Editor’s note: This article was first published in July 2010. Its examples, such as selling VHS tapes and players and renting out a wedding dress costing €2,000–3,000 for €100–200, reflect prices and habits of that time.
Many families are under financial pressure and can’t find a way to earn some extra money, while others would simply like to build up some extra capital to invest or to start a new business. What many of them forget are the advantages offered by selling used items or renting out all kinds of products. Here are a few ideas:
Selling second-hand products
These days there are websites such as eBay where you can sell all sorts of things you no longer need. It’s a matter of going down to your basement, finding the things you don’t use anymore and turning them into money. You can sell your old bike, computer or stereo; people are even selling VHS tapes along with the players.
Anything can be sold, however uninteresting it may seem to a consumer. You can try watches, or jewelry in gold and silver, and so on.
Renting out items
What started as a way to earn some extra money has become a lucrative business for some people who rent out all kinds of products. There are companies that buy computer equipment solely to rent it out, just as car rental companies do with cars.
However, when you do it to earn extra money, your price should be lower than that of a company dedicated to this kind of service.
You can rent out a wedding dress or a groom’s suit, or a luxury item you own, for special occasions in the life of the person renting it, such as attending an upscale celebration where they want to look wealthy for a few hours.
Renting out a wedding dress or suit is a common practice, because both sides benefit. The bride avoids spending €2,000–3,000, and you can earn €100–200 by renting out your dress.
Some construction or renovation companies have little work but occasionally need building equipment for a short time, and buying something like scaffolding would be a waste of money. There are companies dedicated to scaffolding rental that save the builder that big outlay. The same goes for drills, boring machines, welders and so on.
There are countless items you can rent out, turning things that just take up space in your home into a source of profit, while for others the best option is probably to sell them.
I recently met someone who has built a thoroughly profitable business by finding second-hand items online, buying them and reselling them at a higher price. We can make a business out of anything, as long as we keep our minds active and working.
Today I’ve covered how to generate some extra income from things we already own and don’t use, although I still believe an entrepreneurial mind should lead us to other kinds of business.
Remember: while you’re using your mind to earn some extra money, you’re keeping it from coming up with a profitable business.
Further reading
- Business ideas in home services
- Business ideas in services for companies
- How to start a business with no money
- Why new businesses fail
- How to come up with business ideas
Featured image: PattayaPatrol, CC BY-SA 4.0, via Wikimedia Commons.
