In our challenging economy, finding ways to supplement your income is becoming increasingly important, writes Maya Fisher-French
In this year’s Money Makeover Challenge, all our contestants are looking for ways to supplement their salaries, whether through renting out a cottage or starting a side business. Madonela says that most people enjoy creating the product and that, like Maryke, they may be excellent at marketing the product across social media channels such as Facebook and Instagram, but they may find that finances are the more challenging part of the business.“I have to admit that it was quite a challenge to complete the business plan since mine is such a small business. I know, however, the amount of work and effort it takes to set one up and to keep it afloat.
Maryke then needs to calculate how much she needs to earn in an hour to make it worth her time. She must calculate how long a cake or cupcake takes her to bake. For example, if she wants to make R150 an hour and a fully decorated cake takes two hours, then, just to cover her time, she would need to add R300 to the price of the cake over and above the cost of ingredients.
“When I calculated the costs of making the figurines, the extra sugar and my time, I realised that it would price me out of what people were prepared to pay,” says Gugu, who identified that, in her area, there was a bigger market for simple cakes. Although she has completed a course in wedding cake design, the input costs and time required would price those cakes at more than her target market could afford.
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