Once your character starts magic leveling up, you will be able to cast some neat spells. Don't want to walk all the way to Varrock? You can teleport there once you get to level 25. Want to turn that steel helmet you found into money but don't want to go back to town to sell it? Just cast your low-level alchemy spell and voila, cash!
But it's at level 33 when you start getting the chance to make from your magic instead of losing it. When you reach level 33, you gain the ability to cast Telekinetic Grab. With this spell you can magically pick things up, just as long as you have the right runes and are able to see the item you want. This means that an item could be lying on the ground across an otherwise impassable river, but with telekinetic grab, you can just pluck it right up!
All that's left to do now is find some items that are worth picking up. Luckily for us, there is such a place. You can go there, continue leveling up, and from time to time gain items like rune medium helmets and amulets. A medium rune helmet, for example, will get you 10,000 gold if you use low-level alchemy on it, and maybe more if you trade it at a market.
Though it is harder to make profit from low-level alchemy, it is possible. You just need to make sure the item you cast alchemy on is worth it. You must make enough money with the alchemy spell to cover the cost of the runes needed to cast telekinetic grab and alchemy. You can also cast alchemy on items you make, but building up your crafting, smithing, or fletching skills to the point where you can make money from takes a long time and is outside the scope of this guide.
By doing it this way, you will find you do not have to stop to collect cowhides anymore, or at least you will have to do it less often. A few well placed alchemy and telekinetic grab spells will let you but all the runes you need plus make you a little extra money along the way.
And once you master this art, all you have to do is watch your magic experience climb and your increase.