Finance Coach Vol. 3

Here's a copy of my message to my Facebook group - Finance Coach (by Gareth Cotten):

Hi everyone,

Here's your Thursday instalment...

Finance Tip: Income

Make a little extra. Everybody reading this (and I mean EVERYBODY) could use a little extra cash here and there. While some may think some of the suggestions that will be forthcoming might be below them, others might find them to be just what they need. Whether you use the extra to boost your savings, pay off some of your debt faster, or to save up for a special holiday or treat, the principle of making a little extra is a sound one. Think of something you enjoy doing, but couldn't quite do as a full-time career. Maybe it was how you used to make pocket money as a kid, or you saw someone else doing it and thought "That could be interesting". Focus on things that don't take up too much time, and are reasonably flexible in terms of how often you need to do them. There will be suggestions in future instalments of Finance Coach, so keep a look out. You never know - they could spark a sideline business, or even an empire!

Business Tip: Competitors

Form coalitions. Whatever industry you find yourself in, it's likely that you'll have competitors. They might be bigger, smaller, established, or just starting out, but you'll definitely have one thing in common - competing for market share. In the current business climate, it's quite likely that you're all taking a knock, so why not go against the idea of "competition" and work together? Now, you don't have to share trade secrets, or start a cartel, but there are ways that you work together to benefit everybody. There could be excess demand for one of their/your products which they/you can't fulfill - why not pass it along, rather than lose a customer to the industry? You could collaborate on a marketing initiative to draw customers back to your industry, or share resources to bring down costs. You could work on a commission system, or on a like-for-like basis. You never know - they could be in exactly the same position as you, wanting to reach out, but afraid to make the approach. So make the first move, and open up the possibility of a good, positive relationship, where everyone benefits.

Yours in finance,

Gareth Cotten