desk; a simple notebook is suitable for your accounts.
3. Choose a time to work. I work in the evenings, usually from 8 to 9:30 P.M. I also work on the commuter train I ride for an hour in the morning. If I can work at any other times while on a trip, or waiting for someone, I do so. But a major element in my proven and highly successful money-making activities is that I have a time, place, and equipment for spare-time work. You should have the same.
4. Pick your spare-time business. Use the techniques you learned in the IW$ books as well as other articles on this site. In general, the principles which apply to a full-time business are also true for spare-time activities. But to be certain you find a lucrative spare-time business that will make you wealthy in a hurry, typical characteristics to look for are listed below.

Look for These Features in a Spare-Time Business

Many wealthy spare-time fortune builders can quickly analyze a business opportunity because they know what features to look for. You too can develop your analytical abilities, if you know which features are important in a spare-time business. Here they are.

1. Simplicity. The business, and products or services should be simple, free from complex negotiations, contracts, and manufacturing.
2. Low capital. The business must not require a large investment of capital. For most spare-time business activities, do not invest more than $2,000 at the start.
3. Easy production. Avoid, where possible, complex products requiring expensive manufacturing machinery. The simpler your product, the better it is for spare-time wealth building.
4. Few hours. Stay away from activities requiring large numbers of hours to produce a return. You want to earn the largest dollar-per-hour return you can. So look for activities that bring you a fast return.
5. Small labor force. Choose a product or service you can work on alone; one which requires a minimum labor force. Labor costs money and requires supervision time.
6. Little inventory. Avoid a business where you must maintain a warehouse full of expensive inventory. This ties up your capital and can lead to big expenses and low profits.
7. Quick turnover. Try to find a product that will sell fast. The faster you sell the better your chances for getting rich quickly.
8. Miniature lightweight products. These make for easy shipment, lower shipping costs, convenient storage.
9. Large demand. It’s easier to sell something that almost everyone can use. But if you can’t develop such a product or service, try a specialized need.
10. Specialized need. You can make big money with a product or service having a clearly defined audience you can easily reach.

Avoid Problems in Your Spaze-Time Business

There are certain activities, products, and services that usually cause headaches in a spare-time business. Avoid them if you can. Here’s a list of the problems you should consider avoiding. Stay away from:

• Food products designed to improve health
• Medicines for internal consumption
• Short-lived products (flowers, foods, etc.)
• Sensitive products requiring refrigeration or heat
• Items requiring extensive instruction before use
• Delicate products needing extra care in handling
• Explosives, fireworks, poisons, etc.
• Services involving medical or legal advice (unless you are licensed)
• Charities that spend more than they give
• Wild claims of astounding results of any kind

Analyze your prospective part-time business for these and similar problems before you put any money down. Get started with a simple product or service which is free of problems and your chances for outstanding success are much greater.

Take my advice and guidance; you’ll earn more sooner, and with fewer headaches.