A couple of years ago I reported how people were turning to baking cakes and cookies from home as a way to make extra money.
It was a great little home based business idea. Lots of people loved the sweet treats and were ordering them regularly via Facebook and Instagram.
Sadly, with the rising energy and food prices, many of those who started baking treats at home as a way to make money, have stopped.
What was a fun and easy(ish) way to make money has become a lot harder to turn a profit.
This is a shame, especially when you consider that the use of free social media for advertising meant that costs were quite low to start with.
When asked if she would start again, Alice, a home based baker who featured in our Streetwise Confidential newsletter, said “it really wasn’t worth it anymore”.
Alice was also working fulltime and what she was earning with her baking was paying her bills and going towards extra luxuries, leaving her main wage mostly untouched.
Unfortunately, the recent cost-of-living-crisis has forced her and many others to stop.
Not only have the costs of energy and ingredients rocketed in price for her, they have for everyone leaving them with less money resulting in fewer people choosing to spend any spare money they have on sweet treats.
A few years ago when living costs were a lot lower, people were happy to buy cakes and cookies weekly, now they are more focused on saving their money and using it more efficiently.
Also, there was a lot of work involved with baking, the washing of pots was a nightmare and so with virtually no profit in it now for Alice, she has decided that it is no longer worth her time and effort.
This is sad because a few years ago it was a decent way to earn extra money to cover bills and living expenses, but now those bills and expenses have destroyed that opportunity.
Imagine how bad it is for people who do this kind of thing as a full time job!
I have seen several cafes, takeaways and bakeries post online saying that they were struggling and the increased costs were killing them off.
Manufacturing and industry must be struggling too.
This is why I am forever talking about ways to make money that require little investment or have minimal running costs.
The last thing you need when trying to make extra life-changing, or simply life-helping, money, is to have a lot of running costs and expenses.
There is little point working hard when all you are going to make is a few quid.
That is one of the things most people overlook when starting a business or looking for a way to make extra money.
They often choose something they would like to do – or think is easy – but when you sit down and do some real in-depth number-crunching, you will find that once all costs are paid for, they have made nothing more than a pound or two for an hour’s work.
What’s the point?
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Yes, they make some extra money, and yes, they enjoyed what they do… for now, but wouldn’t it make more sense to do one hour’s work of something you don’t necessarily enjoy for £10 or more, than doing ten hours of something you enjoy – or think is easy – for £10?
You may not like writing, but an hour writing for a client could earn you anywhere between £10 and £250 and cost you nothing to do.
That’s a lot less hassle and less hard work than trying to bake cakes for several hours which cost just as much to bake as you earn.
That is the sad fact of life today, there is a huge cost involved when producing ‘physical’ products.
It is different with digital products though, you can create a digital product with ease and that one digital product could make you far more money than creating any single physical item.
Based on the ‘return on your efforts’, that is.
Baking a 9” square brownie for example may take half an hour and earn you £5 profit in total, but an eBook which took an hour could earn you tens of thousands of pounds.
To make another £5 profit selling brownies, you need to make another brownie.
To make another £5 selling an eBook, you only need to sell another copy.
You don’t need to make another eBook.
Once that eBook is online, you can make sales forever and a day.
One eBook is like selling thousands of brownies with the added bonus of having to make it just once.
There are no gas costs, unless you are writing in a cold house in the dead of winter, no ingredients to buy, electricity cost is minimal, there’s no washing up to do, and no delivering or handing product to people.
You publish your eBook online and it can make sales, hourly, daily, weekly and monthly without you having to do a great deal.
I cannot stress how easy it can be to create an eBook, even if you do it yourself and don’t use any AI systems like Chat GPT, it can take as little as half an hour to create a digital product that you can sell.
Just this morning while enjoying his first brew of the day, before officially starting work, Andi, a member of my team, was adding lines to an eBook using just his phone.
Yesterday he took several screenshots of what he was seeing on his laptop screen, added them to a Google Doc and then started to add text in and around those pictures using his phone.
Apparently, while watching television in bed last night, he had a few ideas as to what he needed to put in the eBook and so he wrote several paragraphs using his phone.
It is very easy to steal a few minutes here and there with a smartphone.
We are currently promoting a product which was written by a guy who would often write sections while waiting for his children to leave school or while he sat waiting to collect a takeaway.
He used his spare time to create a product which is set to earn him tens of thousands of pounds over the next few years.
Once one product is finished and selling, you can move onto the next.
Having multiple products selling is a fantastic way to generate a passive income.
Having multiple digital products selling online is how to build a passive six-figure business.
And the good news is… you can start without spending a penny of your own money.
How To Build A Six-Figure-A-Year Income Without Spending A Penny Of Your Own Money!
Kind regards.
John Harrison
PS… Once you have this up and running correctly, it can reward you with an automated passive income for many years.
Here’s that link again: