Part 3: Ways to Make Money from Home (Legitimately)

3. SELL USED BOOKS

I have a friend that sells used books from home. She was kind enough to share some ideas on how to get started and tips to do well. She explained that she buys used books from garage and estate sales, and then turns around and sells the books for cash on sites like Amazon, Ebay, Half.com and AbeBooks.  She uses the scanner to determine how long it usually takes for a specific book to sell and how much it sells for. She told me that she makes a full-time living doing this.

So, I got the scoop on how to run a business of this type. Here’s what you need to know:

FINANCES. You need to be good at quick math and be able to make quick decisions. You have to be careful how much you pay for a book, and then keep careful track of the expenses involved in selling it. For instance, when you sell on a website, they’ll take a commission from the sale. In addition, some sites, like eBay, will charge you a listing fee for each book. If you request that your money be deposited via PayPal, then you’ll be charged a transaction fee per book. If you’re not careful, the fees will quickly negate your profits.

STORAGE. Depending on how big your business gets, you’ll need ample room to store the books. You can’t get lazy or disorganized about it either. You have to keep the books in good condition, and you need to be able to find them when someone wants them. For instance, if you list a book in “like new” condition, and then the pages get smashed during storage; you’ll be in a bind if someone places an order before you realize what happened.

SHIPPING. You will only have a few days to ship a book after it sells, and even less time if you agree to include two-day or overnight shipping as part of your options. And since you’ll want to save as much as you can on the shipping, you’ll have to devise a plan. Many people set aside specific days for shipping – say 3 days a week – and then make one big trip to the post office. As long as there isn’t anything else in the package, you can send books via media mail, which is the least expensive option. Finally, your books will need to be packaged in a way that they won’t get damaged in transit.

RATINGS. Whenever someone buys a book from you, they will have the opportunity to give the transaction a rating. This is when they’ll tell other potential buyers whether the book was in the condition that you described, whether it was mailed on time, and if your communications were pleasant and helpful. One bad rating can hamper sales, and a couple of them can downright stop them. Excel at customer service and your ratings will help your company grow.

CURRENT. It’s important that you stay current in this ever-changing business. You can do so by following some well-known blogs about the topic such as Sell Your Books Online.

4. CONSULTING: SELL YOUR KNOWLEDGE

Consultants offer their services or advice for a fee. For instance, you may help a new non-profit organization develop a plan for fundraising, and then oversee the process. Or you may help a new company garner media attention by writing press releases and then distributing them to the proper channels.

Individuals use consultants, too. Some people use consultants for tax or financial advice, while others may pay a consultant to teach them how to set up and maintain a garden.

Basically, if you have proven skills in an area, you can market yourself as a consultant and provide your services from home. Breaking in isn’t always easy, though, so consider these topics:

EXPERIENCE. Whatever area you want to work in as a consultant, you must be able to show clients that you’re qualified to advise them. If there are organizations related to your field, make sure that you’re a member of them. Similarly, if you can take a course and become certified or registered in your field, do it and then add that to your credentials.

WORK SPACE. When acting as a consultant, the probability is high that clients will be visiting your home office. Therefore, you need to have a neat, professional home office that is welcoming to guests. Try to locate your workspace in a quiet, even secluded, area of the house. A converted garage space with its own entrance works well, giving you a private space for work and adding to your credibility.

MARKETING. When operating as a consultant, you won’t necessarily be marketing your company; you’ll be marketing yourself. You’ll have to “package” yourself in a way that makes people trust you. For instance, if you’re marketing yourself as a financial consultant, ask yourself why someone would trust you with their life savings, and then figure out a way to convey that to potential clients. It might be in the form of a brochure, a portfolio, a sales letter, or all three.

To get the word out about your services, you’ll have to talk to a lot of people. Attend functions where your typical client would hang out. As a consultant or any other at home business contacting the Saint Regis Mohawk Tribe Economic office or Mohawk Council of Akwesasne Economic Development office can offer various levels of support and ideas.

5. MEDICAL TRANSCRIPTION: SELL YOUR COMPUTER SKILLS

If you have great computer skills and can type quickly, you might be able to work from home doing medical transcription.

Doctors who make audio notes on patients need someone to transcribe their notes to put them in patient files, but most doctors don’t want to pay a full-time transcriptionist. Instead, they farm out the work, and it’s a great job for good typists with a good working knowledge of health topics and medical jargon.

That means you need to come with a lot of knowledge and follow this checklist:

TRAINING. To get a gig as a medical transcriptionist, you will have to take specific training. You will have to become proficient in medical terminology, and the best way to do that is to take additional courses in that area. The average course lasts from 9 to 18 months and costs about $3,000. Financial aid programs can help pay for your tuition.

BREAKING IN. Many people find that once they’ve completed their training, getting their first job can be difficult because many companies require a minimum of two years experience. Many newbies start out by volunteering to get some history under their belt. It’s not impossible to land a job fresh out of school, but you’ll need diligence and persistence, and probably a little luck.

EQUIPMENT. When you accept a job with a reputable company, they will provide you with all the equipment you need, except for high-speed Internet. Beware of companies that require you to supply your own equipment; that’s a sign of a possible scam.

SOCIALIZE. Especially when you’re getting started, you need to establish contacts who are already immersed in the business. They can act as mentors, keep you up to date on industry changes, and even help you land your first or subsequent job. Look for the local chapter of the Association for Healthcare Documentation Integrity (AHDI) in your area and join.