This post may contain affiliate links, allowing us to earn a commission on the products we would recommend to our families and closest friends. You can find more info on our Legal Stuff page.

Thanks to fellow S&S reader, Hannah, for today’s post.

Do you have an idea or a post you’d like to share? Contact Us! We’d love to hear from you.

4 Ways NOT To Start A New Money-Making Scheme

Money doesn’t grow on trees, so there is always a shortage of it at some point in a person’s life. Thankfully, there are more ways to earn an extra buck or two today than ever before. With the likes of stocks and shares, freelancing and eBay and Amazon, the list is pretty extensive.

Still, a new money-making scheme won’t take off without the right strategy. Think of it as a chess game where you have to outmaneuver your opponent. To corner the king, it’s essential to make the right moves at the perfect times. However, it’s also crucial to avoid common pitfalls like the ones underneath and stay out of checkmate.

Don’t Forget To Bridge The Gap

With any scheme, there is bound to be a lot to learn in a short space of time. For the most part, newbies don’t have the knowledge base they need to cover every base. The idea is enough to begin with without having to become an expert in less than a week. Not being a master of the subject isn’t an issue; the problem is neglecting to learn. Understanding how the stock market works is essential to make money, even if they are basic tips. Or, hiring someone else to make moves on your behalf is fine too.

Don’t Slip And Fall

The doors are open and the lobby is full of employees, clients, and guests attending the grand opening. Everything is going fine until someone tips and sprains an ankle. “Can some please call an ambulance and a lawyer?” should be the first thing which pops into your head. Not to be crass, but personal injury help is going to be necessary if you were negligent and that will drag the brand name through the mud. It’s better to limit your liability by putting up adequate signage and warning people of the risks.

Don’t Up Your Rate

You love to start selling old clothes on eBay or Amazon but the juice isn’t worth the squeeze. The amount you would make might return a $30 profit and that isn’t enough in your eyes. It should be because this is the start of something exciting. Sure, the venture might not transform into a multimillion dollar company, but the extra cash won’t do any harm. Plus, it’s a learning process. After a while, the rate should increase and so should your profits. To start earning more, you’ve got to take the first step in the right direction.

Don’t Treat It As A Hobby

Increasing your earning potential is about adopting the correct attitude. Passing it off as a hobby and nothing more will fail. Why? It’s because you won’t invest the time or money to get the idea off the ground. There’s no need to let it take over your life but you need to track the growth, market the brand, and think about how to boost traffic to the site. Oh, and you need a website.

For all the amateurs out there – don’t be afraid to dream big by starting out small.