“Ways to Pump up Your Income” Article receives wider coverage
Rita McGrath is quoted in a Money News article — Ways to Pump Up Your Income in the section on generating profit from leisure-time activities. The article was also quoted by CCN Money and at the How To Be Rich and Happy blog..
“Be realistic about whether this is a hobby or something you’re serious about making money at,” says Rita Gunther McGrath, professor at Columbia Business School. To read the entire post, click here.
ManageABuck.com quotes Rita McGrath’a tips not published by MoneyWise:
Price Wisely. Be sure that you’ve priced your product high enough that you can make a profit after accounting for all expenses. It may seem simple, but “by the time you’ve accounted for the time spent in creating the product, you may not make tons of money,” says Rita Gunther McGrath, a professor at Columbia Business School. If reasonable, price at least 50 percent above expenses, so you can compensate yourself for your time and have reserves to reinvest in the business. To read the entire ManageABuck.com article, click here.
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