Almost everyone needs or wants more money coming in, and with this desire most would like to start some sort of extra income-producing project. The trouble is, not many of these people seem able to fit "a second job" into their time schedules.

It's true that most people are busy, but extra time for some sort of home-based extra income-producing project can almost always be found. It may mean giving up or changing a few of your favorite pastimes - such as having a couple of beers with guys or watching TV - but if you score big with your extra income project, you will have all time you want for doing whatever you want to do.

The first thing to do is to sit down with pencil and paper and list your daily schedule. What time do you wake up? Then step-by-step, list everything you do each day. Most people will find that they have about three hours each day that can be utilized in a more constructive or efficient manner. As we've noted above, you may have to give up time you waste in your local pub or a few television programs you watch, but it will be worth it in long run.

Efficient time management boils down to planning what you're going to do, and then doing it without backtracking. Start by making a list of things you want to do tomorrow, each evening before you go to bed. Schedule your trips to store or wherever to coincide with other things you have to do, and with your trips to or from work. Organize your trips to take care of as many things as possible while you're out of house. Take stock of time you spend standing around shooting breeze - especially time you spend on telephone - and eliminate all that isn't necessary.

Whatever chores you have to do at home, set aside a specific time to do them, and a specific amount of time to devote to them. For instance, just one hour a day devoted to yard work would probably make your property envy of all your neighbors. Don't try to do a week's work in one big flurry. Whether it's painting your house, fixing leaky faucets, or mowing your lawn and trimming your shrubs, do a part of it, or one particular job each day, and you'll be amazed at your progress.

Copyright © Kevin Purfield

The task of raising money for a business is not as difficult as most people seem to think. This is especially true when you have an idea that can make you and your backers rich. Actually, there's more money available for new business ventures than there are good business ideas.

A very important rule of game to learn: Anytime you want to raise money, your first move should be to put together a proper prospectus.

This prospectus should include a resume of your background, your education, training, experience and any other personal qualities that might be counted as an asset to your potential success. It's also a good idea to list various loans you've had in past, what they were for, and your history in paying them off.

You'll have to explain in detail how money you want is going to be used. If it's for an existing business, you'll need a profit and loss record for at least preceding six months, and a plan showing how this additional money will produce greater profits. If it's a new business, you'll have to show your proposed business plan, your marketing research and projected costs, as well as anticipated income figures, with a summary for each year, over at least a three year period.

It'll be advantageous to you to base your cost estimates high, and your income projections on minimal returns. This will enable you to "ride thru" those extreme "ups and downs" inherent in any beginning business. You should also describe what makes your business unique - how it differs from your competition, and opportunities for expansion or secondary products.

This prospectus will have to state precisely what you're offering investor in return for use of his money. He'll want to know percentage of interest you're willing to pay, and whether monthly, quarterly or on an annual basis. Are you offering a certain percentage of profits? A percentage of business? A seat on your board of directors?

An investor uses his money to make more money. He wants to make as much as he can, regardless whether it's a short term or long term deal. In order to attract him, interest him, and persuade him to "put up" money you need, you'll not only have to offer him an opportunity for big profits, but you'll have to spell it out in detail, and further, back up your claims with proof from your marketing research.

Venture investors are usually quite familiar with "high risk" proposals, yet they all want to minimize that risk as much as possible. Therefore, your prospectus should include a listing of your business and personal assets with documentation - usually copies of your tax returns for past three years or more. Your prospective investor may not know anything about you or your business, but if he wants to know, he can pick up his telephone and know everything there is to know within 24 hours. The point here is, don't ever try to "con" a potential investor. Be honest with him. Lay all facts on table for him. In most cases, if you've got a good idea and you've done your homework properly, an "interested investor" will understand your position and offer more help than you dared to ask.

When you have your prospectus prepared, know how much money you want, exactly how it will be used, and how you intend to repay it, you're ready to start looking for investors.

As simple as it seems, one of easiest ways of raising money is by advertising in a newspaper or a national publication featuring such ads. Your ad should state amount of money you want - always ask for more money than you need so you have room for negotiating. Your ad should also state type of business involved (to separate curious from truly interested), and kind of return you're promising on investment.

Take a page from party plan merchandisers. Set up a party and invite your friends over. Explain your business plan, profit potentials, and how much you need. Give them each a copy of your prospectus and ask that they pledge a thousand dollars as a non-participating partner in your business. Check with current tax regulations. You may be allowed up to 25 partners in Sub Chapter 5 enterprises, opening door for anyone to gather a group of friends around himself with something to offer them in return for their assistance in capitalizing his business.

You can also issue and sell up to $300,000 worth of stock in your company with out going through Federal Trade Commission. You'll need help of an attorney to do this, however, and of course a good tax accountant as well wouldn't hurt.