You may recall that in previous articles I have talked about the local tanning salon.
It seems just as things were going well, another hurdle has been thrown in front of them.
Thanks to the other tanning salon in the area closing due to the previous pandemic lockdowns, the tanning salon in question has had a huge influx of new customers.
To accommodate the new influx of customers the shop decided to open on Mondays – they were previously open Tuesday to Saturday – and take on another member of staff.
Being forced to open for longer and take on another staff member is a sure sign of growth, which is good.
To help pay for the additional staff costs they have put up their prices.
Unfortunately, they have had to put their prices up considerably to compensate not just for the additional staffing costs, but the fact that their monthly electricity bill has sky rocketed.
Something they – and everyone else in Britain – didn’t expect they would have to consider a couple of months ago.
I don’t know what their new monthly cost is but I do know that they were previously paying somewhere around £1,000 per month for their electricity.
Knowing that a lot of people are seeing price rises which have doubled, and in some cases trebled, I imagine that they are now seeing a hefty monthly bill.
And on top of that increase, they are now going to be using more electricity now that they have opened on Mondays.
The owner must be making money otherwise they would have closed the doors instead of looking to take on another staff member and open up for an extra day in the week.
It’s good that they are doing well.
But I have to ask… how well?
The overheads and the hassle involved seems like a lot to me.
There are so many other ways to make money which don’t require such a large outlay or the hassle of dealing with staff.
When you have staff, you need to pay wages, collect income tax, offer a pension, pay sick and holiday pay and have insurances.
Yes, I have staff, but I also employ someone to deal with that side of the business for me.
Depending on what the business is, there may be a lot of expensive equipment to pay for.
The tanning salon has several reconditioned sunbeds which cost between £7,000 and £8,000 each to buy.
Repairing them isn’t cheap either and that is a regular occurrence apparently.
Profits are going to be small in comparison to other businesses because of the amount of outlay.
For example, for the cost of one sunbed at £7,000, you could easily have a complete online business up and running making sales on autopilot.
That is just the price of the sunbed, I’ve not included the cost of renting a place to house it, the electrician required to fit it, insurances and other associated costs.
£7,000 is a lot to invest upfront on an online business.
Some people invest just a few hundred pounds and can start earning money.
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For many people, it is the speed in which they can start earning money back.
A sunbed could start earning money the day it is delivered if there is an electrician to wire it in and if the locals know about it.
A sunbed will not earn money if no one knows that it is there to be used.
A full day of usage for one sunbed could earn between £250 and £350 depending on how long people use it for and if there is a constant stream of users.
An online business – depending on what type you start – may not earn anything on the first day.
Some do, but it is highly unlikely.
But when an online business starts earning money, it doesn’t rely on specific hours like an offline business.
Digital products can be bought and sold at any time of the day and night and not between the opening hours of nine and five.
I very often arrive at the office to find that I have earned more than an average day’s wage throughout the night.
Online businesses can have very little running costs, depending of course on what your online business is.
If you have a website which requires little bandwidth then your hosting fees can be minimal and if you do not require staff then your business can cost pennies to run compared to most businesses.
Online businesses can also sell for a lot of money too.
I recently told you about how a guy was building simple websites and selling them for £200 each to investors.
They were brand new websites not yet generating any income.
If you built an online business which was making money on autopilot requiring little actual work by a human, you should be able to sell it for a decent amount of money.
The simplest online businesses are those where you create a digital product like an eBook and sell it on a two page website.
The two pages required are the sales page and the download page where people access the eBook once they have paid.
Payment is processed automatically by a third party company who then direct the buyer to the download page and then pay you your money seven days later.
It is all done on autopilot.
You need not do anything as part of the sales process once everything is in place.
And the great thing about this kind of business is that you can set up one of these fully automated passive income systems in less than 30 days AND it will not cost you anywhere close to £7,000.
You could have a load of these income streams set up for a couple hundred pounds.
If you would like to know more, go and check out:
www.The30DayTo30KChallenge.com
Kind Regards
John Harrison
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Here’s that link again: